WESCO International, Inc. (WCC) Earnings Call Transcript & Summary

Good day, and welcome to the WESCO International, Inc. Annual Meeting of Stockholders. I would now like to turn the conference over to John Engel. Please go ahead.

Good afternoon, and welcome to our Annual Meeting of Stockholders of WESCO International. I'm John Engel, Chairman of the Board. Samantha O'Donoghue, WESCO's Corporate Secretary, will serve as secretary of this meeting. In light of the public health concerns due to COVID-19, we are broadcasting our meeting via a live webcast. The agenda and rules of conduct appear on your screen on the virtual meeting page. The meeting has been duly called in accordance with the Delaware law and the company's bylaws and pursuant to resolutions adopted by our Board. The Board fixed April 3, 2020, as the record date for determining stockholders entitled to vote at this meeting. The Notice of Meeting, the 2020 proxy statement and the 2019 annual report to stockholders were mailed to all stockholders of record beginning on April 13, 2020. There are 3 items of business for this meeting. First is the election of 9 director nominees with terms expiring in 2021. Second is the advisory approval of the compensation of the company's named executive officers and third is the ratification of the appointment of PricewaterhouseCoopers as our independent registered public accounting firm for the year ending December 31, 2020. The polls are now open. If there are any stockholders in attendance who have not already submitted a proxy who would like to vote, please do so via the link on your website at this time. Our Board of Directors, representatives from PwC and management are in attendance today. Also in attendance is [ Patricia Hoffman ], an independent inspector of election. She will deliver to Samantha for filing with records of the corporation a report in writing duly certified relating to the discharge of the inspector's duties during the course of this meeting, together with all proxies and vote tallies. The Corporate Secretary has the list of registered stockholders entitled to vote at this meeting, which is available on the virtual meeting page and subject to inspection. I will now hand it off to Samantha.

Thanks, John. There were on the record date a total of 41,873,053 shares of voting common stock issued and outstanding. The inspector of election has reported that as of the commencement of this meeting, the holders of not less than 36,210,127 shares of common stock are represented in person or by proxy. Approximately 86% of the voting power of the outstanding shares of record is present at the meeting, and so there is a quorum. On the basis of this report, the meeting is duly convened. If stockholders have any questions concerning our company, which pertain to the Annual Meeting, we will have a period for Q&A after the conclusion of the formal business segment of the meeting. During the conduct of the formal business, questions from stockholders should pertain to specific proposals under consideration. I will now present the proposals to be voted upon at this time. The first proposal is the election of 9 director nominees. Mr. Chairman, on behalf of the Board of Directors, I nominate John Engel, Matt Espe, Bobby Griffin, John Morgan, Steve Raymund, Jamie Singleton, Eash Sundaram, Laura Thompson and Lynn Utter, as named in the proxy statement for election as directors to hold office until the 2021 Annual Meeting of Stockholders or until their successors have been elected and qualified. The second proposal is the advisory approval of the compensation of the company's named executive officers. The Board unanimously recommends a vote in favor of this proposal. The third proposal is the ratification of the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for the year ending December 31, 2020. The Board unanimously recommends a vote in favor of this proposal.

We received no other nominations for director in accordance with the company's bylaws. I declare that the nominations are closed. Please finish your voting now. [Voting]

Since all stockholders desiring to vote have done so, I declare the polls closed. This completes the agenda to be voted on by the stockholders, and the secretary will now announce the preliminary voting results as tabulated by the inspector of election.

The preliminary results are: In the election of 9 directors for terms to expire at the 2021 Annual Meeting of Stockholders, each of the directors has been reelected. With respect to the advisory approval of the compensation of the company's named executive officers, the nonbinding advisory approval of the compensation of the company's named executive officers is approved. The appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for the year ending December 31, 2020, has been ratified. These preliminary results will be accepted pending a final tally by the inspector of election. The final results will be filed with the official records of this meeting and disclosed as required by applicable SEC rules.

We now conclude the 2020 Annual Meeting of Stockholders. There being no further business to report, we will now address any questions specific to the annual meeting.

Thank you, John. We have not received any questions pertaining to the meeting.

If there are no questions, we thank you for your attendance and your support for WESCO. Please stay safe and healthy in these challenging times. Have a good day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.