Good morning, and welcome to the Nike, Inc. 2023 Annual Meeting of Shareholders. I would now like to introduce Nike's Executive Chairman, Mark Parker.
Good morning, everyone, and welcome to Nike's 43rd Annual Meeting of Shareholders. I'm Mark Parker, Executive Chairman of Nike, and I will chair today's meeting. I now call this meeting to order. To begin, I'll first ask our Corporate Secretary, Mimi Hunter, to explain the mechanics of today's meeting. I will then introduce certain key participants who are attending this meeting virtually, including our board of directors. Once introductions are complete, we will move to the proposals to be voted on. There are 6 proposals to be voted on at this annual meeting, each of which is described in the company's proxy statement.
1, the election of directors; 2, an advisory vote to approve executive compensation; 3, an advisory vote on the frequency of advisory votes on executive compensation; 4, ratification of the appointment of PricewaterhouseCoopers as Nike's independent auditors for the current fiscal year; 5, a shareholder proposal regarding supplemental pay equity disclosure; and 6, a shareholder proposal regarding a supply chain management. After voting has ended on these matters, John Donahoe, our President and CEO, and a member of our board of directors, will review our performance during fiscal year 2023. We will then have a Q&A period, followed by a preliminary report on the voting results. Mimi, will you review the mechanics of the meeting?
Yes. Thank you, Mark. First, if you have not already voted your shares, or if you previously voted your shares and would like to change your vote, you may do so by clicking on the Vote Here button at the bottom of the webcast screen. Voting will remain open until we conclude our presentation of the six matters to be voted on at this meeting. Second, during the Q&A period, we will answer as many questions as possible. As noted in the company's Proxy Statement, shareholders were permitted to submit questions to management prior to the annual meeting, and we have already received a number of questions. You may also submit a question during the meeting by typing your question in the box at the bottom left of the webcast screen.
In order to answer as many shareholder questions as possible, if we receive multiple questions on the same or similar topic, we will consolidate those questions and then answer them together. Finally, we note that a recording of this virtual meeting will be available on our website approximately 24 hours after the meeting ends. We therefore ask that you please refrain from recording this meeting.
Thank you, Mimi. I would like to introduce our current board of directors, consisting of the 13 individuals you see pictured on your screen. You will hear from John Donahoe and myself during the course of this meeting. Representing our outside auditor, we have Kelley Keller from PricewaterhouseCoopers in attendance today. PwC has been Nike's outside independent accounting firm for many years. And finally, Tony Carideo is in attendance today as a representative of Broadridge Financial Solutions, and has been appointed the Inspector of Election for this meeting. All right, let's move on to the proposals. I have been advised by the corporate secretary that the notices of this meeting were duly and properly given, being mailed in accordance with the bylaws on July 28, 2023, and that a quorum of both Class A and Class B common stock is present today.
Since the quorum is present, I declare this annual meeting of the shareholders of Nike, Inc. duly convened. We will dispense with the reading of the minutes of the last annual meeting and proceed to the matters to be voted on. Mimi, I would like to ask you to present the proposals and the board of directors' recommendations to the shareholders at this time.
Thank you, Mark. The first matter we will vote on is the election of directors. The board's nominees for election by the Class A shares are: Tim Cook, John Donahoe, Thasunda Duckett, Mónica Gil, Maria Henry, Peter Henry, Travis Knight, Mark Parker, Michelle Peluso. The board's nominees for election by the Class B shares are: Cathleen Benko, Alan Graf Jr., John Rogers, Jr., Robert Swan. The board recommends a vote for each of these nominees.
Thank you, Mimi. In accordance with the company's bylaws and corporate governance guidelines, the board has reviewed and considered all other nominations received by the company. Therefore, I declare the nominations closed.
The second matter to be voted on is an advisory vote on executive compensation. The board recommends a vote for approval of the advisory vote on executive compensation. The third matter to be voted on is an advisory vote on the frequency of advisory votes on executive compensation. The board recommends a vote for approval of the advisory vote on executive compensation to be held every one year. The fourth matter to be voted on is shareholder ratification of the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for fiscal 2024. The board recommends a vote for ratification of the appointment of PricewaterhouseCoopers. The fifth matter to be voted on is a shareholder proposal regarding supplemental pay equity disclosure. The board recommends a vote against this proposal for the reasons set out in the company's Proxy Statement.
We will now play a pre-recorded statement from Natasha Lamb to present the proposal. Operator, please play the statement from Ms. Lamb at this time.
