Good morning, and welcome to Magnolia Oil and Gas Corporation 2021 Annual Meeting of Stockholders. The first speaker, President and CEO, Steve Chazen.
Thank you. Good morning, ladies and gentlemen. I'd like to welcome you to 2021 Annual Meeting of Stockholders of Magnolia Oil and Gas Corporation. I'm Steve Chazen, Chairman, President and CEO of Magnolia, and I will be presiding over this meeting. On behalf of the Board of Directors and employees of Magnolia, I thank you for joining us this morning and to our stockholders, thank you for your ownership in Magnolia Oil and Gas.
This 2021 annual meeting will be held in a virtual meeting format only. Although we cannot be together in the same room, the virtual meeting format allows us to be more inclusive and reach a greater number of our stockholders regardless of where you may be this morning. First, let me introduce the nominees for election to our Board of Directors, who have each joined us on the call this morning, I hope. Along with myself, the following 6 individuals currently serve on our Board of Directors and have been nominated to serve for the upcoming term: Edward Durydian, our Lead Independent Director Arceulio Acosta, Chairman of our Nominating and Corporate Governance Committee James Larson, Chair of our Audit Committee Dan Smith, Chairman of our Compensation Committee Angela Busch and John Walker. Each of the directors' full biographies is available in the proxy statement.
Now let me introduce Chris Stavros, Magnolia's Executive Vice President and Chief Financial Officer and Tim Yang, Magnolia's Executive Vice President, General Counsel and Corporate Secretary, who are also participating in the meeting today. Tim Lacht is Secretary of the meeting Rhonda Carroll, who has been engaged through Broadridge to serve as our Inspector of Elections and Al Kekesz, Cameron Thorson and Kay Rasmussen, partners at KPMG LLP, our independent auditor have also joined the call today, we hope. I'll now turn the meeting over to Tim, who will chair the official business portion of the meeting and provide some brief remarks on procedural matters.
Thanks, Steve, and thank you to everyone who has joined us today. If you're a Magna Williams stockholder, you should have logged into the web portal using your 16 digit control number, which will allow you to vote online during this meeting. The control number may be found on your proxy card, voter instruction form or electronic notice to vote. If you do plan on voting, we kindly request that you do so as soon as possible during the meeting. The virtual meeting website reflects today's agenda and has a list of rules of conduct for the meeting.
This meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. As stated in the rules of conduct and disclosed in our proxy materials, any questions were required to be submitted in advance of this meeting no later than 11:59 p. M. Eastern Time on Sunday, May 2, 2021.
We did not receive any timely submitted questions pertaining to the proposals that are the subject of today's meeting. However, we did receive questions from one stockholder pertaining to the format of the annual meeting that will be addressed following adjournment of the official business portion of the meeting. Questions addressed at the meeting today will be posted along with our responses in the Investors section of our website following the conclusion of the meeting. If you have any technical difficulties during the meeting, you should call 844-986-0822 or if you are outside of the United States, 303-562-9302. These phone numbers are also available on the virtual meeting site.
It is now approximately 8:0:9 a. M. Central Time and this meeting is officially called to order. The Board of Directors fixed March 5, 2021 as a record date for the determination of stockholders entitled to notice of and to vote at this meeting. On or about March 19, 2021, we began delivery of the notice of Internet availability of proxy materials, the proxy statement and our 2020 annual report on Form 10 ks to holders of record as of March 5.
We have received an affidavit of mailing establishing that notice of this meeting was duly given. A copy of the materials described above and an affidavit of the mailing will be incorporated into the minutes of the meeting. The proxy materials along with a list of stockholders entitled to vote at this meeting are available to stockholders electronically during the meeting. Rhonda Carroll has been appointed to act as an independent third party Inspector of Election. As Inspector of Election, Rhonda is responsible for confirming the qualifications of any stockholder who has voted or will vote during the meeting and is responsible for collecting, accepting and tabulating all votes, including all stockholder votes and votes by proxy.
She has previously signed an oath of office, which will be included in the minutes of the meeting. She has advised us of the number of shares represented at the meeting both in person and by proxy. The certified list of stockholders shows 243,000,639,000 479 shares of our common stock are entitled to vote at this meeting. The Inspector of Election has reported that holders of approximately 95% of all shares entitled to vote are present, in person or by proxy. This represents more than the majority of the voting power of the outstanding shares of our common stock entitled to vote.
