Our 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. Cardeo 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 28, 2025, the record date for this meeting. As of the record date, there were 167,161,461 shares of Class A common stock outstanding and 7,909,862 shares of Class B common stock outstanding. Mr. Cardeo has issued a preliminary inspector of election 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 a quorum present, the meeting is now open to proceed with business. This 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 then 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 proposal and the question and answer period.
You may vote 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. Submission of the new vote during this meeting will revoke your previously submitted vote. At today's meeting, we are considering four proposals for stockholder approval. The first proposal is the election of two Class 2 directors. As indicated in the proxy statement, Jeff Epstein and J. Frederic Kerrest have been nominated for election as Class 2 directors, each for a three-year term.
The vote required to elect Class 2 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 two 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 is the ratification of the appointment of Ernst & Young as Okta's independent registered public accounting firm for the fiscal year ending January 31st 2026. The vote required to approve this proposal is the 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 proposal is an advisory non-binding 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 the 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. The fourth and final proposal is an advisory non-binding vote for the frequency of future advisory say-on-pay votes, more commonly known as say-when-on-pay. The option in terms of years that receives the highest number of votes from the voting power of shares present in person or by proxy at this meeting and entitled to vote will be considered the frequency preferred by stockholders. The board of directors unanimously recommends that stockholders vote one year for this proposal.
Dave, do we have any questions about the proposal?
There are no questions at this time.
Thanks, Dave. As there are no questions, we will pause for a moment to allow any final voting. It is now approximately 9:06 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. Cardeo has provided me with a preliminary report of the results. According to the preliminary report of the inspector of election, each of the two nominees has been elected as a Class 2 director. The proposal to ratify the appointment of Ernst & Young as Okta's independent auditor has been approved. The proposal to approve the compensation of Okta's named executive officers has been approved, and the stockholders have selected one year as their preferred frequency for future votes on the compensation of Okta's named executive officers.
The final voting results will be set forth in the report of the inspector of election and will be included in the minutes of this 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 this annual meeting, this annual meeting is hereby adjourned.
That concludes today's meeting. You may now disconnect.