I want to welcome all of you to the annual meeting of stockholders of LKQ Corporation. I am Justin Jude, President and Chief Executive Officer of LKQ. We are pleased to be hosting our sixth virtual meeting. It is now shortly after 2:00 P.M. Central on Wednesday, May 7th, and this meeting is called to order. I would like to introduce the other members of the board participating in today's meeting: Patrick Barard, Andrew Clarke, Meg DiVito, Sue Gove, John Mandel, James Metcalf, Jody Miller, Michael Powell, Guhan Subramanian , Xavier Urbain. Matt McKay will act as Secretary of the Meeting. Rick Galloway has been appointed to act as the Inspector of Election. Broadridge Financial Solutions has been appointed to act as the Master Tabulator. Representatives of Deloitte & Touche are independent auditor are also present at our meeting.
During the Q&A period, they will be available to respond to appropriate questions. After the formal meeting has been adjourned, we will provide time for general questions that are pertinent to the company and the items brought before this meeting. As time permits, in accordance with our rules of conduct and procedures for this meeting, only validated stockholders may ask questions in the designated field on the web portal. Questions will be grouped by topic, and substantially similar questions will be answered only once. Out of consideration for others, please limit yourself to no more than two questions. Please note that this meeting is being recorded. However, no one attending via the webcast is permitted to use any recording device.
To conduct an orderly meeting, we ask that participants abide by these rules and the other rules set forth in the rules of conduct and procedures posted on the web portal. Since we announced our first quarter financial results just 13 days ago, and we have no new material, non-public information to disclose, I would ask that you refrain from asking questions either already covered on the earnings call, a transcript of which is available on our corporate website, or looking for more recent business activity updates. Thank you for your cooperation. The Secretary has delivered an affidavit of distribution establishing that notice of this meeting was duly given. A copy of the notice and the affidavit of distribution will be incorporated into the minutes of this meeting. All stockholders of record at the close of business on March 11th, 2025, are entitled to vote at the annual meeting.
Our first order of business at this meeting is to determine whether the shares present at the meeting, either in person or by proxy, are sufficient to constitute a quorum for the purpose of transacting business. Matt, do you have a report?
Yes, Justin. The stockholder list shows that holders of 258,553,115 shares of common stock of the corporation are entitled to vote at this meeting. We are informed by Mr. Galloway that there are represented in person or by proxy 244,785,894 shares of common stock, or approximately 94.7% of all the shares entitled to vote at this meeting.
Thank you. Because holders of a majority of the shares entitled to vote at this meeting are present in person or by proxy, I declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. It is now 2:03 P.M. Central Time. I'm sorry, 2:03 P.M. Central Time, and the polls are now open. If you have previously voted by proxy, you do not need to vote today unless you wish to change your vote. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. The next order of business is a description of the matters to be voted on today's meeting.
The first proposal before the stockholders of LKQ is the election of 11 directors to serve until the annual meeting of the stockholders in 2026, and until their successors are duly elected and qualified. We recommend you vote for the election of the following persons as directors of the corporation: Patrick Barard, Andrew Clarke, Meg DiVito, Sue Gove, Justin Jude, James Metcalf, John Mandel, Jody Miller, Michael Powell, Guhan Surbramanian , Xavier Urbain. The second proposal before the stockholders is the ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the company for fiscal year 2025. We recommend that you vote for the second proposal. The third proposal before the stockholders is the approval on an advisory basis of the compensation of our named executive officers. We recommend that you vote for the third proposal.
The fourth proposal before the stockholders is a shareholder proposal asking our board of directors to take the steps necessary to amend our governing documents to give the owners of a combined 10% of our outstanding common stock, or the owners of the lowest percentage of stockholders as governed by state law, the power to call a special shareholder meeting. The proposal was submitted by Mr. John Chevedden. In accordance with federal securities regulations, the full text of the proposal and certain related information, including a supporting statement, was included in the proxy statement relating to this meeting. As stated in the proxy statement, we are not responsible for the content of the proposal, the supporting statement appearing in the proxy statement, or for any inaccuracies those items may contain.
We will now read the text of the shareholder proposal and the supporting statement exactly as received and exactly as appearing in the proxy statement. Shareholders ask our board of directors to take steps necessary to amend the appropriate company governing documents to give the owner of a combined 10% of our outstanding common stock the power to call a special shareholder meeting, or the owners of the lowest percentage of shareholders as governed by state law, the power to call a special shareholder meeting. A shareholder right to call for a special shareholder meeting, as called for in this proposal, can help make shareholder engagement meaningful. A shareholder right to call for a special shareholder meeting will help ensure that LKQ Corporation board and management engages with shareholders in good faith because shareholders will have a viable plan B by calling for a special shareholder meeting.
Companies like to claim that shareholders have multiple means to communicate with management, but in most cases, these means are as effective as mailing a letter to the CEO. Since a special shareholder meeting can be called to replace a director, adoption for this proposal could foster better performance by our directors. With this widespread use of online shareholder meetings, it is much easier for management to conduct a special shareholder meeting for important issues, and LKQ Corporation bylaws thus need to be updated accordingly. Please vote yes to give shareholders the ability to call for a special shareholder meeting. The board has considered the fourth proposal and has determined to make no voting recommendation with respect to our stockholders. The proposal is advisory in nature only.
If approved, this proposal would not automatically provide stockholders with the right to request special meetings, as this proposal is a non-binding recommendation to the board to take steps necessary to amend our governing documents to provide stockholders with the right to request special meetings at a 10% ownership threshold. If any stockholder would like to ask a question regarding any of the proposals, please submit your question through the web portal. We'll take just a moment to allow stockholders an opportunity to vote. Now that everyone has had an opportunity to vote, I declare that the polls are closed. It is now 2:08 P.M. Central Time. Will the Secretary please report the preliminary results of the voting?
We have been informed by the Inspector of Election that the preliminary vote reports show that, number one, the nominees for election to the board of directors have been duly elected. Number two, the appointment of Deloitte & Touche as our independent registered public accounting firm has been ratified. Number three, the compensation of our named executive officers has been approved. Number four, the shareholder proposal has been approved. We will be reporting the final vote results in a Form 8-K to be filed with the SEC within four business days.
Thank you, Matt. Thank you all for attending today's meeting. There being no further business to address, the 2025 annual meeting of stockholders of LKQ Corporation is adjourned. Now we will be happy to address stockholder questions or comments that are pertinent to the company and the items brought before the just-concluded meeting as time permits and in accordance with our rules of conduct and procedures.
Justin, we have received one question. The question states, "Why will LKQ not allow the proponent to present his Rule 14A-8 proposal at today's meeting?" LKQ determined that the most efficient way to conduct the meeting was to read Mr. Chevedden's proposal and supporting statement exactly as we received it and as printed in our proxy statement. We can confirm that we have done that.
There are no further questions to address at this time. Thank you again for attending today's meeting.
That concludes our meeting today. Thank you for joining and have a pleasant day.
The host has ended this call. Good.