Good morning, ladies and gentlemen. I am Eric Gershwin, the President and Chief Executive Officer and the Director of MSC Industrial Direct Company Inc. On behalf of the company, I want to welcome you and thank you for attending this annual meeting of shareholders. Due to the public health impact of the COVID-nineteen pandemic, we've made the decision that this year's annual meeting will be held virtually with no physical meeting. And while the meeting is virtual, we do still welcome questions from our shareholders.
When we come to the Q and A portion, we'll answer questions from shareholders. You can submit your live questions through the text box that's located on your screen. Please note that this meeting is being recorded and may I please ask that you adhere to the rules of conduct that have been posted on the virtual portal when asking questions during the meeting. Before proceeding to the business of the meeting, I'd like to introduce the other current directors of the company who are also present at this meeting. Mitchell Jacobson, who serves as our Chairman of the Board Louise Gazer, Michael Kauffman, Steven Paladino, Philip Peller and Rodina Cesare, who serve as our independent directors.
I'd also like to introduce Steve Armstrong, who is our Senior Vice President, General Counsel and Corporate Secretary and is also present at this meeting. Finally, I'd like to introduce Jonathan Lipschutz and Carey Marshall of Ernst and Young LLP, our independent registered public accounting firm. During the question and answer period, Mr. Lipschutz and Ms. Marshall will be available to respond to any appropriate questions that you may have.
The meeting is called to order. I'll act as Chairman and Mr. Armstrong will act as Secretary of the meeting. Will the Secretary please report the number of shares outstanding and entitled to vote at this meeting?
The Board of Directors set the close of business on December 9, 2020 as the record date for shareholders entitled to notice of and to vote at this meeting. A certified list of shareholders entitled to vote at the meeting is available and may be inspected by any shareholder. As of the record date, 46,717,276 shares of Class A common stock were outstanding, each Class A share being entitled to one vote on all matters properly before the meeting and 9,097,245 shares of Class B common stock were outstanding, each Class B share being entitled to 10 votes on all matters properly before the meeting. We have received an affidavit of distribution establishing that the notice of this meeting was duly given. A copy of the notice of the meeting and the affidavit of distribution will be kept within minutes of this meeting.
Under New York law and the company's bylaws, the presence in person or by proxy of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock in the aggregate constitutes a quorum. A tally by the Inspector of Election indicates that a quorum is present. A final count of the exact number of shares present will be included with the minutes of this meeting. Peter Daskovich of Broadridge Financial Solutions has been appointed Inspector of Election for this meeting. He has taken the customary oath of office, which will be filed with the permanent records for this meeting.
Thank you, Steve. This meeting has been called to consider and vote on the following proposals as was more fully described in the proxy statement that was furnished to our shareholders in connection with this meeting. 1, to elect 7 directors to the Board of Directors 2, to ratify the appointment by the Audit Committee of Ernst and Young as our independent registered public accounting firm for a fiscal year and Young as our independent registered public accounting firm for fiscal year 2021 3, to approve on an advisory basis the compensation of our named executive officers and 4, to approve the amendment and restatement of our associates stock purchase plan to increase the number of shares available for sale there under by 350,000 shares of our Class A common stock and to extend the term of the plan by an additional 6 years through October 31, 2030. The election of each nominee for Director requires the affirmative vote of a plurality of the votes cast by the holders of the Class A and Class B common stock present and voting in person or by proxy at this meeting. The approval of the proposal to ratify the appointment of Ernst and Young as our independent registered public accounting firm for fiscal year 2021 the approval on an advisory basis of the compensation of our named executive officers as disclosed in the proxy statement and the approval to the amendment and restatement of our associates' stock purchase plan, each requires the affirmative vote of a majority of the aggregate votes cast on such proposal in person or by proxy at this meeting.
This meeting will take up separately each item of business. I'd request that any discussion in connection with an item be limited to that discussion. Following completion of discussion on all proposals, voting on all proposals will take place. The first order of business is the election of directors. In keeping with good corporate governance practice, the proposed slate includes a majority of independent nominees for director.
The company's Nominating and Corporate Governance Committee has reviewed the qualifications and independence of the nominees for director and with each member of the Nominating and Corporate Governance Committee abstaining as to himself or herself has recommended each of the other nominees to the Board of Directors. I now recognize Steve Armstrong.
I nominate the following persons named in the proxy statement for election as directors of the company to hold office in accordance with and subject to the provisions of the bylaws until the 2022 annual meeting of shareholders and until their successors are duly elected and qualified. Eric Gershwin, Louise Gazer, Rachel Jacobsen, Michael Kaufmann, Stephen Paladino, Philip Peller and Rudina Cesare.
I second the nomination and direct that the persons nominated as directors be voted upon by all those who have not previously voted by proxy. The next item of business is consideration of the ratification of Ernst and Young as our independent registered public accounting firm. Ernst and Young has served as our independent registered public accounting firm since 2002. After review of their past performance, the Audit Committee has appointed Ernst and Young as the company's independent registered public accounting firm for fiscal year 2021. Although shareholder ratification of the Audit Committee's action in this respect is not required, the Audit Committee and the Board of Directors consider it desirable for shareholders to pass upon the appointment of the independent registered public accounting firm.
