Good morning, ladies and gentlemen. It's now 9:30 A.M., and I'd like to call the meeting to order. I'm Tom Pritzker, the Executive Chairman of the Board of Directors of Hyatt Hotels Corporation, and it's my privilege to welcome you to our 2020 Annual Meeting of Stockholders. This is our first virtual meeting, and we thank you for joining us. Given the current global circumstances, this format allows us to support the health and well-being of all attendees by using technology to connect. In accordance with Hyatt's bylaws, I will be acting as Chairman of this meeting. This meeting is held pursuant to the company's bylaws and the written notice sent to all stockholders of record as of March 20, 2020. Joining us by telephone today are members of the Board of Directors, our President, Chief Executive Officer, and several members of our senior management team.
Representatives of Deloitte, our independent public accounting firm, have also joined us and are prepared to respond to any questions. Let me also name our officials for today's meeting, each of whom is in attendance virtually today. Margaret Egan, our General Counsel and Secretary, will serve as Secretary of the Meeting. Jenny Leno from EQ SharePower Services will serve as the Inspector of Elections. Ms. Leno has previously taken her oath as the Inspector of Elections. As stated on the proxy card, Mark Hoplamazian and Margaret Egan will act as proxies. If you've returned your proxy card, they will vote your shares as you've indicated on the proxy card. Upon joining the meeting, you will see that we have provided a copy of the guidelines for the meeting on the web portal.
To conduct an orderly meeting, we ask that participants abide by these guidelines. As stated in the guidelines, there's an opportunity to submit a comment or question online. We will conduct the business of the meeting first and then turn to your questions with the remaining time we have. Please note that this meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device. Thank you for your cooperation. Before turning it over to our President and CEO, I'd like to share a few thoughts with you. COVID-19 has had a devastating impact on people around the world and significantly disrupted the travel industry.
Bearing in mind the challenges we're facing, I'd like to take a moment and thank all of our colleagues for their continued dedication to bringing Hyatt's purpose—we care for people so they can be their best—to life even in these extremely difficult circumstances. I've been a member of the Hyatt family my entire life, and I've never been more proud of the strength, resilience, and purpose of this company than I am right now. With that, I will hand it over to Mark Hoplamazian to share his thoughts.
Thank you, Tom. This year is indeed a very different circumstance from what we had anticipated. While 2019 was a very successful year for Hyatt, with a record-level number of hotel rooms added to our system, industry-leading net rooms growth, expansion of our brand portfolio, and integration of new growth platforms, 2020 presents a challenging landscape for Hyatt as it does for the entire travel industry. Hyatt has taken significant steps to address the current challenges for the benefit of the company's stakeholders—you, our shareholders, the owners of our hotels, our guests, our customers, and communities, and the individuals without whom we could not accomplish anything: our colleagues. At the outset of the COVID-19 outbreak, we put comprehensive guidance into place at Hyatt Hotels globally and developed cross-functional global response teams, including infectious disease and occupational health experts, to provide further guidance for our operations.
These actions were instrumental in protecting our colleagues and guests and were a precursor to the work of the company's recovery task force, which is focused on all aspects of recovery, with special emphasis on safety and cleaning standards for reopening hotels. In April, we also announced our Global Care and Cleanliness Commitment, which includes consultation with world-class medical experts and an accreditation process through the Global Virus Advisory Council. Hyatt was the first hospitality company to announce plans to commit to independent accreditation for its hotels globally. This work demonstrates the agility, innovation, and care that are a part of the Hyatt DNA. Recognizing that the owners of our hotels are partners in managing through this crisis, we have worked closely with them through cost reductions and management of programs with cost implications for their properties.
We've also taken significant actions to manage operating expenses and capital commitments consistent with business needs and demand levels. In April, we substantially increased our access to liquidity through an amendment to our revolving credit facility and the issuance of additional debt. Hyatt has made difficult but necessary decisions to support the long-term operation of the company in a new environment. These steps include a reduction of our corporate workforce and a restructuring that is designed to preserve our ability to continue fulfilling our purpose through this pandemic and for what lies beyond. We established the Hyatt Care Fund to support colleagues with the most pressing financial needs due to COVID-19. The Care Fund was financed with initial contributions from salary reductions of Hyatt's leadership team and board of directors, as well as through donations from the Hyatt Hotels Foundation and Pritzker Family Foundations.
The board of directors, our Executive Chairman, and I agreed to forgo our salaries from April 1 through the remainder of this year, and my executive team is forgoing 20% of their salaries through year-end. These amounts will continue to support the Hyatt Care Fund. All of our efforts are intended to ensure that Hyatt continues to fulfill its purpose of bringing care to people around the world in the long term. While we cannot predict the timing and progress of the recovery from the pandemic, Hyatt will be there when travelers once again explore the world and seek experiences. Our guests and customers have been choosing Hyatt for over 60 years, and we know they will be looking to travel and stay with us again. When they do, our doors will be open.
