Good morning. My name is Steve Gravelin, and I'm the Chairman of the Board of Directors of Precision Drilling. On behalf of myself and the Board, I wanted to welcome you to the Annual Meeting of Shareholders. In the unlikely event of a technical disruption, Mr. Kevin Nevew, our President and CEO and a Director, will share the balance of the meeting.
In addition to Kevin, also attending are our Senior Vice President and General Counsel, Veronica Foley, and our slate of nominated directors: Michael Culbert William Donovan Brian Gibson Susan McKenzie, Kevin Myers, David Williams, as well as Kevin Nebue, and myself. Due to the COVID-nineteen pandemic and in keeping with the advice of health authorities, today's meeting will be a virtual only meeting. The virtual meeting will offer our shareholders the same opportunities to participate as normally provided at in person meetings and will reduce the risk of infection to our employees, shareholders, directors, and stakeholders. In 2020, the pandemic caused unprecedented health, social, and economic upheaval worldwide. Precision responded efficiently and adapted quickly by immediately implementing our infectious disease plan, which include remote work where possible and comprehensive safety protocols to protect those people required to stay on the job.
As a result, we did not suffer any shutdowns or interruption of services due to the pandemic. I want to thank the management team for their work during this difficult time. I am confident that Kevin and his team will meet the challenges facing Precision as we begin to return to normal operations in the coming months for the benefit of shareholders, customers and the communities in which we operate. I also want to thank our field personnel for their hard work that allows us to continue to provide our industry leading high performance, high value services to our customers. With that, I welcome all of our employees, shareholders and directors joining us virtually from all around the globe.
The virtual format we are utilizing today will enable all shareholders to participate by submitting questions and voting in the meeting regardless of their location. After the formal business is concluded and the meeting is terminated, we will then have a Q and A session. We will try to answer as many questions as we can. And if your question does not get answered during the meeting, we will respond by e mail after the meeting. With that, let's proceed to the formal business of the meeting.
I officially call the meeting to order. I will act as chairman of the meeting, and I appoint Veronica Foley to act as secretary of the meeting. I also appoint Kyle Gould and Farrah Lehompt of Computershare to act as scrutineers of the meeting. I have been advised that a quorum is present, and I declare that the meeting is regularly called and properly constituted for the transaction of business. The business of the meeting is described in our management information circular dated 03/31/2021, which accompanied the notice of the meeting.
I will take the notice of meeting as read. I have proof of filing and proof of mailing of the notice of the meeting, instrument of proxy, financial statements, management information circular, and accompanying documents that were sent to the holders of the corporation's common shares. Only registered shareholders who held shares in their names as of 03/24/2021, the record date of this meeting, or their validly appointed proxy holders are entitled to vote at this meeting. For the items of business at today's meeting, we will be conducting voting on all items at once online. If you are a registered shareholder or proxyholder and have not already done so, you can vote now by clicking on the voting icon on your phone, computer, or tablet.
Registered shareholders or proxy holders can submit questions at any time online by clicking the by clicking the question icon. Once discussion on all items of business have concluded, I will provide additional time to enter your votes and then declare the voting closed on all resolutions. Once the poll is closed, the preliminary results will be announced. The final results of the meeting will be released today and available on our website. I now declare the polls open on all resolutions.
Again, if you've submitted your vote prior to this meeting, there is nothing else for you to do. The first item of business is the receipt of the audited consolidated financial statements of the corporation for the fiscal year ended 12/31/2020, and the reading of the auditor's report. As copies have been widely available and have been delivered to every shareholder who requested such, we can dispense with reading them and accept them as presented. The next item of business is the election of the nominated directors. As no other nominations were properly submitted in compliance with the corporation's bylaws, I declare the nominations closed.
As chair, I propose an ordinary resolution to approve the following eight nominated directors who are standing for reelection, Kevin Myers, David Williams, William Donovan, Susan Mckenzie, Michael Culbert, Brian Gibson, Kevin Nevew, and Steve Craglin, and that they be elected as directors until the next annual meeting of the shareholders of the corporation.
Mr. Chairman, my name is Deepa Patel, and I so host.
Thank you. May I have someone second the motion?
Mr. Chairman, my name is Stacy Pappas, and I second the motion.
Thank you. The next item of business is the appointment of auditors. As chair, I propose the following: to approve an ordinary resolution that KPMG LLP be appointed auditor of the corporation until the next Annual General Meeting of Shareholders and that the directors be authorized to set KPMG's fees.
Mr. Chairman, my name is Deepa Patel, and I so move.
Thank you. May I have a second?
Mr. Chairman, my name
is Stacy Pappas, and I second the motion.
Thank you. The next item of business is to consider an advisory resolution, commonly known as say on pay, regarding the corporation's approach to executive compensation. As this is an advisory vote, the results will not be binding upon the board. However, in consideration our approach to executive compensation in the future, the board will take into account the results of the vote together with other feedback we receive. As chair, I propose the following: on an advisory basis and not to diminish the role and responsibilities of the Board, that the shareholders accept the approach to executive compensation disclosed in Precision's management information circular delivered to shareholders in advance of the twenty twenty one Annual Meeting of Shareholders.
Mr. Chairman, my name is Deepa Patel, and I so move.
Thank you. May I have a second?
Mr. Chairman, my name
is Stacy Pappas, and I second the motion.
Thank you. For those of you who have not voted on all of the items of business, please do so now as I will shortly close the polls. We will now pause for a moment to allow for any final voting. The polls are now closed. I have been advised by the scrutineers that all of the binding resolutions for consideration at today's meeting have been carried by the requisite number of votes.
The nonbinding advisory vote on executive compensate compensation, the say on pay, was narrowly defeated. Although this say on pay vote is an advisory vote and the results are not binding upon the board, we will take into account the results of this vote, together with other shareholder feedback, as we consider our future compensation decisions. As there is no additional business that may properly be brought before the meeting, this concludes the formal business of the meeting. I hereby declare this meeting concluded. At this time, I'm pleased to introduce Kevin Nevew, President and Chief Executive Officer of Precision Drilling.
Thank you, Steve. Good morning, shareholders, employees and friends of Precision Drilling. My name is Kevin Nevew, and I'm the President and Chief Executive Officer of Precision Drilling. It's my honor to welcome you to Precision Drilling's twenty twenty one Annual General Meeting. Let me thank you for your ongoing support, especially while we navigate these unprecedented times.
I will now be happy to answer any questions that have been submitted by our shareholders.
Thank you, Kevin. My name is Veronica Foley, Precision Drilling's General Counsel. No questions have been submitted by shareholders at this time. As such, I will now turn the meeting back over to you, Steve.
Thank you, Veronika. Ladies and gentlemen, on behalf of Precision Drilling, I would like to thank each of you for attending this virtual meeting. Thank you.