Cohen & Steers, Inc. (CNS) Earnings Call Transcript & Summary

I will now turn the call over to Mr. Marty Cohen, you may begin.

Good morning, everyone. My name is Marty Cohen, and I'm the Chairman of Cohen & Steers. On behalf of the company, I would like to welcome you to our 2020 Annual Meeting of Shareholders. Due to the public health crisis resulting from the COVID-19 pandemic, this year's meeting is somewhat different. It's being held via live audio webcast. Shareholders may vote their shares online before the polls close. Joining me today via webcast are the company's directors, Bob Steers, who is also our CEO; Joe Harvey, who is our President; as well as Reena Aggarwal; Frank Connor; Pete Rhein; Richard Simon; Dasha Smith; and Ed Villani. Matt Stadler, our CFO, is also with us today via webcast. I would now like to ask Brian Heller to conduct the formal part of the meeting, after which we will answer appropriate questions from shareholders. Brian?

Thank you, Marty. In order to ensure that the question-and-answer period proceeds in an orderly fashion, we ask that you please observe the meeting's rules of conduct, which are posted on the virtual shareholder meeting screen. [Operator Instructions] Before turning to the formal items of business, I would like to introduce to you the inspector of elections for this meeting, Kevin Joo of Broadridge Financial Solutions, Inc., who is also present by webcast. We are here today to consider the following proposals: one, the election of the 9 nominees named in the proxy statement to the company's Board of Directors; two, the ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020; three, the approval in a nonbinding advisory vote of the compensation of the company's named executive officers as disclosed in the proxy statement; and four, any other business that is properly presented at this meeting. The notice of meeting was mailed commencing on March 27, 2020, to all shareholders of record of the company as of March 12, 2020, the record date for the voting of shares at this meeting. An affidavit of distribution from Broadridge confirms such mail. A certified list of the company's shareholders of record as of the record date is also available for inspection by any shareholder. The inspector of elections has informed me that a majority in voting power of the outstanding shares of common stock of the company entitled to vote at this meeting is present or represented by proxy. As such, a quorum for the transaction of business is present, and the meeting is now called to order. The polls opened at 9 a.m. Eastern time this morning and will close after a brief discussion of the proposals scheduled to be voted on today. If you have not voted or want to change your vote, you may now do so online by using the Vote Here button on your virtual shareholder meeting screen. Turning now to the items of business for this meeting. The first item of business is the election of the 9 nominees named in the proxy statement to the Board of Directors of the company to hold office until the 2021 Annual Meeting of shareholders and until their successors are duly elected and qualified. Approval of the election of each director nominee requires the affirmative vote of a majority of the votes cast. At this time, I move to elect the 9 nominees named in the proxy statement to the Board of Directors of the company. The second item of business is the ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. I would like to introduce Martin Racek of Deloitte & Touche, who is present today via webcast and available to answer questions. Ratification of Deloitte & Touche as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, requires the affirmative vote of the holders of a majority of the outstanding shares of common stock present or represented by proxy. At this time, I move to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. The third item of business is the approval of the compensation of the company's named executive officers as disclosed in the proxy statement. This item is a nonbinding advisory vote and approval requires the affirmative vote of the holders of a majority of the outstanding shares of common stock present or represented by proxy. At this time, I move to approve the compensation of the company's named executive officers, as disclosed in the proxy statement. We will now pause for any appropriate questions that are germane to any of these 3 items of business. At this time, no questions have been submitted. I now declare the polls closed. The inspector of elections has tabulated the votes for each proposal and has given me a certificate of the preliminary results of the voting. Each of the proposals voted on today has received the requisite vote necessary to approve such proposal. Mr. Joo, the inspector of elections, would you please make a preliminary report on the results of the voting?

Thank you, Brian. Having tabulated the votes cast, I hereby vote -- I hereby report that at least 94% of the votes properly cast were voted for the election of each of the 9 nominees for Director. At least 99% of the outstanding shares of common stock present or represented by proxy were voted for the ratification of the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. At least 89% of the outstanding shares of common stock present or represented by proxy were voted for the approval of the compensation of the company's named executive officers. Based on the results of the votes, all the nominees for the Director have been elected to the company's Board of Directors. The appointment of Deloitte & Touche LLP to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, has been ratified. And the compensation of the company's named executive officers has been approved. As that concludes the formal business of the meeting, I will now turn it back to Marty Cohen, Chairman of the company.

Thank you, Kevin. A post-meeting report to be filed will include the final votes' tabulation. There being no further business to come before the meeting, I move to adjourn this meeting. The motion having been approved and carried, I hereby declare this meeting adjourned. I want to thank you for attending today's meeting. We will now entertain questions that may have been submitted in accordance with the rules of conduct, although I believe there have not been any questions received. So with that, I will adjourn this meeting, and thank you for attending.

Thank you, Marty. That's correct. Since no questions were submitted, our program for the day has concluded. Thank you for attending today's meeting and for your continued support of the company. Goodbye.

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect, and have a great day.