Good morning and welcome to O-I's annual shareholders meeting. This is John Humphrey, O-I's independent board chair. I'll be leading today's meeting. We are holding our annual shareholders meeting virtually again this year. With me on the line is Darrow Abrahams , General Counsel and Corporate Secretary. We are also joined today by our board of directors, as well as other members of the company's management. Additionally, Christy Kahn Jungberg, representing Ernst & Young, our independent registered accounting firm, and Maria Rizzutti, a duly appointed inspector of election, are also present on the line. On behalf of the entire board, I would like to thank the entire O-I team for all their efforts over the last year and their continued commitment to making safe, sustainable packaging for the food and beverage products that we enjoy every day. Today, our agenda focuses on the business portion of the annual meeting.
On your screen, you will see the agenda, a link to the proxy statement, as well as a link to the rules of conduct and procedures. We ask that you abide by these rules. We will now turn to the formal business portion of the meeting. If any shareholder, as of March 19th, the record date, has not yet voted on the four proposals, please do so now, as the voting window will be closing upon the conclusion of reading the proposals. Shareholders who have previously voted their proxies do not need to take any further action at this time. We have allocated time for your questions that specifically pertain to the matters on the agenda for this annual meeting after the adjournment of the formal part of the meeting. If you wish to do so, please use the Ask a Question function on the web portal.
I now call the meeting to order. The purpose of this meeting is to discuss and vote upon the four proposals outlined in the proxy statement for this meeting. The next order of business is to determine the presence of a quorum and to submit proof of notice of the meeting. Darrow Abrahams , as Corporate Secretary, will now address those matters.
Thank you, John. Proxies were solicited from all shareholders of record on March 19th. The proxy materials or notice of internet availability of proxy materials were distributed on or about April 1st. The appointed inspector of election reported that there is represented at this meeting over 88% of the common stock of the company outstanding on the record date. As such, a quorum is present and the business of the meeting may proceed. On or about April 1st, the company distributed or made available to each shareholder, as of March 19th, the company's notice of annual meeting of shareholders, along with its proxy statement and its annual report to shareholders. This notice and my affidavit of distribution thereof will be copied into the minutes of this annual meeting. Attached to my affidavit are the proxy statement and the common stock proxy card that have been used for this meeting.
Thank you, Darrow. The next matter is a vote on the four proposals contained in the meeting notice. As a reminder, voting is currently open via the web portal. Proposal one calls for the election of 11 directors to serve for a term of one year. The Non Gov Committee recommended and the board has approved the nomination of the following people: Samuel Chapin, David Clark, Eric Foss, Eugenio Garza y Garza, Gordon Hardie, John Humphrey, Iain MacKay, Hari Nair, Cheri Phyfer , Catherine Slater, and Carol Williams for election as directors of the company, each to serve for a term of one year. Proposal two calls for the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2025. Proposal three calls for the approval of the company's fifth amended and restated 2017 incentive award plan.
Finally, proposal four calls for an advisory vote to approve the compensation of our named executive officers for 2024. At this time, I declare that the polls are closed and Darrow will report on the results of the vote.
The inspector of election has informed me that they have completed the preliminary vote count. I'm pleased to report that each of the director candidates received 88% or more of the votes cast. Further, proposals two, three, and four received votes in excess of the required majority of shares present entitled to vote. The final voting results will be included in a current report on Form 8-K to be filed with the SEC.
Based on the reported results, I declare that the nominees for director have been duly elected. The appointment of Ernst & Young as the company's independent registered public accounting firm for 2025 has been ratified. The fifth amended and restated 2017 incentive award plan has been approved, and the advisory resolution to approve the compensation of our named executive officers has been approved. Accordingly, I now adjourn the meeting. With that, we will see if there are any questions related to the agenda for the annual meeting. Darrow will consolidate and summarize any such applicable questions, which he will then read and delegate to the appropriate person to address. Ladies and gentlemen, this concludes the question and answer portion of the meeting. Let me close by saying thank you for your continued support and interest in O-I.