Good morning. My name is Natasha Lamb from investment management firm, Arjuna Capital, and I move proposal number 5, asking for disclosure of median racial and gender pay gaps as a means to address structural pay inequity over time. In its opposition statement, Nike touts its current pay equity disclosures. However, these disclosures are incomplete because the company ignores median pay gaps completely. That's despite the fact that median gaps are literally the definition of what a pay gap is. Median gaps compare what women make versus men, and what minorities make versus non-minorities on the median across an entire company. Nike's current statistically adjusted pay gaps only assess whether minorities and women are paid similarly for the same roles as their direct peers. And while that's important, it does nothing to address the structural racism and sexism that relegates people of color and women into low-paying jobs.
Nike also touts its disclosure of representation data to justify its lack of median pay disclosure. Yet representation data is not a substitute for median pay data, which shows us quite literally how companies assign value to their employees through the roles they inhabit and the pay they receive. For instance, a company could have high representation data, but have women and people of color in all low-level, low-paying roles. Median pay data provides a digestible metric for investors to assess how the company makes meaningful progress on equity and opportunity over time. Nike also references a 2021 shareholder vote on this proposal in an attempt to discredit its importance, but the reality is that the standard of disclosure has changed since that time. Currently, 15% of the largest 100 U.S. companies report or have committed to reporting on median pay data.
Within the last few months, consumer peers, Target, Lowe's, Best Buy, Home Depot, and Chipotle all disclosed median pay gaps for the first time. They join others like Starbucks, Citigroup, and Pfizer, who have shown leadership by creating a new standard for accountability and performance. We would like to see Nike do the same. Countries like the U.K. and Ireland already mandate companies to report median gender pay gaps, recognizing its distinct value as a measure of equity and progress. In Nike's 2021 U.K. gender pay gap disclosure, the company reported an hourly median pay gap of 7% and bonus median pay gap of 33% for U.K. operations. United States investors deserve the same courtesy in understanding U.S. operations. Thank you for your support of transparent, fulsome, and honest pay equity accounting.
The sixth matter to be voted on is a shareholder proposal regarding a supply chain management report. The board recommends a vote against this proposal for the reasons set out in the company's Proxy Statement. We will now play a pre-recorded statement from Samuel Collins to present the proposal. Operator, please play the statement from Mr. Collins at this time.
Tulipshare presents Proposal Six, requesting a report to shareholders assessing the effectiveness of Nike's existing supply chain management infrastructure in ensuring alignment with the company's equity goals and human rights commitments. In the apparel industry, forced labor occurs both in the production of raw materials and during manufacturing, especially at lower-tier suppliers. An estimated 27 million people are trapped into forced labor, with annual increases driven entirely by the private economy. The UN Guiding Principles require corporate responsibility to respect human rights within operations and throughout supply chains. Nike's impact report includes continued support for the UN Global Compact. However, Nike's communication on progress only meets six of 17 Sustainable Development Goals.
Nike has not disclosed adequate analysis regarding the efficacy of traceability steps taken to address the risks of alleged Uyghur forced labor across its supply chain tiers, nor does Nike disclose engagement with affected rights holders or whether remedies are satisfactory to victims. In 2022, the EU adopted a directive on Corporate Sustainability Due Diligence in global value chains, requiring companies like Nike to identify, prevent, end, or mitigate adverse impacts on human rights. This directive sets obligations, penalties, and liability for large companies with respect to their own operations, subsidiaries, and business partners. Rather than risk the significant negative financial consequences of failing to comply with this regulation and potentially losing European market share, we are asking for your vote to ensure Nike assesses the effectiveness of its existing supply chain management infrastructure and safeguard the company and its investors from financial, legal, and reputational risks.
In 2023, garment worker unions and labor rights groups filed a complaint alleging Nike's treatment of workers and unpaid wages had violated OECD Guidelines. Nike allegedly owes an estimated $1.4 million in unpaid wages to Cambodian garment workers, with Nike's overall wage theft from workers alleged at $28 million. This isn't the first time Nike has faced scrutiny over its treatment of workers, and it's time for the company to ensure that its equity and human rights commitments are met. One possible approach for Nike to fulfill its responsibility is through the deployment of the American Bar Association's Model Contract Clauses. The contract clauses are aimed at ensuring responsible purchasing practices such as reasonable assistance to suppliers, responsible exit, and victim remedies.
