Good afternoon. My name is Natalia, and I will be your conference operator today. At this time, I would like to welcome everyone to the 2020 annual meeting of the shareholders conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. I would now like to turn the call over to Mr. Gabriel Tirador. Sir, please go ahead.
Thank you. Ladies and gentlemen, I would like to welcome you to the annual meeting of shareholders of Mercury General Corporation. I'm Gabe Tirador, President and CEO of the company. On the telephone with me is George Joseph, Chairman of the Board, Ted Stalick, Senior Vice President and CFO, and Chris Graves, Vice President and Chief Investment Officer. As previously announced, we are holding our annual meeting at our headquarters this year due to the public health risk related to COVID-19. Please be advised that shareholders will not be deemed present and will not be able to vote their shares or revoke or change a previously submitted vote at the annual meeting by participating in the live audio presentation of this annual meeting. Ms. Judy Walters will act as Secretary of the meeting. Crystal Pawling has been appointed to act as Inspector of the Election.
The time and place of this meeting have been fixed by the Board of Directors. All shareholders of record at the close of business on March 17th, 2020, are entitled to vote at the meeting. Ms. Judy Walters, Secretary of the Corporation, has delivered an affidavit of mailing establishing that notice of this meeting was duly given. A copy of this notice of meeting and affidavit of mailing will be incorporated into the minutes of this meeting. The first order of business is to determine whether the shares represented at this meeting are sufficient to constitute a quorum. Ms. Walters, do you have a report?
Yes, Mr. Tirador. We are informed by Broadridge Financial Solutions that of the 55,357,691 shares of common stock outstanding on the record date, there are represented 52,670,592 shares of common stock, or approximately 95.14% of all of the shares entitled to vote at this meeting.
Thank you. Because the holders of a majority of the shares entitled to vote at this meeting are present and represented at this meeting, I declare that this annual meeting of shareholders is duly convened to transact such business as may properly come before it. Ladies and gentlemen, Aaron Sanders, Mark Hutchins, and Karen and Katie Sartori of KPMG, the company's auditors, are also on the audio conference. During the question and answer period at the end of the meeting, they will be available to answer questions concerning the financial statements, which are a part of the company's annual report. In addition, copies of the company's annual report are available from Mr. Ted Stalick, Mercury's Chief Financial Officer. The next order of business is a description of the matters to be voted on at today's meeting.
The first proposal before the shareholders is the election of seven directors to serve during the ensuing year and until their respective successors are elected and qualified. The company's board of directors recommends the election of the following seven persons: George Joseph, Gabriel Tirador, George Braunegg, Ramona Cappello, James Ellis, Josh Little, and Martha Marcon. The second proposal before the shareholders is an advisory vote on the compensation of the company's named executive officers as set forth in the proxy statement circulated in connection with this meeting. The third and final proposal before the shareholders is an advisory vote regarding the ratification of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2020, as set forth in the proxy statement circulated in connection with this meeting. Ms. Walters, the Secretary, will report the results of the voting.
The ballots have been counted, and the nominees for election to the board of directors have been duly elected. The shareholders have voted to approve, on an advisory basis, the compensation of the company's named executive officers as set forth in the proxy statement, and the election of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, has been ratified.
This completes our formal agenda. I declare the meeting is adjourned. Thank you for your participation this morning. We will now have a question and answer session.
There are no questions over the phone.
Well, thank you, everyone, for joining us today, and we look forward to meeting with you next year. Thank you very much.