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

Greetings, and welcome to Valmont's 2023 Annual Shareholders Meeting. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Chairman, Mogens Bay. Thank you. You may begin.

Good morning, and it is my pleasure to welcome you to our Annual Meeting. Today's meeting, as you have seen, is being audio webcast to 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. All Valmont directors are present at today's meeting, and this is Ambassador [ Randt's ] last meeting. He is retiring from Valmont's Board after 14 years of service. We greatly appreciate his commitment and dedication to our shareholders. Amy Ryan of Deloitte & Touche is participating in today's meeting. 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 convened in accordance with the proxy mailed on March 14, [ 2023 ]. To all shareholders of record as of February 27, 2023, we have received the affidavit of mailing from Broadridge stating that this mailing was complete and accurate. And that [indiscernible] has been appointed Inspector of Election, and a list of all shareholders is available for review. The inspector has advised us that there are 21,305,819 shares outstanding and entitled to vote at this meeting. Of that number, more than 92% are represented by proxy at this time.

Thank you. There are 4 matters for shareholders to vote upon at this meeting: One, the election of 3 directors whose terms will expire in 2026. The 3 directors are: Ritu Favre, Rich Lanoha and Mogens Bay. Two, the advisory approval of the company's executive compensation. Three, the advisory vote on the frequency of executive compensation votes. And number four, to ratify the appointment of Deloitte & Touche as independent auditors for fiscal 2023. 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. Motion? And the second? Thank you. So any discussion? 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 4 matters described in Valmont's proxy statement. All shareholder proposals have been approved. Last Friday, Steve Kaniewski, Valmont's CEO, provided a financial and business update during the company's first quarter earnings conference call. I encourage our 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. And since there's no further business to be considered, I declare the 2023 Annual Shareholder Meeting adjourned.

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.