Hello, everybody, and welcome to the 2020 Annual Meeting of Shareholders for Investors Real Estate Trust. Before we get started in just a minute, I would like to go over a few items so you know how to participate in today's meeting. You have joined the Annual Meeting using your computer speaker system by default. If you would prefer to join over the telephone, Please select the phone option in the audio pane and the dial in information will be displayed. At the end of the meeting, you will have the opportunity To submit questions to today's presenter by typing your questions into the questions pane of the control panel.
You may also send in your questions at any time during the meeting and we will collect these and address them during the Q and A session at the end of today's shareholders meeting. Also, today's meeting is being recorded. I would now like to introduce Jeff Kyra, who is the Chair of the Board of Trustees of the Investors Real Estate Trust. Jeff?
Thank you. Good morning, everyone. Welcome to IRET's 50th Annual Meeting of Shareholders. My name is Jeff Kyra, and I am the Chair of the Board of Trustees. This is the 1st virtual shareholder meeting ever held by IRET.
While we would have preferred to hold an in person meeting, the effects of the coronavirus, COVID-nineteen, Including uncertainty about the status of shelter in place restrictions in many of the states where our shareholders reside has led us to transition to a virtual meeting this year. We told shareholders in our proxy statement that it might be necessary to make this transition this year, and we subsequently notified shareholders of this switch via press release and a notification was posted on our website and a filing was made with the SEC. On behalf of the Board and IRET, I want to thank you for your Participation in this virtual meeting and your continued interest in IRET. As Chair, I will be presiding over the meeting and I hereby call this meeting to order. First, I would like to acknowledge the other current independent members of the Board of Trustees who are joining us virtually.
There are also panelists Present with us today. Mark Decker, Jr, a fellow trustee who is also the Chief Executive Officer and President And Ann Olson, Executive Vice President and Chief Operating Officer, who will also be acting as Secretary of the meeting. I would also like to recognize the rest of IRET's employees with us today and thank them for their work on behalf of IRET. Our business has been deemed essential in all states where we operate And our teams have been dedicated in servicing our residents in the face of quickly changing regulations and significant uncertainty. I'm very grateful for the hard work and commitment they have shown to our mission of providing great homes.
Finally, I would like to note the virtual attendance of Richard LaFleur, Representing Grant Thornton LLP, IRET's independent auditor. Moving on to the instructions on rules of conduct and procedures. Each of you should have registered online for this meeting. Upon logging on to the meeting website, each of you was presented with an agenda for the meeting And a list of rules of conduct for the annual meeting. We ask that you abide by these rules to be fair to the other shareholders present And to allow the meeting to be conducted in an orderly manner.
As stated in the rules of conduct, only shareholders may address the meeting. Shareholders can post questions online either before or during the meeting. We ask that you restrict your remarks and questions to the 4 proposals on the agenda. Thank you for your cooperation with these rules. Moving on to proof of notice of meeting.
The Secretary has delivered an affidavit of distribution Establishing that notice of this meeting was duly given. A copy of the notice of meeting and the affidavit of distribution will be incorporated into the minutes of this meeting. All shareholders of record at the close of business on March 23, 2020, are entitled to vote at the annual meeting. Moving on to a declaration of quorum. Our first order of business at this meeting is to determine whether the shares represented at the meeting, either in person or by proxy are sufficient to constitute a quorum for the purpose of transacting business.
Based on a report from the Secretary, as of March 23, 2020, the record date, There were 12,149,875 common shares outstanding. At the beginning of the meeting, There were represented in person or by proxy 10,205,151 shares We're approximately 83.99 percent of all shares entitled to vote at this meeting. Accordingly, A quorum is present, and I declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. Moving on to proposals and discussion. There are 4 proposals that were presented in the proxy statement to the shareholders for voting.
The election of 8 trustees, an advisory vote on executive compensation, the approval of the amended and restated 20 incentive plan and the ratification of Grant Thornton LLP as IRET's independent auditors For the current fiscal year ending December 31, 2020. Moving on to proposal 1, the election of trustees. For the first proposal, there are 8 trustees to be elected at the annual meeting to serve for 1 year and until their successors are elected and qualified. Trustees were nominated by IRET's Nominating and Governance Committee, which is composed of 3 independent trustees. The Nominating and Governance Committee also considers individuals recommended for nomination by shareholders In accordance with the requirements of IRET's bylaws, no shareholders' recommendations were received from shareholders regarding this annual meeting.
