Robert Half Inc. (RHI) Earnings Call Transcript & Summary

Hello, and welcome to the Robert Half International Inc. 2020 Annual Meeting of Stockholders. Stockholders can submit questions or comments at any time by clicking on the message icon at the top of the web page. Questions should comply with the rules of conduct that have been posted for this meeting. It is now my pleasure to turn today's meeting over to Max Messmer, Executive Chairman of Robert Half International. Mr. Messmer, the floor is yours.

Thank you, and good morning. I'd like to welcome all of you to the Annual Meeting of Stockholders of Robert Half International. I am Max Messmer, Chairman of the company, and it's now 10:00 a.m., so I call the company's 2020 Annual Meeting of Stockholders to order. We are holding the meeting virtually this year in light of the public health concerns and government mandates related to the coronavirus. After introducing the directors in attendance and dealing with a few procedural matters, we will take up the items to be acted upon. Before we begin the formal business of the meeting, I would like to introduce the other nominees for Director. Julia Coronado, President and Founder of MacroPolicy Perspectives, an economic research consulting firm. Prior to founding her firm, Dr. Coronado served as Chief Economist for Graham Capital Management, an investment firm. Dirk Kempthorne, President of Kempthorne Group, a consulting firm. Governor Kempthorne has a long and distinguished career in public service, most notably as Governor of the state of Idaho, Secretary of the U.S. Department of the Interior and United States Senator for the state of Idaho. In addition to his public service, Governor Kempthorne served as President and CEO of the American Council of Life Insurers from 2010 through 2018. Marc Morial, President and Chief Executive Officer of the National Urban League, the largest civil rights organization in the United States. Mr. Morial held public office as the Mayor of the city of New Orleans, Louisiana from 1994 through 2002. Barbara Novogradac, President of Novogradac Investment Company, a private real estate company. Robert Pace, Founder and Chief Executive Officer of HundredX, a privately held technology company. Mr. Pace is a retired partner and Managing Director of Goldman Sachs & Co. Frederick Richman, Consultant to Deloitte Tax and a former partner of Deloitte Tax in the law firm of O’Melveny & Myers. Keith Waddell, President and Chief Executive Officer of the company. Keith and I are also fortunate to have the support of a very talented and exceptionally hard-working group of associates, both at headquarters and in our many field offices. I would like to acknowledge and thank them for their dedication this past year. Also present on the webcast are representatives from PricewaterhouseCoopers, the company's independent public accountants. They will be available to respond to questions you may have regarding the audit for last year after we have concluded the formal business of the meeting. Representing Computershare, the company's stock transfer agent is Jim Hunter. Mr. Hunter has been appointed Inspector of Election, and a written oath of office as Inspector of Election has been filed with the secretary of the company. We are now going to address the matters to be voted on at this meeting. This meeting will be conducted in accordance with the agenda and rules of conduct that have been posted on the virtual annual meeting website. The polls opened at the beginning of the meeting, and we will close the polls on all matters immediately after the presentation of today's proposals. After the polls are closed, we will report the preliminary results of the vote. We will then answer any questions you may have, which have been submitted in writing and that comply with the rules of conduct. Will the Secretary please advise as to whether we have a quorum to conduct the meeting.

Mr. Chairman, the Inspector of Elections has certified that in excess of 86% of the shares of the company's common stock are present in person or by proxy. Accordingly, there is a quorum, and this meeting is duly convened. The list of stockholders has been duly certified by the company's transfer agent and is available for inspection by any stockholder during the meeting.

Thank you. We will now proceed with the formal business of the meeting. The following matters, all of which are identified in the proxy statement for this meeting will be considered and voted upon. First, the election of each of the nominees named in the proxy statement as directors of the company; second, the approval on a nonbinding advisory basis of our executive compensation; and third, the ratification of the appointment of PricewaterhouseCoopers as auditors for 2020. You can find more information about these proposals and the proxy statement which you can access along with the annual report and meeting rules of conduct in the meeting materials section of meeting website. We will close the polls on all matters shortly. All Robert Half stockholders entitled to vote at this meeting can do so online. Please remember that if you returned your proxy card or voted by telephone or on the Internet, your vote has already been recorded. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so now via the website used to access this meeting. [Voting]

The polls are now closed, and the votes are being tabulated by the Inspector of Election. Is the secretary ready to report the results of the votes?

Mr. Chairman, the Inspector of Election has delivered his preliminary report. And I will announce the preliminary results. The inspector reports that each nominee for Director was elected and each of the other matters was approved. In each case, the election or the approval was by a substantial majority of the votes cast. We will file a final report of the Inspector of Election with the records of this meeting. We expect to file a report on Form 8-K with the SEC within 4 business days of the meeting.

Thank you. That concludes the business matters for the meeting. The formal portion of this meeting is now adjourned. There being no questions which have been submitted, we will now conclude the business for the meeting. Thank you for attending. The meeting is now adjourned.

This concludes the meeting. You may now disconnect.