Therefore, I declare that a quorum is present and this meeting is duly constituted and convened for the purpose of transacting such business as may properly come before it. As detailed in our proxy statement, there are 4 proposals to be voted on at this meeting. The first proposal is the election of 7 directors to serve on our Board of Directors for a 1 year term commencing on the date of the annual meeting and until their respective successes are duly elected and qualified. Based on the recommendation of the Nominating and Corporate Governance Committee, the Board has nominated the following persons to serve as directors of the company: Stephen Chazen, Arceli Acosta, Angela Busch, Edward Dravidian, James Larson, Dan Smith and John Walker. The second proposal is the se on pay vote to approve the following advisory non binding resolution
Sorry about the technical difficulties. We are back online and I will pass it along to Tim to start proposal 1.
Thank you. The first proposal is the election of 7 directors to serve on the Board of Directors for a 1 year term commencing on the date of the annual meeting and until the respective successors are duly elected and qualified. Based on the recommendation of the Nominating Corporate Governance Committee, the Board has nominated the following persons as Directors of the company: Stephen Chazen, Arceli Acosta, Angela Busch, Edward Dervision, James Larson, Dan Smith and John Walker. The second proposal is the San Pedro to approve the following advisory non binding resolution regarding the compensation of Magnolia's named executive officers for 2020. Resolved that the compensation page of Magnolia's named executive officers as disclosed in the 2021 proxy statement pursuant to Item 42 of Regulation SK, including the compensation discussion and analysis, compensation tables and narrative discussion is hereby approved.
The 3rd proposal is for approval of the 2nd amendment to Magnolia's long term incentive plan to increase the number of shares of Class A common stock authorized for issuance by 5,000,000 shares. The final proposal is the ratification of KPMG as their independent registered public accounting firm for the 2021 fiscal year. The Board of Directors recommends to vote for each of the proposals. There being no questions pertaining to the proposals, we will now proceed with voting. I now declare the polls open.
Please remember that if you already sent in your proxy card or voted by Internet or telephone, your shares have been voted accordingly. You do not need to vote today unless you're voting for the first time or want to change your previous vote. If you are a stockholder and wish to change your earlier vote or have not yet voted, you may vote your shares through the virtual meeting site now and we will collect your vote. We will allow a brief pause for voting. I now declare the polls closed.
We have been informed by the Inspector of Election that the proxies and ballots have been counted. The preliminary voting report indicates that each of the 7 nominees for election to the Board of Directors has been elected. The same pay vote has passed. The amendment to increase the number of shares of Class A common stock authorized for issuance under our long term incentive plan by 5,000,000 shares has been approved and the proposal to ratify the appointment of KPMG as our independent registered public accounting firm for the 2021 fiscal year has passed. A certificate of the Inspector of Election confirming the votes received with respect to the election of directors and each of the other proposals will be included in the minutes of this meeting.
The final results will also be included in a Form 8 ks that we will file with the Securities and Exchange Commission and that will be placed on our website.
Thank you, Tim. Since there is no further formal business, the official business meeting of the Annual Meeting is now adjourned. Before we conclude, we'd like to now address the stockholders' questions pertaining to the format of the Annual Meeting. Tim, will you please read aloud the question?
Yes. We received the following questions from a stockholder. When does the company believe we'll resume normal business transacted in person for a yearly shareholder meeting? Will the Chairman commit to 2022 being transacted as a non virtual webcast, but in person next year? Steve, I'll turn it back to you for our response.
We don't have really good ability to forecast what next year will bring. So we really don't know. We're also regulated by the Securities and Exchange Commission, which sets out the rules for these meetings. So we really haven't made any decisions about the format of next year's annual meeting. As we get closer to next year's annual meeting, we will evaluate what format makes the most sense given our shareholder base, shareholder participation in previous in person meetings and the use of company resources.
So generally, we would expect that the meeting would have a format similar to this one and also allow those who might be interested to come to the meeting for some reason. I'd like to express my sincere appreciation to stockholders who attended today as well as those who submitted their proxies in advance. Thank you for interest, support and ownership in Magnolia. Thank you.
Thank you. The 2021 Annual Meeting of Stockholders has now concluded. You may now disconnect.