Tutor Perini Corporation (TPC) Earnings Call Transcript & Summary

Welcome to Tutor Perini Corporation 2021 Annual Meeting of Shareholders. I would now like to introduce the first presenter, Anthony Fiore, Corporate Secretary of Tutor Perini Corporation.

Thank you. The meeting will please come to order. Good day and welcome to Tutor Perini's 2021 Annual Meeting of Shareholders. My name is Anthony Fiore, and I serve as Executive Vice President, Treasurer, Tax and Corporate Secretary of Tutor Perini Corporation. Our Chairman and CEO, Ronald Tutor, will be presiding over the annual meeting, and I will be leading us through the agenda today. The company is conducting its annual meeting virtually again this year for the health and safety of our shareholders and other meeting participants due to the COVID-19 pandemic. We are optimistic that by this time next year, the pandemic will have abated and we can resume holding our annual meetings in person. Joining us remotely today are each of our directors. Full biographical details for the directors can be found in our proxy statement, which is available on the Proxy Voting page of our Investor Relations website. I would also like to introduce Tim Bremer of Deloitte & Touche, who is joining us today and represents the company's independent auditors. Mr. Bremer is available to answer any questions of interest. The meeting will be conducted in 2 parts. The first part is devoted to the formal matters required to be acted upon. The second part is an informal question-and-answer session. [Operator Instructions] If you have already voted by proxy, which includes by mail, telephone or online, and do not wish to change your vote, there is no need to vote again. Your shares will be voted as you have instructed on the proxy. If you wish to vote during the meeting, please click on the button labeled Vote on the virtual meeting website and follow the instructions provided before the polls close. The polls opened at the beginning of this meeting and will close on all matters immediately after the presentation of today's proposals. At this time, I would like to recognize Richard Leza, a contractor representing Broadridge Financial Services, who is acting as the independent inspector of election for today's meeting. He has the certified list of holders of common stock of the company as of March 22, 2021, which is the record date for this meeting. As of the record date, there were 50,922,607 shares of common stock outstanding and entitled to vote. Each share of common stock is entitled to 1 vote. The inspector has advised me that there are present or represented by proxy holders a sufficient number of shares of common stock to constitute a quorum. There being a quorum present, I declare this meeting duly organized and qualified to transact business. Each of the proposals to be voted on today is set forth in our proxy statement. The proposals are: one, to elect each of the 11 directors to hold office for a 1-year term expiring at the company's 2022 Annual Meeting of Shareholders; two, to ratify the selection of Deloitte & Touche, independent registered public accountants as auditors of the company for the fiscal year ending December 31, 2021; and three, to approve the compensation of the company's named executive officers on an advisory nonbinding basis. That concludes the presentation of the proposals. After we address any questions related to the proposals, the polls will close. At this time, have there been any questions submitted about the proposals that conform to the meeting rules of conduct?

There are no questions on the proposals.

The polls are now closed on all proposals. The inspector has provided a report containing the preliminary voting results for each of the 3 proposals. The final results will be provided in a current report on Form 8-K, which will be filed with the SEC. Based on the report from the inspector, the first proposal, each of the Board's nominees received sufficient votes to be elected. For the second proposal, sufficient votes were cast to ratify the selection of Deloitte & Touche. For the third proposal, insufficient votes were cast for the approval, so shareholders have not approved on an advisory basis the company's executive compensation. This concludes the formal portion of the annual meeting. We will now move to the informal portion of the annual meeting and address any general questions related to the company that have been submitted and conformed to the meeting rules of conduct. Have there been any such questions submitted at this time?

There are no general questions at this time.

The Q&A period has now concluded. This meeting of shareholders is hereby adjourned. Thank you for participating in the company's annual meeting, and good day to all.

The Tutor Perini Corporation 2021 Annual Meeting of Shareholders has now come to an end. Thank you for attending. You may now disconnect.