Afternoon, welcome to EA's 2015 annual meeting of stockholders. My name is Chris Evenden, and I'm vice president of investor relations here at EA. Before we begin, I'd just like to go briefly over the agenda for today. We'll start with the formal business of the meeting. We'll move on to a short presentation by Blake Jorgensen, our CFO, followed by a Q&A session. We ask you, for the questions and answer session, if you could ask your questions from these two mics here. Now I'd like to read our safe harbor statement. During the course of this meeting, officers and directors of the company may make forward-looking statements regarding future events or the future financial performance of the company. We caution you that the actual events or results may differ materially.
We refer you to the company's most recently filed Form 10-K and Form 10-Q for a discussion of risk factors that could cause our actual results to differ materially from those discussed today. Now I'd like to turn the meeting over to Andrew Wilson.
Thanks, Chris. Good afternoon, welcome to the Electronic Arts 2015 annual meeting of stockholders. Before turning to the formal items of business, I would like to introduce the members of our board of directors, corporate officers, and a few others who are here today. Would you please stand up when I call your name? In addition to me, the current board of directors with us here today are Lawrence Probst, chairman; Rick Simonson, chairman of the audit committee and our lead director; Jay Hoag, chairman of the compensation committee; Luis Ubiñas, chairman of the nominating and governance committee; Leonard Coleman, Jeff Huber, Vivek Paul, and Denise Warren. Each of the nominated directors has consented to serve a one-year term. Their biographies can be found beginning on page 10 of your proxy statement.
The members of our executive staff joining us here today are Blake Jorgensen, Chief Financial Officer; Peter Moore, Chief Operating Officer; Patrick Söderlund, Executive Vice President, EA Studios; Ken Moss, Chief Technology Officer; Chris Bruzzo, Chief Marketing Officer; Joel Linzner, Executive Vice President, Business and Legal Affairs; Gabrielle Toledano, Executive Vice President, Chief Talent Officer; Samantha Ryan, Senior Vice President, EA Mobile; Lucy Bradshaw, Senior Vice President, EA Maxis; Ken Barker, Senior Vice President, Chief Accounting Officer; and Jake Schatz, Senior Vice President, General Counsel, and Corporate Secretary. I would also like to introduce Lisa Monroe and Gary Folsom from KPMG LLP, the company's independent auditors. They'll be available during the QA session if you have any more questions. I will now begin the formal business of the meeting. After the voting results have been announced, we will adjourn the formal portion of the meeting.
Jake Schatz has been appointed secretary of this meeting, and Andrew Wilcox, representing Broadridge Financial Solutions, has been appointed as inspector of elections.
If you have not already voted by proxy, please register now with Andrew Wilcox, who is sitting at the proxy table. He will hand you a ballot to vote on the matters to be considered at this meeting. A list of EA stockholders as of the record date, June 22nd, 2015, has been available at the company's headquarters for the past 10 days and is available for examination by any stockholder present or by any proxy holder representing a stockholder. A copy of the notice of this meeting and a declaration of the mailing to each stockholder of record as of the record date is also available for inspection. I'm advised by the inspector of elections that over 280 million, or over 90%, of the outstanding shares eligible to vote are present in person or by proxy. A quorum is present, and the meeting is authorized to transact business.
It is 2:05 P.M. The polls are now open. The first item of business is to elect the members of the board of directors for a term of one year. Based in part on the recommendation of the nominating and governance committee, the board of directors has nominated the following persons: Leonard Coleman, Jay Hoag, Jeffrey Huber, Vivek Paul, Lawrence Probst, Richard Simonson, Luis Ubiñas, Denise Warren, and Andrew Wilson. The second item of business is to cast an advisory vote on the compensation of the company's named executive officers. The compensation committee of the board unanimously has approved the compensation of the named executive officers, which is described in more detail in the proxy statement. The third item of business is to ratify the appointment of KPMG LLP as the company's independent auditors for fiscal year 2016.
The audit committee and the board of directors recommend a vote for the ratification of the appointment of KPMG LLP. Further information about this proposal may be found in the proxy statement. The last item of formal business is to cast a vote on a stockholder proposal for proxy access. This stockholder proposal was submitted jointly by the Comptroller of the City of New York and the Illinois State Board of Investment. Tiffany Poke, a representative of the proponents, is here to present the proposal. Ms. Poke, would you please approach the microphone in the aisle to make your statement?