Nike states it considers the U.N. Guiding Principles to inform its expectations of suppliers and producers through publication of its supplier code of conduct and code leadership standards. However, traditional code of conduct, such as these, put the onus entirely on the supplier to uphold human rights, which is not realistic and has a very weak track record of effectiveness, as it does not acknowledge Nike's own role in human rights impacts. The Model Contract Clauses bridge this gap by advocating for a shared responsibility approach to upholding human rights between the buyer and supplier. This is why the report needs to be issued, to provide assurance that the board is fulfilling its fiduciary duty to protect Nike and its shareholders from adverse financial, legal, and reputational risks associated with forced labor. Shareholders, I'm asking you to vote for Proposal Six.
Thank you. We have now covered the shareholder proposals.
Thank you, Mimi. I now declare the polls closed. I will now turn the meeting over to John Donahoe, our President and CEO, to review our fiscal year 2023 performance. John?
Thank you, Mark. Good morning, and nice to be with all of you. Fiscal 2023 was a milestone year for Nike as we continue to show the power of being driven by sport. Sport defines everything we do. It's our differentiator. We make elite and everyday athletes better by inspiring and enabling them throughout their sport journeys. And the definition of sport continues to expand, inviting even more people all over the world into fitness, movement, and play. Now, over three years after the start of the pandemic, the societal movement toward comfort remains, as does a global focus on health and wellness. So as ever, it is our passion and deep connection to sport that keeps us in the lead. We serve our consumers with innovative products and experiences that are the envy of the industry.
Today, we're continuing to drive distinction against our competition, thanks to the meaningful relationships we have with our consumers. We also succeed thanks to our world-class team. Across four geographies and three brands in Nike, Jordan, and Converse, our team continues to prove their creativity and resilience. Every year, our teammates come together to manage through uncertainty as one team to create the future of Nike. Our team is the reason behind our strong performance and current momentum, and I want to sincerely thank them. Looking at fiscal 2023, we delivered on our operational and financial goals. Operationally, we returned to healthy inventory ahead of our competition. The decisive actions we've taken to prioritize a healthy, full market have positioned us for more profitable growth going forward. We surpassed $50 billion in revenue, which represented strong double-digit growth for the year on a currency-neutral basis.
This growth was broad-based across our geographies, our portfolio of brands, and our consumer construct of men's, women's, and kids. And the Jordan Brand, in particular, had a standout year, with strength in its key growth opportunities, such as women's apparel and international. Thanks to a strong roster of exciting young superstars, growth in Jordan performance footwear is now outpacing the already strong retro footwear. And today, Jordan is well on its way to becoming the second largest footwear brand in North America. Simply put, we see a tremendous amount of potential for Jordan and its unique ability to drive culture, connection, and growth like no one else. Now, as you know, for us at Nike, it always starts with innovation. Our relentless product pipeline is fueled by our culture of innovation, and this is what drives our competitive leadership.
We know this is how the consumer cast their vote, and therefore, it will always be paramount for us. There's no better example of our innovation of our leadership in innovation and product than what you've seen this summer at the World Cup. In Australia and New Zealand, we debuted the Phantom Luna, our most innovative women's-led football boot ever. Our World Cup kits introduced significant fit and material innovations mapped to a female athlete's specific movements. We created our largest-ever football-inspired sportswear collection for fans and athletes when they're off- pitch. Along with our perennial favorites like the Mercurial, our work serving global football athletes across both men's and women's continues to set the pace. In basketball, the LeBron XX was the strongest LeBron launch in years, fueled by the blend of innovation with storytelling design.
The Sabrina 1, which offers female players a unique traction pattern, also had a strong launch across both men and women, helping double our WNBA business versus what it was just two short years ago. Across all three of our brands, Nike, Jordan, and Converse, we continue to define the sport of basketball, both on and off the court. We remain confident in growth opportunities like running. We are prioritizing the needs of everyday runners through newness and consistency in the key styles they love most. This year, we launched the Invincible 3, which uses the most ZoomX foam of any of our road running shoes for maximum cushioning and comfort. The Invincible 3 and its clean design demonstrates our intention to not just innovate for performance, but to also drive the lifestyle running as well.
The Vomero 5, which double downs on that intersection of running and streetwear, has become a staple of modern sneaker culture this year. This is just the start as we reinvigorate and strengthen our running footwear line, with more to be unveiled as we build momentum heading into the Olympics in Paris next summer. We're in a competitive mode with our running business, and we are competing to win. Our work to innovate for the future can also be felt across the marketplace. We continue to bring to life our vision of giving consumers personalized digital experiences, regardless of channel. We know that consumers expect us to know who they are, both online or offline, and across the full array of mono-brand, Nike Digital, and our wholesale partners. Our Membership offense allows us to know our consumers better and serve them better.
