Good morning, everyone, and welcome to the 2019 Annual Meeting of the Stockholders of eBay Incorporated. I'm Tom Tierney, Chairman of the Board of Directors of eBay, and I will be acting as Chairman of this annual meeting. Before I call the annual meeting to order, I'd like to introduce you to the members of the Board of Directors and the management team who are with us here today. Devin Wenig, President and CEO is with us Matt Murphy, Board Member with us. And joining us by telephone are the following Board members: Fred Anderson, Tony Bates, Deanna Farrell, Logan Green, Bonnie Hammer, Katie Mitic, Paul Pressler, Bob Swan and Perry Traquina.
Addition to Devin Wenig, the members of the management team of the company here today are Scott Schenkel, Scott, where's Scott? Senior Vice President, Finance and Chief Financial Officer Mario Huber, our Senior Vice President, Legal Affairs, General Counsel and Secretary Kristen Yetto, our Senior VP, Chief People Officer and Steve Wymer, our Senior VP, Chief Communications Officer. I would also like to introduce Chris Stevens and Stella Su of PricewaterhouseCoopers LLP, the company's independent auditor, who are available to respond to appropriate questions. The annual meeting will now officially come to order. We will proceed with the formal business of the annual meeting as set forth in our notice of the annual meeting and proxy statement.
After the annual meeting is adjourned, Devin will make some remarks regarding the company and answer any questions. A copy of the rules of conduct for this annual meeting was placed on the seat of each attendees' chair. To conduct an orderly annual meeting, we require that participants comply with the rules of conduct. If you would like additional copies of the rules of conduct, please inquire at a check-in table. I'm sure most of you can't wait for more copies.
Marie, please report on the mailing of the notice of the annual meeting and list of stockholders.
I have at this annual meeting a complete list of the stockholders of record of the company's common stock on April 5, 2019, the record date for this annual meeting. I also have an affidavit from Broadridge Financial Solutions certifying that beginning on April 19, 2019, the notice of annual meeting of stockholders and with respect only to those who requested delivery of proxy materials by the mail. The proxy statement was deposited in the U. S. Mail to stockholders of record as of the close of business on April 5, 2019.
Thank you. At this time, I'd like to introduce Trish Hodson of Broadridge Financial Services, Inc. Trish, there you are. Thank you. Trish has been appointed to act as the Inspector of Election at this annual meeting.
Trish has taken and subscribed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of this annual meeting. As the Inspector of Election, Trish's function is to decide upon the qualification of voters, accept their votes and when balloting on all matters is completed to tally the final votes. Marie, please report on the existence of a quorum.
I've been informed by the Inspector of Election that proxies have been received for 758,790,546 of the 874,800 and 16,660 shares of common stock outstanding on the record date of April 5, 2019, which represents approximately 87% of the total number of outstanding shares. I hereby declare a quorum present and this annual meeting is ready for official business as set forth in the notice of annual meeting of stockholders.
I now hereby declare this annual meeting to be duly constituted for the transaction of all business. Are there any additional proxies to be submitted to the Inspector of Election at this time?
All right, thank you.
We will now proceed with the formal business of this annual meeting. There are 4 management proposals and 1 stockholder proposal, if properly presented, to be considered by the polls.
The time is now 8:0:5 am Pacific on May 30, 2019, and the polls are now open for voting on all matters to be presented at this annual meeting. The polls will be closed to voting after we go through the matters to be voted upon.
The first item of business today is the election of 15 directors to serve until our 2020 or 2020 Annual Meeting of Stockholders and until their successors are duly elected and qualified. The 15 Director nominees are Fred Anderson, Anthony Bates, Adrian Brown, Jesse Cohen, Deanna Farrell, Logan Green, Bonnie Hammer, Katie Mitic, Matthew Murphy, Pierre Omidyar, Paul Pressler, Robert Swan, Thomas Tierney, Perry Traquina and David Wenig. Is there any discussion? The second item of business today is the advisory vote to approve named executive officer compensation. Is there any discussion?
The 3rd item of business today is the ratification of the appointment of PricewaterhouseCoopers LLP as the independent auditors of the company for the fiscal year ending December 31, 2019. Is there any discussion? The 4th item of business today is the consideration of a management proposal to amend special meeting provisions in the company's charter and bylaws. Is there any discussion? The 5th item of business today is the consideration of a stockholder proposal requesting that the Board require an independent chair.
The stockholder proposal and its supporting statement are included in the proxy statement. This proposal was submitted by one of our stockholders, John Chevedden, who has authorized Ying Zhao to serve as his representative to present the proposal. Mr. Zhao, would you like to make your statement now? You have a limit of 4 minutes.