I'm Tiffany Poke, and I'm here to present Proposal four on behalf of New York City Comptroller Scott Stringer and attorneys of New York City's pension funds. The New York City Pension Funds are long-term Electronic Arts Inc. shareholders with 880,368 shares. Proposal four calls for proxy access bylaws to enable shareholders that have collectively held at least 3% of the company for three years to include a limited number of director candidates on a management proxy card. The proposed bylaw is designed to give substantial long-term shareholders a meaningful voice in nominating and electing directors. Electronic Arts received the proposal due to concerns with its excessive executive compensation. Excessive pay is not only an inappropriate use of corporate assets, it is also a symptom of a board that lacks independence. We acknowledge that the company, after engaging with shareholders, has taken steps to better align pay with performance.
The fact is that we believe proxy access is a fundamental right that should be in place at all companies, regardless of their governance, compensation, or performance. A 2014 report by the CFA Institute found that proxy access, if adopted market-wide, has the potential to raise U.S. market capitalization by as much as $140 billion. We did not select the proposed terms arbitrarily. It was the SEC, following the extensive analysis and public comment, that determined that the 3% ownership threshold and other terms were most appropriate. Finally, and most importantly, any shareholder nominee would still have to garner support before he or she could join the board. This year, a growing number of companies in various industries and of various sizes have agreed to voluntarily adopt proxy access for shareholders that have collectively held 3% for three years.
Recent examples include Abercrombie & Fitch, Big Lots, General Electric, Prudential Financial, Staples, and Whiting Petroleum. In response to shareholder engagement, the boards of these companies have demonstrated their commitment to an accountable system of corporate governance that fosters long-term value creation. I urge Electronic Arts' board to do the same. In the meantime, I urge shareholders to support Proposal four. Thank you.
Thank you, Ms. Pope. The board of directors recommend a vote against this proposal. Further information about this proposal may be found in the proxy statement. We now turn to voting on these matters. If you have already sent in your proxy, you do not need to cast a vote unless you wish to change your vote on the proxy. The proxy holders will vote your shares as indicated on the proxy. If anyone here today has requested to vote by ballot, please mark your ballots now and give them to the Inspector of Elections. It is now 2:10 P.M. The polls for voting are now closed, and no further proxies or ballots may be accepted. I've been advised by the Inspector of Elections that over 90% of the shares outstanding were voted by proxy and counted prior to the meeting.
Proposal one, a majority of the votes eligible to vote in voting, either in person or by proxy, has been voted for each of the nine nominees for director. Accordingly, each has been elected as a director of the company to serve a one-year term until the next annual meeting or until their successors are elected. Proposal two, the advisory vote on the compensation of the company's named executive officers has been approved by a majority of the votes cast in favor of the proposal. Proposal three, the ratification of the appointment of KPMG as the company's independent auditors for fiscal year 2016 has been approved by a majority of the votes cast in favor of the proposal. Proposal four, the stockholder proposal four, proxy access, has received an affirmative vote of a majority of the votes cast.
The final voting results will be reported in a Form 8-K within four business days of the annual meeting. I can do this. This now concludes the formal business portion of the meeting. Andrew and I would like to express our sincere appreciation to the stockholders who attended the meeting, as well as those who submitted their proxies but were not able to present in person. I declare that the 2015 annual meeting of stockholders is adjourned. We will now move on to a short presentation by Blake Jorgensen, our CFO, to be followed by a brief Q&A session. Thank you.
Pretty exciting. For those who like video games, we have quite a lineup over the next year to two years, that was just a brief example of some of the great games we have coming. Star Wars Battlefront, one of the most beloved titles of all time, coming back this fall. All of our sports titles led by FIFA, Madden, NHL, NBA, great titles, PGA, which is already out, and there's some samples outside on the desk if you'd like one. As well as Need for Speed, the driving game, which you saw, and Plants vs. Zombies: Garden Warfare 2, and that little guy, Yarny, he's the little yarn gentleman. He's in Unravel, a new title that we've just brought out. It's a fabulous year for us, and it's been a fabulous few years, I think, for us and for shareholders.
