Valmont Industries, Inc. (VMI) Earnings Call Transcript & Summary

Greetings, and welcome to the Valmont Industries 2020 Annual Meeting of Shareholders. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Valmont Chairman of the Board, Mogens Bay. Please go ahead.

Thank you, good afternoon. My name is Mogens Bay, and as Chairman of Valmont, it is my pleasure to welcome you to our annual meeting. Due to the COVID-19 pandemic, today's meeting is being audio webcast to our shareholders and will be made available for replay on our website, valmont.com. This is the first time Valmont's Annual Shareholder Meeting has been held with audio participation, and we appreciate our shareholders that have remotely joined our meeting. In these unprecedented times, we hope you and your families are safe. Last Thursday, Steve Kaniewski, Valmont's CEO, provided a financial update during the company's first quarter earnings conference call. I encourage our shareholders to listen to the replay, which is currently available at valmont.com. During last week's call, Steve provided an update on the company's current financial performance. We have 3 proposals that are outlined in Valmont's proxy statement to be voted upon at this meeting and we will then announce the results. I can confirm that all Valmont directors are attending the meeting either in person or on the phone. And Valmont's directors are: Kaj den Daas, Kaj is the retired Chief Executive Officer of Quality Light Source; Dr. Theo Freye, Theo is the retired Chief Executive Officer of CLAAS; Stephen Kaniewski, Steve is our CEO; Richard Lanoha, Rick is the Chief Executive Officer of Peter Kiewit Sons' Inc.; James -- J.B. Milliken, J.B. is the Chancellor of the University of Texas System; Donna Milrod, Donna is the Executive Vice President of State Street Corporation; Dan Neary, Dan is the retired Chief Executive Officer of Mutual of Omaha; Catherine Paglia, Cathy is a Director of Enterprise Asset Management; Ambassador Clark T. Randt, Jr., Sandy is the President of Sand & Company LLC (sic) Randt & Co. LLC and the Former United States Ambassador to the People's Republic of China; Walter Scott, Jr., Walter is the retired Chairman of Peter Kiewit Sons', Inc. [ Anne Dusick ] of Deloitte & Touche is participating in today's meeting. Deloitte is available to respond to any questions you may have about our financials. Business proceedings. At this time, I call upon Mark Jaksich, Corporate Secretary, to read the required legal notice.

Mr. Chairman, this meeting is convened in accordance with the proxy mailing on March 19, 2020, to all shareholders of record as of March 6, 2020. We have received the affidavit of mailing from Broadridge stating that this mailing was complete and accurate. [ Tim Dolman ], a representative from Broadridge, has been duly appointed Election Inspector for this annual shareholders' meeting. A list of all shareholders of record of the company is available for review upon request. The inspector has advised us that there were 23 -- 21,523,917 shares outstanding and entitled to vote at this meeting. Of that number, more than 91% are represented by proxy at this time.

Thank you, Mark. There are 3 matters for shareholders to vote upon at this meeting: Number one, the election of 4 directors whose term will expire in 2023. The 4 directors are: Walter Scott, Sandy Randt, Rick Lanoha and Mogens Bay. Two, advisory approval of the company's executive compensation. And three, to ratify the appointment of Deloitte & Touche as independent auditors for fiscal 2020. Those of you who did not vote by proxy or those who already voted by proxy and now wish to vote in person, now have the opportunity to do so. [Voting]

We will now consider the shareholder matters. May I have a motion and a second in favor of the 3 shareholder proposals.

So moved.

Second.

Is there any discussion?

No.

Please vote at this time if you have not already done so. [Voting]

At this time, I declare the polls for each matter voted upon at this meeting closed, and direct that the Election Inspector tabulate the ballots. Because more than a majority of our stock voted by proxy, I can now provide the voting results. A majority of common shareholders who are present, both in person and by proxy, have voted for the 3 matters described in Valmont's proxy statement. All shareholder proposals have been approved. I do encourage you to access last week's earnings call for a current update on the company's financial performance. The replay is available at our website. In addition, shareholders are always encouraged to contact our Investor Relations Officer, Renee Campbell, with any questions. Thank you for participating in today's annual meeting. And since there's no further business to be considered, I declare the 2020 Annual Shareholders Meeting adjourned.

Thank you. That does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.