Welcome to the 2025 annual meeting of stockholders of American Tower Corporation. Please note that no one is permitted to use any recording device to record the meeting without company consent. Thank you for your cooperation. I will now turn the call over to American Tower's Chairperson of the Board, Pam Reeve.
Good morning, ladies and gentlemen. I'm Pam Reeve, Chairperson of the Board of American Tower. Welcome to our 2025 annual meeting of stockholders. It is 11:00 A.M. Eastern Time, and I hereby call the meeting to order. I will serve as Chair of today's meeting. Our agenda for today and the rules of conduct for the meeting can be found on our web portal. In addition to our board members, individuals from American Tower who have joined the meeting today include: Steve Vondran, our President and Chief Executive Officer; Rod Smith, our Executive Vice President, Chief Financial Officer, and Treasurer; Marina Briggs, Vice President, Corporate Legal, who will serve as the Secretary for this meeting and as Inspector of Elections for this meeting; and Q&A Facilitator to field the questions and comments submitted by stockholders. Marina has taken the oath of Inspector of Elections.
Finally, Jerry Powderly and Alex Frazier of Deloitte & Touche, LLP, our independent registered public accounting firm, who will be available to answer any questions during the Q&A portion of our meeting. This meeting will pertain to the formal business covered by the proxy statement that has been filed with the SEC and made available to all of our stockholders. I will ask Steve to lead us through the meeting. As is our custom, we will conduct the business portion of our meeting first and answer any questions at the end during the Q&A portion. The polls are currently open to vote on the three proposals before this meeting that Steve will further elaborate on once I turn the meeting over to him.
I would like to point out that most of you have probably already cast your votes by filling out a proxy card and returning it, or by voting online or by telephone. Stockholders who have sent in proxies or voted online or telephone prior to the meeting and do not want to change their vote do not need to take any further action. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal until the polls close. If you have a question or comment that you would like addressed during the Q&A portion, please submit it in the designated field on the web portal as soon as possible. We ask that you please include your name and organization, if applicable, along with your question.
If your question relates to a proposal, please submit it prior to the discussion of the proposal to permit time to discuss it. Only stockholders may ask questions, and out of consideration for others, we ask that you please limit yourself to three questions. If we are unable to respond to your question during the meeting, the company will respond to you in the next few days. For more information about American Tower, including our latest earnings presentation, please visit the Investor Relations section of our website. We will now proceed to the formal business of the meeting. Accordingly, I would like to turn the meeting over to Steve.
Thank you, Pam. This meeting is held pursuant to a printed notice dated April 2, 2025, that was distributed on or about that date to our stockholders of record as of March 17th, 2025. I have affidavits certifying that proper notice was served to each of these stockholders. A quorum for this meeting means that at least half of the total votes represented by the shares outstanding as of the record date are present on the call or by proxy. Marina, our Inspector of Elections, presented her preliminary report indicating the presence of a quorum. That being so, I hereby declare a quorum present for this meeting. The matters to be considered at this meeting will be in the order set out in the proxy statement. The meeting was called to vote on three proposals. All three are management proposals.
After voting is completed for all matters on the agenda, the votes for each proposal will be tallied and confirmed. Proposal number one. The first proposal is to elect each of the 11 directors for the ensuing year and until his or her successor is elected and qualified.
They are: myself, Steve Vondran, our current President and Chief Executive Officer; Kelly Chambliss, who is the current Senior Vice President of IBM Consulting and serves on our Compensation Committee; Theresa Clark, who is the current Chair of Africa.com and serves on our Audit Committee; Kenny Frank, who is a current partner at Banneker Partners and serves as the Chair of our Nominating and Corporate Governance Committee and serves on our Audit Committee; Bob Hormats, who is a former Managing Director at Kissinger Associates and former Chairman at Goldman Sachs International and serves on our Nominating and Corporate Governance Committee; Raj Kalra, who is the President of John Deere Financial and Chief Investment Officer of Deere & Company and serves on our Audit Committee; Grace Lieblein, who is the former Vice President of Global Quality for General Motors and serves as the Chair of our Compensation Committee; Craig McNabb, who is the former CEO and Chairman of National Retail Properties and serves on our Compensation Committee; Neville Ray, who is the former President of Technology of T-Mobile and serves on our Compensation Committee; Pam Reeve, who is the former President and CEO of Lightbridge.