And if the shareholders disapprove of the appointment, the Audit Committee intends to reconsider the appointment of Ernst and Young as our independent registered public accounting firm. A representative of Ernst and Young is present and will answer any appropriate questions that you may have during the later question and answer period.
Mr. Chairman, I move that the proposal to ratify the appointment of Ernst and Young as an independent registered accounting firm of the company for fiscal year 2021 be voted upon by the shareholders of the company.
I second the motion and call for a vote on the ratification of Ernst and Young as our independent registered public accounting firm for fiscal year 2021. The next item of business is to vote to approve on an advisory basis the compensation of our named executive officers as disclosed in the proxy statement. This advisory vote, which is required by the Dodd Frank Act, is not binding on the company. To the extent that there's any significant vote against our named executive compensation, our compensation committee will consider our shareholders' concerns and evaluate whether any actions are necessary to address those concerns.
Mr. Chairman, I move that the proposal to approve on an advisory basis the compensation of our named executive officers as disclosed in the proxy statement be voted upon by the shareholders of the company.
I second the motion and call for a vote to approve on an advisory basis the compensation of our named executive officers as disclosed in the proxy statement. The next item of business is to vote to approve an amendment and restatement of our associates' stock purchase plan. We are asking our shareholders to approve an amendment and restatement to increase the number of shares available for sale there under by 350,000 shares of Class A common stock to an aggregate of 1,850,000 shares of our Class A common stock and to extend the term of the plan by an additional 6 years which brings us through October 31, 2030.
Mr. Chairman, I move that the proposal to approve an amendment and restatement of the associates' stock purchase plan as disclosed in the proxy statement be voted upon by the shareholders of the company.
I second the motion and call for a vote to approve an amendment and restatement of the associate stock purchase plan. We'll now entertain questions from any interested shareholders present regarding the proposals to be voted upon. Please follow the instructions provided on the virtual meeting screen to submit questions and please adhere to the rules of conduct. Please standby while we review the questions submitted, if any, regarding the proposals to be voted upon. Okay.
Since there are no questions, we'll now proceed to open the polls for voting on all matters. It is currently 9.10 on January 27, 2021 and the polls for voting on all matters are now open. All MSC Industrial Direct shareholders entitled to vote at this meeting have the ability to do so online. If you are a shareholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so by following the instructions on the website used to access this meeting. Please remember that if you have already voted by proxy, it's not necessary to vote again.
Polls will remain open for 1 minute, after which we'll close the polls and the Inspector of Election will provide his preliminary report. Okay. 1 minute has elapsed. The polls are now closed. And I'll instruct the Inspector of Election to count the votes and submit the tally to the Secretary.
While the Inspector of Election is counting the votes, we'll now entertain any questions for the company's independent registered public accounting firm from any shareholders who are present. There will be a separate question and answer period with management after the close of the annual meeting. And again, please follow the instructions provided on the virtual meeting screen to submit questions. Okay. Since there are no questions, I'll ask the secretary to report on the vote on the proposals presented at the meeting.
Mr. Chairman, the Inspector has reported that the following nominees have received the highest number of votes for election as directors: Eric Gershwin, Louise Geyser, Mitchell Jacobson, Michael Kaufmann, Steve Paladino, Philip Peller and Rudina Cesare. More than a majority of the votes cast has voted for the ratification of Ernst and Young as our independent registered public accounting firm for fiscal year 2021. More than a majority of votes cast has been voted for the approval on an advisory basis of the compensation of our named executive officers as disclosed in the proxy statement. And that more than majority of the votes cast has been voted for the approval of the amendment and restatement of the associate stock purchase plan as disclosed in our proxy statement.
I therefore declare that Eric Gershwin, Louise Geyser, Mitchell Jacobson, Michael Kauffman, Steven Paladino, Philip Heller and Rodina Cecere have been elected as members of the Board of Directors to hold office in accordance with and subject to the provisions of the bylaws till the 2022 Annual Meeting of Shareholders and until their successors are duly elected and qualified. I also declare that the shareholders have ratified the appointment of Ernst and Young as our independent registered public accounting firm for fiscal year 2021, approved on an advisory basis the compensation of our named executive officers as disclosed in the proxy statement and approved the amendment and restatement of the associate stock purchase plan. The Inspector of Election will file the certificate with respect to the results of the voting in the company's minutes of this meeting. Is there any other business to be brought before the meeting? There is no other business.
The 2021 Annual Meeting of the Shareholders of MSC Industrial Direct Company Inc. Is adjourned and we thank you for your attendance. Our management will now entertain questions from any interested shareholders present. Please follow the instructions provided on the virtual meeting screen, submit questions, and again, please adhere to the rules of conduct. We thank you very much for attending and joining and wish everyone a healthy year.
The conference has now concluded. Thank you for attending today's presentation.