On this page of StockholderLetter.com we present the 4/10/2023 shareholder letter from Summit Materials, Inc. — ticker symbol SUM. Reading current and past SUM letters to shareholders can bring important insights into the investment thesis.
NOTICE OF 2023 ANNUAL MEETING OF STOCKHOLDERS, PROXY STATEMENT, & 2022 ANNUAL REPORT
ANNUAL REPORT LETTER FROM THE CHAIRMAN To Our Valued Stakeholders: In 2022, Summit Materials had the opportunity to put its Elevate Strategy to the test. Despite unrelenting cost headwinds, supply chain constraints, and volatile market conditions, which were not particularly unique to Summit, the Company set annual records for operating income, net income, and pricing growth across all lines of business, strengthened the balance sheet, and took actions that were in the best interest of our stakeholders. From a governance perspective, we recognize that organizational resiliency and agility are essential for strategic execution. Through the (OHYDWH 6WUDWHJ\ 6XPPLW KDV RSWLPL]HG LWV SRUWIROLR DQG VLJQL FDQWO\ strengthened its balance sheet while improving its quality of earnings ZLWK D KLJKHU FRQWULEXWLRQ RI PDWHULDOV WR LWV QDQFLDO SHUIRUPDQFH In early 2022, it became clear that the value of Summit s stock UHSUHVHQWHG D FRPSHOOLQJ YDOXH WKDW GLG QRW IXOO\ UH HFW WKHVH VWURQJ QDQFLDO UHVXOWV DQG DWWUDFWLYH RXWORRN $V D %RDUG ZH PRYHG VZLIWO\ to authorize a $250 million share repurchase program, and Summit returned over $100 million to shareholders by year end. The Company FRQWLQXHV WR SXUVXH D FDSLWDO DOORFDWLRQ DSSURDFK WKDW UVW SULRULWL]HV investments in high return organic and inorganic opportunities and then looks to opportunistically return capital to shareholders. As a Board, we take pride in our effort to uphold governance best practices. This includes: 6HSDUDWH LQGHSHQGHQW &KDLUPDQ DQG &KLHI ([HFXWLYH 2I FHU 'H FODVVL FDWLRQ RI RXU %RDUG LQ SURFHVV DSSURYHG E\ shareholders in 2021) 56% of Board members are female +DYLQJ DJH GLYHUVLW\ RQ WKH %RDUG VKRUW DYHUDJH WHQXUH and no over-boarded directors Amended Corporate Governance Guidelines and Governance DQG 6XVWDLQDELOLW\ &RPPLWWHH V FKDUWHU WR IRUPDOO\ DGRSW D SROLF\ WR UHTXLUH DQ\ FDQGLGDWH SRRO DVVHPEOHG WR OO D YDFDQF\ RI WKH %RDUG WR LQFOXGH FDQGLGDWHV ZKR DUH GLYHUVH LQ WHUPV RI HWKQLFLW\ DQG RU JHQGHU In addition to our traditional board risk management responsibilities, we believe it is equally important that we demonstrate oversight of emerging critical matters such as diversity, equity and inclusion, talent acquisition, social responsibility, sustainability, cyber risk, and environmental impacts. In 2022, Summit disclosed its strategies to reduce water, fuel, and waste consumption, to increase our use of renewable power as well as to address, and ultimately eliminate, our carbon emissions to achieve net zero by 2050. We believe that notching consistent, regular progress towards reducing our impacts and addressing climate change will be essential to building sustainable competitive advantage. We were recognized in that effort by receiving an (6* UDWLQJ RI $$$ IURP 06&, SODFLQJ 6XPPLW LQ WKH WRS of global issuers. $V &KDLUPDQ RI WKH %RDUG , EHOLHYH WKDW 6XPPLW KDV WDNHQ important steps in 2022 to build a stronger business and position itself for long term success in alignment with stakeholders. We thank you for your continued support, and look forward to continued momentum. Sincerely, Howard L. Lance Chairman of the Board of Directors Summit Materials, Inc.
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NOTICE OF 2023 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON THURSDAY, MAY 25, 2023 The 2023 Annual Meeting of Stockholders (the Annual Meeting ) of Summit Materials, Inc. ( Summit Materials or the Company ) will be held at 8:00 a.m., Mountain Time, on Thursday, May 25, 2023, at The Grand America Hotel, 555 South Main Street, Salt Lake City, Utah 84111. The Annual Meeting is being held for the following purposes: 1 To elect the six nominees for director, named in the attached Proxy Statement (the Proxy Statement ) to serve until the 2024 Annual Meeting of Stockholders and until their respective successors are elected and qualified; 2 To approve, on a nonbinding advisory basis, the compensation of our named executive officers ( NEOs ), as disclosed in the Proxy Statement; 3 To ratify the appointment of KPMG LLP ( KPMG ) as our independent registered public accounting firm for our fiscal year ending December 30, 2023; and 4 To transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. The Board recommends you vote (i) FOR the election of each of the nominees to the Board; (ii) FOR the approval, on a nonbinding advisory basis, of the compensation of our NEOs, as disclosed in the Proxy Statement; and (iii) FOR the ratification of the appointment of KPMG as our independent registered public accounting firm. The Board has fixed March 27, 2023 as the record date for determining stockholders entitled to receive notice of, and to vote at, the Annual Meeting or any adjournment or postponement thereof. Only stockholders of record at the close of business on that date will be entitled to notice of, and to vote at, the Annual Meeting. This Notice of 2023 Annual Meeting of Stockholders, Proxy Statement and form of proxy are being distributed and made available on or about April 10, 2023. As always, we encourage you to vote your shares prior to the Annual Meeting. By Order of the Board of Directors Christopher B. Gaskill Executive Vice President, Chief Legal Officer and Secretary Denver, Colorado April 10, 2023
 • shareholder letter icon 4/10/2023 Letter Continued (Full PDF)
 • stockholder letter icon 4/8/2024 SUM Stockholder Letter
 • stockholder letter icon More "Construction Materials & Machinery" Category Stockholder Letters
 • Benford's Law Stocks icon SUM Benford's Law Stock Score = 99


