Good day, and welcome to the Marfel Technology Group Ltd. Annual Meeting of Shareholders. I would now like to turn the conference over to Mr. Richard Hill. Please go ahead,
sir. Welcome to the 2020 Annual General Meeting of the Shareholders of Marvell Technology Group Limited. It is now 1 p. M. And I now call the 2020 Annual General Meeting of Shareholders to order.
I am Richard Hill, Chair of the Board of Directors. I will also serve as Chair of the Annual General Meeting of Shareholders. During this virtual meeting, if you are experiencing any technical difficulties that require assistance, please contact for U. S. Callers or 303-five sixty two-nine thousand two hundred and eighty eight for international callers.
Hitting the refresh button on your computer screen may also fix minor technical problems. With me today on the call are Matt Murphy, Director of the company and its CEO and President Mitch Gaynor, our Chief Administration Officer and Legal Officer and Secretary. Mr. Gaynor will serve as Secretary of the meeting today Gene Hu, our Chief Financial Officer Ashish Sharan, our Vice President of Investor Relations. Mr.
Saran will also be reading the questions submitted by shareholders during the meeting and Scott Smith of Deloitte and Touche LLP, the company's auditors and independent registered public accounting firm. Also attending by phone are other officers and directors of the company. This Annual General Meeting is being held in accordance with the company's bylaws, Bermuda law and the agenda and rules of conduct that have been posted on the Virtual Annual Meeting website to assure fairness to all shareholders in attendance in an orderly meeting. We ask that participants abide by these rules and thank you for your cooperation. During the formal meeting, we will address the matters contained in the agenda and notice of this Annual General Meeting and more fully described in the accompanying proxy statement dated May 28, 2020.
The polls opened at the beginning of the meeting and we'll close the polls on all matters immediately after the presentation of today's proposals. Please note that if you have already voted, there is no need to do so again unless you wish to change your vote. If you wish to vote at this time, you may vote online following the instructions available on the virtual meeting website. After the polls are closed, an announcement will be made regarding the results and then the formal meeting will end. Questions for today's meeting must be submitted in writing.
If you would like to ask a question, please follow the rules of conduct on the virtual meeting website. To ask a question, you may use the chat function on the virtual meeting website. We ask that you limit yourself to one question. Please note that during the formal meeting, questions will be limited to the procedures for the meeting and proposals under consideration. Following the voting, we will have a 15 minute question and answer session to answer shareholders' questions of general interest.
You can submit your questions at any time during the meeting. Inspectors of Election, we are hereby appointing Ms. Susan Miller to act as Inspector of Election for this Annual General Meeting, and the Inspector of Election has signed an oath of office to execute her duties with strict impartiality, which will be filed with the minutes of this meeting. Our Inspector of Election will now provide information regarding the shares eligible to vote at this meeting. Ms.
Miller?
We have proof by affidavit from Broadridge that notice of this Annual General Meeting has been given, that the notice of the Annual General Meeting proxy statement related to the matters to be considered at this meeting and a proxy card were mailed commencing on May 28, 2020, to each shareholder of record as of the close of business on May 15, 2020, the record date for this meeting. According to the records of the company, as of the record date, a total of 665,000,000 252,963 of the company's common shares were issued and entitled to vote at this Annual General Meeting. Of these, 615,283,446 shares or approximately 92.48 percent of the outstanding shares are represented online or by proxy at this meeting. A copy of the affidavit is available to shareholders for inspection. A list of the company's shareholders is also available upon request.
Please use the chat function on the virtual meeting website to request a copy of this list.
Thank you. The company's bylaws provide that at least 2 persons representing in excess of 50% of the total issued voting shares constitute a quorum. I have been advised by the Inspector of Election that we have a quorum. Therefore, as Chair, I declare that a quorum is present and that we may now proceed to the business for this Annual General Meeting. Our Secretary will now describe the proposals to be considered at this meeting.
Mr. Gaynor?
