Invesco Ltd. (IVZ) Earnings Call Transcript & Summary

Welcome to the 2020 Annual General Meeting of Invesco Limited. Today's virtual-only meeting is a live audio webcast. This virtual meeting enables the company to safely engage with its shareholders during these unprecedented times. At this time, I will turn the meeting over to Mr. Wagoner, Chairperson of the Board of Directors. Mr. Wagoner?

Thank you, and good afternoon, ladies and gentlemen. My name is Rick Wagoner, and I'm the Chairperson of the Board of Directors of Invesco Limited. It is my sincere pleasure on behalf of Invesco to extend a warm welcome and to express our appreciation to you for attending our online Virtual 2020 Annual General Meeting of Shareholders. As you are aware, the company changed the format of this meeting to virtual due to the public health impact of the COVID-19 pandemic and to support the health and well-being of the company's stockholders, employees and community. This is the first time that the company has conducted this meeting in a virtual format. Please be patient with us, if we experience any unexpected delays during the meeting. At this year's annual meeting, we will offer 3 proposals for our shareholders' consideration, which I will describe in more detail in a minute. After a brief discussion of the proposals, shareholders will be given an opportunity to ask questions specifically related to the proposals before we proceed with any online voting. We will then announce the preliminary results of the voting and adjourn the formal meeting. After concluding the annual meeting, our President and CEO, Marty Flanagan, will be available for a question-and-answer session. A copy of the rules of procedure for this meeting was made available to you when you signed in and may also be found on the website hosting our meeting. We plan to conduct the meeting in accordance with the rules of procedure and our bylaws and ask that each of you abide by these provisions as well. In addition to me and Marty Flanagan, other Board members of the company are attending this meeting as well. They are Sarah Beshar, Rod Canion, Bill Glavin, Rob Henrikson, Denis Kessler, Sir Nigel Sheinwald and Phoebe Wood. Also attending the meeting are other members of the Invesco management team. We will now proceed to the proposals before shareholders. We have already made available to each shareholder a copy of the proxy statement for the 2020 Annual General Meeting of Shareholders and the 2019 Annual Report on Form 10-K, which includes the audited financial statements of the company for the fiscal year ended December 31, 2019. The audited financial statements are hereby laid before the Annual General meeting as required by Bermuda law. Copies of these documents were made available to you when you signed in and may be found on the website hosting our meeting. Resolutions were adopted by the Board of Directors of Invesco, providing for the meeting to be held at this time and directing that, that notice be given as provided in our bylaws. The Board also fixed March 12, 2020, as the record date for determining persons entitled to take notice of and to vote at this meeting. Based on the report of the inspector of elections, proper notice of this meeting has been given, and a quorum is present, as represented by proxies received by the company. Accordingly, this meeting has been properly convened. After I briefly highlighted each of the matters to be acted upon at this meeting, we will address questions directly related to the proposals. Thereafter, we will take the vote. The business of this meeting is limited to the 3 matters set forth in the notice of the meeting. The first proposal we will consider is the election of directors. The Board has nominated Sarah E. Beshar, Martin L. Flanagan, William F. Glavin, Jr.; Steve Robert Henrikson; Dennis Kessler; Sir Nigel Sheinwald; G. Richard Wagoner, Jr; and Phoebe Wood to each serve a 1-year term as Director, which term would expire at the Annual General Meeting of shareholders to be held in 2021 or when each Director's successor is elected and qualified. Information concerning each director nominee is contained in the proxy statement. No nominations may be made at the meeting. Therefore, I declare nominations to be closed. The second proposal we will consider is an advisory nonbinding vote to approve the compensation of our named executive officers for 2019 as disclosed in the proxy statement. The third item of business we consider is the appointment of PricewaterhouseCoopers, LLP as independent auditors for the fiscal year ending December 31, 2020. We will now consider any questions directly related to the 3 proposals. If you duly signed into the meeting as a shareholder and have a question, please submit it by clicking on the Dialogue Icon in the upper right corner of the screen. Ms. Aimee Partin from Invesco's Investor Relations Department will read out the relevant questions and the company will seek to address these questions. Ms. Partin, are there any questions for us to address regarding the proposals?

Mr. Wagoner, there are no questions regarding the proposals.

Thank you. There being no questions, we will proceed to voting on the proposals. Please note that if you have already voted, there is no need for you to recast your vote. Any shareholders online wanting to vote and who duly signed into this meeting may do so now by clicking the vote link on the website. We will pause for a minute to allow online voting. [Voting]

Thank you for voting. Based on the preliminary report of Mr. Chris Coleman of Computershare, the duly appointed inspector of elections for this annual meeting, all 3 proposals have received the required affirmative vote and have passed. Before we conclude the meeting, I would like to bring to our shareholders' attention that Mr. Joseph Canion was scheduled to retire at the conclusion of today's meeting. However, given the global uncertainty caused by the COVID-19 pandemic, at the conclusion of this meeting, Mr. Canion will be reappointed to the Board to assist the Board and management team to continue navigating through these unprecedented times. It is anticipated that Mr. Canion will resign from the Board at the end of this calendar year. There being no further business to come before this meeting, I hereby declare the 2020 Annual General Meeting of Shareholders of Invesco Limited to be closed. Having conducted the meeting, I will now turn to our President and CEO, Marty Flanagan, who is available to answer any questions regarding the company, as is Mr. Loren Starr, our Chief Financial Officer. If you duly signed into the meeting as a shareholder and want to ask a question, please submit your question by clicking on the Dialogue icon in the upper right corner of the screen. Please note that we intend to limit the question-and-answer period to 15 minutes. In the event that unanswered questions remain at the conclusion of this session, Invesco's Investor Relations department will seek to follow-up with shareholders regarding unanswered questions. We will pause for a minute to allow shareholders to input their questions. Ms. Partin, are there any online questions regarding the company for Mr. Flanagan or Mr. Starr?

Mr. Wagoner, there are no online questions at this time.

Okay. Thank you very much. On behalf of the Board of Directors and the management team of Invesco, I would like to again express our sincere appreciation to the shareholders who attended the meeting as well as those who submitted their proxies but were unable to attend. Thank you and good afternoon.

This concludes the meeting. Thank you again for your participation.