This year, we expanded our membership base, but importantly, we also elevated what the member experience means for our business, both in our digital channels and our own physical retail. Today, our members engage with us more frequently. They buy more, and they're more loyal to our brands. So looking ahead to fiscal 2024, I'm confident and energized. Our team is focused, our innovation pipeline is as relentless as ever, and globally, we are united by our winning culture. Nike will stay on the offense as we continue to create the future of sport, and I wouldn't trade our position with anyone. Thank you, and now back over to you, Mark.
Thank you, John. We have now reached the Q&A portion of the meeting. Many questions were submitted in advance of the meeting, and we also have monitored any questions submitted during the meeting. Several key themes have emerged, with shareholders expressing interest in hearing more about Nike's strategy, product innovation, the supply chain, our diversity, equity, and inclusion initiatives, our business in China, and our long-term growth opportunities. As Mimi previously noted, we have consolidated similar questions based on these key themes. So we will have the time to address as many topics as possible. And joining me to answer these questions are John Donahoe, Matt Friend, our Chief Financial Officer, Heidi O'Neill, President of Consumer, Product, and Brand, and Craig Williams, President, Geographies & Marketplace. I will read the questions and then ask the team to answer them.
So let's begin with the first question, which is about Nike's marketplace strategy. It reads: You are three years into your Consumer Direct Acceleration strategy, and more recently, there have been headlines about reentering various wholesalers. Have you changed your strategy? Will you be able to deliver your long-term profitability goal if the channel mix benefit is not as prominent through direct? John and Matt, why don't you take this one?
Thanks, Mark. Let me just start by saying that our marketplace strategy remains the same. Simply put, our focus is to serve consumers with what they want, when they want it, and how they want it. Nike creates distinction across the marketplace by segmenting our consumer experiences to drive deep and direct connections with consumers across all channels. Now, it starts with digital. We've accelerated our investment to create a truly distinctive digital experience through our own platforms, powered by our Membership offense. Secondly, we also actively manage and partner with our multi-brand partners in three complementary areas that each serve distinct consumer needs. We've created greater focus and differentiation by working with fewer large multi-brand partners who have the scale to invest across the full retail experience. We've also sharpened our commitment to neighborhood authenticators in both sport and lifestyle to drive energy and validate our brand.
Last but not least, we partner with accounts that help us provide access to consumers in key segments and price points that might otherwise not be met. In addition, we continue to invest in Nike mono-brand store concepts that create new distribution and serve growth in consumer segments that are underaddressed in the market, such as women's and the Jordan Brand. This is how our Consumer Direct Acceleration strategy drives the future of the marketplace, which we envision to be a seamless, member-led experiences that addresses the opportunities we see across consumer landscape and meets consumer needs. As we grow, we're always actively managing our marketplace to serve consumers with expanded choice and access and convenience. Matt, would you like to comment on profitability?
Sure, John. Our Consumer Direct Acceleration strategy is a consumer-led strategy, and it is transforming our operating model and our financial model. When we look at our business mix shift compared to pre-pandemic levels, we've made significant progress. We finished fiscal 2023 with Nike Direct comprising 44% of our total Nike brand business, and Nike Digital at 26%, compared to 32% for Nike Direct and approximately 10% for digital in fiscal 2019. Nike Direct continues to lead our growth, and we continue to see the strategic and financial benefits of building deep, direct connections with our consumers at scale. In terms of where our exact business mix lands, the consumer will ultimately decide our endpoint. We also continue to drive focus and attention on improving our marginal cost of growth, expanding our profitability, and driving higher returns on our invested capital.
We're confident that we're going to be a more direct and more digital company over the long term, and we remain on the path toward achieving our long-term profitability goals.
Thanks, John and Matt. Our next question is about innovation. How do you assess your innovation pipeline, and how do you decide what is right for the consumer? Heidi, why don't you take this one?
Sure, Mark. Thanks. Our Consumer Direct Acceleration strategy continues to unlock our future growth potential by powering up our holistic offense across product, innovation, storytelling, and marketplace, all fueled by consumer insights and the voice of the athletes. Everything we do starts with listening to the voice of the athlete, and our pipeline is built to serve consumers across all sports, all geographies, and all levels of play, from elite to everyday athletes. And more and more, we're evolving from sponsorship to partnerships, meeting athletes where they are and doing what we do best: turning insights into action. Some examples include Nike, at Nike's Athlete Think Tank, Serena Williams Design Crew, and Megan Rapinoe's Victory Redefined collection. Our consumer insights, research and development, and innovation pipeline continue to keep us in the lead.
