Welcome to the annual meeting for Ecolab Inc. Our host for today's call is Christophe Beck, Executive Chairman and CEO. At this time, all participants will be in a listen-only mode. I will now turn the call over to your host. Mr. Beck, you may begin. Good afternoon, everyone, and welcome to Ecolab's annual meetings of stockholders. I'm Christophe Beck, Ecolab's Executive Chairman and Chief Executive Officer. It is now 12:30 P.M. Central Time. I know that the polls are open, and I now call the meeting to order. Joining me today is Jandeen Boone, our interim general counsel, who will be conducting the formal portion of the meeting. In addition, we're joined by David W. MacLennan, our Lead Director, Steven Zurn of PricewaterhouseCoopers, the company's independent registered public accounting firm, and Theresa Corona, our interim secretary. Links to the agenda and the procedures for this meeting are available on this virtual meeting platform. Please review these procedures as they contain important information, including how this meeting may be adjourned if we experience technical issues. To conduct an orderly meeting, we ask that participants abide by the procedures. Following the formal portion of the meeting, I will address our recent financial performance and speak to you about Ecolab's business opportunity. After that, we will have a short general question-and-answer session. Let me start by extending a special welcome to any former Ecolab associates and retirees listening to the broadcast of this meeting. We are pleased that you are part of our audience today. I would also like to welcome our executive committee and corporate officers who are attending this virtual meeting. The hard work and commitment from you and your teams is the reason for our continued success. Now, I introduce the 12 directors standing for nomination today and who are also in attendance for this virtual meeting. Judson Althoff, Executive Vice President and Chief Commercial Officer of Microsoft Corporation, Director of Ecolab since February 2024. Shari Ballard, Chief Executive Officer of Minnesota United FC, Director of Ecolab since 2018. Eric M. Green, Chairman, President, and Chief Executive Officer of West Pharmaceutical Services, Director of Ecolab since 2022. Arthur J. Higgins, Operating Advisor to Abu Dhabi Investment Authority, Director of Ecolab since 2010. Michael Larson, Chief Investment Officer to William H. Gates III and Business Manager of Cascade Investment, Director of Ecolab since 2012. David W. MacLennan, former Executive Chairman of the Board and former Chief Executive Officer of Cargill, Director of Ecolab since 2015 and our Lead Independent Director since May 2023. Tracy B. McKibben, Founder and Chief Executive Officer of MAC Energy Advisors, Director of Ecolab since 2015. Lionel L. Nowell III, former Senior Vice President and Treasurer of PepsiCo, Director of Ecolab since 2018. Victoria J. Reich, former Senior Vice President and Chief Financial Officer of Essendant, Director of Ecolab since 2019. Suzanne M. Vautrinot, President of Kilovolt Consulting and retired Major General of the United States Air Force, Director of Ecolab since 2014. John J. Zillmer, Chief Executive Officer and Director of Aramark, Director of Ecolab since 2006. And I am the final nominee standing for election. I now turn the meeting over to Jandeen Boone, our interim General Counsel. Thank you, Christophe. Good afternoon, everyone. Before we proceed with the formal portion of the meeting, I will cover the mechanics of our virtual meeting. If you would like to submit a question during the meeting, you may do so by clicking on the Q&A button located on the left below the webcast screen, and submit your question following the prompts. We will answer questions on the matters to be voted on during the formal portion of the meeting. There will also be a short general Q&A period immediately following the remarks of our Chairman and CEO, Christophe Beck. Note that only validated stockholders as of the record date for today's meeting will be able to ask questions on the web portal. Additionally, if you have not already voted your shares, you may do so by clicking on the voting button at the bottom center below the webcast screen, and submit your vote following the prompts. The polls will remain open until the conclusion of the Q&A period on the matters to be voted on. We will now conduct the formal portion of our meeting. We have received an affidavit signed by Broadridge Financial Solutions that notice of this meeting, along with related proxy and annual report materials, was mailed or made available on 18 March, 2024, to Ecolab stockholders of record as of the close of business on 5 March, 2024, our record date. Accordingly, notice of this meeting was timely given to the holders of our common stock. With more than 88.49% of the issued and outstanding shares represented in person or by proxy, a quorum is present for the conducting of business. There are four items properly brought before the stockholders today.... The first item is to elect 12 nominees to the board of directors for a 1-year term ending at the 2025 annual meeting. The board recommends a vote for each of the nominees. The second item is to approve, on an advisory basis, the compensation of the company's named executive officers disclosed in the proxy statement. The board recommends a vote for this proposal. The third item is to ratify the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for the current year ending 31 December, 2024. The board recommends a vote for this proposal. The fourth item is a stockholder proposal regarding an independent board chair policy. Operator, please open our line for Mr. John Chevedden to introduce himself and to present this proposal. Hello, this is John Chevedden, Proposal four, Independent Board