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Arthur Gallagher's CEO Discusses Special Clean Energy Investments - Special Call Transcript

We’re excited about this effort, and I want to turn the call over to Doug to take you through the details of the presentation. Doug?

Doug Howell

Thanks, Pat, and good morning everyone. I’m going to spend about 30 minutes trying to push through the first 50 pages of this presentation, and then we’ll go to Q&A. We ask you to hold an hour and a half for this call, and we think that the Q&A is a very important part of that. We’re doing this presentation—oh, first of all, I hope you have the presentation open in front of you because I will be referring to pages in the presentation that we filed frequently throughout our call today. We’re doing this as a way to continue to improve transparency We have received a lot of questions over the last year or so about the investments, how they work, what do they look like, what are we going to do with the cash, how does the accounting work; and so I’m hoping that today will be a way to orient you in terms of what’s going on with these investments and what we’re intending on doing with the cash.

We picked this timing because we thought it would after the spring break period yet before earnings season really kicked off in full swing because we wanted you to be able to have an hour to an hour and a half to really understand these investments, and we just don’t get that amount of time when we’re doing our quarterly calls.

So what I want to do now is just move into the presentation. Page 3 is an outline of what we’re going to talk about today. My first page I want to talk about is Page 4. When we have a clean coal investment, Page 4 is a simplified overview. These investments between the physical plants and the chemistry, when combined with conventional coal and they’re used in a utility, they reduce mercury, nitrogen oxides and sulfur dioxide, and this process also provides other benefits to the utilities in making coal a cleaner source of fuel for the U.S.

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