Of formal business is the election of three Class I directors, each for a three-year term. Number two, the second item of formal business is to hold a non-binding advisory vote on the compensation of the named executive officers of the company. The third item of formal business is to ratify or reject the audit committee's selection of Deloitte & Touche LLP as auditors to audit the accounts of your company for the current fiscal year ending December 31, 2023. Are there any questions on these proposals? Floor is now open for discussion concerning the proposal. Registered with your voting control number and wish to submit a question, please refer to the chat box icon located on the top left-hand panel of your screen. We will respond to as many questions as practical. Voting is by proxy and digital ballot.
Each share of common stock is entitled to one vote. Let me remind you that if you have already sent in your signed proxy, there is no need for you to cast a ballot now unless you wish to change the vote that you put on the proxy. Individuals named in the proxy or any of them will vote your shares as indicated on the proxy that you already have mailed or delivered to us. As a reminder, if you are voting today, please make sure you have your voting control number issued by AST and click the proxy voting site link on the left-hand side of your screen. We will now provide some additional time for the submission of voting. There being no further business to come before the meeting, I declare the polls are now closed for all item of business as of 9:12 A.M.
No additional ballots, proxies, or votes, no changes or revocations will be accepted. Proxies and digital ballots will now be tabulated by the Inspector of Election. I'll be happy to entertain any stockholder questions at this time. Does anyone have a question? Based upon preliminary information provided by the Inspector of Election, I can report that number one, while only a plurality is required, each of the Class I nominees for the Board of Directors has received a majority of the votes cast, and each is therefore duly elected to hold office for a term which will expire in 2026. Number two, the proposal to approve by non-binding advisory vote the compensation of the named executive officers has received a majority of the votes cast, and the compensation as outlined in the proxy, is therefore approved.
Number three, the proposal to ratify the selection of Deloitte & Touche LLP as independent auditors of your company for the current year has received a majority of the votes cast and is therefore adopted. Final results of voting, including any ballots and proxies recorded during this meeting, 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 reported in a Form 8-K to be filed with the SEC within four business days following this meeting. Before adjourning, I would like to thank each stockholder who sent in a proxy for this meeting. I would especially like to thank you who are here for virtually attending. The meeting is now adjourned.