Chairman. Shareholder's request that the board of directors adopt an enduring policy and amend the governing documents in order that two separate people hold the office of chairman and the office of CEO. Whenever possible, the chairman of the board shall be an independent director. This policy could be phased in when there is a leadership transition. This proposal topic won 52% support at Boeing and 54% support at Baxter International. Boeing then adopted this proposal topic. The roles of chairman and CEO are fundamentally different and should be held by two directors, a CEO and a chairman, who is completely independent of the CEO and our company. This proposal won 45% shareholder support at the 2023 Ecolab annual meeting. This was more than double the support it received previously. Meanwhile, Ecolab executive pay was rejected by 32% of the vote, when a 5% rejection is often the norm at well-performing companies. Mr. John J. Zillmer, Chair of the Executive Pay Committee, was rejected by 38% of the vote. The 45% for this proposal in 2023 and the 32% rejection of executive pay were all the more noteworthy since the board of directors made a special appeal to shareholders to oppose this proposal topic and to adopt executive pay that was ultimately rejected by a 32% vote. According to the 2023 Ecolab proxy, Jeffrey Ettinger, the Ecolab lead director, does not originate any information, schedules, or agendas that were forwarded to other Ecolab directors. A lead director is thus no substitute for an independent board chairman. With the current CEO serving as chair, this means giving up a substantial check and balance safeguard that can only occur with an independent board chairman. A lead director can delegate many of the details of his lead director duties to others and simply rubber stamp it. The board of directors has not explained how shareholders can be sure of what goes on in regard to lead director delegation. The board of directors failed to publish any comparison of the duties of the Ecolab chairman compared to the duties of a lead director. One of the primary functions of an independent chairman of the board is to manage the board of directors, which is lacking at Ecolab, since Director John J. Zillmer, with 18 years on the Ecolab board, was rejected by a 38% vote. The increased complexities of companies of more than $64 billion in market capitalization, like Ecolab, demand that two persons fill the two most important jobs of the company. Please vote yes. Independent Board Chairman, Proposal 4. Thank you, Mr. Chevedden. The board recommends a vote against this proposal for the reasons set forth in the company's proxy statement. I will now open the floor for stockholder questions on the matters to be voted on. There will be a general Q&A period immediately following the remarks of our Chairman and CEO, Mr. Beck. As a reminder, to submit a question during the meeting, you may do so by clicking on the Q&A button located on the left below the webcast screen and submit your question following the prompts. Up to one minute will be allocated to read each question. I now invite Theresa Corona, our interim corporate secretary, to read out questions submitted by our stockholders on the matters to be voted on. There have been no such questions submitted. You may proceed. There are no questions; therefore, we will resume the formal portion of our meeting. The polls are now closed, and I will report the preliminary voting results based on the proxies already received. The 12 director nominees were reelected. The proposals to approve the compensation of the company's named executive officers disclosed in the proxy statement and to ratify the appointment of the auditors were approved, with each of those matters receiving at least 88.14% of the shares cast. Finally, with respect to the proposal regarding an independent board chair policy, the proposal received less than 33.92% of the shares cast and was not approved. The final voting results will be reported to the SEC on a Form 8-K, a copy of which will be made available on Ecolab's website. This concludes the formal portion of our meeting. Before turning the meeting over to Mr. Beck, let me note that remarks made during the following presentation by Mr. Beck concerning future expectations, plans, and prospects for Ecolab constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected by these forward-looking statements. Information concerning factors that could cause actual results to differ include those factors discussed in the company's annual report on Form 10-K, found under Item 1A, Risk Factors. I now turn the meeting back to Mr. Beck to adjourn the formal business portion of the meeting and to offer comments on the business. Thank you, Jandeen. I now declare the formal business portion of the meeting adjourned. I will now transition to the business review, and following that, proceed to Q&A. It's always a pleasure to recap highlights of our prior year and share updates of our continued growth. 