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

Greetings, and welcome to the Valmont's 2024 Annual Shareholders Meeting. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mogens Bay, Chairman of the Board. Thank you. You may begin.

Good morning. My name is Mogens Bay, and as Chairman of Valmont, it is my pleasure to welcome you to our Annual Meeting. Today's meeting is being webcast to our shareholders and will be made available for replay on our website. We have 3 proposals that are outlined in Valmont's proxy statement to be voted upon at this meeting. We will then announce the results. All Valmont directors are present in today's meeting with the exception of Joan Robinson-Berry. Amy Ryan of Deloitte Touche is participating in today's meeting and 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 26, 2024, to all shareholders of record as of March 15, 2024. We have received the affidavit of mailing from Broadridge stating that this mailing was complete and accurate. Anita Gillespie has been appointed Inspector of Election, and a list of all shareholders is available for review. The inspector has advised us that there were 20,184,457 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 3 matters for shareholders to vote upon at this meeting: One, the election of 4 directors whose terms will expire in 2027. The 4 directors are: Avner Applbaum, Daniel Neary, Theo Freye and Joan Robinson-Berry; two, the advisory approver of the company's executive compensation; and three, to ratify the appointment of Deloitte Touche as independent auditors for fiscal 2024. 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 these shareholder proposals.

I move.