Hello, and welcome to Impinj's 2022 Annual Meeting of Stockholders. Please note that this meeting is being recorded. It is my pleasure to now turn the meeting over to Dr. Chris Diorio. Dr. Diorio, the floor is yours.
Thank you, and good morning. On behalf of Impinj, welcome to the 2022 Annual Meeting of Stockholders. I'm Chris Diorio, Impinj's Chief Executive Officer and Board Vice Chair, and I will conduct the business of this meeting. As you may recall, we held last year's annual meeting of stockholders virtually via live webcast. We decided to hold this year's annual meeting virtually as well. At this time, I call the meeting to order. I would like to begin by introducing our newest board member, Meera Rao, who is virtually present at the meeting today. Welcome, Meera. 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 all for attending.
I will now ask Yukio Morikubo, our General Counsel and Secretary, to conduct the formal part of the meeting. Yukio?
Good morning. An agenda that outlines the order of business for the meeting is displayed on the screen. You may ask questions during the meeting if you registered with your 11-digit voting control number. Please refer to the chat box icon located at the top left-hand panel of your screen to submit the written question. Assisting with any questions from stockholders today is Tracy Moran, Impinj's Senior Investor Relations Manager. We ask that you keep your remarks to the agenda items that are before us. Thank you for your cooperation. At our meeting today, we will address and vote on the matters described in the company's proxy statement dated April 27, 2022. Now, following the voting, we will adjourn the meeting, and Chris will conduct a brief Q&A session. I am serving as the Inspector of Elections for today's meeting.
As Inpector, I have taken an oath as Inspector, which we will file with the minutes of this meeting. Notice of Impinj's 2022 Annual Meeting of Stockholders has been duly given in accordance with the company's bylaws and applicable law. A detailed copy of the notice of proxy statement is also available for your review. You may access that document by clicking on the link in annual report proxy statement on the left-hand side of your screen. The company's agents have certified that beginning on April 27, 2022, the notice regarding the internet availability of proxy materials was mailed to the company's stockholders of record as of April 13, 2022, 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 the related definitive mailing with the minutes of this meeting.
Only stockholders as of close of business on April 13, 2022 are entitled to vote at today's meeting. As of the close of business on April 13, 2022, there were 25,303,237 shares of common stock issued and outstanding, each entitled to one vote. The 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 in person, 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 five proposals before us today.
I will briefly describe each of the proposals, and we will then open the polls for voting. The first proposal is to elect five directors. The directors elected at today's meeting will hold office for a one-year term ending at the 2023 annual meeting of stockholders or until their successors are duly elected and qualified. The five candidates unanimously nominated for the directors are Daniel Gibson, Umesh Padval, Steve Sanghi, Cathal Phelan , and Meera Rao. Each of these five 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 each of these five nominees.
The second proposal is to ratify the appointment of Ernst & Young LLP as the company's independent registered accounting firm to audit the company's consolidated financial statements for the current fiscal year ending December 31, 2022. The Audit Committee of the board has selected Ernst & Young as our independent registered public accounting firm for the 2022 fiscal year. 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 bind the company. The board of directors approves the compensation today.
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 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 to vote for this proposal. The fourth proposal is to approve on an advisory basis the frequency of future stockholder advisory votes on the compensation of our named executive officers. Approval of the frequency of future stockholder advisory votes on the compensation of our named executive officers elected by stockholders will be the frequency that receives the greatest number of votes. Our Board of Directors recommends to vote for a frequency of one year on this proposal.
The fifth proposal is to consider a stockholder proposal regarding proxy access if properly presented. This 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?
Yes. Hi, this is Jim McRitchie. As my proposal number five on proxy access states, the most essential feature requested is that shareholders forming a nominating group not be limited with regard to the number in a participating group. As cited in the proposal, proxy access in the United States cost-benefit analysis by CFA Institute found proxy access would benefit both markets and boardrooms, raising U.S. market capitalization by up to $140 billion. The Impinj board filed a weak form of proxy access by-law after reviewing my proposal, limiting nominating groups to 20 shareholders. The opposition statement contends shareholders now have “a robust proxy access right.” However, such a statement lacks credibility. Most of our stockholders have a business model based on low cost.
They've never even filed a shareholder proposal, so are highly unlikely to go through the expense of filing for proxy access. The CFA study estimating a $120 billion rise to market cap was based on proxy access having no limit on the number in participating groups. The board's opposition statement says proxy access should be quote, "limited to appropriately sized groups of stockholders." Unquote. As a result of similar widespread limitations by other companies, proxy access has been used only once, and that's to return a founder to a board. The anticipated $140 billion in economic benefit just hasn't materialized. Limiting groups to 20 members does not provide a proxy access right. It provides a proxy access illusion. Vote for proposal number five, real proxy access.
Only real proxy access will motivate current directors to work on behalf of shareholders. Thank you very much. That concludes my remarks.
Thank you. This proposal is duly placed before this meeting. Our board of directors recommends a vote against this stockholder proposal. We will now proceed to the question and comment period. I remind you that the meeting has been called for the purposes of considering the five 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 five proposals previously described. At this time, we will only address questions or comments that are pertinent to this meeting. We will now pause to review any questions or comments received. No questions or comments have been submitted at this time. I will now proceed to the voting on the proposals. It is 9:11 A.M., and the polls are now open.
If you have previously sent a signed proxy card or submitted your 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 are a stockholder of record as of close of business on May 15, 2022, or have a valid legal proxy from your broker, bank, or other agent to represent the shares you beneficially own and you desire to vote at today's meeting. If you have an eligible 11-digit voting control number issued by American Stock Transfer & Trust Company, LLC, our company's transfer agent, you can vote by typing the proxy voting link on the right-hand side of your screen. It appears all stockholders have submitted their proxies or digital ballots. I now declare the polls closed at 9:12 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 five director nominees up for election at this meeting have been reelected. The Ernst & Young's proposal has been approved. The compensation of our named executive officers has been approved. A frequency of one year for future stockholder advisory votes on 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 Form 8-K filing with the U.S. Securities and Exchange Commission within 45 days of today's meeting. This concludes the official business scheduled for this meeting, and I now declare this meeting concluded.
I will now turn over time to Chris Diorio for any final remarks.
I'd like to thank each of you for virtually attending today's meeting. At this time, we will take questions or comments from our stockholders. If there are no questions or comments submitted at this time, I would like to thank you all for attending the meeting and for your continued support. Thank you.