Globe Life Inc. (GL) Earnings Call Transcript & Summary

Good morning. It's 10:00 a.m. and time to start the meeting. My name is Gary Coleman.

My name is Larry Hutchison. We are the co-Chairman of the Board. We'd like to welcome you to Global Life Inc.'s 41st Annual Shareholders Meeting. For those of you who are listening via the Internet, welcome.

At this time, we would like to recognize the members of our Board of Directors, but before we do so, we'd like to recognize Eddie Adair. After 19 years of dedicated service to the Global Life Board, Eddie is retiring. And Eddie, we appreciate all the contributions to the Board over the years and wish you the best. Thank you. Now along with Larry and me, members of the Board of Directors present this morning are Eddie Adair; Linda Addison; Marilyn Alexander; Cheryl Alston; Jim Brannen; Jane Buchan; Rob Ingram; Steve Johnson; Darren Rebelez and Mimi Thigpen. Will you all please stand? Thank you. This meeting will be conducted in accordance with Globe Life Inc.'s shareholders' rights policy and Robert's Rules of Order. For your benefit, copies of the proxy statement and annual report have been made available today. We will now call upon Secretary, Chris Moore to present proof that the meeting is duly commenced.

Chairman Coleman and Chairman Hutchison, this meeting is held pursuant to a printed notice that was mailed on March 17, 2022, to each shareholder of record of the company at the close of business on March 3, 2022. A list of the shareholders entitled to vote at this meeting has been available at the Principal Executive Office of the company as is required by Delaware Law and is available here today at this meeting for examination by any shareholder who wishes to do so. All the documents concerning the call and notice of this meeting will be filed in the official records of the company at the conclusion of the meeting. The count of shares immediately preceding commencement of this meeting indicated that approximately 89.5% of the outstanding common stock of the company is represented today either in person or by proxy.

Thank you, Chris. I declare that a quorum is present and the meeting is open for business. The minutes of last year's meeting are available. If anyone would like a copy, please contact Chris at the company's principal executive office. As stated in the proxy statement, we have 3 proposals subject to shareholder vote. The first proposal is that the Board recommends the election of Linda Addison; Marilyn Alexander; Cheryl Alston; Mark Blinn; James Brannen; Jane Buchan; Larry Hutchison; Rob Ingram, Steve Johnson; Darren Rebelez; Mimi Thigpen and myself to serve on the board for a term of 1 year. I will now call on Chris to nominate the directors.

Chairman Coleman and Chairman Hutchison, I hereby nominate for election as directors of the company: Linda L. Addison; Marilyn A. Alexander; Cheryl D. Alston; Mark A. Blinn; James P. Brannen; Jane Buchan; Gary L. Coleman; Larry M. Hutchison; Robert W. Ingram; Steven P. Johnson; Darren M. Rebelez and Mary E. Thigpen to serve for terms expiring on the date of the Annual Meeting of Shareholders of the company in 2023, with all to serve until their respective successors are duly elected and qualified.

Is there a second?

Second.

Thank you. We have a second. Are there any other nominations? No? The nominations are declared closed.

Next is the proposal for ratification of independent auditor for the fiscal year 2022. Deloitte & Touche has served as the company's independent auditor for the fiscal years 1999 to 2021. The Audit Committee has appointed Deloitte & Touche as the company's independent auditor for the year 2022 and recommends the shareholders to approve this appointment. Joining us today from the firm is partner, Kristen Garner. If you would, please stand. If you have any questions to ask her, please contact her after the meeting. I'll call upon Chris to make the formal motion.

Chairman Coleman and Chairman Hutchison, I move the ratification and approval of the appointment of Deloitte & Touche LLP as the independent auditor of the company and its subsidiaries for the year 2022.

Is there a second?

Second.

Thank you. The third proposal relates to an advisory and nonbinding vote on the 2021 compensation of the company's named executive officers as set out in the company's proxy statement for the 2022 Annual Meeting of Shareholders. I will now call upon Chris to make the formal motion.

Chairman Coleman and Chairman Hutchison, I move adoption of the following resolution: resolved that the company's shareholders hereby approve on an advisory basis the compensation of the named executive officers as disclosed in the company's proxy statement for the 2022 Annual Meeting of Shareholders, pursuant to the executive compensation disclosure rules of the Securities and Exchange Commission, which disclosure includes the compensation discussion and analysis, the compensation tables and related compensation disclosures.

Is there a second?

Second. Thank you. If there are any shareholders who have not voted and wish to vote at this time, please raise your hand, you will receive a ballot. [Voting]

All ballots to be collected, I declare the voting closed and ask Nancy Peterson, the representative from our stock transfer agent, EQ, to give us a tally.

Chairman Coleman and Chairman Hutchison, the ballots have been counted and more than a majority of the voting stock of the company represented in person or by proxy at this meeting have been voted for the election of each of the director nominees and for the ratification of the appointment of Deloitte & Touche LLP as the independent auditor for the company for the year 2022. On a nonbinding advisory basis, a majority of shareholders voted to approve the 2021 compensation of the company's named executive officers in the proxy statement.

Thank you. You've heard the results of the balloting. Now there's time for the question and comment period, I will recognize Chris Moore.

Chairman Coleman and Hutchison, this year, we received no questions from shareholders submitted in writing in accordance with the shareholders' rights policy. At this time, if any shareholder wishes to discuss issues reasonably related to management of the company's operations, please move to the microphone, state your name, whether you are a shareholder or the proxy of a shareholder and proceed with your comment. I want to remind you that pursuant to the shareholders' rights policy, any shareholder comment is limited to not more than 3 minutes. Are there any comments? Since there are none, I'm turning the meeting back over to the Co-Chairman.

Thank you, Chris. If there is no other business this morning, I will entertain a motion for adjournment.

So moved.

Second. Thank you. That concludes the meeting. Thank you for attending, and have a good day.