Good morning, and welcome to Newmark Group Inc. Twenty eighteen Stockholders Meeting. At this time, I'd like to turn the conference call over to Mr. Barry Gossen, Chief Executive Officer of Newmark. Please go ahead, Mr.
Gossen.
Welcome and thank you. Good morning and welcome to Newmark Group Inc. Two thousand and eight Annual Stockholders Meeting. I'm Barry Gossen, Chief Executive Officer of Newmark. On behalf of our entire board, our officers and employees, I would like to thank you for attending our very first annual meeting of stockholders.
We are pleased to conduct this meeting virtually via the Internet. This meeting format is efficient and allows us to be more inclusive and reach a greater number of our stockholders. At this time, I would like to announce that the polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or Internet and do not wanna change their vote do not need to take any further action.
I would now like to introduce you the Newmark independent directors that have joined us for this call, John Dalton, Michael Snow, Peter Savinca, and Virginia Bauer. Also with us today is Howard Ludnick, our chairman Jim Ficara, our COO Mike Rispoli, our CFO and our attorneys, Steven Merkel, who serves as our secretary and Carolyn Kostar, our assistant secretary. Also on the call are Chris Jensen, who is with our outside counsel at Morgan Lewis Bacchius and Hal Berliner, David Stallo and Amy Nielsen from our independent auditors. We'd like to open the meeting with official business. I will be serving as chair of this meeting.
After the formal meeting has been adjourned, we will not have a presentation about our business, but we will provide time for general questions. Validated stockholders may ask questions in the question field on the web portal. We will attempt to answer as many questions as time allows, but only questions that are relevant to the meeting will be addressed. Please note that while this meeting is being recorded by the company and an audio replay will be available on our Investor Relations website, no one attending via the webcast or telephone is permitted to use any audio recording device. I'd like to thank you all for joining us today and for your continued support of Newmark.
With that said, I now call this virtual meeting to order, and I appoint Carolyn Koster to act as secretary of the meeting to chair recognizing miss Koster.
Thank you, Mr. Goszin. I have received the affidavit of Broadridge Financial Solutions, Inc, attesting to the mailing on August 1438, of the notice of Internet availability of proxy materials relating to this meeting the holders of record of the company's Class A and Class B common stock as of the close of business on July 3038, the record date for this meeting. I've also received from American Stock Transfer and Trust Company, the company's transfer agent, a list certifying the names, addresses, and stock ownership of the holders of record of the company's Class A and Class B common stock at the close of business on the record date. At this time, I would like to introduce Mr.
Peter Descovich, a corporate representative of Broadridge Financial Solutions is qualified to serve as the inspector of elections and who delivered the inspector's oath earlier this morning.
Good morning. I direct that the affidavit, the oath, the notice, and the other documents be filed with the minutes of the meeting and that the list of of stockholders be filed with the records of the company. In addition, I hereby appoint Peter Dzeskovich to act as the inspector of elections.
At this point, I would like to announce the online polls are closed, And I will now report the preliminary results of the voting. First, we will determine whether a quorum is present. The Inspector of Elections has advised me that they are present in person or represented by proxy to holders of at least 134,472,045 shares of the Class A common stock of Newmark added out of the total of 138,921,532 outstanding shares of class a common stock, each of which is entitled to one vote per share, and 15,840,049 shares of the class b common stock, each of which is entitled to 10 votes per share, which represents all the class b common stock outstanding as of the record date. These shares represent adequate voting power, and a quorum is present for purposes of transacting business.
I direct that the proxies and any substitution of proxies submitted via the virtual meeting portal be filed with the records of the company.
I will now present the matters to be voted upon. The first order of business is the election of directors. The board has previously nominated Howard W. Lutnick, Michael Snow, Peter Estrabinka and Virginia S. Bauer as directors of the company, each for a term expiring at the twenty nineteen Annual Meeting of Stockholders.
The Board of Directors of the company has recommended that the stockholders vote in favor of the of the proposal to elect each of the nominees. I am pleased to report that I have been advised by the inspector of elections that the stockholders present or represented at the meeting have cast at least 286,259,498 votes for each of miss Bauer and mister Zlutnik, Serbinka, and Snow for the election of each as a director of the company, which is at least a plurality of the total voting power of the shares of common stock present in person or by proxy and entitled to vote. All nominees have been reelected.
Congratulations to each of you. I would also like to thank John Dalton, who is retiring from the board as of this meeting, for his service as a Director, he has been a wise and valuable member and his guidance and advice will be missed by all of us. The second order of business is the advisory vote by the stockholders on the company's executive compensation. The details of the executive compensation are set forth in the company's proxy statement.
The Board of Directors in the Compensation Committee of the company recommended that stockholders vote on an advisory basis in favor of the compensation paid to the company's named executive officers. I've also been advised by the sector's elections that the stockholders present and represented at the meeting have cast at least 289,000,000, 215,954 votes on an advisory basis in favor of the compensation paid to the company's named executive officers, which is at least the majority of the total voting power of the shares of common stock present in person or by proxy and entitled to vote. The executive compensation proposal is approved.
The advisory vote on executive compensation is noted. The third order of business is the advisory vote on the frequency of future advisory votes on executive compensation.
The Board of Directors and the Compensation Committee of the company have recommended that the stockholders vote for a period of every three years as the frequency with which the stockholders are provided with an advisory vote on executive compensation. I've been advised by the Inspector of Elections that stockholders present or representatives at the meeting have cast at least 277,971,761 votes in favor of three years as the frequency for such an advisory vote. This is at least the majority of the total voting power of the outstanding shares of Class A and Class B common stock in person or proxy entitled to vote, and the three year frequency proposal is approved.
The advisory vote of every three years as the frequency for a stockholder advisory vote on executive compensation is noted.
The final tabulations of the votes on all of these matters will appear in Newmark's Form eight k to be filed with the Securities and Exchange Commission later this week.
If there is no further there is no further business to come before the meeting, the meeting shall be adjourned. Thank you for your participation and your support of Newmark. We will not be making a presentation about our business on today's call. We will now address stockholder questions relating to the meeting that are entered today on the web portal. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible, and we may be able to post responses to some generally applicable questions later today in the investor relations portion of of our website.
Thank you, Mr. Gotham. While we're waiting to see if there are questions posted, before we begin, I would just like to remind all attendees that the information delivered during this question and answer period. If there are questions, we may contain forward looking statements as defined in the SEC rules. And such forward looking statements may include statements about the outlook and prospects of Newmark's industry as well as statements about our future financial and operating performance.
Such statements involve risks and uncertainties, and except as required by law, Newmark undertakes no obligation to release any revisions to any forward looking statements. Please see our public filings for any more information and for risk factors. All financial results, if any, that are provided in response to any questions will be on an adjusted earnings basis unless otherwise stated. And again, please see Newmark's financial results press release, 08/02/2018, for GAAP results, definitions of these terms and reconciliations. I'm happy to turn the meeting back over to Mr.
Gosson for any we don't have any questions at this time. So I just for concluding remarks.
Thank you all for joining, and thank you for your support of Newmark Group.
Ladies and gentlemen, that does conclude today's meeting. We do thank you for joining. You may now disconnect your lines.