Cabot's CEO Hosts Annual Meeting Of Stockholders (Transcript)

Cabot Corporation ( CBT)

Annual Meeting of Stockholders Call

March 8, 2012 16:00 ET

Executives

Jack O'Brien – Non-Executive Chairman of the Board

Patrick Prevost – President and Chief Executive Officer

Presentation

Jack O'Brien – Non-Executive Chairman of the Board

Well, that's a good way to get your attention. Good afternoon everybody. I am Jack O'Brien, Non-Executive Chairman of the Board of Cabot Corporation and I am pleased to welcome you to the Cabot Corporation 2012 Annual Meeting of Shareholders. I hereby now call the meeting to order.

I would like to begin today's meeting by introducing the other members of the Board of Directors. Will each director please stand briefly as he or she is introduced. John Clarkeson, Juan Enriquez-Cabot, Gautam Kaji, Roderick MacLeod, Henry McCance, John McGillicuddy, Patrick Prevost, Sue Rataj, Ronaldo Schmitz, Lydia Thomas, and Mark Wrighton. Thank you.

We are also joined this afternoon by several former directors. I hope they are all here. I was told they were here, John Bradley, Ken Burnes, John G.L. Cabot, Sam Coco, and Arthur Goldstein. Thank you all for joining us again today. Also present today are representatives of Deloitte & Touche, the company’s independent auditors for fiscal year 2011. They will be available to respond to appropriate questions for the 2001 fiscal year during the question-and-answer period at the end of the program.

I will now turn to the business of the meeting. Jane Bell, Secretary of the Corporation is the keeping the minutes of today's meeting. Ms. Bell informs me that the notice of this meeting was duly and properly mailed and that a quorum is present. We will now open the polls to conduct the business of the meeting. There are four items of business before us this afternoon. They are the election of directors, the approval on an advisory basis of the compensation of Cabot's named executive officers as disclosed in the proxy statement for this meeting, the approval of an amendment to the Cabot Corporation 2009 long-term incentive plan to increase the number of shares available for issuance under that plan, and the ratification of the appointment of Deloitte & Touche as Cabot's independent registered public accounting firm for fiscal year 2012.

As indicated in the proxy statement, four directors are nominated for three-year terms to expire in 2015. They are John McGillicuddy, Lydia Thomas, Mark Wrighton, and myself. Is there a motion to elect the individuals nominated? Is there a second to the motion? Is there any discussion concerning the election of the directors? There being no further discussion, we will proceed with the second item of the business, which is the non-binding vote to approve the compensation of Cabot's named executive officers. Is there a motion to approve the compensation of Cabot's named executive officers? Is there a second to the motion? Is there any discussion concerning this proposal? There being no further discussion, we will proceed with the third item of the business which is the approval of an amendment to the Cabot Corporation 2009 long-term incentive plan to increase by 2,454,000, the number of shares available for issuance. Is there a motion to approve the amendment to the Cabot 2009 long-term incentive plan? Is there a second to the motion? Is there any discussion concerning the proposal? There being no further discussion, we will proceed with the final item of business which is the ratification of the appointment of Deloitte & Touche as Cabot's independent registered public accounting firm for the 2012 fiscal year. Is there a motion to ratify the appointment of Deloitte & Touche as Cabot's independent auditors? Is there a second to the motion? Is there any discussion concerning the ratification? Is there any other business to properly come before this meeting? There being no further business, we will proceed with the voting of the items on the business. Any stockholder wishing to submit a proxy or vote in person is asked to raise his or her hand.

Ashish will collect proxy cards and give ballots to stockholders voting in person. Has everyone voted who wishes to do so today? Then, I declare the polls closed, and ask the inspector to count and certify the votes.

I will now turn the floor over to Patrick Prevost, Cabot’s President and CEO, who will share his remarks about both the company’s fiscal 2011 performance and the outlook for the future. Patrick?

Patrick Prevost – President and Chief Executive Officer

Thank you very much, Jack, and good afternoon to all of you. On behalf of the executive management team and Cabot's 4,200 employees worldwide, I would like to welcome you to our 2012 Shareholder Meeting. Before I begin my remarks about the company’s state of affairs, I will remind you that today’s presentation will include forward-looking statements. These statements are subject to risks and uncertainties, including those discussed in our 2011 Form 10-K filing and our 10-Q filing for the first quarter of fiscal 2012. Copies of these filings are available on the company’s website.

As I stand here today, it feels like I joined this great company just a few days ago. Time has been flying. And this is now the fifth time I have the privilege to share with you Cabot's annual state of affairs. I am proud to have led Cabot through a period of great change. Our progress to-date can best be described as just the beginning of a truly transformational journey.

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