Good afternoon, and welcome to Okta's 2024 Annual Meeting of Stockholders. I'll now introduce to you Todd McKinnon.
Good morning, everyone. I'm Todd McKinnon, CEO and Chair of the Board of Directors of Okta. Welcome to Okta's 2024 Annual Meeting of Stockholders. We are conducting this meeting entirely as an audio webcast. We hope that hosting the meeting virtually will allow a broader group of stockholders to participate. It is 9:00 Pacific Daylight Time, and the annual meeting will now come to order. I'd like to introduce Larissa Schwartz, Okta's Chief Legal Officer and Corporate Secretary. I will act as Chair of the meeting, and Larissa will act as Secretary of the meeting. At this point, I'll turn the meeting over to Larissa.
Thanks, Todd, and welcome everyone to our 2024 annual meeting. I am joined by Brett Tighe, our CFO, Dave Gennarelli, our Senior Vice President of Investor Relations, and our Board of Directors. Scott Welton of Ernst & Young, Okta's independent auditor, is also in attendance and will be available later in the meeting to respond to questions from stockholders. Tony Carideo, a Broadridge representative, is the Inspector of Elections for this meeting. Mr. Carideo has signed an oath of office, which will be filed with the minutes of the meeting. This annual meeting is being held in accordance with Okta's bylaws and Delaware law. During the meeting, we will review and stockholders will vote on the matters described in our proxy statement dated May 9, 2024. Meeting participants can enter questions online at any point during the webcast.
In advance of voting, we will only address questions related to the proposal. Thank you in advance for your cooperation. Mr. Carideo has presented proof by affidavit from Broadridge that notice of this meeting has been duly given and that a notice of proxy statement has been furnished to every stockholder of record as of the close of business on April 24, 2024, the record date for this meeting. As of the record date, there were 169,112,267 shares of Okta Class A common stock outstanding, and 7,291,091 shares of Class B common stock outstanding. Mr. Carideo has issued a preliminary Inspector of Elections report that shows the number of shares present by proxy at this meeting.
The report also shows that holders of a majority of the voting power of the company's stock issued and outstanding as of the record date and entitled to vote, are present in person or by proxy at this meeting, constituting a quorum. With the quorum present, the meeting is now open to proceed with business. The meeting will proceed as follows: The polls will open, then each of the matters to be voted on by the stockholders at this meeting will be presented in the order set forth in the proxy statement. The polls will then close, the votes tabulated, and the preliminary results announced. It is 9:03 A.M. Pacific Time, and we will now vote on the agenda items. The polls are now open and will remain open during the discussion of the proposals and the question and answer period.
You may v ote online during this meeting while the polls are open. If you have already voted and you do not wish to change your vote, you do not need to vote again at today's meeting. Your vote will be cast as you previously instructed. However, if you previously voted and wish to change your vote, or if you have not yet voted and you wish to vote now, please vote during this meeting. Again, I want to emphasize that you do not need to vote again if you previously voted. Submission of a new vote during the meeting will revoke your previously submitted vote. At today's meeting, we are considering three proposals for stockholder approval. The first proposal is the election of three Class I directors.
As indicated in the proxy statement, Emilie Choi, Todd McKinnon, and Michael Stankey have been nominated for election as Class I directors, each for a three-year term. The vote required to elect Class I directors is the plurality of the voting power of the total shares present in person or by proxy at this meeting and entitled to vote on the proposal. This means that the three individuals receiving the highest number of votes for their election will be elected. The Board of Directors unanimously recommends that stockholders vote for the election of each of the nominees. The second proposal on the agenda is the ratification of the appointment of Ernst & Young as Okta's independent registered public accounting firm for the fiscal year ending January 31, 2025.
The vote required to approve this proposal is a majority of the voting power of the total shares present in person or by proxy at this meeting and entitled to vote on the proposal. The Board of Directors unanimously recommends that stockholders vote for this proposal. The third and final proposal on the agenda is a non-binding advisory vote to approve the compensation of Okta's named executive officers, more commonly known as say-on-pay. The vote required to approve this proposal is a majority of the voting power of the shares present in person or by proxy at this meeting and entitled to vote on the proposal. The Board of Directors unanimously recommends that stockholders vote for this proposal. Dave, do we have any questions about the proposal?
No, there are no questions at this time.
Thanks, Dave. As there are no questions, we will pause for a few moments to allow any final voting. It is now approximately 9 A.M. Pacific Time, and I declare the polls closed. No further proxies or votes and no further changes or revocations will be accepted. Mr. Carideo has provided me with a preliminary report of the results. According to the preliminary report of the Inspector of Elections, each of the three nominees has been elected as a Class I director. The proposal to ratify the appointment of Ernst & Young as Okta's independent auditor has been approved, and the proposal to approve the compensation of Okta's named executive officers has been approved. The final voting results will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting.
The final results will also be reported in a current report on Form 8-K to be filed with the SEC. As there is no other business to come before the annual meeting, this meeting is hereby adjourned.
This now concludes the meeting. Thank you for joining, and have a pleasant day.