The 2020 Alliant Energy annual meeting of shareholders will begin. I'd like to welcome John Larsen, Chairman, President, and CEO. Please go ahead, sir.
Good morning, and welcome to Alliant Energy's 2020 annual meeting of shareowners. I'm John Larsen, Chairman, President, and Chief Executive Officer. Thank you for joining us this morning for the Alliant Energy annual meeting. With me is Robert Durian, Executive Vice President and Chief Financial Officer. We'd be pleased to address your questions relating to the company. You can submit questions electronically by clicking on the Ask a Question box on your screen. You are now seeing our rules of conduct for guidelines in submitting questions. We have allotted 15 minutes to address questions at the end of the meeting. One of our core values is to live safety, everyone, always. I'd like to ask Robert Durian to help us live that value by doing a safety share.
Thank you, John, and good morning, everyone. For our safety share this morning, I want to reinforce the importance of handwashing and physical distancing. In this unprecedented time, as we all continue to navigate the effects of the COVID-19 public health crisis, we continue to practice and reinforce with our employees and customers the practice of physical distancing. Even meetings like this today, conducted virtually, are a reminder for all of us that we can still maintain a connection with others through technology while practicing physical distancing. We are happy to continue our partnership with Broadridge in holding this virtual meeting as we have for the past three years.
Great reminder, Robert. Thank you. Our meeting today will have two sections. First, I'll report the voting results for the four proposals listed in the proxy, and then we'll address submitted questions. To begin, I'll call the Alliant Energy annual meeting of shareowners to order. When you received your proxy statement and ballot, you were asked to vote on four proposals. Each proposal is outlined in the proxy statement. All shareowners as of March 27th, 2020, can vote their shares. If you've already voted, your vote has been counted. If you have not yet voted or would like to change your vote, you can do so online. Voting will close in the next few minutes. Your shares have been voted as you submitted. If you did not mark your vote, I will vote your shares as recommended by your board of directors.
While we are waiting for last-minute votes, I'd like to acknowledge the members of your board of directors, all of whom are attending this meeting. I also want to recognize my executive team and thank them for their leadership and for delivering another great year of operating and financial results. Also attending this meeting is Deloitte & Touche, our independent registered public accounting firm, as well as Broadridge Financial Solutions, the inspector of elections. The voting and time for submitting questions to be addressed during the meeting is now closed. Questions submitted after this point will be addressed and posted to our investor website in the next few days. I'm told that a quorum is present. I will now share the preliminary voting results. First, each of the nominees to the board of directors has been elected. Second, the executive compensation proposal was approved.
Third, the Alliant Energy Corporation 2020 Omnibus Incentive Plan was approved. Fourth, Deloitte & Touche has been ratified as our independent registered accounting firm. These results are preliminary until verified by Broadridge. The final results will be detailed in an 8-K filing with the SEC in a few days. This concludes the business portion of the annual meeting. The meeting is adjourned. I'm pleased to address questions submitted by our shareowners. One question we've received is if we're going to continue to hold our annual meetings virtually. This is our third virtual meeting, and we've been very pleased with our ability to share our message with a much broader audience. In a time of pandemic, this meeting format allows us to share information and address topics of interest with our shareowners in a very safe manner.
I expect that our future annual meetings will be held in this same format. We're always happy to hear from our shareowners. We host calls all year long with investors and analysts to share updates and address questions on a variety of topics. As a reminder, if you have questions about our company throughout the year, please contact our Shareowner Services Department.
Our next question received was on the topic of executive pay. We benchmark our positions, including executive positions, to ensure that we are able to attract and retain talent. In setting executive compensation, the Compensation and Personnel Committee of the Board of Directors uses the services of an independent compensation consultant. That committee is comprised of all independent directors, meaning no employees of the company make the decisions of compensation for executive officers. We believe in transparency in providing executive compensation to customers and shareowners, and it is disclosed in our proxy. A significant amount of executive compensation is performance-based, meaning that it's only paid when goals are met and the company performs well. This performance-based pay helps to align executive compensation to our shareholders. We benchmark our positions, including board of director positions, to ensure that we're able to attract talented and accomplished directors.
The fees paid to our board of directors are based on review of market-based compensation for non-employee directors, presented by an independent third-party consultant. Those fees are disclosed in our proxy. Our next question we received was related to the timing of shareowners receiving materials. Robert, would you please address that question?
Sure, John. This has been a difficult year for everyone, given the pandemic. We work with companies to host this virtual annual meeting and to mail our proxy materials to you, our shareowners. These companies have seen the busiest time of their year coincide with work restrictions related to COVID-19. In addition, the US Postal Service has experienced additional delays this year. Unfortunately, this may have contributed to delays in some cases. We are proud of the story we tell with our proxy materials and the annual report. You can always review these materials online at our Investors tab of alliantenergy.com, or contact our Shareowner Services department to request hard copies.
