Ladies and gentlemen, hello, and welcome to the annual meeting of shareholders of OpenText Corporation. Please note that today's meeting is being recorded. If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer, and use of the same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and the Corporation that you first obtained all required consents for the disclosure, recording, transfer, and use of such personal information from all appropriate persons before your disclosure. During the meeting, we will have a question- and- answer session, and you can submit questions or comments at any time by clicking on the Q&A tab. It is now my pleasure to turn today's meeting over to Mr. Tom Jenkins, Chair of the Board. Mr. Jenkins, the floor is yours.
Hello, everyone. Welcome to the annual meeting of OpenText shareholders. I'm Tom Jenkins, Chair of OpenText. We have members of our board, management, and external auditors in attendance today, and we look forward to meeting with you and answering questions about your company. The meeting is being conducted virtually, enabling greater participation by our shareholders by allowing shareholders that might not otherwise be able to travel to a physical meeting to attend online. Holding our meeting virtually means that I may pause from time to time to allow coordination from the speakers who are in different locations. We'll also pause at certain points during the meeting to provide an opportunity for you to vote or ask questions online. As in past years, we expect that the vast majority of all votes will have been cast in advance of the meeting by proxy.
That said, registered shareholders and duly appointed proxy holders will be allowed to vote online at the meeting in accordance with the instructions to be provided. Given the virtual format of the meeting, and in order for us to expediently undertake discussion on any matter proposed for a vote, we would encourage shareholders who have specific questions on a formal item of business to submit your questions now, clearly identifying the applicable item of business as well as your name and contact info. Shareholders can submit questions by clicking on the Q&A tab, typing in, and submitting your question. During the course of this meeting, at the appropriate time, such questions will be addressed prior to voting on the applicable motions. We'll be following the agenda for the meeting displayed on your screens. First, we will call the meeting to order and go through procedural matters.
Then we have five matters of business to conduct today: presentation of financial statements, election of directors, reappointment of the company's independent auditors, the approval of the amendment to the company's 2004 Employee Stock Purchase Plan, the non-binding say on pay advisory resolution on the company's approach to exec comp. Following the formal meeting, we'll have a question-and-answer session. If you have any questions on the business of the company, not specifically relating to an item of business to be discussed today at today's meeting, please feel free to submit these questions at any time, and they'll be considered at the conclusion of the meetings. Questions that are of a similar nature or repetitive will be grouped together and addressed as a single response. When asking a question, please indicate your name and contact info.
If we are unable to answer your question during the meeting, a member of our team will follow up with you after the meeting. I'll now call the meeting to order. This meeting has been convened pursuant to the resolutions of the board of directors in accordance with the company's bylaws. I'll act as chair of the meeting. Michael Acedo, Executive Vice President, Chief Legal Officer, and Corporate Secretary, will act as secretary of the meeting. I appoint Computershare Investor Services, Inc, through its representative, as scrutineer, to compute the votes of the ballots taken at this meeting and report the results to me, which I will disclose after the close of the polls. Before commencing with the procedural matters, I'd like to call upon the secretary to make a statement concerning today's remarks.
Thank you, Mr. Chairman. Please note that in the course of today's meeting, officers or directors of OpenText may, in their remarks or in response to questions during the question period, make statements which are forward-looking under the United States Private Securities Litigation Reform Act of 1995 and under Canadian Securities Legislation. Certain material factors and assumptions are applied in making these statements, and there are a number of other factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of OpenText. Additional information concerning these factors and assumptions is contained in OpenText filings with the United States Securities and Exchange Commission and the Canadian Securities Regulators, including OpenText's annual report on Form 10-K.
The secretary has confirmed the notice of this meeting was duly given in compliance with the applicable requirements. A copy of the notice of the meeting is available on our website and under our profile on SEDAR. I'll dispense with the reading of the notice of the meeting. There has been filed with me proof of service of such mailing provided by the company's transfer agent. I direct that a copy of such proof of service be annexed to the minutes of this meeting as a schedule. I've been advised that there are at least two persons present, each being a shareholder entitled to vote at the meeting or duly appointed proxy holder or representative for a shareholder so entitled, together holding or representing shares having not less than 33, and 1/3% of the outstanding votes entitled to be cast at this meeting.
Therefore, a quorum of shareholders of the company is present, and the meeting is properly called and duly constituted for the transaction of business. I have received the preliminary scrutineer's report, and I direct that their formal report following today's voting be annexed to the minutes of this meeting as a schedule. To facilitate the meeting, I've requested that certain persons make and second the formal motions, and I'll call on these persons at the appropriate time. The voting at today's meeting will be conducted by online ballot. If you are a registered shareholder or a duly appointed proxyholder that has already voted by proxy, there will be no need for you to vote online since your vote will be recorded in accordance with your proxy instructions. However, if you wish to change your previously submitted vote, you can simply vote when prompted.
