Forrester Research, Inc. (FORR) Earnings Call Transcript & Summary

Good morning, and welcome to the 2020 Annual Meeting of Stockholders for Forrester Research, Inc. At this time, I would like to turn the conference over to George Colony, Chairman of the Board of (sic) [ and ] Chief Executive Officer of Forrester.

Thank you, and welcome, everyone. Thank you for joining us for what is our second annual virtual meeting. Today, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. Here with us today are Michael Doyle, our Chief Financial Officer; and Ryan Darrah, the company's Chief Legal Officer and Secretary. Also with us is Rob Galford, our Lead Independent Director and Chairman of our Compensation and Nominating Committee. Rob is a managing partner of the center for leading organizations. I would also like to introduce Rob Zidow from PricewaterhouseCoopers LLP, our independent registered public accounting firm for 2019. He will be available during the question-and-answer period after the meeting to respond to appropriate questions. And finally, the company has appointed Broadridge Financial Solutions to act as inspector of election.] [Terry Hassett ] from Broadridge is with us today and has taken the oath of inspector of election prior to the meeting. With that, I will now call our 2020 Annual Meeting of Stockholders to order, and I'll turn the meeting over to Ryan Darrah, who will conduct the formal portion of today's meeting. Ryan?

Thank you, George, and good morning, stockholders. The Board of Directors fixed March 16, 2020, as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either a notice of availability of the notice of meeting, the proxy statement and the 2019 annual report to stockholders or the documents themselves were mailed on or about April 2, 2020, to all stockholders as of the record date, and this affidavit will be incorporated into the minutes of this meeting. We are informed by the inspector of election that there are more than 9,378,894 shares of common stock represented at this meeting by proxy, representing at least a majority of Forrester's issued and outstanding capital stock entitled to vote. And therefore, we have a quorum. Now I will present the matters to be voted upon, all of which were described in detail in the proxy statement furnished to stockholders. Please note that we will give stockholders an opportunity to comment on the proposals themselves after all the proposals have been presented. Proposal 1 is the election of 8 directors to the company's Board of Directors. In addition to Mr. Colony and Mr. Galford, the Board has nominated the following individuals for election as directors of the company to hold office until the 2021 Annual Meeting of Stockholders or until their successors are duly elected and qualified: Jean Birch, who is the former Chief Executive Officer of Papa Murphy's Holdings, Inc.; Dave Boyce, who's the Chief Strategy Officer of XANT, Inc.; Neil Bradford, who's the Chief Executive Officer of General Index Limited; Tony Friscia, who's the Founder and former President and Chief Executive Officer of AMR Research, Inc.; Gretchen Teichgraeber, who's the Chair of the Board of Leadership Connect; and Yvonne Wassenaar, who's the Chief Executive Officer of Puppet, Inc. Proposal 2 relates to the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. And Proposal 3 is the nonbinding vote of the stockholders on the company's executive compensation program. If any stockholder at this point would like to make a comment regarding any of the proposals, please submit your comment through the web portal. It doesn't look like we have any comments. So at this time, I'd like to let you know that the polls still remain open. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or Internet and do not want to change their vote do not need to take any further action. [Voting]

Okay. Now that everyone has had the opportunity to vote. I now declare the polls for the 2020 Annual Meeting of Stockholders of Forrester Research, Inc. closed, and I will report the preliminary results of the voting. We have been informed by the inspector of election that the preliminary vote report shows that all the nominees for election to the Board have been duly elected. The ratification of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, has been approved. And the company's executive compensation program has been approved by advisory vote. We will be reporting the final vote results in a Form 8-K to be filed within 4 business days. And with that, I'll turn it back over to George.

Thank you very much, Ryan. With no further business to come before the meeting, the meeting is now adjourned. And at this point, we'd like to open up for stockholder questions and comments. If you have a question, please enter it on the web portal. Please note, we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. So I'm going to pause here for questions. Ryan, any questions?

Does not appear to be any. No.

Okay. So it appears that there are no further questions. So we're going to wrap up. Thank you again for attending. Thank you for your support of Forrester Research, and goodbye.

Ladies and gentlemen, this does conclude the program, and you may all disconnect.