Thank you.
Thank you very much. Good morning and fellow shareholders. The proposal number 5 is for independent Board Chairman sponsored by Zhang Quedan. Shareholders request that the Board of Directors adopt a policy to require that the Chairman of the Board be an independent member of the Board whenever possible. This proposal topics from 50% plus support at 5 major U.
S. Companies in 2013, including 73% support at Netflix. These 5 major roles would have been still higher if more shareholders had access to independent proxy voting advice. Shareholders shareholder proposals such as this have taken a leadership role to improve the corporate governance laws of eBay. For instance, after eBay received shareholder proposals, eBay then adopted better practices such as elimination of a burden on shareholders to obtain far more than majority vote to approve certain governance improvements and adopted a limited right for shareholders to call for a special shareholder meeting.
The vote reported for this proposal will be understated because eBay has put its hand on the scale and distributed advertisement against this shareholder proposal at the extra company expenses. So please vote number 5, Independent Board Chairman. Thank you very much.
Thank you very much. Is there any discussion? All right. That was the final proposal for this annual meeting. The secretary will now describe the voting procedures.
Voting is by proxy a written ballot. Each share of common stock is entitled to one vote. You do not need to vote in person if you already submitted your signed proxy or if you have submitted your signed proxy at this annual meeting. Is there anyone present, whether or not you previously submitted a proxy, who now wants to vote in person? The time is now 8:10 A.
M. Pacific Time and the polls are now closed for voting.
May we have the results of the voting?
The preliminary report of the Inspector of Election covering the proposals presented at this annual meeting is as follows. The proposal to elect each of Fred Anderson, Anthony Bates, Adrian Brown, Jesse Cohn, Diana Farrell, Bonnie Hammer, Kathleen Minnick, Matt Murphy, Logan Green, Pierre Omidyar, Paul Pressler, Robert Swan, Thomas Tierney, Perry Chiquina and Devin Wenig as Directors of the company has been approved with each nominee receiving affirmative votes of more than 96% of the votes cast. The advisory vote to approve named executive officer compensation has been approved with approximately 90% of the votes present in person or by proxy and entitled to vote being in favor of such proposal. The ratification of the appointment of PricewaterhouseCoopers as independent auditors of the company for the fiscal year ending December 31, 2019 has been approved with approximately 97% of the votes present in person or by proxy and entitled to vote on the proposal voting in favor of such ratification. The management proposal to amend special meeting provisions in the company's charter and bylaws has been approved with approximately 99% of the votes present in person or by proxy and entitled to vote being in favor of such proposal.
The stockholder proposal requesting that the board require an independent chair has not been approved with approximately 23% of the votes present in person or by proxy and entitled to vote being in favor of such proposal. The final votes will be published in the current report on Form 8 ks that we expect to file with the SEC within 4 business days of this annual meeting.
The formal business portion of the annual meeting is now concluded. At this time, Devin will make some remarks regarding the company's business. These remarks may include forward looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed. More information about potential factors that could affect the business and financial results is included in the company's SEC filings, including the company's annual report on Form 10 ks and its quarterly reports on Form 10 Q.
The annual meeting is now adjourned. Thank you.
Thank you, Tom. Thank you, Marie. And thank you to our shareholders who are here. I see a couple of familiar faces in the crowd. I know there's some people that have been here year after year and we appreciate your support.
So I'll make a couple of remarks about the company and then I'm happy to answer any questions. So let me start by just reiterating forward statements, disclosure in the proxy and you heard it from Tom. I want to start with our purpose. This is something we talk about frequently in the company. Last week, we had close to 1,000 of our top leadership together to talk about the company and its direction and its future.
And I always start with the purpose of the company. The purpose is the reason we exist. The purpose is what would be missing if eBay wasn't present in the world. And we think that this is one of the most powerful engines of economic democracy that the world has ever created. We think the purpose of the business is to enable small business.
It's to enable participation in the economy for so many that otherwise had not been able to. We empower people and we create economic opportunity. It was the founding principle of this business when Pierre created it and it still lives and thrives today and it's highly motivational for the employees of the company. It's more than just a statement of what we do. It's a statement of who we are.
Our priorities that we've been discussing both internally and externally for the last couple of years can be summarized very simply. We want to offer our consumers the best choice. EBay has always been one of the most magical marketplaces in the world where almost anything that's ever been bought and sold in the world can be found. We want to offer the most relevance. Having vast inventory isn't helpful if consumers can't find it and if consumers can't appreciate it.
