Ladies and gentlemen, thank you for standing by, and welcome to the NVE Virtual Annual Meeting of Shareholders Conference Call. At this time, Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Dan Baker, President and CEO.
Good afternoon, and thank you for attending our 2020 virtual annual meeting of shareholders. This meeting is being held by telephone and electronic communication as described in our proxy statement and permitted under Minnesota Business Law and in these bylaws as amended effective May 6, 2020. A replay will be available on our website. We're sorry we're unable to have an in person annual meeting this year, but of course, health and safety is our primary concern. On the call co hosting this meeting with me are Kurt Reinders, our CFO, Secretary and Inspector of Elections, Terry Garner, our chairman Pat Hollister, our audit committee chair, Rich Cramp, director, Gary Maharaj director, and Rich Lehman partner with Boulay PLLP, our registered public accounting firm.
All of us will be available to answer questions during on the items in our proxy statement. I'll give a brief business overview and we'll open the call to questions. I hereby call the formal meeting to order and call on Mr. Rinders to present proof of the due calling of this meeting. Kurt?
As of June 12, 2020, which is the date of record for determining those shareholders, eligible to vote, there were 4,835,038 shares of common stock of the company outstanding and entitled to vote. We have an affidavit that the notice of this meeting and the proxy statement were mailed to the shareholders of record on June 22, 2020 and a report from Broadridge Financial Solutions that our materials or notices of internet availability for the materials were sent to our shareholders who held their shares in street name. A majority of the outstanding shares of common stock entitled to vote are required to constitute a quorum. Proxies indicating abstention from a vote and broker non votes are accounted for determining whether there is a quorum. We have represented by proxy today the holders of more than 50% of the shares outstanding on the record date.
I declare the meeting statements are available on our website at www.mv.com/annualreports if anyone would like to refer to them. As a matter of good corporate practice, each of our directors stands for election each year, and we submit our auditors for ratification. So we have 3 formal items of business to elect 5 directors to serve until the next annual meeting of shareholders. To consider advisory Public Accounting Firm for the fiscal year ending March 31, 2021. The Director nominees or all of our incumbent direct and are designated and listed in the proxy statement.
And we're all on this call. No other director candidates were nominated and no shareholder proposals were submitted. So there are no other agenda items. In accordance with Minnesota Business Law, the affirmative vote of florality of the voting power of common stock represented by proxy or by telephone, and entitled to vote is required to approve proposal 1 that is Director Election and the affirmative vote of a majority of the voting powers required to approve proposal 3 the ratification of our independent registered public accounting firm. Typically, our shareholders vote in advance via mail, internet, or telephone, But if anyone is voting now, please email an image of your proxy and the government issued form of photo ID to investor atnve.com.
The image should be of a proxy from us with a label indicating your shareholder number and the number of shares held if you are a shareholder of record or a form called the legal proxy, you could have requested from Broadridge if you hold your shares and street name. Will allow a few minutes if anyone is voting now. And in the meantime, I'll give an overview of our business. Hands on product demos have been a popular feature of our annual meetings, our in person annual meetings, We have a playlist of videos of the demos we were planning to have at this meeting, which you can find on our YouTube channel at youtube.com/ NVE Corporation. We also posted a link in our Twitter timeline.
Our mission is to be leaders in practical Spintronics. Our strategy is to we're targeting the internet of things, including factory automation and medical devices. We have a number of demonstrations sensors, couplers, and of the Internet of Things. 2 sensor illustrations are on the playlist for this meeting smart sensor intrusion detection and the limit switch. Intrusion detection is a familiar form of proximity sensing.
Unlike ordinary electromechanical sensors that we have in many of our homes for alarm systems and so forth, Our new smart sensors allow many sensors to be easily connected. We demonstrated this using a little Lego house, So an alarm sounds of a door opens. And that's one of the videos on the playlist. Proximity sensors are also essential factory automation. We have several demonstrations of our smart sensors with pneumatic cylinders, which are the common actuators or muscles in robots, industrial robots.
In a demo on our playlist, we stop an actuator just short of an egg showing the precision and flexibility of our smart sensors. We also show our So how does sensors support the industrial internet of things? We did a demonstration of the internet of things using a chessboard as a metaphor. In this video, we use a smart chessboard as a metaphor for the internet of things or IoT ubiquitous sensors are key to the IoT. IoT architecture includes a raise of sensors and possibly actuators which are called end nodes.
The chessboard uses 64 of our sensors to detect chess pieces on each of the possible squares where the pieces could be. The sensor nodes aggregated by Edge Computers, which operate in real time close to the nodes. In our demonstration, we used an inexpensive arduino single board computer to aggregate sensor outputs and produce human readable results. Artificial Intelligence could then be used with this aggregated data to make move recommendations, define strategies or analyze gains. The chessboard is analogous to an industrial internet of things factory where ubiquitous sensors keep track of parts, edge computers summarize the information and pass it on to other computers to adapt in real time to the things like process drift toolware, our customers buying behavior to make factories that are more efficient with fewer people.
In the COVID-nineteen pandemic, has increased interest in factory automation. The second part of our Internet of Things strategy is couplers to transmit data with Spentronic couplers. So those can be used to transmit data such as sensors sensor data between IoT nodes. And we demonstrated our couplers by sending information between 2 laptops using RS485 which is a common industrial network. The demonstration, which is part of that playlist, also uses couplers with transceivers, plus our new DC to DC converters.
Until recently, our couple of products transferred only data, The new world's smallest device of its type at less than 1 eighth by 1 quarter of an inch. And the final demonstration on our playlist shows that part. We connected a DC to DC converter directly to line voltage, which would be dangerous, and that's something you'd want to hook up to a computer. And we showed that by using an electrician's tester to show how dangerous voltages are on their dangerous voltages on our parts input. But not on the output.
And by the way, I was willing to risk my life to prove it by touching the output. So in the past year, we leveraged our leadership in practical SPENTronics with a number of new products and our strategy to target the large fast growing Internet of Things market. So, back to the voting, we haven't had anyone vote in real time here. So, Kurt, do you have a tally?
The voting report shows the following results. For item 1, each director nominee received in their favor, 91% of the shares voted. On item 2, 98% of the shares voted to approve named executive officer compensation. And on item 3, 99% of the shares voted were in favor of the ratification of the selection of Boulay PLLP as our independent registered public accounting firm.
On the basis of the voting, then I declare that each director nominee has been reelected named executive officer compensation has been approved and the selection report in a current report on Form Eight K within 4 business days is required. So there's no other formal business. I declare the formal meeting adjourned and will you. 383208 or toll free 8773036919 in the U. S.
That's 9736383208 or 8773036919. Daphne, do we have any questions?
And you have no questions at this time.
Well, if there are no questions, thank you for participating in our meeting or at least listening to it. We look forward to our next regular earnings call, which will be in October.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.