The Nominating and Governance Committee nominated the following 8 individuals to stand for reelection as trustees as set forth in the proxy statement: Jeff Kyra, Michael Dance, Mark Decker, Jr, Emily Nagel Greene, Linda Hall, Terry Maxwell, John Shissel And Mary Twynam. Moving on to Proposal 2, advisory vote and executive compensation. For the second proposal, under the Dodd Frank Wall Street Reform and Consumer Protection Act, IRET's shareholders are entitled to cast an advisory vote At this year's annual meeting to indicate whether they approve the compensation of IRET's named executive officers The year ended December 31, 2019, as disclosed in this year's proxy statement. This proposal is commonly known as the SanPay proposal, and it gives shareholders the opportunity to express their views on the compensation of IRET's named executive officers. The say on pay vote is advisory and therefore not binding on IRET.
However, The Board and the compensation committee values the opinions of shareholders. And to the extent there are a significant number of votes Against the named executive officers' compensation, shareholders' concerns will be considered and the compensation committee will evaluate what actions might be necessary To address those concerns. Moving on to Proposal 3, approval of the amended and restated 2015 incentive plan. For the 3rd proposal, shareholders are being asked to approve IRET's amended and restated 2015 incentive plan, the amended plan. Under the amended plan, as described in the proxy statement, IRET would be able to expand the types of awards issued under the plan, Place limitations on the number of shares or dollar value of awards to individuals, establish special rules on the issuance stock options and add limitations on the ability to amend the terms of certain awards without shareholder approval.
The amended plan does not increase the number of shares issuable under the plan nor extend the termination date of the plan. If the amended plan is not approved by shareholders, the existing 2015 incentive plan would remain in effect. Moving on to proposal 4, ratification of independent auditor. In the 4th proposal, shareholders are being asked to ratify the appointment of Grant Thornton LLP as the Trust's independent auditor for the current fiscal year As approved by the Board's audit committee. Moving on to voting.
The polls are now open for voting online if You will need to provide the control number provided to you when you access the meeting website. If you are a beneficial shareholder, you will be required to present A legal proxy from your broker in order to vote at the meeting. In addition, please include such materials with your completed ballot. If you previously voted by proxy, you do not need to vote today unless you wish to change your vote. We'll now wait to see any additional votes to be submitted.
I hereby declare the polls are now closed. Moving on to the preliminary vote totals. As to proposal 1, based on a report from the Secretary as of the beginning of the meeting, each of the nominees had received significant support from shareholders With each trustee receiving at least 98.7% of the voted shares in favor. Because each of the nominees received the affirmative vote of a majority of the votes of the shareholders present in person or by proxy And entitled to vote for the election of trustees, all of the nominees have been elected as trustees. As to Proposal 2, Based on a preliminary report from the Secretary, as of the beginning of the meeting, the proposal received substantial support from the shareholders with 8,000,000 81,032 shares representing 97.1% of the shares cast by the shareholders Present in person or by proxy voted in the affirmative.
Accordingly, this proposal has been approved on an advisory basis. As to Proposal 3, based on a report from the Secretary, as of the beginning of the meeting, 7,000,00928,000 893 shares, representing 95.3 percent of the shares cast by the shareholders Present in person or by proxy voted in the affirmative. Accordingly, this proposal has been approved. As to proposal 4, based on a report from the Secretary as of the beginning of the meeting, 10,000,000 168,534 shares representing 99.8 Percent of the shares cast by the shareholders present in person or by proxy voted in the affirmative. Accordingly, this proposal has been approved.
The final vote on each of the proposals will be disclosed in a current report on Form 8 ks to be filed with the SEC no later than 4 business days after this meeting And will be placed on IRET's website. There being no additional business to be properly brought before the meeting, The annual meeting is hereby officially closed and the 2020 annual meeting is hereby adjourned. On behalf of IRET and the Board, I would like to express our appreciation to the shareholders who attended today's virtual meeting, As well as those who submitted their proxies, but were not able to attend. We wish you all health and safety.
Thank you very much, Mr. Kyra. We will now begin to answering any questions that are submitted by the attendees today. As a reminder, you can still submit questions through the questions pane in your control panel to go to webinar if you would like. Mr.
Kyra, as of right now, we have not received any questions that have come in from the audience. So All right. Looks like no additional questions are coming in right now. So We will go ahead and finish the meeting. This, ladies and gentlemen, this concludes the annual meeting of the shareholders.
Thank you all shareholders for attending today's meeting and please enjoy the rest of your day. Thank you.
Thank you.