DiamondRock Hospitality Company (DRH) Earnings Call Transcript & Summary

Well, good afternoon, and welcome to the DiamondRock Hospitality Company Annual Meeting of Stockholders. I would now like to turn the conference over to Bill Tennis, Executive Vice President, General Counsel and Corporate Secretary of DiamondRock Hospitality Company. Bill, please begin.

Good afternoon. I am Bill Tennis, Executive Vice President, General Counsel and Corporate Secretary of DiamondRock Hospitality Company. Welcome to our virtual 2020 Annual Meeting of Stockholders. Mr. McCarten, the Chairman of the Board, has appointed me to be Chairman of this meeting and Ben Nelson to be the Inspector and Secretary of the meeting. Mark Brugger, our President and CEO and the senior management team are available to respond to any questions. In addition, we invite you to listen to our quarterly investor call this Tuesday, May 12, at 9 a.m. Eastern Daylight Time. At this time, our annual meeting is called to order. I note that all of the Directors of our Board are present by telephonic means and all the officers of the company are also present by telephonic means. In addition, our independent public accountant, KPMG, is represented here by Richard Wheeler and Tom Gerth, also present by telephonic means. In accordance with the bylaws, notice of this meeting was mailed on March 27, 2020, to shareholders of record as of the close of business on March 6, 2020. Also, holders of at least a majority of the shares entitled to vote at this meeting are present either in person, by telephonic means or by proxy. And therefore I declare that a quorum is present. There are 3 items before us. Motions for the 3 items have already been made by me and seconded by Mr. Donnelly. Before I start, does anyone participating by telephonic or electronic means wish to vote on any of the 3 items during this meeting? If so, please so indicate by submitting your vote in the field provided in the web portal. Otherwise, we will assume that all stockholders who have signed and returned a proxy card, even though present, intend to vote their own -- their shares by proxy. The first item of business is the election of 8 directors to serve until the 2021 Annual Meeting of Stockholders and until their successors are duly elected and qualified. The second item of business is a vote on a resolution pursuant to which the stockholders of the company approve, on a nonbinding advisory basis, the compensation of the named executive officers as disclosed in the proxy statement. And the third item of business is ratification of the selection of KPMG to act as the company's independent auditor for the fiscal year ending December 31, 2020. Are there any questions about these motions? If not, and since the present shareholders have indicated that they do not wish to vote in person, the polls are now closed. And I now ask the inspector to count the votes and report on the results.

Mr. Chairman, on Item 1, to elect directors for a term of 1 year, each of the nominees received the affirmative vote of a majority of the votes cast by proxy or in person. On Item 2, a majority of all votes cast were in favor of approving the compensation of the named executive officers as disclosed in the proxy. On Item 3, a majority of all votes cast were in favor of ratifying the selection of KPMG LLP and to act as the company's independent auditor for the fiscal year ending December 31, 2020.

Thank you, Ben. All 3 motions have passed. As I mentioned earlier, Mark Brugger and the senior management team are available to respond to any questions. Are there any questions?

We have no questions at this time.

There being no further business to come before this meeting. The formal meeting is adjourned. Thank you.