Domtar Corporation (UFS)

UFS 
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1.49
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Industry: Basic Industries
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Domtar Corporation (UFS)

Annual Shareholder Meeting

May 01, 2013 9:00 am ET

Executives

Harold H. MacKay - Non-Executive Chairman and Chairman of Nominating & Corporate Governance Committee

John D. Williams - Chief Executive Officer, President and Director

Paola Farnesi - Vice-President and Treasurer

Robert J. Steacy - Director, Chairman of Audit Committee, Member of Nominating & Corporate Governance Committee and Member of Finance Committee

Presentation

Harold H. MacKay

Good morning, ladies and gentlemen. My name is Harold MacKay. I'm the nonexecutive Chairman of Board of Directors of Domtar, and I'll act as Chairman of the meeting. I think the first thing I would like to say is that I have no intention of trying to one up what we've just seen on the screen. I'm the straight man this morning.

The meeting will be conducted in both English and French, and we've provided, as you know, simultaneous translation. If you haven't received the necessary device and you wish to use the service, please ask an attendant at the entrance of the room for a receiving unit. I would ask, on another front, that each of us check to be sure that our communications devices, our cell phones, other devices are turned off so that the flow of the meeting is not disturbed. So if you don't mind double checking that, I would ask you to do that.

[French]

I would like to welcome you to the annual meeting of stockholders of Domtar Corporation. I'd also like to welcome all the stockholders, other individuals who are joining us this morning by Internet. The archived webcast of the meeting will be available in the next 24 hours on our website.

I will now call the annual meeting to order. First, let me introduce the individuals who are sitting at the table with me. To my immediate left is John Williams, our Chief Executive Officer; and to his left, Mr. Razvan Theodoru, who is the Vice President of Corporate Law and Secretary of the Corporation and who's going to be acting as Secretary of the meeting.

So my first task is a pleasant one. I'd like to introduce the members of our board who are sitting in the first row. I'll be asking each Director to stand when his or her name is called and ask that you remained standing, please, until all are introduced. Unfortunately, 2 of our directors, Brian Levitt and Louis Gignac, who attended our board meetings yesterday, could not be here with us this morning because of unavoidable scheduling conflict. My Director colleagues who are in attendance are Ms. Giannella Alvarez, the Group President of Barilla America, Inc.; Mr. Robert Apple, who is the Chief Operating Officer of MasTec, Inc. Mr. Apple is standing for election by the stockholders for the first time in this year. David Maffucci, formerly a senior executive of Bowater; Mr. Bob Steacy, former Executive Vice President and CFO of Torstar Corporation; Ms. Pamela Strobel, former executive VP and Executive Administration -- and Chief Administrative Officer of Exelon Corporation; and Denis Turcotte, the President and CEO of North Channel Management and formerly the President and CEO of Algoma Steel Inc.

Ladies and gentlemen, your Board of Directors.

I'm now going to turn the microphone over to John Williams who will introduce members of his senior management team who are with us this morning.

John D. Williams

Good morning, ladies and gentlemen, and it's great pleasure that I would like to introduce my management team to you. They're sitting in the first row. I'll ask each of them, as I announce their name, to stand up and stay standing.

So first of all, Melissa Anderson, who's our VP of Human Resources; Daniel Buron, our Chief Financial Officer; Mike Edwards, Senior Vice President of Operations; Michael Fagan, Senior VP of our Personal Care division; Zygmunt Jablonski, Corporate Law; Patrick Loulou, Senior Vice President, Business Development; Dick Thomas, Senior Vice President of Sales, Pulp and Paper; and Mark Ushpol, Senior Vice President of Ariva.

Your management team, ladies and gentlemen.

Harold H. MacKay

Thank you, John. Also in attendance at the meeting are the corporation's independent registered public accounting firm, PricewaterhouseCoopers, who are represented this morning by Mr. Martin Foley and Michael Kuhn.

Before we turn to the formal business this morning, I'd like to say a few words on behalf of your board. John will shortly report on the company's business results and strategic initiatives during 2012. And as you will hear from him, significant progress has been made along the road to reposition the company for growth. This repositioning journey began several years ago when it became clear that the gradual secular decline in the fine paper business was an impediment to the company creating a long-term shareholder value. Since the most recent financial crisis, the company has had to address not only that secular decline but also the reality of a very sluggish North American economy.

Against that backdrop, job one for our dedicated employees in the Pulp and Paper business, the core division of our company, has been to run that business just as well as it can be run. We have world-class assets, and we have world-class people. Those 2 things provide us with very important competitive advantages. And I do want to thank all of those employees for their energy and continuing efforts.

The repositioning of the business also means that we are taking steps to be sure that these world-class assets produce products that the market wants. Your management team has shown considerable foresight in that regard. I mentioned the Appleton transaction that John may refer to later. And the changes they have initiated are paying dividends. But running that core business and asset repurposing alone will certainly not do the job. Your board is working very closely with your management team to discuss and develop the corporate strategies, which will enable the company to be a profitable participant in emerging growth businesses.

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