Interactive Brokers Group, Inc. (IBKR) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to Interactive Brokers 2021 Annual Meeting of Shareholders. I am Nancy Stuebe, Director of Investor Relations. We are pleased to conduct our Annual Meeting virtually via the Internet. We adopted this meeting format to best preserve the health of our shareholders, Board, officers and employees and look forward to meeting in person next year if conditions permit. On the call with me are Thomas Peterffy, our Founder and Chairman; Earl Nemser, Vice Chairman and Director; Milan Galik, our President, Chief Executive Officer and Director; Paul Brody, Chief Financial Officer, Treasurer and Secretary and Director. In addition, we have with us today Larry Harris, Lead Independent Director and Chairman of the Audit Committee; Director Gary Katz, who is a member of our Audit Committee; Director Phil Uhde, who is on the Audit and ESG Committees; Director William Peterffy, Chairman of the ESG Committee; and Directors, John Damgaard; and Nicole Yuen. Chung Nicholas and on as representatives of our independent registered public accounting firm, Deloitte & Touche, whom we have retained for our 2021 financial statement audit, subject to shareholder approval. Also on is Tony Carideo of Broadridge, whom the Board of Directors appointed to act as inspector of elections. After the formal portion of the meeting has concluded, if you have a question to ask, please enter it in the box on the virtual Annual Meeting page on the lower right of your screen under Q&A., your question will then be read aloud. I'd like to remind you that some of the statements made at this meeting may be considered forward-looking. Interactive Brokers cautions investors that results of future operations may differ from those anticipated. We urge you to review the cautionary statements and other information contained in the company's filings with the SEC, including our annual report on Form 10-K for fiscal year 2020, which identifies certain factors that could cause actual results to differ, possibly materially from those projected in any forward-looking statements made during this meeting. Copies of the 10-K and other filings are available through the company or online. Now Paul Brody, who will act as secretary of the meeting, will formally open the meeting and review the proposals. Those who wish to vote may do so on the main Annual Meeting page by clicking on the voting button. At the conclusion of the meeting, Thomas will address any general questions. Paul?

Thank you, Nancy. Good morning, everyone. Thank you for joining us this morning. Now we will discuss and vote on the matters described in the proxy statement. We will vote on 3 proposals: the election of 10 directors, an advisory vote on executive compensation and the ratification of the appointment of Deloitte & Touche as Interactive Brokers' independent registered public accounting firm for the fiscal year ending December 31, 2021. Interactive Brokers shareholders as of February 26, 2021, the date of record, were sent notice of the Annual Meeting on or about March 9, 2021, along with the proxy statement. The notice of Annual Meeting also stated the date, time and meeting purpose, along with the web address for participating in today's virtual meeting. There are present by proxy a sufficient number of the voting shares of the company to constitute a quorum. Accordingly, this meeting is duly called to order. A copy of the notice, proxy statement and the form of proxies as well as an affidavit of distribution of Broadridge Financial Solutions shall be made a part of the record of this meeting. At this time, any shareholders who are logged in and who have not already submitted a proxy and wish to vote their shares may do so now by clicking on the voting button on your screen. At this point, the polls are closed, and I will now report the preliminary results of voting. There are 3 proposals to be considered during this meeting, all of which were described in detail in the proxy statement furnished to shareholders. The first item of business is the election of directors. Based on the recommendation of the nominating and Corporate Governance Committee of board, the 10 individuals whose names appear in the proxy statement have been nominated for election as directors of the company. If elected, each of the nominees will serve until the 2022 Annual Meeting of stockholders. I'm pleased to report that each of the directors has received an affirmative vote of the majority of the shares voted and all are hereby elected. Second proposal concerns an advisory vote to approve on an advisory nonbinding basis, the compensation of our executive officers as disclosed in this proxy statement in accordance with SEC rules. The number of shares voted by proxy, which consists of a majority of the shares represented at this meeting have voted in favor of this proposal. Consequently, the proposal has been approved. Third proposal concerns the ratification of Deloitte & Touche to serve as interactive brokers, independent registered public accounting firm for the company's 2021 fiscal year. The number of shares voted by proxy, which consist of the majority of the shares represented at this meeting have voted in favor of this proposal. Consequently, the proposal has been approved. The final tabulation of these votes will appear in our required Form 8-K to be filed with the Securities and Exchange Commission. And I will now turn it back to Nancy. Thank you very much.

Okay. This concludes the formal portion of our 2021 Annual Shareholders Meeting. We do not have any questions. So thank you for attending. This concludes our meeting. Thank you for your continuing support of the company.