Hello, and welcome to the Annual Meeting of Stockholders of Equinix Inc. And please note that today's meeting is being recorded. During the meeting, we'll have a question and answer session. You can submit questions or comments at any time by clicking on the message icon. It is now my pleasure to turn today's meeting over to Charles Myers, President and Chief Executive Officer of Equinix Inc.
Mr. Myers, the floor is yours.
Thank you very much. I'd like to call the meeting to order. As the operator said, I'm Charles Myers, President and CEO at Equinix. I'll be presiding at the meeting. Along with my fellow directors and executive officers of the company, I'd like to welcome all of you to our Annual Meeting of Stockholders.
We very much appreciate your attendance, your interest, and most importantly, your support of Equinix. The Annual Meeting is being held, pursuant to the bylaws of the company and with written notice to all stockholders. We're pleased to hold our annual meeting virtually again this year during global pandemic as we aim to maximize access and participation. I'd call your attention to the rules of conduct set forth for the meeting, can be found in the Files section in the lower left of your screen. Stockholders can submit questions at any time during the meeting by typing them into the question page of the virtual meeting, can be accessed by clicking on the message icon at the top of the screen.
Questions from stockholders that pertain to a proposal will be addressed directly following the presentation of that proposal. Other questions asked by stockholders will be addressed at the end of the meeting during Q and A. After introducing the directors and officers in attendance and dealing with a few procedural matters, we'll take up the items to be acted upon. Maggie, over to you.
Hello. I'm Maggie Page, VP of Legal, and I will now introduce those in attendance today. We welcome Peter Van Camp, our Chairman Randy Galvan Morandi, our Chief Legal and Human Resources Officer Keith Taylor, our Chief Financial Officer Katrina Reimel, our Vice President of Investor Relations and Sustainability Darren Short, our Senior Director of Stock Services and Payroll and various other members of management.
Great. Thanks, Maggie. Also attending the meeting is Joe Zullow of PricewaterhouseCoopers, our independent auditor. Although PwC has indicated that he does not wish to make a statement, Mr. Zullow will be available to respond to appropriate questions during the q and a period.
In accordance with my laws, I'll act as chairman of the meeting, Maggie will act as secretary of the meeting, and Darren will serve as the inspector of elections for the meeting. Maggie, can you please report on the proof of notice of the meeting?
Sure. I have an affidavit of mailing from Computer Share certifying as to the giving of notice of this meeting and sending to stockholders of record as of 04/01/2021 the notice of Internet availability of proxy material or a proxy statement, proxy card and other material necessary to vote at this meeting, all of which Computershare commenced distributing to stockholders on 04/15/2021. I also have a copy of the 2020 Annual Report, which includes financial statements certified by PwC. A copy of this annual report was sent or made available to each stockholder entitled to vote at this meeting and an electronic copy of the annual report is available on the website that's used to access this meeting.
Okay. Thanks, Maggie. We have the list of the holders of record of common stock of the company at the close of business on 04/01/2021. This list of stockholders has been available for examination for any purpose relevant this meeting during ordinary business hours for the past ten days. This list is available for inspection during the meeting by request of any stockholder.
The secretary will please file a copy of the list of stockholders with the records of the company. Maggie, will you please present your report of attendance at the meeting so that we can determine whether a quorum is present?
Charles, on 04/01/2021, which is the which was the record date for this annual meeting, they were outstanding and entitled to vote a total of 89,574,510 shares of common stock. I've been informed by the Inspector of Election that there are 79,850,192 shares of stock represented by proxy or approximately 89% of all of the shares entitled to vote at this annual meeting. The shares so represented exceed 50% of the total shares entitled to go to this meeting and thus constitute a quorum.
Great. Thank you, Maggie. On the basis of the report of the secretary and the inspector of elections, I find that proper notice has been given and that a quorum is present. Accordingly, this meeting has been properly convened. So it's 10:05 a.
M. On 05/26/2021, and polls for voting on all matters are open. All Equinix Inc. Stockholders entitled to vote at this meeting have the ability to do so online. If you're a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so via the website used to access this meeting.
Please remember that if you've already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls, and the inspector of election will provide his preliminary report. We'll move now to a review of the proposals. The first proposal to come before the meeting is the election of directors. At this meeting, we'll be electing each of the nine directors for a one year term expiring at the twenty twenty two Annual Meeting of Stockholders and until their successors are duly elected and qualified.
The nominees are Thomas Bartlett, Nancy Caldwell, Adaire Fox Martin, Yeri Ramodko, Irving Lyons, Charles Myers, Christopher Paisley, Sandra Rivera, and Peter Van Camp. Information concerning their principal occupations, their services Equinix board members, skills and qualifications, and other matters which may be of interest are contained in the proxy statement. No other nominations were received prior to the deadline established in the company's bylaws. Therefore, no additional nominations may be made at this meeting, and I declare the nominations to be closed. Are there any questions or comments on the first proposal?
There are no questions on this proposal. We can move on to the second proposal.
Thanks, Katrina. Proposal two asks stockholders to approve by nonbinding advisory vote the fiscal year twenty twenty compensation of the named executive officers, all as described in our proxy statement. This proposal is advisory. Although nonbinding, the vote will provide information to our compensation committee and our board of directors regarding investor sentiment about our executive compensation philosophy, policies, and practices, which our compensation committee and our board of directors will be able to consider when making future executive compensation decisions. Are there questions or comments on this proposal?
I see one question has been posted online. I'll go ahead and read this and direct it at Charles. Has the method for determining CEO incentive pay changed in the past twelve months due to COVID?