I briefly want to just cover the financials of the company, then we'll go into Q&A. Over the last three years, we've been on a very exciting journey, that journey has been on really focusing first and foremost on our players and driving products that the players can really enjoy over a long period of time. We're building great games and driving great long-term live services for our game players. Along the way, we're operating much more as one company, in doing so, we've driven a huge amount of shareholder value creation. If you see the revenue, you can see the biggest driver of that has been the growth of our digital business. That is, consumers consuming our business digitally versus as a packaged good, buying it in a store over time. That's not just digital full games.
That's live services associated with it, like our FIFA Ultimate Team or Madden Ultimate Team or NHL Ultimate Team, extending the life of gameplay. Dramatic improvements in how we deliver games and dramatic excitement for our consumer base. That drive to digital has been driving our gross margins, a critical factor in driving our profitability. We've been managing our ability to deliver digitally, we've been letting the consumers buy the games they wish to buy digitally, it's a much better experience for them across the board. That, in turn, has enabled us to quadruple our cash flow. In a very short period of time, we've been able to manage costs much more aggressively than we have historically, thus, create a dramatically different cash flow profile for the company.
That has turned into great earnings growth, as you can see, has added almost $20 billion to our market cap in less than three years. We see this as just the start of a long-term transformation of the company, we're very excited about where we're going. Changing how people consume games and how people play games over time. With that, I'll turn it to the audience for any Q&A that people may have.
Matthew, with that shareholder, I'm not sure if this is on.
They're turning it on right now, I think.
Matthew, shareholder. A couple of quick questions for you. I noticed that, couldn't help but notice that almost 100% of your executive team and your board of directors is white and almost all male. What are you doing to address this lack of diversity? Do you care about it?
We care very much about diversity. I would say it's not 100% in any way. Our biggest focus has been on building out more women in our management team. We've recently added Samantha Ryan. We have Lucy Bradshaw, who runs a very large portion of our business, Gabrielle, who runs all of our HR. We've also just recently added two of the best game makers in the world, both women, Amy Hennig and Jade Raymond, to join our team. We have a great group of women all through our organization and a great diverse organization. Quite a broad spectrum of diversities inside the management team, and we're very global. People need to remember, they may see something right here, but we operate in many countries around the world, and that creates a natural diversity for our business as well.
Again, other than Louise, is there something that you're going to do to improve the lack of color on your board of directors and executive team? Just specifically.
Landon, do you want to stand up? Yes, I heard. I qualified that. We're constantly looking to diversify our board members. We're very happy with the board members that we have today. We'll continue to look for new board members over time.
Thank you. Next question. I volunteered in elementary, middle, and high schools, and what I noticed is the fact that 100% of the boys, it was shocking to me at first, but 100% had PlayStations and/or Xboxes, often both. It doesn't surprise me one bit that your stock has been skyrocketing over the last several years. Every one of them would come up to me and talk about Grand Theft Auto and Call of Duty and, of course, your sports titles. Given that, obviously, is a coup for you. At the same time, it tells me that there's saturation in the market. In other words, you've already got 100% of the teenage market. Where do you go from here? Obviously, I've got a limited sample, but you really have outdone yourselves over the last several years in capturing the teenage market.
It tells me that you need to find new audiences. This isn't just in the U.S. When I go to Bangkok at 10:00 P.M. on the way back from my bus stop, you've got 100, maybe quite a few males at the communal internet cafe playing video games. Once again, it just seems like this is saturation at its finest.
For us, the interesting thing is our core market is actually between 20 and 30 years old, not teenagers. We like that we have a strong market in the teenage world as well. For us, the real strategy is to diversify the revenue base. We have a $500-plus million mobile business, which we continue to grow year in and year out at rates close to 20% or greater. We're going to continue to grow that out. That's mobile and tablet business, which is a different style of gameplay than the immersive console business. Second is we're continuing to diversify geographically. Our share in Asian markets is relatively small. Most of those markets are non-console markets. We've rolled out this past year with partner Tencent in China, a FIFA Online free-to-play game.
We have a similar game in Korea with our partner Nexon. Those two businesses are growing very fast. We'll continue to do those types of free-to-play games in markets where there's free to play. If console markets grow, we'll grow in those markets as well. We see that there's an ever-growing population of people that are interested in all types of gameplay, immersive console, all the way through very quick play mobile. Thank you very much. Great question. Other questions? With that, I appreciate everyone coming. Good to see everyone. We'll see everyone again next year.