Vontier Corporation (VNT) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the 2021 Annual Meeting of Stockholders of Vontier Corporation. I'm Karen Francis, Chair of the Board. This year, we are holding our first annual meeting in a virtual-only format given the current environment. Despite it not being in person, we have strived to make the meeting as inclusive as possible by offering our stockholders the opportunity to participate. A list of stockholders entitled to vote at this meeting or at any adjournment has been posted and made available for inspection on this online meeting site. In addition we have posted the meeting agenda and rules and procedures. If you have not had a chance to review the rules and procedures, I ask that you take a minute to review them now. This meeting is held pursuant to the notice of annual meeting that we began mailing on April 8, 2021, to all stockholders of record as of March 24, 2021. An affidavit of mailing showing the proper notice of this meeting will be filed with the records of this meeting. With that, the 2021 Annual Meeting of Vontier Corporation's stockholders will please come to order. The polls are now open for voting. The polls will close upon conclusion of discussion on the last item being voted on here today. As a reminder, stockholders can vote their shares online from now through the closing of the polls by clicking the vote here button on this online meeting site. If you have previously voted by proxy and do not wish to change your vote, no further action is required. Most stockholders have already voted by proxy and we have tallied those votes. Stockholders who would like to submit a question may do so in the designated field on this online meeting site. As a reminder, only validated stockholders may ask questions. In addition, out of consideration for others, please limit yourself to one question. With that, I would like to introduce the other directors of the company who are in attendance today; Gloria Boyland, Bob Eatroff, Martin Gafinowitz, Chris Klein, Andy Miller, Mark Morelli and Maryrose Sylvester. Courtney Kamlet, our Corporate Secretary, will be acting as Secretary and Timekeeper of this meeting. In addition, I would like to introduce Amy Baker of Ernst & Young LLP, the independent registered public accounting firm for the company. Ms. Baker will be available to answer any questions concerning Ernst & Young's audit of the company's financial statements. Our Board of Directors has appointed Broadridge to act as inspector of election. Jane Ludlow from Broadridge is with today and she has taken the oath of office as required by law. The oath of office will be filed with the minutes. The inspector of election and our secretary have advised that we have a quorum. This meeting is now duly convened for the purposes of transacting business properly before it. There are 4 items of business to be conducted at today's meeting. Each item is described more fully in the company's 2021 proxy statement. The company has not received advance notice from any of its stockholders as required under its bylaws for any other matter to be considered at today's meeting. Therefore, no other proposals may be properly introduced. The first item of business is the election of myself and Mark Morelli, each of whom has been nominated by the Board to serve as a director until the 2024 Annual Meeting. The second item of business is the proposed ratification of the selection of Ernst & Young as the company's independent registered public accounting firm for the fiscal year 2021. The third item of business is the approval on an advisory basis of the company's named executive officer compensation. The fourth item of business is the frequency of holding an advisory vote on Vontier's named executive officer compensation. Are there any questions on these proposals? [Voting] I declare that the polls are now closed at 8:04 a.m. today, May 19, 2021. And I now call on the inspector of election for her report.

Madam, Chair, with respect to the election of Ms. Karen Francis and Mr. Mark Morelli, a majority of the votes cast were voted in favor of election of each director. With respect to the ratification of the selection of Ernst & Young LLP as Vontier's independent registered public account firm, a majority of the shares represented in person or by proxy and entitled to vote were cast in favor of the proposal. With respect to the advisory vote on the company's named Executive Officer compensation, a majority of the shares represented in person or by proxy and entitled to vote were cast in favor of the proposal. With respect to the frequency of holding an advisory vote on Vontier's named Executive Officer compensation, 98.9% of the shares were cast for 1 year. Thank you

Thank you. [indiscernible] I declare each of the nominees for directors named in the proxy statement has been duly elected. Proposals 2 and 3 have been approved. And in response to proposal 4, our stockholders selected 1 year as the preferred frequency for an advisory vote on the company's named executive officer compensation. That concludes the 2021 Annual Meeting.