Thank you, Robert. Our next question we received was regarding our renewables program, specifically solar site selection in relation to our wind farms. Let me say that we are proud of the advancement we're making to a clean energy future. Alliant Energy continuously examines opportunities to build on the complementary relationship between solar and wind. As the third-largest owner-operator of regulated wind in the U.S., we have more than a decade of experience with wind energy. Many of our existing wind sites are located on land that remains active farmland, and we appreciate and value the relationship we have with these landowners. We're moving to increase the amount and type of renewable facilities serving our customers in Iowa and Wisconsin. We are pursuing sites that allow for the beneficial combination of products, like battery energy storage and solar.
Last fall, we launched our Clean Energy Blueprint for Wisconsin, which is our roadmap to accelerate our renewable investments. It included our plans to build up to one gigawatt of solar generation in Wisconsin. There are several reasons we're accelerating our transition to renewables. On the solar front, it includes the historic low cost to build solar, the availability of ideal locations and tax incentive availability. Of course, the benefits to customers and communities. Communities benefit by adding more renewable energy solutions. Many of our customers and communities have their own corporate sustainability goals. Increasing renewables helps keep a balanced portfolio, attract businesses to the area, and create lower energy prices in the long run. Landowners and farmers also benefit from stable income they receive by leasing their land for use for solar generation. We'll have more information to share on our solar progress in the coming weeks.
The next question was about our governance related to director voting. We're proud of our sound corporate governance history. We've been recognized as having sound governance principles. Annually, we perform an assessment of our corporate governance processes, including benchmarking with recognized leaders, and revise our processes when appropriate. Good governance means that we engage with our shareholders, and it's reflected in our stock price over the years. Our next question relates to the potential change in our investor base. Robert, would you address that question, please?
Sure, John. We actively monitor the makeup of our shareowner base continuously. The ownership of passive investors has increased over the past few years. We have not taken a position whether this is a positive or negative development, and we do not see the growth of passive investors as a conflict of interest.
Thank you, Robert. The next question relates to tariffs about our renewable projects. Robert, would you answer that one as well?
Sure. Right now we have two programs considering renewables. First is the wind program that we're building in Iowa. Most of those equipment are actually sourced domestically, so tariffs would not be involved. We've also completed the purchase of all of that equipment already, so there would be no tariffs. The other major component of renewables that we have is the solar, the 1,000 MW in Wisconsin that John referenced earlier. We're very early in the stages of sourcing the materials for that project, which will likely last for another couple of years. It's a little too early for us to tell exactly how the tariffs may impact us, but we'll continue to monitor that over time.
Thank you, Robert. There were some questions relating to about our coal generation. Let me just note that we have no plans to build any future coal. We do continuously look at market pricing, understanding the lowest cost to serve our customers and cost of fuel, an area that we continuously monitor. Very proud of the new resources that we have brought on board in our portfolio and the balanced resource mix that we have to keep customer costs in mind and affordable. Our last question relates to how Alliant Energy is doing in terms of accelerating our carbon reduction targets and where to find the most recent information. Over a decade ago, Alliant Energy began our transition to a cleaner energy generation. We're very proud of the progress that we have made.
Since 2005, we have reduced our carbon emissions by 35%, and we are well on our way to achieving our 2030 target to reduce carbon emissions by 40% from 2005 levels. In fact, we fully expect to revise our carbon reduction goals since we are exceeding the pace to achieve our current goals. That's because of our customer-focused investment strategy that ensures we invest in low-cost generation, including renewables, when it's an economic choice for our customers. As I mentioned before, we're completing a very significant renewable expansion in Iowa, our 1 GW of generation, by the end of this year. That will make Alliant Energy the third-largest owner and operator of regulated wind in the U.S. As I noted, based on our Wisconsin Clean Energy Blueprint, we will begin to bring utility scale solar into our fleet.
Our announcement of adding up to 1,000 MW of planned solar generation by the end of 2023. We're very proud of the efforts we have on sustainability. We continue to track all of our metrics and align with the Sustainable Development Goals of the United Nations. We look forward to more information that we will share in our corporate responsibility report, which will be released later this summer. In the meantime, you can find updates and progress on our efforts on our website at www.alliantenergy.com/sustainability. This information is also listed on the back cover of our annual report. This concludes our presentation. Anytime you have a question, feel free to reach out to the company. The easiest way is to email us at shareownerservices@alliantenergy.com. Your questions will always be answered promptly. Again, I thank you all for attending our annual meeting. Please have a safe day.
This concludes Alliant Energy's 2020 annual meeting.