Quaker Chemical Corporation (KWR) Earnings Call Transcript & Summary

Good morning, and welcome to Quaker Houghton's 2021 Annual Shareholders' Meeting. At this time, I would like to turn the conference over to Michael Barry, Chairman, Chief Executive Officer and President of Quaker Houghton.

Thank you. And good morning, everyone. Quaker Houghton reported its first quarter 2021 earnings results on May 6 and held its investor conference call on May 7 to discuss its first quarter performance, so I will not be providing any formal presentation on any financials. I encourage all of our shareholders to visit the investor relations portion of the company's website at investors.quakerhoughton.com to view the latest press release and listen to an archived webcast on the first quarter investor conference call. On behalf of the entire Board, our executive leadership team and colleagues, I would like to thank you for attending our Annual Meeting of Shareholders. We are pleased to once again conduct our annual meeting virtually via the Internet, as we believe that a virtual meeting provides expanded shareholder access and participation and improved communications while affording shareholders the same rights as if the meeting were held in person, including the ability to vote shares electronically during the meeting and ask questions in accordance with the rules of the conduct of the meeting. Please note that this meeting is being recorded. However, no one who is attending via webcast is permitted to use any recording device. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting. [Operator Instructions] During the annual meeting, questions from shareholders should pertain to the proposals being considered at that particular time. I call the meeting to order. As Chairman, I will act as the presiding officer of the meeting. Robert Traub, Senior Vice President, General Counsel and Corporate Secretary of the corporation, will act as secretary of the meeting. I am pleased to welcome all of our Board members to our virtual meeting. Detailed information about their service on Quaker Houghton's Board and relevant business experience is available in the company's proxy statement filed with the Securities and Exchange Commission and available on the investor relations portion of the company's website. I would now like to introduce [ Anna Hagler ], a representative of Broadridge Financial Solutions, the company's proxy distribution agent, who has been appointed to serve as judge of election for today's meeting and any adjournment. [ Ms. Hagler ] has executed and presented a customary oath of judge of election. And lastly, Mike Mignogna, a representative of PricewaterhouseCoopers, Quaker Houghton's independent registered public accounting firm, is in attendance as well. At this meeting, we will make -- we may make forward-looking statements that are subject to certain risks and uncertainties. Please see our filings with the Securities and Exchange Commission for more information on the risks that could cause our actual results to differ materially from those forward-looking statements. This meeting has been called pursuant to the notice dated March 31, 2021, and sent to all shareholders of record as of the close of business, March 4, 2021. The notice stated the date, time, meeting purpose, along with the web address for participating in today's virtual meeting. The secretary has the list of holders of record for our common stock, which is available for inspection during this meeting by any shareholder on the website using -- used to access the -- this meeting. The judge of election has advised that based on proxies presented before the meeting, a quorum exists for each matter to be voted upon. I therefore declare the meeting fully convened. A copy of the notice, proxy statement and the form of proxies as well as the affidavit of distribution of Broadridge Financial Solutions shall be made part of the record of this meeting. It is now appropriate to proceed to the items of business set forth in the notice of the Annual Meeting of Shareholders dated March 31, 2021. In order to save time, I will present the items of business to be voted on and ask that you refrain from comment until all proposals have been presented: first, the election of directors, namely Michael Barry, Charlotte Decker, Jeffry Frisby and Michael Shannon, as Class II directors to serve a term of 3 years ending with the Annual Meeting of Shareholders in 2024, each to serve as a director of the corporation until the end of his or her term or until his or her successor is duly elected and qualify; second, the ratification of the appointment of PricewaterhouseCoopers as the corporation's independent registered accounting firm for 2021. The Board of Directors has recommended that shareholders vote in favor of each of these proposals. Each are explained in detail in the proxy statement, and accordingly, I will dispense with any preliminary explanation. If a shareholder would like to make a comment regarding any of the items of business, please submit your [ comment ] through the web portal. At this time, any shareholders that are logged on and who have not already submitted a proxy and wish to vote their shares may do so now by clicking on the "vote here" button on the screen. [Voting]

At this point, polls are now closed. I now ask the judge of election to report preliminary results [ of voting ].

I report results of the voting as follows. I declare that Michael F. Barry, Charlotte C. Decker, Jeffry D. Frisby and Michael J. Shannon have been duly elected as Class II directors to serve as directors for a term of 3 years that end with the Annual Meeting of Shareholders in 2024. And the appointment of PricewaterhouseCoopers LLP as the corporation's independent registered public accounting firm for the year 2021 have been approved and confirmed.

Thank you for attending today's meeting. The judge of election will execute a certificate as to the final results of the voting that will be filed along with the minutes of this meeting. The final voting results will be filed with the Securities and Exchange Commission on a Form 8-K. There being no further business, the meeting is adjourned. Now we would like to open things up for shareholder questions. We will take shareholder questions that are being entered today on the web portal. Please note we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed.

There are no questions germane to the meeting. I would like to thank everyone for joining us today at Quaker Houghton's 2021 Annual Meeting of Shareholders. Enjoy the rest of your day. Stay healthy and safe. Thank you.