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

Greetings, and welcome to Valmont Industries' 2022 Annual Meeting of Shareholders. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Mogens Bay, Chairman of the Board.

Good afternoon. And as Chairman of Valmont, it's my pleasure to welcome you to our Annual Meeting. Today's meeting is being audio webcast for our shareholders and will be made available for replay at our website, valmont.com. We have 4 proposals that are outlined in Valmont's proxy statement to be voted upon at this meeting, and we will then announce the results. I am pleased to announce that every member of Valmont's Board of Directors is present for this meeting. And in addition, [ Amy Wynne ] of Deloitte Touche is participating also. Deloitte is available to respond to any questions you may have about our financials. At this time, I call upon Andy Massey, Corporate Secretary, to read the required legal notice.

Mr. Chairman, this meeting is conveyed in accordance with the proxy mailed on March 15 to all shareholders of record as of February 28. We have received an affidavit of mailing from Broadridge stating that this mailing was complete and accurate. [ Tim Dohlman ] has been appointed Inspector of Elections, and a list of all shareholders is available for review. The inspector has advised us that there are 21,305,027 shares outstanding and entitled to vote at this meeting. Of that number, more than 30 -- more than 93% are represented by proxy at this time.

Thank you. There are 4 matters for shareholders to vote upon at this meeting. Number one, the election of 4 directors whose terms will expire on 2025. The 4 directors are Kaj den Daas, J.B. Milliken, Kathy Paglia and Ritu Favre. Two, to approve Valmont's 2022 Stock Plan. Three, the advisory approval of the company's executive compensation. And four, to ratify the appointment of Deloitte & Touche as independent auditors for 2022. 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. We will now consider the shareholder matters. May I have a motion and a second in favor of the 4 shareholder proposals? Second? Thank you. So any discussion? Please vote at this time if you have not already done so. [Voting]

And 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 or by proxy have voted for the 4 matters described in Valmont's proxy statement. All shareholder proposals have been approved. Last Thursday, Steve Kaniewski, Valmont's CEO, provided a financial update during the company's first quarter earnings conference call. I encourage you as shareholders to listen to the replay, which is currently available at our website. In addition, shareholders are always encouraged to contact our Investment Relations Officer, Renee Campbell, with any questions. Thank you for participating in today's annual meeting. Since there is no further business to be considered, I declare the 2022 Annual Shareholders Meeting adjourned. Thank you.