So relevance is extremely important for both our consumers and for our sellers. And that leads to a powerful selling platform. Sellers want velocity. Sellers want protection. Sellers want
a
place that they feel comfortable selling. And there's never been more inventory on Ebay's marketplace than there is today. So this is something in the sense of these three strategic priorities that we've been pursuing through a number of really important initiatives to breathe life into the inventory, to breathe life into the relevance of the platform and to keep striving to be the most powerful selling platform for the millions of sellers that rely on eBay around the world. Some of our highlights from the last year are significant changes to the buyer experience, improvements to the homepage, improvements to conversion, improvements to things like the way we use machine learning and artificial intelligence to drive that relevance for our consumers, significant changes to the seller experience, improvements to the tools and data that we provide to sellers so that they can make better informed choices about how to sell their inventory more effectively on our marketplace. Geographic expansion, it was a really exciting year where we've reentered markets like Japan and we've seen really great growth in one of the world's largest e commerce markets there.
And finally, payments. A year ago, we spoke about the fact that this was something that we felt we wanted to do in order to drive a better buyer and seller experience and to achieve economics for our shareholders. 2018 was the year we started it and we kicked it off and we're off to a great start. And now we're I guess we're about 6 months into it and we couldn't be happier with where we are and we think our customers feel the same way. Our 3 year momentum has been significant.
Our ecosystem is strong. We last year had $95,000,000,000 of what we call GMV, that's sales on the platform. So this is one of the world's largest e commerce businesses. When I talk about it being an enormous engine of economic democracy, that's where it shows up in the financial numbers, add 10,000,000 new buyers to and add 10,000,000 new buyers to the platform just in the last several years. So we work very hard on growing what we call the flywheel.
The flywheel is inventory, more sellers selling on the platform, more buyers buying from the platform that creates the economic flywheel that I discussed previously. Financial highlights for us were, as I mentioned, dollars 95,000,000,000 of GMV, dollars 10,700,000,000 of revenue, just less than 180,000,000 buyers. Remember, this was the close of 2018. In Q1, we reported another 4% growth for that number. So now we've ticked over 180,000,000 active buyers on the platform.
And we've been very aggressive about of the year. Obviously, we've had 1 quarter since then and we're pleased with the way 2019 has begun. StubHub had here are their core metrics: revenue of 10%, GMV of 5%, revenue of 5 sorry, classified revenue growth of 10%, StubHub revenue growth of 5%, eBay revenue growth of 6%. So just a couple of additional metrics when you click down one level and look at it at a by platform level. When I look at what's ahead, we have a very exciting 2019 planned and beyond.
We've spoken a lot about the use of data to help build the relevance of the marketplace. We have some really exciting enhancements to the way consumers browse, the way consumers discover inventory, the way we use machine learning to surface relevant inventory for the 180,000,000 consumers who actively shop on our platform. We're very focused on retail standards. So what that really means is consumers want their package cheaply, they want it quick and they want confidence that they're going to get it and they can return it if something goes wrong. And we've been making a lot of strides to guarantee delivery, to shrink delivery times and delivery costs and to give consumers confidence when they shop in our marketplace.
This is a year we're very focused on improving the data and tools that our sellers have at their disposal. It's really important to us that sellers have world class tools. And one of the most powerful aspects of our marketplace is the data that resides in it. So we know what's selling, we know what consumers want. We know when an item becomes in demand.
And giving that data to the sellers on the market place allows them to make informed choices about inventory and about pricing that inventory. So sellers can expect us to provide more data, more analytics to put the power in their hands. And at the same time, sellers want protection in the marketplace. We've taken some steps already to provide enhanced protection to the sellers that utilize our marketplace and sellers can expect there'll be more to say as the year progresses as we try to give them better and better protection when they sell on the eBay platform. I mentioned managed payments.
This will be a year in which our hope is that we will take the U. S. Payments intermediation from what we're allowed to do under our operating agreement with PayPal, which is 5% until July. And beyond July, we'll move that 5% progressively up towards 10%. And as we announced in Q1, it's a year we also hope to launch our payments initiative in a second market, which is Germany.
And finally, we have a very robust first party advertising business. 1st party advertising business means sellers can choose to buy 1st party ads, and in a sense trade off a bit of margin for a bit of velocity. This is a program which has been very rapidly growing And what I'm really pleased about is that the seller satisfaction with the program is amongst the highest that I've ever seen for a new program that eBay has launched. So these are the core initiatives that are in our marketplace that we tend to speak more about this year. This is what all of us are focused on.
And I think it's going to be a very exciting year. We're really pleased with the way the year has started. We're pleased with our plan. And we're pleased that we've been able to continue to grow the customer base, which has been a very big priority of mine in particular. This concludes the formal remarks, my formal presentation.