Yes. So we're here today to consider and approve the following proposals as set forth in the notice to the meeting and the proxy statement. 1st, the election of 8 directors 2nd, an advisory non binding vote on named executive officers' compensation and third, the reappointment of Deloitte and Touche LLP as the company's auditors and independent registered public accounting firm and the authorization of our audit committee acting on behalf of the Boards of Directors to fix the remuneration of Deloitte for our fiscal year ended January 30, 2021. Approval of each of the proposals 1, 23 requires the affirmative vote of a majority of the votes cast. The detailed description of each proposal was included in the proxy materials mailed to each shareholder.
Board of Directors of the company has approved each proposal and each proposal is hereby submitted to the shareholders for approval. The Board of Directors recommends the approval of each of the proposals. Scott Smith at Deloitte and Touche is participating in today's meeting. Does anyone have any questions for Mr. Smith relating to the appointment of Deloitte as its auditors?
No questions have been received.
And does anyone have any questions regarding proposals 1, 23 before we close the polls? And we'll just pause for a minute, see if anyone submits 1.
No questions.
Okay. So at this time, I there are no questions on these proposals. I will now allow any final votes to be placed. It is now 1:0:8 p. M.
Pacific Daylight Time on July 23, 2020, and the poll for each matter to be voted on at this meeting is now closed. No additional votes and no changes or revocations will be accepted. Now that the polls are closed, the Inspector of Election has provided us with preliminary report. Our Secretary will now announce the preliminary results of the voting for each proposal. Mr.
Gaynor?
Thank you, Rick. With regard to the proposal number 1, I declare each of the 8 directors and nominees listed in the proxy statement who have been elected by the requisite majority. Proposal number 2 with regard to this proposal on an advisory and non binding basis to approve the compensation of Marvell's named executive officers, I declared that the resolution did not pass because it did not receive the requisite majority. And with regard to the 3rd proposal to approve the reappointment of Deloitte and 2 Shell LP as company's auditors and independent registered public accounting firm and the authorization of our audit committee to fix the remuneration of Deloitte for our fiscal year ending January 30, 2021, I declare the resolution carried by the requisite majority.
Thank you, Mitch. The final results of the voting will be set forth in this 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 current report on Form 8 ks filed with the SEC not later than 4 business days after this meeting. The voting portion of the Annual General Meeting has now been completed. As indicated in the notice of this Annual General Meeting, the company has an obligation under the laws of Bermuda and its bylaws to lay before the shareholders its audited financial statements.
Shareholders received a copy of the company's annual report on Form 10 ks for the fiscal year ended February 1, 2020, which included copies of the required financial statements along with the proxy statement. Copies of the financial statements are also available on the Investor Relations section of our website. The Chair will now entertain a motion to terminate the formal meeting.
I move to terminate the formal meeting.
Thank you, Mr. Walters. Is there a second for this motion?
I second the motion.
Thank you, Ms. Christopher. The formal portion of the Annual General Meeting is formally terminated and closed. Thank you very much for attending the formal portion of today's Annual General Meeting. We will now spend 15 minutes addressing general shareholders' questions that we have received in accordance with the rules of conduct.
It is our intent to try to answer all of our shareholders' questions, so we ask that you ask only one question. Mr. Gaynor?
So while we're waiting for anyone to submit a question, to remind everyone that certain comments today may include forward looking statements, which are subject to significant risks and uncertainties and which could cause our actual results to differ materially from management's current expectations. Each please review the cautionary statements and the risk factors contained in our most recent 10 ks, 10 Q and 8 ks filings with the SEC. We do not intend to update any forward looking statements that we make today. In addition, during our call today, we may refer to certain non GAAP financial measures. Reconciliation between GAAP and non GAAP financial measures is available on our website in the Investor Relations section.
There are no questions received as of right now.
We will continue to wait another minute or 2 and see if any more come in.
We do not have any active questions as of right now.
Okay. If there that being the case, it is now almost 1:15 p. M. And our meeting will end shortly. So there being no questions, this concludes our 2020 Annual General Meeting of Shareholders.
Thank you for joining us today.