Silvercrest Asset Management Group Inc. (SAMG) Earnings Call Transcript & Summary

Okay. This is the call to order. Good morning, ladies and gentlemen. I'm Richard Hough, President, Chief Executive Officer and Chairman of Silvercrest Asset Management Group Inc. I also serve as Chairman of this annual meeting. It's my pleasure to welcome all of you. It's after 10 a.m., and in accordance with Silvercrest's amended and restated bylaws, I call to order the company's 2020 annual meeting of stockholders. The agenda for today's meeting is as follows: Having called the meeting to order, we will determine whether a quorum exists. We will then collect any outstanding proxies and open the polls for any shareholders who are in attendance for the purpose of voting in person or via this virtual Zoom meeting. The resolution upon which we will vote are the selection of directors and the question set forth in the proxy. We will close the polls, tabulate any votes made in person and announce the preliminary results of the vote. We will then adjourn the meeting. Virtually present with us today, in addition to me, are Richard Burns, member of the Board of Directors of Silvercrest; Scott Gerard, our Chief Financial Officer; and David Campbell, Secretary and General Counsel of Silvercrest. Carlos Pinto of American Stock Transfer will be serving as the inspector of election. Mr. Pinto has taken an oath to execute his duties, which oath will be filed with the respective minutes of this meeting. David Campbell, Silvercrest Secretary and General Counsel, will serve as Secretary of the meeting and record the proceedings. Copies of Silvercrest's proxy statement and its 2019 annual report Form 10-K were mailed to each stockholder of record of Silvercrest on or about April 29, 2020, and you may refer to these during the meeting.

And I'll just note that Brian Dunn, Wilmot Kidd, Winth Conrad and Albert Messina, also members of the Board of Directors, are present via Zoom.

Thank you, David.

This meeting was scheduled pursuant to the printed notice of 2020 annual meeting of stockholders mailed on or about April 29, 2020, to each stockholder of record at the close of business on April 22, 2020, the record date for this meeting. American Stock Transfer has provided an affidavit attesting to such mailing, which is available for examination at this meeting via Screenshare for any stockholder desiring to do so. The list of stockholders entitled to vote at this meeting is also available for examination via Screenshare. All documents concerning the notice of 2020 annual meeting of stockholders will be filed by Silvercrest with the records of this meeting. As the inspector of election, Mr. Pinto has determined that the count of shares immediately prior to the commencement of the meeting indicated that a quorum is present in person or by proxy.

I hereby declare a Quorum is present at this meeting, and we shall proceed with the meeting. On behalf of the Board of Directors of the company, I would like to express my appreciation to all stockholders who returned their proxies. We anticipate that we will have preliminary voting tallies for this meeting available at the meeting today.

Okay. So let's -- Rick, go ahead and open the polls?

Okay. I will open the polls to stockholders who wish to vote by ballot on the matters to be presented can vote. Any stockholder who has previously set in a properly completed, dated and signed proxy need not fill out a ballot as his or her proxy will be voted. Well, those stockholders who have not filed their proxies and wish to vote, and those stockholders who previously voted by proxies, but wish to change their vote, please click on the Raise Hand icon in their Zoom application. Please note that only stockholders of record as of the close of business on April 29 -- April 22, excuse me, 2020, are entitled to vote at this meeting.

So in case anyone -- I mean, I don't see any names of stockholders of record. Carlos, I don't know if you can click on the participants' list aside from myself. I think there are no other stockholders of record eligible to vote in person at the meeting.

Correct.

If there were or if you think there are, then what you would do is you would click on the participants button, which if you're doing this by laptop is on the bottom by moving your cursor, it's on the bottom below all of the images of the people who were on the call. If you're on iPhone or a smartphone, it's in 1 of the top corners. You'd click on participants, and you'd see a list of participants on the right. And then in your spot, you would click on the Raise Hand button. And then I would see a little hand, blue hand symbol next to your name, and I would unmute you, so you can vote your shares. But again, there are only about 5 stockholders of record, including CD & Company and aside for myself, I don't see any of those people here.

I agree.

As set forth in the notice of meeting, the purpose of this meeting is to consider and vote upon 3 proposals: the election of a director to the Board and the ratification of the appointment of our independent registered public accounting firm for fiscal year 2020 and in an advisory nonbinding vote, the approval of executive compensation programs and policies. The proposals are described in the proxy statement prepared by the company for this meeting. The company's proposed motions are as follows: resolve that Brian D. Dunn be and hereby is elected to the Board of Directors to serve for a term of 3 years until the 2023 annual meeting of stockholders and resolve that the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal year 2020 be and hereby is ratified and resolve that the compensation paid to the company's named executive officers as disclosed in the proxy statement pursuant to the rules and regulations of the Securities and Exchange Commission be and hereby is approved.

In accordance with the bylaws of the company, stockholders are required to provide advanced notice of any proposals, including director nominations. Since there were no such nominations or proposals, the nominations are closed. Have any ballots been collected, David, separate and apart from the normal process? Okay. I hereby declare the polls closed. The preliminary results of voting on the proposals will be presented after the votes have been tabulated. We may not have specific final voting tallies at this meeting. David, do we have preliminary results to report?

On the proposal to elect a director to the Board of Directors for a 3-year term until the 2023 annual meeting of stockholders, preliminary results indicate that Brian D. Dunn has been elected as a director for a 3-year term. The proposal to ratify the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal year 2020 has passed. The advisory nonbinding proposal to approve executive compensation programs and policies as set forth in the proxy statement has passed.

Thank you, David. There being no further business to come before the meeting, the meeting is hereby adjourned. Thank you for your time and attention today.

Great. Thanks, everyone, for coming. Hope everyone is doing well, and I'm going to end the meeting now. Feel free to reach out to any of us if you have any questions.

Thank you so much for joining us.