PennyMac Financial Services, Inc. (PFSI) Earnings Call Transcript & Summary

Good morning. My name is David Spector, and I'm the President and Chief Executive Officer of PennyMac Financial Services, Inc. At this time, I would like to call the meeting to order. I will chair today's Annual Meeting of Stockholders for PennyMac Financial Services, Inc. and Derek Stark, our Chief Legal Officer, will act as Secretary. I would now like to turn the meeting over to Mr. Stark.

Thank you, David. Our transfer agent has provided an affidavit confirming that the notice of this meeting, proxy statement, proxy card, return envelope and annual report were mailed on April 3, 2020, to all stockholders of record as of the close of business on March 30, 2020. A copy of this affidavit and copy to the material mailed will be placed with the records of this meeting. In addition, on April 28, 2020, we filed supplemental proxy materials informing our stockholders that today's annual meeting will be held in a virtual-only meeting format. Isaac Garden, our Head of Investor Relations, has been appointed to serve as the Inspector of Elections for the meeting and has previously taken his oath as Inspector of Elections. A list of the company's stockholders of record on March 30, 2020, is available for inspection by any stockholder during the annual meeting at our virtual meeting website. In addition, Mr. Garden has informed me that at least the majority of the company's issued and outstanding shares entitled to vote are represented in person or by proxy at today's meeting. Since the majority of the company's shares is represented here today, a quorum is present. The 3 items for consideration today are: one, the election of 11 Director nominees, each for a 1-year term expiring to 2021 Annual Meeting of Stockholders; the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020; and the approval by nonbinding vote of our executive compensation. The Board recommends a vote for the election of each of the 11 directors, for the ratification of Deloitte & Touche LLP as our independent registered public accounting firm, and for our executive compensation. Any stockholder participating online may vote your shares during the annual meeting up until the closing of the polls on our virtual meeting website. At this time, I'll pause for 30 seconds to allow anyone who hasn't voted to do so. [Voting]

The voting polls for all items of business to be conducted at this meeting are now closed. The votes will now be tabulated. As it pertains to the results, the preliminary report indicates that the election of the 11 director nominees, each for a 1-year term expiring at the 2021 Annual Meeting of Stockholders was approved. The ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020 was approved. And our executive compensation by nonbinding vote was approved. A written report of the final vote count will be included in the minutes.

We have not received any questions related to the items of business set forth on the agenda. That concludes our formal 2020 Annual Meeting of Stockholders. I hereby declare this meeting adjourned. Thank you.

The meeting is now concluded. Thank you for attending today's presentation. You may now disconnect.