Wisconsin Energy's CEO Hosts 2012 Annual Shareholder Meeting (Transcript)

Wisconsin Energy Corporation (WEC)

2012 Annual Shareholder Meeting

May 3, 2012 11:00 AM ET


Gale Klappa – Chairman, President, Chief Executive Officer

Susan Martin – Executive Vice President, General Counsel, Corporate Secretary

Tom Metcalfe – Site Vice President at Oak Creek


Dave Parker – Robert W. Baird

Caren Byrd – Morgan Stanley


Gale Klappa

Well good morning ladies and gentlemen, it’s shortly after 10:00 A.M. Central Daylight Time. The time set for convening Wisconsin Energy’s 2012 Annual Meeting of Stockholders. I’m Gale Klappa, Chairman, President and Chief Executive of Wisconsin Energy and I will service Chairman for today’s meeting.

We’re delighted to be here again at Concordia University and I’d like to thank the President of Concordia, the Reverend Dr. Patrick Ferry and his entire staff for their always gracious hospitality and for allowing us to use their beautiful campus today.

Now before we begin our session this morning, I’d like to take just a moment to tell you an amazing story about the actions of two of our employees. Over the years, some of you may have called our contact center to ask a question or perhaps to report an outage. The center is open 24 hours a day, seven days a week. The employees, who work there, are highly trained and focused on delivering the best customer care anywhere. Two of our contact center employees are with us today and I’d like to ask them to join me now at the podium.

Angela and Jenea welcome. Angela Walton is a customer consultant and Jenea Penna is one of our four supervisors. Last June, after a bad storm rumbled through the area, Angela answered a call from a customer in Greendale asking about when his power might be restored. During the conversation, the customer mentioned that his carbon monoxide detectors have gone off. But he thought it was just a false alarm, he had unplugged the detectors. This concerned Angela, so she advised the customer to check again and think about calling 911, but our customer said no, everything would be fine and he and his wife were headed for bed.

Well after the conversation was over, Angela was still concerned. Her sixth sense told her that something was just not right. So she talked it over with Jenea and they decided to call the fire department. Now for the rest of the story, here is the news report from Milwaukee’s ABC affiliate, WISN Channel 12.

[Audio Presentation]

What a terrific story. Angela, you could have hung up and moved on to the next call. But you and Jenea have great instincts and you saved the lives of two of our customers. Angela and Jenea in recognition of your exceptional performance, it’s my great pleasure to present each of you with the Chairman’s award. Angela, Janea, thank you.

Also in your honor, the Wisconsin Energy Foundation will make a $2,500 contribution to each of your favorite charities, The Hunger Task Force and Susan G. Komen for the Cure. Angela and Jenea thank you for the great work you do for us and for our customers we appreciate it.

And now ladies and gentlemen, if you will please stand, Angela and Jenea will lead us in the pledge of allegiance.

Angela Walton and Jenea Penna

I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.

Gale Klappa

Thank you. Thank you again Angela and Jenea. Well I’m delighted to see that so many of you were able to join us here in person this morning. I’d also like to extend a word of welcome those who are joining us via the internet. Our meeting is streaming live this morning at wisconsinenergy.com.

And now it’s time to call our 2012 annual meeting to order. I’ve been given the inspectors report which indicates that more than 85% of the company’s outstanding shares are represented. This constitutes a quorum under our bylaws and this meeting therefore is duly convened to conduct business. At the end of our formal program, we’ll be happy to answer as many of your questions as time allows. You may also ask questions of any of our officers or directors who are here today.

As always, some of the information you will receive at this meeting is forward-looking in nature and is based on our current expectations. Our projections clearly involve risks and uncertainties, factors discussed in the company’s latest Form 10-K and in future reports filed with the Securities and Exchange Commission could cause our actual results to differ materially from those discussed today.

Now we’ll begin our business session by introducing the members of the Wisconsin Energy Board of Directors. I would ask each of our directors to please stand as I introduce them and remain standing until all have been recognized. Please you’re your applause until the end of the introductions.

John F. Bergstrom, Chairman and Chief Executive Officer of Bergstrom Corporation. John has been called to Detroit for an urgent meeting today and unfortunately could not be with us. Barbara L. Bowles, Retired Vice Chair of Profit Investment Management and Retired Chairman of The Kenwood Group. Patricia W. Chadwick, President of Ravengate Partners LLC. Robert A. Cornog, Retired Chairman of the Board, President and Chief Executive Officer of Snap-on Incorporated. Curt S. Culver, Chairman and Chief Executive Officer of MGIC Investment Corporation and Mortgage Guaranty Insurance Corporation. Thomas J. Fischer, Principal of Fischer Financial Consulting LLC. Ulice Payne, Jr., Managing Member of Addison-Clifton, LLC. And finally, I’m please to introduce our newest board member, Mary Ellen Stanek, Managing Director and Director of Asset Management for Robert W. Baird & Company Incorporated. Please join me in a round of our applause for our terrific directors.

Now before we move on, I’d like to take just a moment to recognize Frederick P. Stratton, Jr. Fred would you please stand? Fred is retiring from our Board after more than 25 years. Fred of course is Chairman of Emeritus of Briggs & Stratton Corporation. And in recognition of his many accomplishments and his commitment to the community, Fred was recently inducted into the Wisconsin Business Hall of Fame.

As I mentioned, Fred has been a director of our company for in excess of 25 years. In fact he has served on every one of our board committees. And nine years ago, Fred helped to convince meet to move to Wisconsin Energy. Other than that, a little lapse in his judgment, Fred has been an exceptional director. But seriously Fred, your knowledge, you advice and your insight born of experience have been in valuable to this company and this board and on behalf of our board and our entire management team, thank you for your service and thank you for your friendship.

Now I’d like to recognize the officers of Wisconsin Energy and its subsidiaries as well as the union and management representatives who are present here today. Our union and management teams work closely together to address important company issues. We appreciate your dedication and your hard work, would you please stand.

Read the rest of this transcript for free on seekingalpha.com

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