She serves as the independent Chairperson of our Board and serves on our Nominating and Corporate Governance Committee, and Bruce Tanner, who is the former Executive Vice President and CFO of Lockheed Martin Corporation and serves as the Chair of our Audit Committee. Additional information about each of our Director Nominees is available in the proxy statement. The Board of Directors recommends that you vote for each of the Director Nominees. I will now pause to address any questions or comments regarding this proposal. Marina, are there any questions or comments?
There are no questions or comments received for this proposal.
There being no further questions or comments, please submit your vote on Proposal One on the web portal if you have not already done so. Proposal Two. I will now move to Proposal Two, which is to approve on an advisory non-binding basis our executive compensation. The Board of Directors recommends that you vote for the executive compensation on an advisory non-binding basis. I will now pause to address any questions or comments regarding this proposal. Marina, are there any questions or comments?
Yes, we have one question. I will read the question. The calculation of the CEO compensation actually paid total in the pay versus performance table for the past several years can dramatically differ from the CEO total compensation amount in the summary compensation table. How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year?
The Compensation Committee actually uses a process with our independent compensation advisor looking forward. We benchmark against peers to determine the appropriate design and amount for CEO compensation.
Marina, are there any other questions regarding this proposal?
There are no other questions received for this proposal.
There being no further questions or comments, please submit your vote for Proposal Two on the web portal if you have not already done so. Proposal Three. Let us now proceed to the third proposal, which is to ratify the selection of our current independent registered public accounting firm, Deloitte & Touche, LLP, to serve in that capacity for 2025. The Board of Directors recommends that you vote for the ratification of Deloitte & Touche, LLP, as our current independent registered public accounting firm. I will now pause to address any questions or comments regarding this proposal. Marina, are there any questions or comments?
There are no questions or comments received for this proposal.
There being no further questions or comments, please submit your vote for Proposal Three on the web portal if you have not already done so. I will now pause for a few moments to provide time to submit any final votes or changes to votes for any of the proposals. If you wish to submit or change a vote, please do so now. That concludes the voting for the proposals. I hereby declare the polls closed as all matters before the meeting have now been voted upon. Marina, the Inspector of Elections, has provided me with a preliminary count of the proxies submitted, and the following is a report of the results. As a duly appointed proxy of the stockholders submitting votes by proxy, I hereby vote the shares as follows. Proposal One.
With respect to the election of directors, a majority of the votes submitted have been cast for the election of each director nominated. Proposal Two. With respect to the approval of executive compensation on an advisory basis, a majority of the votes submitted have been cast for this proposal. Proposal Three. With respect to the ratification of Deloitte & Touche, LLP, a majority of the votes submitted have been cast for this proposal. Having received such votes duly voted by proxy from the Inspector of Elections, subject to the final tabulation, I hereby declare that Proposals One, Two, and Three have been duly approved. The final results of the votes submitted will be available in the Form 8-K filed by the company within four business days of this meeting. There being no other business, the formal portion of our 2025 Annual Meeting is now concluded. I hereby declare that this meeting is officially adjourned.
Thank you, Steve. We would like to now open the meeting for stockholder questions. We'll take stockholder questions that have been entered on the web portal. If you have not entered your question in the field designated for questions on the web portal, please do so now. Please note we will attempt to answer as many questions as our time allows, provided the questions comply with the rules of conduct. Marina, are there any questions at this time?
There are no questions.
The program for the day has concluded. To the extent we were unable to respond to questions or if you have comments or comments today, or if you have further comments or questions, please reach out to our Head of Investor Relations, Adam Smith. Thank you all for attending today's meeting and your continuing support of the company. Operator, you may now adjourn the meeting.
Thank you. Your meeting is now adjourned.
The host has ended this call. Good bye.