2023 was a historic year for Ecolab and one of our best years yet. We celebrated our 100th anniversary, while Ecolab's global team of 48,000 associates strengthened our connections with customers, partners, and communities. Even as we achieved record sales and cash flow, we have held our rich history of making the world cleaner, safer, and healthier. That is the focus and momentum we have carried into 2024. Our shareholders have rightly come to expect long-term double-digit growth. As our customers begin to put the pandemic years behind them, Ecolab is seeing the result of decisions made and actions taken. We did what was needed to transform our business and are now returning to the trajectory most familiar to our long-term shareholders. I feel good about where we are today and what is ahead for our company. We believe that what we do for our customers matters more than ever. Our sales growth in 2023 helped us achieve $15 billion of revenue for the first time. This shows that our customers value what we provide. Ecolab helps them improve operating performance, reduce costs, and use less water and energy. Our team also did an incredible job capturing value-based pricing in 2023. Delivered product cost may have provided a catalyst, but the value of what we delivered for our customers was close to twice the price. By linking pricing to total value, the return on investment in Ecolab solutions and services becomes very clear. This helped us deliver increased sales and gain market share, all while encouraging future and ongoing investment. Delivering total value for customers that goes way beyond pricing has always been the Ecolab way. It's a true win-win for customers and for shareholders. The growth levels our team achieved last year would not have been possible without generating new business. In 2023, we shifted to offense and focused on protecting our existing business and finding new customers and markets. The Ecolab team is at its best when it's winning, and we expect the momentum of 2023 to continue this year and the years to come. In 2023, our OI margin expanded significantly every quarter, consistently delivering double-digit results. In 2024, we expect the Ecolab team to deliver strong value pricing while inflation continues to ease. Our commitment to elevating OI margins remains strong. We expect to be to our peak OI margin of 16% this year and are focused on building further to 20% over the next few years, with continued focus on growth. Turning now from the team's strong delivery in 2023, we look ahead with confidence to the future. Ecolab's focus will be on generating its own tailwinds through new business wins and innovation to sustain our strong growth trajectory. We are the leader in our markets of choice. We are the world's water company, with close to $10 billion in sales in water-related applications across our business segments. We are the leading hygiene and infection prevention company, and as we continue to invest in this growth engine, we are an emerging leader in life sciences. We continue to have significant reach across our global businesses. Ecolab has 48,000 people serving customers in 40 industries across more than 170 countries. This team is helping deliver significant positive impact on society and the environment. Around the world, we touch millions of customers, one-third of the world's food production, almost a quarter of the power generated, and protect 1.4 billion people from infection every single year. We will continue to fuel our growth by investing in our major growth engines to drive profitable growth. Familiar opportunities are on offer, like water, pest elimination, and food and beverage, and we see emerging opportunities in life sciences, microelectronics, and data centers. We are confident in the growth engines we have in place and the promise that they hold. In 2023, we oversaw a renewed focus on cementing the company's status as an innovation powerhouse. By focusing on market, enterprise, and breakthrough innovations, we are addressing critical customer needs and realizing significant new sales opportunities in the years ahead.... We've also worked hard to prioritize the two innovations that will maximize positive impact in delivering enduring customer value. We call these breakthrough innovations. As long as we continue to address the biggest challenges faced by our customers, our innovation pipeline will remain strong. Ecolab's innovation pipeline will serve our biggest strength and competitive advantage, our remarkable team of 48,000 associates. This team brings expertise to a customer site, offering technology, chemistry, and data, whether it's in a data center, in a hospital, in a hotel, or a car manufacturing plant. Our experts understand what best performance looks like. They bring solutions, and they help our customers reach their highest potential. At the end of the day, they deliver the best possible outcome at the lowest total cost. That's been our approach for the last 100 years. We're in the business of protecting what's vital. We protect people from infections, we protect natural resources, we protect businesses by improving operational performance, all three at the same time, and the expectations of our customers are increasing every single day. Through our expertise and innovative solutions, we're working every day to help them achieve their operational performance and sustainability goals. We believe that doing the right thing, the right way, leads to improved financial and sustainability performance, and ultimately, delivering increased financial performance for Ecolab. In 2022, we achieved three of our four impact aspirations, missing only food-related numbers impacted by the post-pandemic recovery in the food service industry. We're looking forward to sharing our 2023 impact numbers at the end of the month. This level of business achievement allows us to continue delivering attractive shareholder returns. We have returned almost $10 billion in cash to shareholders since 2013. This is the approach we expect to continue. We serve a large and attractive market that continues to expand. We see a path to achieving our sales, margin, and earnings per share ambitions by focusing on our existing customers. This represents a $55 billion opportunity. This is why we remain confident in our ability to deliver 5%-7% organic sales growth, EPS growth in the range of 12%-15%, and a 20% OI margin within the next few years. At this time, I'd like to thank you all for your continued investment in Ecolab. Let's now move to the question and answer section, and I welcome questions submitted by stockholders online. I invite Theresa Corona, our