For example, in global football, as John mentioned, we just launched the Phantom Luna boot, the most innovative and researched women's-led boot in our company history. It features a breakthrough new traction pattern, Nike Cyclone 360, reducing rotational traction and helping players move with agility, precision, and confidence on the field. We also launched Nike's most comprehensive women's football collection ever, including kits designed with state-of-the-art digital design tools to tune the material pixel by pixel for mobility and breathability, exactly where our athletes need it most. In basketball, we have an evolution of in-depth athlete research and partnership, enabling us to deliver innovation across the Nike and Jordan signature and performance portfolio, including the new Sabrina 1, the Air Jordan XXXVIII, the Zion 3, the Luka 2. And stay tuned for more energy in this space, with some exciting announcements coming very soon.
In running, we are dominating race day with NEXT% and serving the fast-growing trail segment, running with all new Ultrafly and Pegasus Trail 4. We are accelerating our offense in road running with a deep heritage and a new pipeline of innovation, including the Invincible, Infinity, and Pegasus. We have so much more to come, including new and proprietary innovation and a focus on delivering game-changing footwear and apparel launches for both men and women. Lifestyle footwear continues to drive excitement and energy with Air Max 1, the Vomero 5, the Gamma Force, all resonating. We have an all-new lifestyle innovation coming next year, building on our proprietary Air platform.
We continue to set the pace in our industry by creating an integrated offense that brings together the best product, innovation, brand storytelling, and marketplace experiences, all in service of delivering form, function, and style for our consumers.
Thanks, Heidi. Our next question relates to the supply chain. It reads: Nike has faced multiple supply chain challenges over the past two years, which pressured your financial results. What did Nike learn from those challenges, and how has Nike shifted our future supply chain strategy? Matt?
Thanks, Mark. As you noted, over the last few years, Nike's leveraged our operational capabilities and playbook to manage through unprecedented disruption in the global supply chain due to the global pandemic. And this has included things like factory shutdowns, transit delays, and supply shortages, and then rapid improvement in transit times and multiple seasons of inventory arriving together like we had last year. I could not be more proud of how our teams have continued to adapt to the changing circumstances we've faced. And over this past year, we led with decisive actions to strategically manage extra inventory and drive a quicker return to a healthy pull market. And while this did have a transitory impact on gross margins in fiscal 2023, our priority was to set the stage for future seasons of sustainable, profitable growth.
Ultimately, we exited fiscal 2023 in a healthy marketplace position, with total marketplace inventory units, which includes Nike and our wholesale partners, down year-over-year. We feel great about the results driven by our decisive actions over the past year, and along with a robust product innovation pipeline, like Heidi just referenced, and a normalized flow of supply, we're confident that Nike's ready to compete and to win. Craig, anything to add?
Thanks, Matt. I'll just add that we're focused on building a supply chain that is both responsive and resilient. This includes four key elements: diversifying our manufacturing countries of origin, accelerating innovation and automation in our Nike manufacturing system, driving greater speed and precision through locally responsive models, and creating a digital-first consumer fulfillment network at scale. This ongoing transformation is laser-focused on ensuring we have the right products in the right places for consumers.
Thanks, Matt and Craig. Our next question relates to diversity, equity, and inclusion, or DE&I. Can you talk about how Nike implements DE&I programs and measures standards? John?
Yeah, thanks, Mark. We're investing in a more equal, inclusive, and active community, starting with the cities in which we live, work, and operate. Within Nike, we're building a more diverse and inclusive team to reflect the unique communities of the athletes we honor and serve, and the people who love our products. We're also working to ensure representation exists at all levels of our organization, and we're holding ourselves accountable. We strive to ensure that each person, both now and in the future, are included and celebrated for who they are, and we're creating the pathways, culture, and practices that build a Nike team representative of the people we serve. Now, we've made significant progress across our DE&I goals. Heidi, would you update us on that progress?
