Laboratory Corp. Of America Holdings - Shareholder/Analyst Call
05/01/12 - 04:20 PM EDT
Laboratory Corporation of America Holdings (LH)
May 01, 2012 9:00 am ETExecutives
David P. King - Chairman, Chief Executive Officer and President
William B. Hayes - Chief Financial Officer, Principal Accounting Officer, Executive Vice President and Treasurer
Unknown Executive -
F. Samuel Eberts - Chief Legal Officer, Chief Compliance Officer, Senior Vice President and SecretaryPresentationDavid P. King
Good morning, ladies and gentlemen. I'm Dave King, Chairman of the Board of Laboratory Corporation of America Holdings and Chairman of this Annual Meeting. I'd like to welcome you to our Annual Meeting of Stockholders, and welcome also those stockholders and other interested parties, who are listening to this meeting via the Internet.
Will the meeting now please come to order. Will all persons holding proxies to be recorded, please hand them to the ushers. They will deliver them to the inspector of election, and the secretary will record the proceeding.
I'd now like introduce you to the board members and senior officers of LabCorp, who are present today, and I'll ask you to stand and remain standing until we get through all the introductions. Starting with our directors; Kerrii B. Anderson; Jean-Luc Bélingard; Wendy E. Lane; Thomas P. Mac Mahon; Robert E. Mittelstaedt, Jr; Arthur Rubinstein; M. Keith Weikel; Dr. Anthony Coles; and Dr. R. Sanders Williams, who are unable to attend today due to pre-existing conflicts. These are the members of our Board of Directors, and I want to tell everybody what a terrific board we have in terms of talents, skills, collegiality and leadership, and with the great support they provide to me as Chairman. So Members of the Board, thank you very much and thank you for attending the Annual Meeting today.
Now I'd like to acknowledge our senior officers present today: Jay Boyle, Executive Vice President and Chief Operating Officer; Brad Hayes, Executive Vice President and Chief Financial Officer; Mark Brecher, Senior Vice President and Chief Medical Officer; Sam Eberts, Senior Vice President and Chief Legal Officer; Lidia Fonseca, Senior Vice President, Chief Information Officer; Lisa Hoffman Starr, Senior Vice President, Human Resources; Sandra Van Der Vaart, Senior Vice President and General Counsel; Eric Lindblom, Senior Vice President, Esoteric Businesses; Brad Morton, Senior Vice President, Billing; Pete Hughley, Senior Vice President, Center for Esoteric Testing; Karen McFadden, Senior Vice President, Managed Care.
Again, we have a terrific group of senior officers and leaders of the company. And as the President and CEO, I am very appreciative of all the support that I receive from them. Also in the audience, Jessica Good, Katie Campbell and Joshua Adams of PricewaterhouseCoopers, the independent accountants of the company. Ms. Good, Ms. Campbell and Mr. Adams will be available to answer appropriate questions during the general question-and-answer period at the end of the meeting.
The Board of Directors set March 5, 2012 as the date of record for the Shareholder's Meeting. We have here a record of shareholders as of that date. A duplicate record has been on file at the office of the company for the last 10 days available for inspection by any shareholder at any time during usual business hours. I have been advised by the inspector of election that immediately prior to commencement of the meeting, at least 86% of the companies issued and outstanding shares are represented by a proxy at today's meeting. Since the majority of the company shares is represented here today, a quorum is present, and the business of the meeting may proceed.
I'd like to ask that any shareholder making a motion or who second the motion, please state your name, so that our record of meeting will be complete. The secretary has informed me that the notice for the meeting was duly and properly mailed. The secretary will file affidavits of mailing with a notice of meeting a proxy card and proxy statement with all records of the meeting. There are 5 items on the agenda to be voted on today: one, the election of directors; two, the nonbinding advisory vote to approve executive compensation; three, the approval of the 2012 Omnibus Incentive Plan; four, the amendment to the 1997 employee stock purchase plan; and five, the ratification of the appointment of PricewaterhouseCoopers LLP as Laboratory Corp. of America Holdings' independent accountants for the year ended December 31, 2012.
There will be a discussion period relating to each item immediately after each introduction. We will attempt to ensure that everyone who then wishes to speak about an item will have a chance to be heard, and representatives of management will respond to questions. In the interest of time and because each of these items have been fully discussed in the proxy statement, discussion on each item will be limited to 5 minutes. A ballot is available to shareholders who wish to vote in person. If you send in a proxy, you have no need for a ballot unless you wish to change your vote. At the end of the discussion period relating to the appointment of independent accountants, the ballots will be collected and delivered to the inspector of election.
The company has appointed Stephen Anderson to be the inspector of election. He is familiar with the duties and responsibilities of an inspector of election at a Shareholder's Meeting. He will report the results after all proxies and ballots have been tabulated. Although ballots are available, it will facilitate the job of the inspector in counting the votes if you use a proxy card. Does anyone want a ballot or proxy card at this time?Read the rest of this transcript for free on seekingalpha.com