Deputy General Counsel, to read the question submitted. First, Mr. Beck, are more divestitures planned in the year ahead? Always hard to talk about M&A, obviously, so I can't comment on M&A. But as I've shared with shareholders and investors, numerous time, what you've seen in the last 10-20 years in terms of M&A, and we've done a lot, is what you're gonna see in the next 10-20 years as well. So no surprise, is expected here. We're a growth company, so the vast majority of our investments will always be focused on growth. But at the same time, we will always optimize our company, our portfolio, like we've done in healthcare last week as well, as it's been announced earlier this week. Those are natural moves that we will keep doing in the future. The vast majority of our transactions will be on the growth front. The second question that's been submitted is: Please give an example of using artificial intelligence to improve profits. First of all, AI, artificial intelligence, that we used to call digital, a few months back, has been part of the company for a very long time, like 30 years. We invented connected chemistry that we call today 3D TRASAR, that's in place in thousands of plants around the world. We invented that in 1991. That was before the internet, so it's important to keep that in mind, and today, we have over 100,000 devices that are connected in thousands of plants and customer locations around the world. We today have one of the largest industrial clouds that we call Ecolab 3D, and we have over 1,000 digital experts on our team in 5 hubs around the world. So we've been at digital for a very long time. We have a strong presence, a lot of expertise as well. Now, back to the question on the examples. We have so many in all of our businesses, but just maybe to mention three. The first one would be in our food retail business, the program we call Market Guard, well, is helping all stores around the world that we serve to predict food safety risk. When we predict risks, we see what are the gaps, how we can solve those issues for customers before they become issues for consumers or guests. That translates into additional sales, additional growth, additional margin, and improved profits. The second one is Water Quality Intelligence. It's to prevent Legionnaires' disease that spread through vapors from cooling towers that are deadly. We combine our operating data, plus weather data as well, through our algorithm of artificial intelligence, to predict where the risk could be.... which cooling tower, which plant, wherever that is around the world, making sure that doesn't happen. Well, on one hand, this is helping customers reduce their risk. This is huge value for them, building credibility for us and with us as well, and when there are risks, there is more to do, more services to be provided. This is generating growth for us and obviously, so generating profits as well at the same time. And the last but not least, and probably most important one that we're working on right now, by serving millions of customers' locations, around the world today, in 40 different industries, in 172 countries, we know what's the best-run restaurant in the world, with the best customer satisfaction, with the best operational performance, and the lowest environmental footprint. With that knowledge, we can expand it across our network of customers and restaurants and hotels around the world in order to help our customers reach the best-in-class performance. That's generating, obviously, saves for us by adopting our programs, and it's generating, obviously, increased profit. This is true for data centers, this is true for hospitals, this is true for brewing sites, this is true for schools, and you name it. This is the wealth of knowledge the company is having. No other company has this capability, and at the same time, we can deliver that value as well by selling more program to our customers to help them drive better performance, which drives better performance for Ecolab as well at the same time. There is one final question: The company has in place a director resignation governance policy that provides the board post-election discretion to determine whether to accept or reject the resignation of an incumbent director who fails to be reelected. Does the policy undermine the voting rights of shareholders by allowing the board to have the final say on the unelected director's status? I'd like to invite our Lead Independent Director, Dave MacLennan, to answer this question. Thanks, Theresa. Our director resignation policy applies only if any incumbent director does not receive support from the majority of votes cast in an election, and in which case, Delaware state law requires that the director hold over and stay in office. Ecolab's policy is consistent with the overwhelming majority of other companies that have adopted this good governance practice, which promotes continuity. Of course, the board would take such a vote very seriously. Thank you. No further questions have been submitted. Thank you, Theresa. That's all the time we have for questions today. Thank you again for your investment and trust in Ecolab. I would like to close by expressing that Ecolab has been a purpose-driven, growth-focused company for more than 100 years. It is an honor to represent the 48,000-strong Ecolab team and all that they do for our customers every single day, anywhere around the world. I am very proud of our legacy. I like where we are, and I'm excited about where we're going. I'm confident that the best is yet to come. That's all the time we have for today. A webcast replay of this meeting will be available on Ecolab's website approximately 24 hours from now. Thank you again. You may now disconnect from the meeting. This now concludes the meeting. Thank you for joining, and have a pleasant day.