The poll will be open for all items of business to be voted on at the same time. This will allow you to vote on each item immediately, or if you prefer, you may wait until the conclusion of the discussion on each item prior to casting your vote. Once the polls have been opened, the items of business to be voted on and your available voting options will be visible on the voting panel, accessible at the top of your screen. To submit a vote, please click on the voting choice displayed on your screen. You will see a vote received message confirming that your vote has been taken. Once discussion has concluded on all items of business, you'll have a moment to enter your votes. I will then declare voting closed on all matters of business.
The summary results of all the votes will be announced prior to the closing of the meeting. I now declare the polls open on all items of business. The first item of business is the presentation of the company's audited consolidated financial statements and the auditor's report thereon. The 2024 annual report to shareholders, including the company's 2024 audited consolidated financial statements and the auditor's report, were delivered to shareholders in advance of the meeting. Additional copies are also available on our website and under our profile on SEDAR. If any shareholder or proxyholder has questions relating to the 2024 audited consolidated financial statements, these questions can be submitted at any time and will be addressed after the formal business of the meeting concludes.
Next item of business is the election of directors. Prior to the meeting, Ms. Ann Powell informed the company of her decision not to stand for election as director of the company. Thus, any votes previously cast will be disregarded. As a result, the number of directors to be elected at this meeting is ten. The proxy circular for the meeting contains names and backgrounds of the individuals who will be nominated by the company for election as directors. I'll ask Julie Millard to read the names of the nominees.
My name is Julie Millard, and I nominate the following individuals for election as directors of the company: Thomas Jenkins, Mark Barrenechea, Randy Fowlie, David Fraser, Robert Howe, Goldy Hyde r, Annette Rippert, Stephen Sadler, Katharine Stevenson, and Deborah Weinstein.
Thank you. 10 directors are duly nominated. In accordance with the company's bylaws, I declare the nominations closed. May I have a motion to elect the nominees as directors of the company?
My name is Greg Secord, and I move that each of the individuals nominated for election at this meeting be elected a director to hold office until the close of the next annual meeting of shareholders or until their successors are duly elected or appointed in accordance with the articles and bylaws of the company.
May I have the motion seconded?
My name is Jennifer Kerr, and I second the motion.
At this time, I would ask the secretary to please advise of any questions received on this item of business.
Mr. Chairman, I will pause for a moment to allow for questions to be submitted. Mr. Chairman, I confirm that we have not received any further questions specifically on this item of business.
Thank you. As previously noted, we'll conduct the vote on this motion by way of online ballot. Registered shareholders or their duly appointed proxy holders can vote throughout this meeting by online ballot by selecting the applicable voting options on the voting panel displayed on their screens. If you have previously submitted a completed proxy, you'll have voted in respect of the 10 nominated candidates, and it's not necessary to vote again on this ballot. You may vote up for 10 nominees. Only those individuals that have been nominated are eligible for election. At least 25% of the directors elected must be resident Canadians. In accordance with the Canadian Business Corporations Act and the Company's Majority Voting Policy for director elections, each nominee must be selected by receiving a greater number of votes for their election than the votes against their election at this meeting.
The next item of business is the appointment of the independent auditors of the company. May I have a motion that KPMG LLP Chartered Accountants be reappointed as independent auditors?
My name is Julie Millard, and I move that KPMG LLP Chartered Accountants be appointed the independent auditors of the company to hold office until the close of business at the next annual meeting of shareholders.
May I have the motion seconded?
My name is Greg Secord, and I second the motion.
Thank you. In order to be carried, this motion must be passed by a majority of the votes cast at this meeting. At this time, I would ask the secretary to please advise of any questions received on this item of business.
Thank you, Mr. Chairman. I will pause for a moment to allow for questions to be submitted. Mr. Chairman, I confirm that we have not received any further questions specifically on this item of business.
Thank you. As previously noted, we'll conduct the vote on this motion by way of online ballot. Registered shareholders or their duly appointed proxy holders can vote throughout this meeting by online ballot by selecting the applicable voting option on the voting panel displayed on their screens. If you have previously submitted a completed proxy, you will have voted in respect to the appointment of the auditor. It's not necessary to vote again on this ballot. The next item of business is a resolution reserving an additional six million common shares for issuance under the company's 2024 Employee Stock Purchase Plan. In order to be approved, this resolution must be passed by a majority of the votes cast at this meeting.
