NOTICE OF 2021 ANNUAL MEETING OF 2020STOCKHOLDERS, PROXY STATEMENT, AND
NATIONAL SCALE. BUILDING MORE TOGETHER.
Chairman of the Board of Directors Summit Materials, Inc.
To Our Valued Stakeholders:
On behalf of the Board of Directors, and all the Summit Materials employees, I want to thank those on the frontlines of the COVID-19 pandemic who have worked to keep all of us safe. We also offer our sympathies to those who have personally experienced loss during this time.
Despite the challenges 2020 presented, it was an exceptional year for our Company. Summit produces the essential materials that support the comforts of life, including by supplying industries like residential construction, energy production and transportation infrastructure.
Our role was proven more important than ever in 2020 as we achieved record Adjusted EBITDA and cash flows, allowing us to reduce our debt ratio to the lowest it has ever been.
In 2020 we welcomed our new CEO, Anne Noonan. Anne has been working tirelessly since her first days and we are particularly excited about her leadership in establishing the Elevate Summit strategy presented to investors on March 16, 2021. Elevate Summit is a comprehensive program designed to maximize returns to our stakeholders by focusing on key financial goals: achieving greater than 30% Adjusted EBITDA Margin, greater than 10% Return on Invested Capital (ROIC), and a leverage ratio of less than three times. Guiding these ambitious, multi-year objectives are our mission, vision and values that are described in this Annual Report. Our vision is to be the most socially responsible, integrated construction materials solutions provider collaborating with stakeholders, to deliver differentiated innovations and solve our customers’ challenges.
As part of our commitment to social responsibility we continue to advance and improve sustainability programs across the Company. We also continue to provide deeper levels of transparency and accountability to our stakeholders. In 2020 we completed an extensive greenhouse gas emissions study that enables increased visibility into our impact on the environment and will allow us to plan reduction efforts in the coming years – we are wholly in support of achieving carbon neutrality by 2050.
We are also committed to improving our human capital management, with focus on the areas of safety, talent management and recruitment.
With regards to corporate governance, as we indicated last year, the Board of Directors believes that a classified board structure and supermajority voting requirements are no longer necessary, and the Company has included in this year’s annual meeting agenda proposals to (i) declassify the Board of Directors, and (ii) eliminate the supermajority voting require- ment. Additionally, we are pleased to note that with Anne Noonan’s appointment, Summit has now achieved gender parity on its Board.
Thank you again for your continued support of Summit Materials. We recognize and appreciate the responsibility that your commitment brings. We believe strongly in Summit Materials, the dedication of our nearly 6,000 employees, and the opportunities that lie ahead.