Good morning, and welcome to Hexcel's annual meeting of stockholders. I'm Nick Stanage, Chairman, Chief Executive Officer, and President of Hexcel Corporation, I will chair this meeting. It is 10:30 A.M. on May 10th, 2021, this meeting is called to order. We thank everyone for being with us today through our virtual meeting platform. While we are disappointed that we are again not able to gather together in person like we normally do for our annual meeting of stockholders, as part of our precautions regarding the COVID-19 pandemic, this technology enables us to reach a larger audience of stockholders who would not typically be able to participate in our annual meeting. On the call with us today are the following members of Hexcel's Board of Directors: Jeffrey Campbell, Cynthia Egnotovich, Thomas Gendron, Dr. Jeffrey Graves, Guy Hachey, Dr. Marilyn Minus, and Catherine Suever.
Also joining the call this morning are the following Executive Officers of Hexcel: Patrick Winterlich, Executive Vice President and Chief Financial Officer, Gail Lehman, Executive Vice President, General Counsel, and Secretary of Hexcel, who will officiate as Secretary for the meeting, Robert Hennemuth, Executive Vice President, Human Resources and Communications. From Ernst & Young LLP, our independent auditors, we have Cedric Halverson, Engagement Partner. Kevin Chow, a representative of Broadridge Financial Solutions, having taken the oath of office, will serve as the Inspector of Elections and will certify the voting results. The inspector's oath will be filed with the meeting records. After the formal portion of the meeting is concluded, we will address any questions that have been submitted in the space provided on the virtual meeting platform. Validated stockholders may submit questions at any time during this meeting.
When submitting questions, stockholders should follow the guidelines set forth in the rules of procedure available now in the meeting materials section of the virtual meeting platform. A representative from Hexcel is reviewing questions that have been submitted, Ms. Lehman will read your question aloud at the appropriate time. To facilitate full and fair stockholder participation, we ask that you limit yourself to one question. We also have a certified list of stockholders as of March 15th, 2021, the record date for this meeting, available in the virtual meeting platform for the duration of the meeting, an affidavit from Broadridge that the mailing of our proxy materials commenced on March 25th, 2021, to stockholders of record on March 15th, 2021. Both will be filed with the meeting records. Ms. Lehman will now report on the presence of a quorum and will present the proposals for the meeting.
Thank you, Mr. Stanage. The preliminary report of the Inspector of Election indicates that at least 92.19% of the outstanding common stock as of the March 15th record date is present or represented by proxy at this meeting. Based on the report, a quorum is present, the polls are open for voting. The first proposal on the ballot is the election of the following individuals to serve as Directors of Hexcel: Nick L. Stanage, Jeffrey C. Campbell, Cynthia M. Egnotovich, Thomas A. Gendron, Dr. Jeffrey A. Graves, Guy C. Hachey, Dr. Marilyn L. Minus, and Catherine A. Suever. The second proposal on the ballot is a proposal to conduct an advisory vote to approve the company's 2020 executive compensation. The third proposal on the ballot is to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2021.
The fourth proposal on the ballot is to approve the amendment and restatement of the Hexcel Corporation 2016 Employee Stock Purchase Plan. No other business has been raised to be transacted at this meeting. Proposals one through four are fully described in the proxy statement that accompanied or was referred to in the notice of meeting. Mr. Stanage, you may proceed with the voting.
Thank you, Ms. Lehman. Voting at this meeting will be done on the virtual meeting platform. Although voting is done primarily by proxy, if you wish to vote or change your vote during this meeting, please click on the link provided within the virtual meeting platform. Any stockholder who has already voted and does not want to change their vote need not take any further action. If you intend to vote during the meeting through the virtual meeting platform and haven't yet done so, please do so now. The polls are now closed. Because we permit voting by telephone, by proxy cards, over the internet, and on the virtual meeting platform, it will take additional time to finalize the tabulation. Final tabulation will be filed with the SEC on a Form 8-K within four days of this meeting. However, we can announce preliminary voting results.
Madam Secretary, do you have the preliminary report on the voting?
Mr. Chairman, we have received the preliminary report of the Inspector of Election. Each nominee for director has been duly elected to the board of directors, and Proposals two, three, and four have been approved by the requisite vote of the stockholders.
Thank you, Ms. Lehman. Since no other business has been brought before the 2021 Annual Meeting of Stockholders, I declare the formal portion of this meeting adjourned. We'll now answer general questions that have been submitted through the virtual meeting platform in accordance with the rules of procedure. Please note we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting or our business will be addressed. Any relevant questions that we do not get to will be addressed on our company's website after the meeting. Ms. Lehman, can you please begin with our first question?
Yes. The first question is, what is the percentage of revenue coming from Boeing?
Thank you. For 2020 sales, we had approximately 19% sales going to Boeing. 2019 was approximately 25% that went to Boeing, and it's some contractors for both years. Ms. Lehman, next question please.
Our next question is, how do we get more business from the infrastructure initiative by using carbon fiber instead of steel?
Hexcel is a global leader in the production of advanced composite materials and has the broadest portfolio of advanced composite technology of any company in the world. We continuously innovate and develop new materials and applications across a broad spectrum of markets, most notably for aerospace, where we enable and support the manufacturer of the most modern and advanced aircraft being built today. Hexcel products enable the lightweighting of these new aircraft, which result in better fuel efficiency and lower emissions. Our products, including carbon fiber, also have a role to play in many industrial applications where high-performance materials are required, and Hexcel can provide value-adding solutions. Where our advanced products can be part of projects such as infrastructure initiatives, we will always look to maximize sustainable opportunities for the company.
Though it should be noted, Hexcel does not produce lower-grade industrial fibers, which will often be appropriate for such applications. Hexcel's purpose is to propel the future of flight, energy generation, transportation, and recreation through excellence in advanced material solutions that create a better world for us all. Ms. Lehman, next question please.
Another stockholder has asked in regards to the terminated merger with Woodward, is there an acquisition or other merger plan for the future as a bolt-on? Will the merger with Woodward be revisited at some point this year?
Thank you. The merger with Woodward was terminated due to market conditions resulting from the COVID-19 pandemic, which are still impacting Hexcel today. We continue to monitor the market for M&A opportunities that build upon our core materials expertise, broaden our product portfolio, or leverage an aspect of our business, such as our strong customer relationships. Ms. Lehman, next question, please.
Mr. Chairman, there are no additional questions in the queue.
Thank you, Ms. Lehman. Hearing no further questions, this concludes our question and answer session. We thank you for joining our 2021 Annual Meeting of Stockholders. Have a good day.