Sure, John. As highlighted in our FY 2022 impact report, we have maintained one-to-one pay equity for women and U.S. racial ethnic minorities. We've maintained 51% representation of women in our global corporate workforce and increased the number of women at the director level and above by 4 percentage points to 43%. And roughly 39% of our US corporate workforce are racial and ethnic minorities. We've empowered our first two strategic suppliers to achieve gender- equitable workplaces with upward mobility for women, and we continue to invest in the recruitment, growth, and development of Nike teammates, particularly those from underrepresented communities. From our partnerships with historically Black colleges and universities, to product lines co-created with diverse athletes, to industry-leading programs accelerating the careers of women from all walks of life, we'll continue to push forward.
Our purpose guides us, and we believe diversity of background and thought fuel design and innovation. We are committed to attracting and developing the best and brightest talent to serve the future of all athletes and sport.
Thanks, John and Heidi. Our next question relates to our business in China, and it reads: China has long played a key role in Nike's growth strategy. How is Nike thinking about the business today, considering the disruptions in the past few years and the increasing concerns for the macro environment? Craig?
Yes, thanks, Mark. We are definitely coming off of disruptions, roughly three years of unprecedented disruption in this market. But the team's resilience, experience, and strategy continues to set us apart. We're pleased with the three consecutive quarters of positive revenue growth in FY 2023 on a currency- neutral basis, and we remain the number one favorite and number one cool brand. We're committed to investing in China for the local consumers. We have launched China-specific versions of our apps to build Nike experiences that are faster, more engaging, and more personalized. We created a first of its kind China-specific member journey with Tmall, which saw significant uplift in new member recruitment and demand per member. We piloted Connected Membership in our key Nike store partners, driving conversion, member acquisition, and retaining high-value members.
The team continues to drive China-specific initiatives like creating hyper- local product design and local marketing, storytelling, and content. In short, we remain extremely confident in our local team and long-term opportunities in Greater China. This is the geo where our brand really comes to life, and we use these insights across the entire company.
Thanks, Craig. Our final question relates to long-term growth. It reads: What drives the long-term growth opportunities for Nike, and what gives you confidence? John, why don't you take this?
Great. Thank you, Mark. You know, over the last 50 years, Nike has always been a growth company, and for over five decades now, we have innovated for athletes, redefining sport for generation after generation. So today, we're the biggest champion for athletes in sport, and we've inspired a global community and remained driven by the power of sport to create a better world. So we remain quite confident in our long-term strategy and our growth outlook. Our structural tailwinds, which include the expanded definition of sport, the societal movement toward comfort and health and wellness, and the fundamental shift in consumer behavior toward digital, all continue to create energy and momentum for us. Nike's growth always has been and will continue to be the result of three things.
First and foremost, our culture of innovation drives a continuous pipeline of new products and is the lifeblood of everything we do. And then secondly, we combine that with a brand that deeply and three brands, in fact, that deeply connect with consumers and fueled by authenticity and sport and compelling storytelling. And then last but not least, we drive competitive advantage in digital as one of the few brands that can connect with and directly serve consumers at scale, whether it's through our own digital channels, our strategic partners, or our mono- brand retail. Matt, would you add, like to add anything to this?
Yes, I would, John. For Nike, everything starts with the consumer. So whether it's how we innovate to make athletes better, to serve more athletes, and to make the world better for athletes everywhere, or how we elevate and transform the marketplace to serve consumers seamlessly, or how we unlock the meaningful growth potential that we continue to see in our international markets, we know that when we create value for the consumer, we will create value across our entire ecosystem. And beyond unlocking opportunity for future growth, our confidence also comes from seeing around the corner on the transitory headwinds that have pressured our profitability over the past few years. When combined with our structural opportunities to improve profitability as we grow, we are confident that Nike continues to strengthen our foundation for sustainable, profitable long-term growth.
Thank you, John, Matt, Heidi, and Craig. Thank you, everyone, for your thoughtful questions. At this time, I'd like to hear the voting results. Mimi?
I've received the preliminary tabulation from Broadridge, and based on that tabulation, I am pleased to report that the 13 nominees have been duly elected as directors of this company for the ensuing year. The compensation of the named executive officers has been approved. The frequency of future advisory votes on executive compensation will be every one year. PricewaterhouseCoopers' selection as the independent registered public accounting firm for the current fiscal year has been ratified. The shareholder proposal regarding supplemental pay equity disclosure was not approved, and the shareholder proposal regarding a supply chain management report was not approved.
Thank you, Mimi. Since there are no other matters to discuss, I will adjourn the meeting with best wishes to everyone to stay safe and healthy. And as this incredible year of women's sport continues, we'll close with one more look at the power in expanding the world of sport to celebrate health, fitness, and the joy of movement.