Good morning, and welcome to the Fate Therapeutics 2021 Annual Meeting of Stockholders. I would now like to hand the call over to Scott Walshko, CEO of Fate Therapeutics.
Good morning, everyone. I'm happy to welcome you all to the first ever virtual meeting of the stockholders of Fate Therapeutics Inc. We have chosen to hold this 2021 Annual Meeting of Stockholders in a virtual format for the health and well-being of our attendees. I am Scott Walshko, CEO of Fate Therapeutics and I will serve as the Chair of this meeting. It is just after 8 am Pacific Time and in accordance with the notice of the meeting, I now call this meeting to order.
Maggie Wong of Goodwin Procter LLP, our outside legal counsel, will serve as secretary pro tem to record the minutes for this meeting. Before proceeding to the formal business, I would like to recognize and thank our current directors and also the officers of Fate Therapeutics who are joining us today by telephone. We also have our independent auditors, Ernst and Young LLP, represented at this meeting by telephone. A copy of the rules of conduct for this meeting are available on the meeting website. All FAIT stockholders that are entitled to vote have the ability to do so online, during a meeting until I close the polls.
Fate's stockholders may also submit questions online in the designated fields of the web portals and out of consideration for others, please limit yourself to one question. We will address questions regarding matters being considered at this meeting. If there are matters of individual concern to a stockholder that are not of general concern to all stockholders or if your question is not addressed today, questions may be submitted to the company by contacting us by email at info faitetherapeutics.com. Now let's proceed to the formal business of the meeting as described in our notice and proxy statement. Stockholders of record as of the close of business on the record date of April 5, 2021 are entitled to vote at this meeting.
A record of stockholders as of that date is available at this meeting and has been available for inspection by any stockholder at our principal place of business in accordance with Delaware law. Before we address the proposals to be voted on today, we point out that most stockholders have already cast their votes by completing a proxy card or by voting over the Internet. These votes have already been tabulated by Broadridge Financial Solutions, a corporate financial solutions company that we have engaged to assist us in tabulation of the votes. If you are eligible to vote and have not submitted your proxy or if you wish to change your vote, you may do so during the course of this meeting by clicking on the voting button on the web portal and following the instructions provided. If you have already voted and do not wish to change your vote, no further action is needed.
The Board of Directors has appointed Cindy Tall to act as Inspector of Election to tabulate and certify the results of voting. The Inspector of Election has taken the oath of office, which will be filed with the minutes of this meeting. With the majority of stockholders having already voted by proxy, I ask that Cindy certify whether there is a quorum present for this meeting in person or by proxy.
Scott, as Inspector of Elections, I do certify that a quorum is present in person or by proxy.
Thank you, Cindy. As a quorum is present, we may now proceed to transact the business for which this meeting has been called. The meeting is now open and accordingly the polls for each matter to be voted on at this annual meeting are now open. The polls will be closed to voting after we go through the matters to be voted on. Please note that we will give stockholders an opportunity to ask questions regarding the proposals after all proposals have been presented.
The first item of business is the election of directors. At this meeting, we will be voting on 3 nominees to serve as Class II directors for a term of 3 years all as set forth in the proxy statement. All of the nominees are currently Directors of Fate Therapeutics. In accordance with the bylaws, our Board has nominated Robert Hirschberg, Michael Lee and William Rastetter to serve as Class II Directors. There being no other nominations, the nominations for Directors are now closed.
Our Board of Directors unanimously recommends that stockholders vote in favor of electing each of these directors. The second item of business is to ratify the appointment of Ernst and Young LLP as the company's independent registered public accounting firm for the fiscal year ended December 31, 2021 as set forth in the proxy statement. Our Board of Directors unanimously recommends that stockholders vote in favor of approval of this proposal. The 3rd item of business is to approve on a non binding advisory basis a compensation paid to our named executive officers in 2020 as described in the proxy statement. Our Board of Directors unanimously recommends that stockholders vote in favor of approval of this proposal.
The final item of business is to approve the amendment and restatement of our amended and restated certificate of incorporation to increase the authorized number of shares of common stock from 150,000,000 shares to 250,000,000 shares as described in our proxy statement. Our Board of Directors unanimously recommends that stockholders vote in favor of approval of this proposal. This concludes the business items on the agenda for this Annual Meeting. If any stockholder would like to ask a question regarding any of these proposals, please submit your question now through the web portal. I will pause for a few seconds while we await any questions.
Seeing as though there are no active questions through the web portal, we are going to move on. At this time, those who have not yet voted, who wish to change their votes, should do so by clicking on the Vote button on the meeting website and follow the instructions there. We will now pause to allow for any voting. If any stockholders are voting, we kindly ask that you complete your voting in the next 10 seconds or so. It is now approximately 8:0:9 Pacific Time on June 2, 2021 and the polls for each matter to be voted on at this meeting are now closed.
No additional ballots, proxies or votes and no changes or revocations will be accepted. Inspector of Election, please report on the results of the voting.
Based on the proceeds previously submitted and any ballots received at the meeting, a plurality of the shares present or represented and entitled to vote have been voted in favor of the election of each of the persons nominated to serve as Class II directors of Fate Therapeutics. This proposal is approved. With regard to Proposal 2, a majority of the shares present or represented and entitled to vote have been voted in favor of the proposal, ratifying the election of Ernst and Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. With regard to Proposal 3, a majority of the shares present or represented and entitled to vote have been voted in favor of approval on a nonbinding advisory basis of the compensation of our named executive officers, the proposal is approved. With regard to Proposal 4, a majority of the shares present or represented and entitled to vote have been voted in favor of the amendment and restatement of the company's amended and restated certificate of incorporation.
The proposal is approved.
Thank you, Cindy. I declare that all of the proposals presented at this meeting have been ratified or approved by the stockholders. The final results of voting will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. The final results will also be included in our reports filed with the SEC. There being no other formal business at this meeting, the 2021 Annual Meeting of Stockholders of Fate Therapeutics is hereby adjourned.
I would like to express my sincere appreciation to our stockholders who attended the meeting virtually as well as those who submitted their proxies or were not able to attend. I would also like to thank all of the Board members, our auditors from Ernst and Young and all of our employees joining this meeting today. This concludes the Annual Meeting of Stockholders. Thank you very