SUM 4/10/2023 Shareholder/Stockholder Letter Transcript:

NOTICE OF 2023 ANNUAL MEETING OF STOCKHOLDERS, PROXY STATEMENT, &
2022 ANNUAL
REPORT

ANNUAL REPORT
LETTER FROM THE CHAIRMAN
To Our Valued Stakeholders:
In 2022, Summit Materials had the opportunity to put its Elevate
Strategy to the test. Despite unrelenting cost headwinds, supply chain
constraints, and volatile market conditions, which were not particularly
unique to Summit, the Company set annual records for operating
income, net income, and pricing growth across all lines of business,
strengthened the balance sheet, and took actions that were in the best
interest of our stakeholders.
From a governance perspective, we recognize that organizational
resiliency and agility are essential for strategic execution. Through the
(OHYDWH 6WUDWHJ\  6XPPLW KDV RSWLPL]HG LWV SRUWIROLR DQG VLJQL  FDQWO\ 
strengthened its balance sheet while improving its quality of earnings
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In early 2022, it became clear that the value of Summit   s stock
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to authorize a $250 million share repurchase program, and Summit
returned over $100 million to shareholders by year end. The Company
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investments in high return organic and inorganic opportunities and
then looks to opportunistically return capital to shareholders.
As a Board, we take pride in our effort to uphold governance best
practices. This includes:



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shareholders in 2021)
56% of Board members are female
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and no over-boarded directors
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In addition to our traditional board risk management responsibilities,
we believe it is equally important that we demonstrate oversight of
emerging critical matters such as diversity, equity and inclusion,
talent acquisition, social responsibility, sustainability, cyber risk, and
environmental impacts.
In 2022, Summit disclosed its strategies to reduce water, fuel, and
waste consumption, to increase our use of renewable power as well
as to address, and ultimately eliminate, our carbon emissions to
achieve net zero by 2050. We believe that notching consistent, regular
progress towards reducing our impacts and addressing climate
change will be essential to building sustainable competitive
advantage. We were recognized in that effort by receiving an
(6* UDWLQJ RI   $$$   IURP 06&,  SODFLQJ 6XPPLW LQ WKH WRS    
of global issuers.
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important steps in 2022 to build a stronger business and
position itself for long term success in alignment with
stakeholders. We thank you for your continued support, and
look forward to continued momentum.
Sincerely,
Howard L. Lance
Chairman of the Board of Directors
Summit Materials, Inc.

ANNUAL REPORT
LETTER FROM THE CEO
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NOTICE OF 2023 ANNUAL
MEETING OF STOCKHOLDERS
TO BE HELD ON THURSDAY, MAY 25, 2023
The 2023 Annual Meeting of Stockholders (the    Annual Meeting   ) of Summit Materials, Inc. (   Summit Materials    or the    Company   )
will be held at 8:00 a.m., Mountain Time, on Thursday, May 25, 2023, at The Grand America Hotel, 555 South Main Street, Salt
Lake City, Utah 84111. The Annual Meeting is being held for the following purposes:
1
To elect the six nominees for director, named in the attached Proxy Statement (the    Proxy Statement   ) to serve until the
2024 Annual Meeting of Stockholders and until their respective successors are elected and qualified;
2
To approve, on a nonbinding advisory basis, the compensation of our named executive officers (   NEOs   ), as disclosed in
the Proxy Statement;
3
To ratify the appointment of KPMG LLP (   KPMG   ) as our independent registered public accounting firm for our fiscal year
ending December 30, 2023; and
4
To transact such other business as may properly come before the Annual Meeting or any adjournment or postponement
thereof.
The Board recommends you vote (i)    FOR    the election of each of the nominees to the Board; (ii)    FOR    the approval, on a
nonbinding advisory basis, of the compensation of our NEOs, as disclosed in the Proxy Statement; and (iii)    FOR    the ratification of
the appointment of KPMG as our independent registered public accounting firm.
The Board has fixed March 27, 2023 as the record date for determining stockholders entitled to receive notice of, and to vote at, the
Annual Meeting or any adjournment or postponement thereof. Only stockholders of record at the close of business on that date
will be entitled to notice of, and to vote at, the Annual Meeting. This Notice of 2023 Annual Meeting of Stockholders, Proxy Statement
and form of proxy are being distributed and made available on or about April 10, 2023. As always, we encourage you to vote your
shares prior to the Annual Meeting.
By Order of the Board of Directors
Christopher B. Gaskill
Executive Vice President, Chief Legal Officer and Secretary
Denver, Colorado
April 10, 2023



shareholder letter icon 4/10/2023 Letter Continued (Full PDF)
 

SUM Stockholder/Shareholder Letter (Summit Materials, Inc.) 4/10/2023 | www.StockholderLetter.com
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