Welcome, ladies and gentlemen, to the 2025 virtual shareholder meeting of DraftKings. I am Stanton Dodge, the Chief Legal Officer and Secretary of DraftKings. I will be serving as the Secretary for today's meeting. It is now 10:00 A.M. Eastern Time. Let's get started. I'll now turn over the meeting to Jason Robbins, our Chief Executive Officer, Chairman, and Co-Founder.
Thank you for joining our 2025 virtual shareholder meeting. I'm Jason Robins, and I'll be serving as the Chairman for today's meeting. The polls are now open for voting on your shareholder webcast portal. During the meeting, shareholders will have an opportunity to submit questions through the webcast portal. We will do our best to respond to appropriate questions regarding the business of this shareholder meeting. For questions related to our Q1 results, we would refer you to the earnings materials posted on the Investor Relations section of our website and our quarterly report on Form 10-Q, which we filed with the U.S. Securities and Exchange Commission on May 9, 2025. I would like to welcome our Board of Directors who are present today and thank each of them for their service during the past year.
Also present are Darrington Hobson, Jonathan Colonisi, and Janice Garofalo -Regis, representatives of BDO USA PC, which is our independent registered public accounting firm, and Terrence Hassett, who has been appointed to act as the Inspector of Elections for the meeting. I will now ask Mr. Dodge, as Secretary for this meeting, to confirm that notice of the meeting has been properly given.
Thank you, Mr. Chairman. I'm pleased to confirm that notice of this meeting has been duly given and that a proxy statement was duly sent to all of the company shareholders of record as of the close of business on March 21, 2025.
Thank you, Mr. Secretary. Mr. Hassett, as Inspector of Elections, has filed his oath of office with the company, and Mr. Hassett's certificate indicates that the holders of a quorum of the voting securities of the company are virtually present or are represented by proxy at the meeting. Thank you.
Thank you, Mr. Chairman. On the basis of my report as the Secretary and Mr. Hassett's report as the Inspector of Elections, I find that this meeting has been properly convened.
Thank you. There are five proposals to be voted on today. They are all discussed in detail on our proxy statement. The five proposals are: Number one, the election of 10 directors to our Board of Directors. Number two, the ratification of BDO USA PC as our independent registered public accounting firm for the fiscal year ending December 31, 2025. Number three, the approval on a non-binding advisory basis of our executive compensation. Number four, the approval of the amendment to the employee stock purchase plan. Number five, the shareholder proposal regarding board matrix disclosure. We have confirmed that a representative from the New York City Comptroller's Office is in attendance. At this time, we will turn the meeting over to a representative of the New York City Comptroller's Office. We will allow three minutes for this presentation.
Good morning. Good morning, Mr. Robins, members of the board, and fellow shareholders. My name is Andrew Elkock, and I'm a Senior Investment Analyst for the New York City Comptroller's Office. I'm presenting Proposal 5 on behalf of the New York City Comptroller, Brad Lander, and several New York City pension funds with holds over 1 million Class A shares of DraftKings, valued at over $38 million. Proposal 5 asks the company to disclose in its next annual proxy statement each director's self-identified gender, race, and/or ethnicity, as well as the skills and attributes that are most relevant in considering the company's overall business, long-term strategy, and risks. Since we received no invitation to engage with the company's management, it remains unclear whether our proposal was understood.
The company's opposition argues the matrix disclosure prescribed by the proposal can promote a check-the-box approach to reassessment and may lead to shareholders incorrectly believing that only a subset of directors contribute to particular decisions or represent the board on particular matters. Our proposal, however, acts only for disclosure of a board matrix, and we are not advocating, nor have we ever advocated for any quotas. We are not looking to promote a check-the-box approach. We just want to ensure that the directors at the table have the adequate skills and experience to navigate the company's long-term business strategy. We also are not asking for any changes to your director's nomination process. A board matrix will enable investors to make better-informed voting decisions by providing consistent, comparable, and accurate data concerning DraftKings' directors in a structured and decision-yielding format.
DraftKings' own disclosed peers, such as Churchill Downs Incorporated, have published a board matrix with individualized director data using EEO-1 defined race and ethnic categories, which allow for consistent and comparable data. Since 2021, New York City pension funds have filed nearly identical proposals at 51 companies, resulting in 46 agreements to disclose the requested information. Two shareholder proposals that went to a vote received 85% support in 2021. We appreciate the board's reconsideration and shareholder support. Thank you for your time.
Thank you. We will now review any appropriate questions received during the business of this shareholder meeting.
Thank you, Mr. Chairman. We have not received any appropriate questions regarding the business of this shareholder meeting.
Thank you. Mr. Hassett has informed me that the polls are now closed and a preliminary report of the voting results is complete. Mr. Hassett, may I have your report?
Mr. Chairman, based on a preliminary count, Proposals 1, 2, 3, and 4 have been approved by more than 95% of the total voting power. Proposal 5 was rejected as it received less than 4% of the total voting power.
Thank you, Mr. Inspector. The final voting results will be reported on Form 8-K that will be filed with the Securities and Exchange Commission. This concludes our proceedings for today, and the meeting is hereby adjourned. Thank you, everyone, for participating in today's meeting and for your continued support of DraftKings.
This now concludes the meeting. Thank you for joining, and have a pleasant day.