As more particularly described in the proxy circular for the meeting, management and the board of directors believe that the ability to issue additional common shares under the 2004 Employee Stock Purchase plan encourages share ownership by all eligible employees of the company and further aligns the interests of those employees with the shareholders of the company. May I have a motion for the resolution approving the amendment of the 2004 Employee Stock Purchase Plan to reserve for issuance an additional 6 million common shares in the form attached as Schedule E to the proxy circular to be passed as a resolution of the company?
My name is Greg Secord, and I so move.
May I have the motion seconded?
My name is Jennifer Kerr, and I second the motion.
At this time, I would ask the secretary to please advise of any questions received on this item of business.
Mr. Chairman, I will again pause for a moment to allow for questions to be submitted. Mr. Chairman, I confirm that we have not received any further questions specifically on this item of business.
Thank you. As previously noted, we'll conduct a vote on this motion by way of online ballot. Registered shareholders or their duly appointed proxy holders can vote throughout this meeting by online ballot by selecting the applicable voting option on the voting panel displayed on their screens. If you have previously submitted a completed proxy, you will have already voted in respect of the appointment of the auditor, and it's not necessary to vote again on this ballot. The next item of business is the non-binding Say-On-Pay Advisory Resolution on the company's approach to executive compensation. The proxy circular from the meeting contains the description of the Say-On-Pay Advisory vote, along with the full text of the Say-On-Pay Advisory Resolution. This vote is advisory only and non-binding on the Company and the Board of Directors.
In order to be approved, the Say-On-Pay Advisory Resolution must be passed by a majority of the votes cast at this meeting. May I have a motion that the Say-On-Pay Advisory Resolution, in the form set out on page 29 to the proxy circular, be passed as a resolution of the company?
My name is Greg Secord, and I move that the Say-On-Pay Advisory Resolution on the company's approach to executive compensation be approved.
May I have the motion seconded?
My name is Julie Millard, and I second the motion.
At this time, I would ask the secretary to please advise of any questions received on this item of business.
Thank you, Mr. Chairman. I will again pause for a moment to allow for questions to be submitted. Mr. Chairman, I confirm that we have not received any further questions specifically on this item of business.
Thank you. As previously noted, we'll conduct the vote on this motion by way of online ballot. Registered shareholders or their duly appointed proxy holders can vote throughout this meeting by online ballot by selecting the applicable voting options on the voting panel displayed. If you have previously submitted a completed proxy, you will have voted in respect to this motion, and it's not necessary to vote again on the ballot. We'll now proceed with the process for completing the voting on the items of business of the meeting. For those of you who have not voted on all of the items of business, please do so now. If you have previously submitted a completed proxy, you will have voted in respect of the formal business of this meeting, and it's not necessary to vote again via online ballot.
We'll now take a short break to allow shareholders to complete the voting on all items of business of the meeting and to allow the results to be tabulated by the scrutineer.
Mr. Chairman, the voting is now complete, and the polls are closed.
That concludes voting at today's meeting. The scrutineer has now reported on all matters to put to a ballot at this meeting. I declare that each of the 10 directors nominated is hereby elected to serve as director of the company, to hold office until the next annual meeting of the shareholders, or until his or her successors duly elected or appointed in accordance with the articles and bylaws of the company. I declare the motion on the reappointment of the company's auditors to have passed. I declare the motion on the resolution, reserving an additional six million common shares for issuance under the Company's 2004 Employee Stock Purchase Plan to have passed. I declare the motion on the Say-On-Pay Advisory Resolution on the company's approach to executive compensation has not been passed.
Accordingly, the board will take the results of the vote into account and as it deems appropriate when considering future compensation policies, procedures, and decisions. A report disclosing the voting results in respect of each applicable item of business will be filed on SEDAR promptly following the meeting, and a report of the voting results for the election of each director will be disclosed in a press release to be issued following the meeting. That concludes the formal business brought before the meeting. I therefore declare the meeting to be terminated. Now, that the formal part of the meeting has been concluded, we would be pleased to answer any other questions that you may have. I ask all attendees who would like to ask a question to use the Q&A feature of the virtual interface to do so. We will answer as many questions as time permits.
When asking your question, please state your name, the company you represent, if any, and confirm you're a registered shareholder or duly appointed proxy holder. Please limit your questions to topics relating to today's subject matter and keep your questions short and to the point. We'll now give attendees a moment to type in their questions. For each question we answer, we will summarize the question and read out loud the name of the person who asked such question, and, if applicable, the company such person represents. We would like to remind you that questions which were already answered or that redundant or repetitive will not be answered again. I would ask the secretary to please advise of any questions.
Mr. Chairman, thank you. I confirm that we have not received any further questions today.
That is all for today. I'd like to thank you very much for participating in the business of the meeting and for your interest in your company. Operator, back over to you to conclude the call. Thank you.
Ladies and gentlemen, this concludes the meeting, and you may now disconnect.