Thanks for the question. No. The short answer is no. We have not made changes, in the methodology, for CEO compensation, in the last twelve months, or at all in response to COVID. There are methods by which our bonus payout is adapted for certain factors that are already in the disclosures.
And our compensation committee looks at those, looks at compensation annually in light of performance and industry and business conditions, and are doing so again this year. With regard to COVID specifically, we did adjust the bonus payout both on items that were positive impacts to the potential payout, negative impacts to the potential payout, all of which were approved by the Competition Committee and are available in our disclosures.
There's no additional questions at this time. Let's go ahead and move on to the third proposal.
Okay. The next matter to come before the meeting is the ratification of the appointment of PwC as the company's independent public accounting firm. The Board of Directors recommends the ratification of the appointment of PwC to serve as the company's independent registered public accounting firm and to audit the company's financial statements for the fiscal year ending 12/31/2021. Are there questions or comments on this proposal?
There are no questions on this proposal. We can move on to the fourth proposal.
Great. Thanks, Katrina. We'll now consider the stockholder proposal related to written consent of stockholders, which is included in the proxy statement. I will now ask the sponsor of the resolution or the designated representative of the resolution to please present the proposal now. You may introduce the proposal and make a brief supporting statement if you wish.
Can the operator please unmute mister John Chavettin, or his representative?
Hello. This is John Chavettin. Can you hear me okay?
We can, John.
Proposal four, improve shareholder written consent. Shareholders requested our board of directors take the steps necessary to enable 10% of shares to request a record date to initiate written consent. If you have voted against this proposal, please consider changing your vote before the polls close in a minute or two. This proposal topic just won majority support at BorgWarner on April 28. Our current version of written consent like the old BorgWarner written consent is useless and would not be used by any group of shareholders in their right mind.
Currently, takes the formal backing of 30% of shares that normally cast vows at the annual meeting to do so little as to ask for a record date for written consent. Why would any group owning 30% of our stock seek to do so little as to get a date on a calendar for management when the same group of shareholders with less effort can compel management to hold a special shareholder meeting on a topic of their choosing. Door number one is a date on a calendar for management that shareholders can frame, and door number two takes less effort and compels management to hold a special shareholder meeting. Thus, door number two, a special shareholder meeting, is the clear choice, and our written consent is thus useless. Clearly, shareholders, when made aware of the uselessness of our current write deck by written consent, would not approve it.
Yet management claims that shareholders did approve it. This shows how management abused shareholder engagement by withholding key information on written consent in order for management to claim it got shareholder approval. Taking action by written consent is a means shareholders can use to raise important matters outside the normal annual meeting cycle like the election of a new director. Shareholders might determine that a poor performing director is in need of replacement. For instance, mister Peter Van Camp, executive chairman, received the most negative director votes at our twenty twenty annual meeting, and mister Christopher Paisley, lead director, was the runner-up in negative director votes.
Our management is apparently ignorant of the elementary fact that written consent can be structured so that all shareholders get advanced notice of a proposed action. The shareholders supporting written consent could only accomplish their objective if 64% of shares that normally voted at our annual meeting give approval. In resisting this proposal, management is opposed to listening to the voice of 64 of shares. Please vote yes. Proposal four, improve shareholder written consent.
Thank you, mister Chavett. The board's response to this proposal was in the proxy statement. Are there any questions or comments on this proposal?
We have no additional questions on this proposal at this time. We can move on to the next section.
Okay. The polls are about to close. So if you've not yet voted, please do so. Since everyone has had the opportunity to vote, it is now 10:13AM, and the polls are closed. Inspector of elections has delivered his preliminary report and now now announce the preliminary results.
Based on the inspector of elections preliminary report oh, I'm sorry. Maggie, this is your section. I'm sorry.
Oh, that's fine. But, yeah, I I will go ahead and and issue the report. Each of the nominees for director has been elected as a director of the company until the twenty twenty two annual meeting and until their successors are duly elected and qualified. The 2020 compensation of the company's named executive officers has been approved by a nonbinding advisory vote. The proposal to ratify the appointment of PwC as the company's independent registered public accounting firm has been approved.
And finally, the stockholder proposal related to written consent of stockholders has not been approved. We will file the final report of the Inspector of Election with records of this meeting, and we expect to report the results of the voting on a Form eight ks to be filed with the SEC within four business days. Charles?
Thank you, Maggie. That concludes the business for the meeting. The meeting is now adjourned. We'll now proceed with the question and answer portion of the meeting. Please follow the instructions provided on the virtual meeting screen to submit any questions.
We have one question at this time. Charles, can you please give an example of product innovation in response to the COVID challenge?
Sure. I wouldn't point necessarily to any product innovation that was directly a response to the COVID challenge, but I would point to some of our prior innovations that proved to be particularly relevant during the period of COVID, and the challenges associated with the move to work from home. The development of our Equinix Fabric service offering is one that I think allowed a number of our customers to make, rapid and real time responses to the changes in network requirements that were created by the shift to work from home. And that has created significant demand for that offering. And so that's one that I think was directly relevant there.
And then the other thing that I would comment on relative to COVID is that it has had a significantly increased impact in terms of people thinking about the importance of digital transformation, and therefore responding to other elements of innovation across our portfolio. So, but nothing else that I would point to specifically in terms of product innovation related directly to COVID.
Thank you. At this time, we have no further questions.
Great. Ladies and gentlemen, thank you very much for attending today's meeting. Operator, you can please end the meeting. Thank you.
And this concludes the meeting. You may now disconnect.