Thank you, Mark. I will now proceed with the formal business of the meeting as described in the Notice of Annual Meeting and the proxy statement. I'll hand it over to Margaret Egan, our General Counsel and Corporate Secretary, to review the legal documentation in presence of a quorum.
Thank you, Tom. I have the proof required by Delaware law and our bylaws that the Notice of Annual Meeting, the proxy statement, the proxy card, and the annual report for the fiscal year 2019, together with the letter from the Chairman and our President and CEO, were mailed to stockholders commencing on April 6, 2020. The board established March 20, 2020, as the record date for entitlement to receive notice of and vote at this meeting. As of the record date, there were 101,033,327 shares of common stock issued and outstanding. The list of registered holders of our common stock has been available for inspection at the company's office and is also available upon request. Hyatt has two classes of common stock: Class A common stock and Class B common stock. Each class is entitled to vote at this meeting.
All holders of Class A common stock are entitled to one vote per share, and all holders of Class B common stock are entitled to 10 votes per share on all matters submitted to a vote of the holders of our common stock. The holders of Class A common stock and Class B common stock vote together as a single class on all matters to be voted upon at the meeting. Under the company's bylaws, a quorum is present when at least a majority of the voting power of the issued and outstanding shares of capital stock of the company entitled to vote at the meeting is present in person or represented by proxy at the meeting. The Inspector of Elections has been sworn in, and I have her oath of office. The Inspector has informed me that a quorum is present.
Thank you, Tom.
With the confirmation that a quorum is present, we'll proceed with the business of the meeting. First, we'll address the items being presented to the stockholders for a vote at this meeting. As described in the proxy materials, there are five proposals to be considered at this meeting, and the board of directors has recommended the stockholders vote in favor of all of the proposals. No other matters will be considered. Following the voting, I will report the preliminary voting results from the Inspector of Elections, and then the meeting will adjourn. The polls open today, May 20, 2020, at 9:30 A.M. Central Time for voting on all matters before this meeting. Many of you have already mailed or otherwise delivered your proxy card and therefore intend to have your shares voted by the proxies.
If you have not already voted and wish to vote, the polls will remain open until we announce closing of the polls. If you've provided your proxy card, your shares will be voted in accordance with your instructions. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking the Vote Now button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. The first matter is the nomination of candidates for election as directors. The board of directors has unanimously recommended that the stockholders vote for each of Thomas Pritzker, Pamela Nicholson, Rick Tuttle, and James Wooten, Jr.
as directors of Hyatt Hotels Corporation to serve and hold office until the 2023 annual meeting of stockholders and until their respective successors have been duly elected and qualified. The second matter presented for a vote is the proposal to ratify the appointments of Deloitte & Touche, LLP, as independent auditors of the company for the 2020 fiscal year. The third matter presented for a vote is the approval of the Fourth Amendment, restated Hyatt Hotels' long-term incentive plan. The fourth matter presented for a vote is the approval of the Second Amendment and restated Hyatt Hotels' employee stock purchase plan. The final matter presented for a vote is the proposal to approve on an advisory basis the compensation paid to our named executive officers as disclosed in the proxy statement. We'll pause for another moment to allow for any votes to be completed online.
Again, if you have provided your proxy card, your shares will be voted in accordance with your instructions. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the Vote Now button on the web portal. The polls are now closed at 9:43 A.M. Central Time, May 20, 2020, and the Inspector of Elections will tabulate the votes. The next item on the agenda is the preliminary report of the Inspector of Elections, and any ballots collected before the polls close but not reflected in the preliminary report will be reflected in the final report of the Inspector of Elections, which will be affixed to the minutes of the meeting.
The Inspector of Election will prepare the certificate of the Inspector of Election for the company once all votes are tallied, and the results will be detailed in a current report on Form 8-K, which we'll file with the Securities and Exchange Commission. Based on the preliminary report of the Inspector of Election, each of Thomas Pritzker, Pamela Nicholson, Rick Tuttle, and James Wooten, Jr., are duly elected directors of the company to serve and hold office until the 2023 annual meeting of stockholders and until their respective successors have been duly elected and qualified. The appointment of Deloitte & Touche, LLP, as independent auditors of the company for the 2020 fiscal year has been approved and ratified. The proposal to approve the Fourth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan has been approved.
The proposal to approve the Second Amended and Restated Hyatt Hotels Corporation employee stock purchase plan has been approved. The proposal to approve on an advisory basis the compensation paid to the company's named executive officers as disclosed pursuant to the SEC's compensation disclosure rules has been approved. That concludes the formal business to be brought before the meeting. If we have questions that have been submitted through the web portal, Mark and I will now be happy to address them. Margaret, can I ask you to please read any questions we may have?
Tom, we do not have any questions submitted by shareholders.
Okay. Thank you. The 2020 annual meeting of Hyatt Hotels is now adjourned. Thank you all for attending.