Invesco Ltd. (IVZ) Earnings Call Transcript & Summary

Hello, and welcome to the Annual General Meeting of Shareholders of Invesco Limited. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Rick Wagoner, Chair of the Board of Directors of Invesco Limited. Mr. Wagoner, the floor is yours.

Thank you, and good afternoon, ladies and gentlemen. My name is Rick Wagoner, and I'm the Chair of the Board of Directors of Invesco Limited. It's my sincere pleasure on behalf of Invesco to extend to you a warm welcome and to express our appreciation to you for attending our 2021 Annual General Meeting of Shareholders. As you are aware, the company is conducting this meeting virtually due to the continued public health impact of the COVID-19 pandemic and to support the health and well-being of the company's stockholders and employees. At this year's annual meeting, we will offer 4 proposals for shareholder consideration, which I will describe in more detail in a moment. 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 Chief Executive Officer, Marty Flanagan, will be available for a brief question-and-answer period. A copy of the rules of procedure for this meeting was made available to you when you signed in and may be found on the website hosting the meeting. We will 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 Mr. Flanagan and myself, our other Board members and our Director nominee are attending this meeting. They are Sarah Beshar, Tom Finke, Ed Garden, Bill Glavin, Rob Henrikson, Denis Kessler, Nelson Peltz, Nigel Sheinwald, Paula Tolliver and Phoebe Wood. Also attending the annual meeting are other key members of the Invesco management team. We'll now proceed to the proposals before shareholders at this year's meeting. We have already made available to each shareholder, a copy of the proxy statement for the 2021 Annual General Meeting of Shareholders and the 2020 annual report on Form 10-K, which includes the audited financial statements of the company for the fiscal year ended December 31, 2020. 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 into this virtual annual meeting and may be found on the website hosting the meeting. Resolutions were adopted by the Board of Directors of Invesco, providing for the meeting to be held at this time and directing that notice be given as provided in our bylaws. The Board also fixed March 15, 2021, as the record date for determining persons entitled to 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 and by those attending the meeting virtually. Accordingly, this meeting has been properly convened. As noted in our proxy statement, all resolutions will be put to vote at this annual meeting and will be decided upon by a poll. After I briefly highlighted each of the matters to be acted upon at this meeting, we will address questions specifically related to the proposals. Thereafter, we will take the vote. The business of this meeting is limited to the 4 matters set forth in the notice to this meeting. The first proposal we will consider is the election of directors. The Board has nominated Sarah E. Beshar, Thomas M. Finke, Martin L. Flanagan, Edward P. Garden, William F. Glavin, Jr., C. Robert Henrikson, Denis Kessler, Nelson Peltz, Sir Nigel Sheinwald, Paula Tolliver, 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 2020 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 this 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 2020 as disclosed in the proxy statement. The third proposal we will consider is the amendment and restatement of the Invesco Limited global equity incentive plan to increase the number of shares authorized under the plan. And the fourth proposal we will consider is the appointment of PricewaterhouseCoopers LLP as independent auditors for the fiscal year ending December 31, 2021. We will now consider any questions directly related to the 4 proposals. If you have a question, please submit it by clicking on the Dialogue icon in the upper right hand corner of the screen. Aimee Partin from Invesco's Investor Relations Department will read out relevant questions, and the company will seek to address those questions. Ms. Partin, are there any questions for us to address regarding the proposals?

Mr. Chairman, we do not have any questions regarding the proposals.

Thank you, Ms. Partin. 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 virtual meeting may do so now by clicking the vote link on the website. We will pause for a moment to allow online voting. [Voting]

Thank you for voting. Based on the preliminary report of Mr. Chris Coleman of Computershare, the duly elected inspector of elections for this annual meeting, all 4 proposals have received the required affirmative vote and have passed. There being no further business to come before this meeting, I hereby declare the 2021 Annual General Meeting of Shareholders of Invesco Limited to be closed. Having concluded the meeting, I would now like to turn to our President and CEO, Marty Flanagan, for a brief Q&A session. If you would like to ask Mr. Flanagan a question, please submit it 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 session to 15 minutes. In the event unanswered questions remain at the conclusion of this session, Invesco's Investor Relations Department will seek to follow up with shareholders regarding these questions. Ms. Partin, are there any online questions for Mr. Flanagan.

Mr. Chairman, there are not any online questions for Mr. Flanagan.

Thank you very much. On behalf of the Board of Directors and management team of Invesco, I would like to again express our sincere appreciation to the shareholders who attended this meeting as well as those who submitted their proxies but were not able to attend. Thank you all very much.

This concludes the meeting. You may now disconnect.