Louisiana-Pacific Corporation (LPX) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to your Louisiana-Pacific Corporation Annual Meeting. [Operator Instructions] At this time, it is my pleasure to turn the floor over to your host, Gary Cook. Sir, the floor is yours.

Good morning, and welcome to the 2020 Annual Shareholder Meeting of the Louisiana-Pacific Corporation. I'm Gary Cook, Chairman of the Board of Directors. It has been necessary to replace our usual in-person meeting with a virtual one this year due to the current COVID-19 environment, and appreciate your understanding as the safety of our employees and of our shareholder is paramount. We have shareholders attending via the web portal. As is our custom, we will conduct the business portion of our meeting first and answer questions 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 we'll address any unanswered questions on our corporate website shortly after the meeting. It is now after 7:30 a.m. Central Standard Time on May 22, and this meeting is now officially called to order. I'm advised by the Secretary that more than a majority of the outstanding shares of the company are represented at this meeting. Accordingly, I declare a quorum present and the meeting is open for business. To begin, it is my pleasure to introduce the other members of your Board of Directors, all of whom are present at the meeting virtually. Kurt Landgraf, Dustan McCoy, Brad Southern, Lizanne Gottung, Tracy Embree, Ozey Horton, Stephen Macadam and Nicholas Grasberger. In addition, our auditor, Joel Goldblatt, with Deloitte & Touche, is also present. Let me address a few procedural matters. Please note that this meeting is being recorded for rebroadcast on the LP web portal. However, as indicated in the rules of conduct for the meeting, no attendee via the webcast or via telephone is permitted to use any audio recording device. If you have voted on the Internet or have mailed in your management proxy, it will be voted on behalf of you in accordance with your instructions, and there is nothing further you need to do. Any shareholder who has not yet voted or wishes to change his or her vote may do so by clicking on the voting button on the web portal and follow the instructions there. There are 3 items on which we are to vote. The first item of business is the election of Class II Directors whose terms expire in 2023. The 2 nominees are Kurt Landgraf and Stephen Macadam. Their biographies are listed in the proxy. The Board of Directors recommends a vote for the election of each of the nominees. The next order of business is the ratification of the appointment of Deloitte & Touche as LP's registered public accounting firm for 2020. The Board of Directors recommends a vote for the ratification of this appointment of Deloitte & Touche as our independent registered public accounting firm. And finally, the last item is a nonbinding advisory vote relating to named Executive Officer compensation. The say-on-pay vote allows our stockholders the opportunity to cast an advisory vote on the compensation of our named Executive Officers, as is described in detail in the proxy statement for the 2020 annual meeting. The Compensation Committee of the Board of Directors is responsible for determining the compensation policies, but the entire Board recommends that you vote your shares for the say-on-pay item. The polls are now open. Any stockholder who has not yet voted or who wishes to change his or her vote, may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their votes, need not take any further action. [Voting]

Now that everyone has had the opportunity to vote, I now declare the polls for the 2020 Louisiana-Pacific Corporation Annual Stockholder Meeting are closed. We have been informed by the Secretary that the preliminary vote report indicates that both of the nominees for election to the Board have been duly elected, the appointment of Deloitte & Touche as our independent registered public accounting firm for 2020 has been ratified and the nonbinding advisory resolution to approve the compensation of our named Executive Officers has been approved. We will disclose the final vote results on these items on a Form 8-K to be filed within 4 business days. We want to, again, thank you for attending the meeting and for your ongoing support as shareholders of Louisiana-Pacific. The business portion of the meeting is now adjourned. I'd like to take a minute to thank you for the opportunity to serve as the Chairman of the Board for the past 16 years and to have been a member of the Board for 20 years. It has been my honor and pleasure to be a part of our company's growth and transformation. I've enjoyed working with and becoming friends with all the Board members, many, many LP employees and the CEOs. And in particular, I have enjoyed my close relationship with Brad Southern, our CEO, for the last 2.5 years. As I'm retiring at the close of this meeting, it is my pleasure to announce that the Board has named Brad to serve as the new Chairman. I am confident that Brad will serve this role well, and working with him as the lead independent director will be Dusty McCoy. With that, I'd like to turn the meeting over to Brad.

Thanks, Gary, and thank you for the many years of leadership and guidance as a Chairman. I am looking forward to serving this Board in my new role. Now we would like to open things up for stockholder questions and comments. Please note that we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. Any questions we do not get to will be addressed on our company website. So we will open up for questions now. It seems that there is no questions, then we'll conclude the meeting. Thank you.

Thank you, ladies and gentlemen. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.