Wheaton Precious Metals Corp. (WPM) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Wheaton Precious Metals Annual and Special Meeting of Shareholders Conference Call. [Operator Instructions] I would now like to turn the conference call over to Randy Smallwood, President and CEO and Director of Wheaton Precious Metals. Please go ahead, Mr. Smallwood.

Good morning, ladies and gentlemen, and welcome to the Annual and Special Meeting of the Shareholders of Wheaton Precious Metals Corp. And welcome, those of you who are joining us today through our webcast. My name is Randy Smallwood, and I am the President and CEO of the company, and I will chair this meeting. As a result of government and public health authorities' recommendation to practice social distancing, Wheaton has encouraged all shareholders to vote by proxy in advance of the meeting date and not attend this meeting in person. As a result, the meeting will be limited to only the legal requirements for our shareholder meeting, with no traditional investor presentation and we have not permitted entrance to guests unless required. For those that would like to see the investor presentation, I encourage you to visit the Wheaton Precious Metals website for a video recording of our most recent investor presentation. Let us now proceed with the business of the meeting. For the purposes of this meeting, Wheaton Precious Metals has appointed Leslie MacFarlane on behalf of AST Trust Company Canada, to act as Scrutineer. Curt Bernardi, the Senior Vice President, Legal and Corporate Secretary of the company, will act as Secretary for this meeting. I have been advised that the notice calling this meeting, together with notice and access notification in the form of proxy, were mailed to shareholders of record as of March 17, 2020, in accordance with applicable law. AST Trust Company Canada has filed with me proof of service of such mailing, and I direct that a copy of such proof of service be annexed to the minutes of this meeting as a schedule. The scrutineers have also advised me that prior to the meeting, proxies were received from the holders of a sufficient number of common shares that constitute a quorum. I therefore declare the meeting to be regularly called and properly constituted for the transaction of business. I direct that the formal report of the scrutineer's be annexed to the minutes of this meeting as a schedule. I would like to take a moment to comment on the voting procedures to be used at today's meeting. Voting will proceed by way of a show of hands, however, voting for the directors of the company and the company's approach to executive compensation will proceed by a way of ballot. If you are a registered shareholder or proxy holder, you should have received a ballot on blue paper and a ballot on yellow paper upon checking in with AST Trust Company Canada. If you are a registered shareholder or proxy holder and do not have these ballots, please raise your hand and a representative, on behalf of AST Trust company Canada will bring you the ballots. Only registered shareholders or duly appointed proxy holders can address the meeting. As the first item of business of this meeting, I now present to the meeting the company's financial statements as at and for the year ended December 31, 2019. Copies of the financial statements were mailed to those shareholders who requested to receive copies of them in accordance with applicable law. And unless there is any objection, I do not propose to read them to the meeting. The next item of business is the election of directors by the company's shareholders to hold office until the close of the first annual meeting of shareholders following such election or until their successors are elected or appointed. The company's bylaws include an advanced notice requirement for the nomination of directors by shareholders in certain circumstances. The company did not receive notice of any director nominations in connection with the meeting. Accordingly, the only persons eligible to be nominated for election to the Board at this meeting are the management nominees. Management nominates George Brack, John Brough, Peter Gillin, Chantal Gosselin, Glenn Ives, Charles Jeannes, Douglas Holtby, Eduardo Luna, Marilyn Schonberner and Randy Smallwood as directors for the ensuing year or until their successors are elected or appointed. I declare the nominations closed. As a result of the company's majority voting policy, it is necessary to vote by ballot for the election of each director. I therefore direct that a poll be taken. Each shareholder or proxy nominee should record his or her vote in respect of the election of each director nominee by marking the appropriate box beside each director's name and by signing and printing his or her name on the blue ballot. Once you have done so, please raise your hand and the ballot will be collected from you. [Voting]

I have been advised by the scrutineers that the proxies deposited for the meeting have overwhelmingly voted for the election of each of the directors. Therefore, I declare George Brack, John Brough, Peter Gillin, Chantal Gosselin, Glenn Ives, Charles Jeannes, Douglas Holtby, Eduardo Luna, Marilyn Schonberner and Randy Smallwood to be elected as your Board of Directors to serve in that capacity until the company's next Annual General Meeting or until their successors are elected or appointed. Rather than hold up the business of this meeting, for the final tabulation of votes cast, I direct that the results of the poll for the election of the directors be included with the minutes of this meeting and filed on SEDAR and EDGAR. The next item of business is the appointment of auditors for the ensuing year and the authorization of the Board to fix their remuneration. I ask that someone move and someone second the following resolution: Resolved that Deloitte LLP, independent registered public accounting firm, be and they are hereby appointed as auditors of the company to hold office until the close of the next Annual General Meeting of shareholders or until their successors are appointed at such remuneration as may be fixed by the directors and the directors be and they are hereby authorized to fix such remuneration. Will someone move the resolution?

I so move.

Will someone second the motion? I second the motion. Any discussion? All shareholders and proxy holders in favor of the resolution, please so signify by raising your hand. [Voting]

Contrary, if any? [Voting]

I declare the resolution carried. The next item of business is the approval of the company's approach to executive compensation, as more particularly described in the management information circular. The resolution to approve the company's approach to executive compensation is set out on Page 88 of the management information circular. In order to be effective, this resolution must be approved by the affirmative vote of not less than a majority of the votes cast at this meeting. I'm advised by the scrutineer that over 5% of the shares already voted by proxy were voted against the resolution to approve the company's approach to executive compensation as set out on Page 88 of the management information circular. So we will proceed to vote by way of ballot. Each shareholder or proxy nominee should record his or her vote in respect to the company's approach to executive compensation by marking the appropriate box and by signing and printing his or her name on the yellow ballot. Once you have completed your ballot, please raise your hand and the ballot will be collected from you. [Voting]

I have been advised by the scrutineers that the proxies deposited for the meeting have been voted for the confirmation of the company's approach to executive compensation. As sufficient votes have been cast in favor of this resolution, I declare the resolution carried. Rather than hold up the business of the meeting for the final tabulation of votes cast, I direct that the results of the poll be included with the minutes of this meeting and filed on SEDAR and EDGAR. Is there any further business? I ask that someone move and someone second the resolution that this meeting now terminate.

I so move.

Will someone second the motion? I second the motion. Any discussion? All shareholders and proxy holders in favor of the resolution, please so signify by raising your hand. [Voting]

Contrary, if any? [Voting]

I declare that the formal portion of this meeting is now terminated. Thank you. That concludes our meeting today. Operator, this concludes the call.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. Please disconnect your lines.