Fuel Tech, Inc. (FTEK) Earnings Call Transcript & Summary

Good morning, everyone, and welcome. I'm Vince Arnone, the Chief Executive Officer and Chairman of Fuel Tech. We welcome you to our annual stockholder meeting. I would like to thank you for attending today's meeting. As we previously announced, we will be confining the business of the meeting to the items on the agenda. I won't be making any comments about the performance of the company. You can listen to our first quarter earnings call that occurred earlier this month by using the link on the company's web page, and I would refer you to that. We are going to commence today's meeting with voting for the election of directors and other proposals contained in our 2021 proxy statement. Now I'd like to introduce the other nominees for the Board of Directors who are attending the meeting by teleconference today: Douglas G. Bailey; Sharon L. Jones; Thomas S. Shaw, Jr.; and Dennis L. Zeitler. Also with us today by teleconference is Teresa Zagar, representing RSM US LLP, our independent auditors; and Courtney Lamb of Computershare Shareowner Services, our inspection -- our inspector of election. And now I'd like to call the 2021 annual stockholders' meeting to order. I'll be serving as the chair of the meeting and Brad Johnson, our General Counsel and Secretary, will be serving as the secretary. Now I'll walk us through the formal meeting. The notice of the meeting and Internet availability of the proxy materials were mailed by Broadridge Corporation beginning April 5, 2021, and it went to all stockholders of record as of March 25, 2021. As a result, the meeting is being held pursuant to proper notice. Proxies representing more than 1/3 of the 30,257,306 shares of the company's stock that are eligible to vote have been received. This means we have a quorum present and the meeting is duly constituted and will proceed. This morning, we have 3 management proposals for you to consider. They were all described in the proxy statement for today's meeting. The first item is the election of directors. The following 5 people have been properly nominated by the Board: Vincent J. Arnone; Douglas G. Bailey; Sharon L. Jones; Thomas S. Shaw, Jr. and Dennis L. Zeitler. The Board has recommended a vote for each of them. As the second item, we ask that you ratify selection of the company's independent auditor, RSM US LLP. The Board has recommended a vote for that proposal. The third and last item is an advisory vote to approve executive compensation as disclosed in the company's proxy statement. The Board also recommends a vote for this proposal. So now I'll share with you the preliminary voting tabulation. First, the 5 nominees on the ballot to become a director are elected with over 97% of votes cast. They'll serve until the next annual stockholder meeting or until their successors are elected and qualified. Proposal 2, ratification of the company's auditor, RSM US LLP has been approved by over 98% of the votes cast. Proposal 3, the advisory vote on executive compensation, has been approved by more than 95% of votes cast. We'll also report the final results in a Form 8-K that will be filed with the Securities and Exchange Commission within 4 business days. With that, we've completed the formal portion of the meeting, and I will entertain a motion that the meeting be adjourned. I'm looking for a motion.

Approved.

I'm looking for a second?

I second the motion.

All in favor?

Aye.

Any against, nay. Motion is confirmed, and the meeting is now adjourned. I want to thank all shareholders that joined the call today. Thank you very much and have a good day.