Jones Lang LaSalle Incorporated (JLL) Earnings Call Transcript & Summary

Good morning, and welcome to the 2021 Annual Meeting of Shareholders of Jones Lang LaSalle Incorporated, which I would now like to call to order. I'm Bobby Mehta, Chairman of the Board of Directors, and I'll be officiating this morning's meeting. Thank you for joining us today. We are excited to be hosting our second virtual meeting, which allows us to be more inclusive and reach a greater number of our shareholders. The decision to hold a virtual meeting again this year was based on our consideration of the continuing health impacts of COVID-19 and the well-being of shareholders, directors and employees. I would like to welcome all shareholders attending via the web portal. As is our custom, we will conduct the business portion of our meeting first and answer questions, if any, at the end of the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible and will address any unanswered questions through our Investor Relations department after the meeting. Before moving to the business of the meeting, I would like to introduce the other members of the Board of Directors: Hugo Bagué; Matthew Carter; Samuel Di Piazza; Bridget Macaskill; Deborah McAneny; Jeetu Patel; Ann Marie Petach; Sheila Penrose; Christian Ulbrich. We also have with us today, Tina Ju, who is standing for election to our Board for the first time at this year's annual meeting. We welcome you Tina. I would also like to recognize 2 departing directors, who will not be standing for reelection at this year's annual meeting, namely Ming Lu and Marty Nesbitt. The firm, its shareholders and this Board have benefited greatly from the contributions of both Ming and Marty. I want to personally thank them along with the rest of our distinguished group of continuing directors for their dedication to our firm and their service on behalf of our shareholders. Biographical information on the directors who've been nominated for election today may be found in the proxy materials that we furnished to our shareholders for the meeting and that we maintained on the company's website. Also present with us today are representatives from KPMG LLP. We will be voting today on the ratification of the Board's selection of KPMG as the firm's independent registered public accounting firm for 2021. They will be available during the question-and-answer session after the meeting to respond to appropriate questions. An agenda and a list of the rules of conduct for the annual meeting are available at www.virtualshareholdermeeting.com/jll2021. To conduct an orderly meeting, we ask that participants abide by these rules and thank you for your cooperation. This meeting is held pursuant to written notice mailed by Jones Lang LaSalle Incorporated on April 16, 2021, to each shareholder of record on April 1, 2021. All documents concerning the call and notice of materials will be filed with the minutes of this media. After the formal meeting has been adjourned, we will provide time for general questions. Only validated shareholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to 1 question. Please note that this meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device. I have been advised that a quorum is present, so we will now proceed with the formal business of the meeting. I will now ask that Alan Tse, our Corporate Secretary and Inspector of Elections review the items of business that will be voted on at the meeting. Alan?

Thank you, Bobby. Please note that we will give shareholders an opportunity to comment on the proposals themselves after all proposals have been presented. The first item of business is the election of 11 directors as nominees for 1 year terms expiring at the 2022 annual meeting. The Director nominees are Hugo Bagué; Matthew Carter, Jr.; Samuel Di Piazza; Tina Ju; Bridget Macaskill; Bobby Mehta; Deborah McAneny; Jeetu Patel; Sheila Penrose; Ann Marie Petach; and Christian Ulbrich. The second item of business is the approval by nonbinding vote of our executive compensation. The third item of business is the approval of the amended and restated 2019 stock award and incentive plan. And the fourth and final item of business is the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for 2021.

It is now 7:05 -- 9:05 p.m. Central Time, and the polls are now open. Each shareholder is entitled to 1 vote for each share of common stock registered in the shareholders' name on the record date of April 1, 2021, for each director nominee and for each of the other matters presented. Any shareholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Shareholders who have sent in proxies or voted via telephone or internet and do not want to change their vote, do not need to take any further action. [Voting]

Now that everyone has had the opportunity to vote, I declare the polls for the 2021 Annual Shareholder Meeting closed. We have now completed the formal business portion of our meeting. Mr. Tse will now report the results of the voting.

According to our stock registrar, Computershare, 51,306,200 shares of the company's common stock were outstanding as of April 1, 2021 and are entitled to vote at this meeting. The voting results have been provided to us by Broadridge Investor Communications, which has received and tabulated the votes. First, with respect to the election of 11 directors, each of the 11 nominees received a majority of the votes cast for such nominee. Second, the proposal to approve by nonbinding vote executive compensation received a majority of the votes cast. Third, the proposal to approve the amended and restated 2019 stock award and incentive plan received a majority of the votes cast. Fourth, the proposal for the ratification of the appointment of KPMG LLP received the majority of the votes cast.

Thank you. Based upon Mr. Tse's report, I declare that all 11 nominees have been elected directors of the company for 1 year term expiring at the 2022 annual meeting. The nonbinding proposal regarding executive compensation has been approved. The amended and restated 2019 stock award and incentive plan has been approved, and the appointment of KPMG LLP has been ratified. Mr. Tse will prepare a written report of the final vote count with respected the matters voted on today, and the report will be included in the minutes of this meeting. We will report the final results of the matters voted on today in a Form 8-K to be filed with the Securities and Exchange Commission promptly after this meeting. In the absence of any other business, we will consider the business portion of our meeting concluded. We will now move to our question-and-answer session. Are there any questions?

Mr. Chairman, we have several questions by Mr. Jarger of the Carpenter Funds. Our Investor Relations department will address your question, Mr. Jarger, after conclusion of this call. There will be no other domain questions to this meeting, Mr. Chairman.

Thank you, Mr. Tse. I would like to thank all of you for attending today's meeting, and I appreciate your continued interest in our firm. This meeting is now adjourned. Thank you all very much.