Hello and welcome to the 2023 Impinj Annual Meeting of Stockholders. Please note that this meeting is being recorded. Questions may be submitted via the message icon at the top left of your screen, typing your message, then clicking the send icon to the right of the message box. The meeting will begin now. Good morning. On behalf of Impinj, welcome to the 2023 Annual Meeting of Stockholders. I'm Yukio Morikubo, Impinj's General Counsel, and I will conduct the business of this meeting. Our Chief Executive Officer, Chris Diorio, is unable to join this morning meeting due to technological issues. We are holding our annual meeting of stockholders virtually this year via live webcast. Please note this meeting is being recorded. At this time, I call the meeting to order.
I would like to begin by introducing the members of our board of directors who are virtually present at the meeting today. They are Umesh Padval and Meera Rao. Members of our executive team, representatives of our independent public accountants, Ernst & Young LLP, and our outside corporate law firm, Wilson Sonsini Goodrich & Rosati, are also virtually present at the meeting today. Thank you for attending. An agenda that outlines the order of business for the meeting is displayed on the screen. Our rules of conduct for the meeting can be accessed by clicking the Documents icon at the top of the left side of your screen.
These rules have been established to provide for an orderly and informative meeting, and we thank you for your cooperation in adhering to them. You may ask questions during the meeting if you registered with your 11-digit voting control number.
Please click on the messaging icon at the top of the left side of your screen, type your question into the text box, then click the Send icon at the right of the text box. Please note that in the interest of all shareholders, we will only address those questions that are pertinent to the business of the meeting. Thank you for your cooperation. At the meeting today, we will address and vote on the matters described in the company's proxy statement, dated April 26, 2023. Following the voting, we will adjourn the meeting. I am serving as the Inspector of the Elections for today's meeting. As Inspector, I have signed an Oath of Inspector, which we will file with the minutes of this meeting.
Notice of Impinj's 2023 Annual Meeting of Stockholders has been duly given in accordance with the company's bylaws and applicable law. A digital copy of the notice and proxy statement is also available for your review. You may access the document by clicking on the link named Annual Report Proxy Statement on the left side of your screen. The company's agents have certified that, beginning on April 26, 2023, a notice regarding the Internet availability of proxy materials was mailed to the company's stockholders of record as of April 19, 2023, and the company's proxy materials were in fact made available over the Internet to those stockholders.
We will file copies of the notice and related affidavit of mailing with the minutes of this meeting. Only stockholders at the close of business on April 19, 2023, are entitled to vote at today's meeting.
As of the close of business on April 19th, 2023, there were 26,663,222 shares of common stock issued and outstanding, each entitled to one vote. A complete list of stockholders of record as of that date, was available to stockholders for any purpose germane to this meeting for the 10 days preceding this meeting. A majority of the shares entitled to vote are represented at today's meeting, either virtually or by proxy. I hereby declare a quorum present and this meeting duly convened for purposes of transacting business. As you know from the proxy statement, there are four proposals before us today. I will briefly describe each of the proposals, and we will then open the polls for voting.
If you have already voted your shares and do not wish to change your vote, no action is required at this time. If you have not yet voted or would like to change your vote, you may do so by clicking the proxy voting site link on the left side of your screen. The first proposal is to elect seven directors. The directors elected at today's meeting will hold office for a one-year term, ending at the 2024 annual meeting of stockholders, or until their successors are duly elected and qualified. The seven candidates unanimously nominated by the board of directors are Dr. Chris Diorio, Daniel Gibson, Umesh Padval, Steve Sanghi, Cathal Phelan, Meera Rao, and Miron Washington. Each of these 7 nominees has indicated that he or she is able and willing to serve if elected.
Information concerning the nominees is contained in the proxy statement. The board recommends a vote for the election of these seven nominees. The election of each director requires the affirmative vote of a majority of the voting power of the shares of the common stock present in person, or represented by proxy and entitled to vote. The second proposal is to ratify the appointment of Ernst & Young LLP to the company's independent register, as the company's independent registered public accounting firm, to audit the company's consolidated financial statements for the current fiscal year ending December 31st, 2023. The audit committee of the board has selected Ernst & Young as our independent registered public accounting firm for the 2023 fiscal year.
Approval of this proposal requires the affirmative vote of a majority of the voting power of the shares of our common stock present in person or represented by proxy and entitled to vote. Our board of directors recommends a vote for this proposal. The third proposal is to approve, on an advisory basis, the compensation of our named executive officers. Because this proposal is advisory in nature, it will not affect any compensation already paid or awarded to our named executive officers and will not be binding on the company, the board of directors, or the Compensation Committee. However, the Compensation Committee will consider the outcome of this proposal when determining executive compensation for the remainder of the current fiscal year and beyond.
