MBIA Inc. (MBI) Earnings Call Transcript & Summary

Good morning, and welcome to the MBIA Inc. Annual Meeting of Shareholders. I would now like to turn the conference over to Bill Fallon, President and CEO of MBIA Inc. Please go ahead.

Good morning. I am Bill Fallon, President and CEO. And it is my pleasure to welcome you to our 2021 Annual Meeting of Shareholders. I'm joined today by Jonathan Harris, our General Counsel and Corporate Secretary, who will preside over this meeting. It is 10:00 a.m. on Wednesday, May 5, 2021, and I now call this meeting to order. On behalf of our directors, officers and employees, I want to thank you for joining us at our annual meeting of shareholders. We are utilizing this form to allow for the continued safe participation of our shareholders, management, board members, auditors and election inspector. Following the official items of business, we will answer questions related to today's proxy agenda items. [Operator Instructions] Now I will ask Jonathan Harris to conduct the business agenda.

Thank you, Bill. We are pleased to be joined today by all 6 members of our Board of Directors. Also in attendance on behalf of PricewaterhouseCoopers LLP, our independent auditing firm, is Mr. Richard Kefford. I also would like to welcome Ms. Tracy Oates who represents Broadridge and is the inspector of elections for this meeting. Turning our attention to today's business. I have received an affidavit from our inspector of elections confirming that the mailing of our annual report, proxy statement and proxy card commenced on March 23, 2021, to shareholders of record on March 10, 2021. 84% of the voting power of those shares is represented at this meeting by proxy. A quorum, therefore, is present, and I now declare this meeting official and open for conducting the items on the agenda. This meeting is governed by Connecticut Corporation Law and the company's bylaws. We have 3 proposals before us today as presented in the proxy statement. The first is for the election of Directors. All 6 Directors have been nominated and named in the proxy statement for election to a 1-year term expiring at the 2022 Annual Meeting. They are: Ms. Diane L. Dewbrey; Mr. William C. Fallon; Mr. Steven J. Gilbert; Mr. Richard C. Vaughan; Mr. Charles R. Rinehart and Mr. Theodore Shasta, all our current Directors of the company. The second proposal is for shareholders to provide an advisory vote on the compensation of our named executive officers as disclosed in our proxy statement. This advisory vote on executive compensation is not binding. However, the company's Board of Directors will take into account the results of the vote when determining future executive compensation arrangements. The third and final proposal is for the ratification of the appointment of our independent registered public accounting firm, PricewaterhouseCoopers, LLP, for the fiscal year ending December 31, 2021 [Audio Gap] the control number provided on your proxy in order to vote your shares online. We will now pause to allow shareholders to vote. [Voting]

The polls are now officially closed, and I will ask our inspector of elections, Ms. Tracy Oats, to announce the results of the voting.

Thank you, Jonathan. With respect to proposal [Audio Gap] Mr. Steven J. Gilbert; Mr. Richard C. Vaughan [Audio Gap] of our named executive officers as described in the company's proxy statement. With respect to proposal 3, shareholders have approved the ratification of the appointment of PricewaterhouseCoopers as the company's independent auditor for 2021. I will now turn the meeting back over to you, Jonathan.

Thank you, Ms. Oats. Before we begin our question-and-answer period, please take a moment to review our safe harbor disclosure statement, which is now on your screen. There being no other business to attend to, I declare the business portion of the 2021 annual meeting concluded. Bill Fallon will now lead the question-and-answer period.

[Operator Instructions] We will take questions that relate to the proxy proposals considered for this meeting. If you have any other questions about the company, please include your contact information, and we can respond directly to you after the meeting. We have allowed up to 10 minutes to answer questions. We will now pause to allow questions to be submitted. We have not received any questions at this time. If at any time in the future, you have a question about MBIA Inc. That you wish to have answered, please contact Mr. Greg Diamond, Managing Director, Head of Investor and Media Relations at (914) 765-3190. I would like to conclude by thanking everyone again for participating in today's meeting and for your continued support of MBIA Inc. The meeting is now adjourned.