Good afternoon. My name is John, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Interfor Annual General Meeting conference call. All lines have been placed on mute to prevent any background noise. All attendees will be muted for the duration of the meeting. After the formal business of the meeting has been conducted, Mr. Sauder will answer questions that were submitted by shareholders before the meeting. Please go ahead.
On behalf of our board of directors, I'd like to welcome you to the twenty twenty-
I apologize, we are experiencing some technical difficulties. Please stay on the line, and you will be unmuted until it resumes. Thank you. Please go ahead.
I'll pick up where we got cut off. Although no questions were submitted for this meeting, we will be holding our regular quarterly analyst conference call tomorrow morning, and we have provided the dial-in details in our news release of April 14. I'd now like to call the meeting to order. Xenia Kritsos will serve as secretary of the meeting. With the consent of the meeting, I appoint Cassandra Shedd of Computershare Investor Services Inc. to act as scrutineer of the meeting. If there is any shareholder or proxyholder entitled to attend and vote at this meeting who has not registered with the scrutineer, please do so now.
Only shareholders of the company of record at the close of business on March 17, 2026 or their duly appointed proxyholders are entitled to participate in and vote at this meeting. Proxies were required to be submitted by the proxy cutoff at 12:00 P.M. Eastern Time on May 12th, 2026. Voting at this meeting will be by show of hands unless a poll is requested by myself or by a shareholder or proxyholder who is present in person and entitled to vote at this meeting. The secretary has confirmed that the notice and access notification, including the notice of the meeting proxy form, was mailed to all shareholders of record as of the close of business on March 17th, 2026. Unless there is an objection, I will dispense with the reading of the notice of the meeting.
Computershare affidavit of mailing is available if any shareholder wishes to examine it and will be filed with the minutes of this meeting. Copies of the notice of the meeting, proxy form, and information circular are available on SEDAR+ and at interfor.com. According to the preliminary report of the scrutineer, there are 60 shareholders present in person or by proxy holding 44,610,050 common shares of the company. Therefore, I declare that a quorum is present and that this meeting is duly and properly constituted with the transaction of business. The first item of business is the presentation of the company's consolidated financial statements and the auditor's report for the year ended December 31, 2025. Copies of these statements and auditor's report are available on SEDAR+ and on our website at interfor.com.
Unless there is an objection, I will dispense with the reading of the auditor's report. Next item of business is setting the number of directors. The number of directors was last set by the shareholders at 11, and the directors recommend that this number be decreased to nine. I move to resolve that under article 11.1 of the articles of the company, the numbers of directors of the company be set at nine.
I second the motion
Is there any discussion on the motion? All those in favor, please signify by raising your hands. Any opposed? Seeing none, I declare the motion carried. The next item of business is the election of directors. The information circular for this meeting sets out the company's director nominees, and they are Ian Fillinger, Nicolle Butcher, Chris Griffin, Rhonda Hunter, Tom Milroy, Gillian Platt, Lawrence Sauder, Curtis Stevens, and Tom Temple.
Each of these nominees has consented to act as a director of the company. Shareholders who intend to nominate candidates for director of this meeting are required under the articles of the company to provide an advance notice of their intention, but no such notice has been received. Therefore, I declare the nominations closed. I move to elect each of the individuals nominated in the information circular as a director of the company to hold office until the next annual general meeting of shareholders.
I second the motion.
Is there any discussion on the motion? Seeing no discussion, all those in favor, please signify by raising your hand. Any opposed? I declare the motion carried. The next item is to reappoint KPMG LLP as the company's auditor.
I move to appoint KPMG LLP as auditor of the company to hold office until the conclusion of the next annual general meeting and at remuneration to be set by the board of directors of the company.
I second the motion.
Is there any discussion on this motion? If there's no discussion, all those in favor, please signify by raising your hands. Any opposed? I declare the motion carried. Shareholders have the opportunity to cast a say on pay advisory vote which gives shareholders the opportunity to indicate their acceptance of the board's overall approach to executive compensation set out in the information circular. This vote is non-binding, the board will consider the outcome of the vote as part of its ongoing review of the executive compensation program at Interfor.
I move to resolve that on an advisory basis only and not to diminish the role and responsibilities of the board of directors. The shareholders accept the approach to executive compensation disclosed in the information circular of the company dated March 17th, 2026, delivered in connection with this meeting.
I second the motion.
Any discussion on the motion? Seeing no discussion, all those in favor, please signify by raising your hand. Any opposed? I declare the motion carried. This completes the formal business of the meeting. Since there are no other matters to come before the meeting, I move to terminate the meeting. I second the motion. All those in favor, please signify by raising your hand. Any opposed? The motion is to be carried, and I declare this meeting terminated. Thank you for attending Interfor's annual AGM for 2026.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.