Approval on an advisory basis of this proposal requires the affirmative vote of a majority of the voting power of the shares of our common stock present in person or represented by proxy and entitled to vote. Our board of directors recommends a vote for this proposal. The fourth proposal is to consider a stockholder proposal regarding certain limitations on future amendments to our bylaws, if properly presented. The proposal has been submitted by Mr. James McRitchie, a stockholder of Impinj. If Mr. McRitchie or his representative is present and wishes to present his proposal, he or she may do so at this time. Is Mr. McRitchie or a representative present?
Hello, this is Jim McRitchie. Proposal number four is from me. In 2002, I petitioned the SEC for proxy access. It took three rulemakings and a court battle. More than 20 years later, 81% of S&P 500 companies have something called proxy access. Unfortunately, it requires that nominating groups hold 3% for three years, and groups are limited to 20 members. With that kind of limit on the number of group members, proxy access can't really be done without one of the Big Four. These huge fund families have a conflict of interest because they administer retirement savings plans for companies and have never even filed a shareholder proposal. Proxy access has gone unused. An alternative to ensure shareholders have a real voice in nominating directors was proposed in 1992.
The SEC finally adopted universal proxies, allowing shareholders, under specified conditions, to split votes between board nominees and challengers without having to attend the annual meeting. Universal proxies could go the way of proxy access. After reading bylaws adopted by Masimo, Bloomberg's Matt Levine speculated that company bylaws might demand challengers submit disclosures on paper woven from unicorns' manes, with requirements waived for the board's own nominees. Impinj doesn't have any such provisions right now, but directors could change that. Most agree there should be some limit on what boards can require without seeking shareholder approval in advance, or at least within a year or so of adoption. For 2023, I filed 30 proposals like the one before you.
We reached agreements at about a third of the company, based on guardrails that preserved the rule's intent. Shareholder proposals are advisory.
Even if we win overwhelmingly, boards are free to ignore them or to adopt whatever they please. Higher votes do make companies, proxy advisors, and even the Big Four take notice. Your vote for this proposal can help us reach an agreement with Impinj to protect the rights of shareholders. Please vote for proposal number 4. Thank you.
Thank you. This proposal is duly placed before this meeting. Our board of directors recommends a vote against this stockholder proposal. Approval of this stockholder proposal requires the affirmative vote of a majority of the voting power of the shares of our common stock present in person or represented by proxy and entitled to vote. We will now proceed to the question and comment period. I remind you that the meeting has been called for the purpose of considering the four proposals previously described. Accordingly, all questions and comments should be confined to those matters. The floor is now open for stockholder questions or comments concerning the four proposals previously described. Are there any questions or comments? We will now proceed with the voting on the proposals. It is 9:19 A.M., and the polls are now open.
If you have previously sent a signed proxy card or submitted your proxy by vote, or proxy vote by telephone or on the Internet, it is not necessary for you to vote today unless you wish to change your vote. If you were a stockholder of record at the close of business on April 19th, 2023, or you have a valid legal proxy from your broker, bank, or other agent with respect to the shares you beneficially own and you desire to vote or change your vote at today's meeting, if you have an 11-digit voting control number issued by American Stock Transfer & Trust Company, LLC, our company's transfer agent, you can vote by clicking the proxy voting site link on the left-hand panel of your screen. It appears all stockholders have submitted their proxies or digital ballots.
I now declare the polls closed at 9:20 A.M. No additional proxies or votes will be accepted, nor will any changes or revocations to previously submitted proxies or votes be accepted. Based on preliminary voting results, each of the seven director nominees up for election at this meeting have been reelected. The Ernst & Young proposal has been approved. The compensation of our named executive officers has been approved. The stockholder proposal has been rejected. We will publicly report the results of voting at today's meeting on a Form 8-K filing with the US Securities and Exchange Commission within four business days of today's meeting.
This concludes the official business scheduled for this meeting. I now declare the meeting concluded. I see that Chris Diorio has been able to join us. I now will turn the time over to Chris for any final remarks.
I would like to thank each of you for virtually attending today's meeting. At this time, we will take questions or comments from our stockholders. Should you wish to submit a question during the meeting, please click on the messaging icon at the top left of your screen, type your message into the text box, and click the send icon at the right of the text box.
Chris, it doesn't appear that we have any questions today.
All right. Thank you, Yukio. Thank you all for joining the meeting and for your continued support. Bye-bye.