Pleasure to welcome you to the 2023 Annual Meeting of Stockholders of PLBY Group, Inc. I'm Ben Kohn, Chief Executive Officer, President, and Director of the Company. I will act as Chairman of the meeting. Thank you for joining us today using the virtual meeting format, by which most stockholders are attending via the webcast that we have provided. I would also like to acknowledge that certain other directors of the company are present at the meeting today. It is now shortly after 1:00 P.M. Eastern Time on June 15, 2023, and this meeting is officially called to order. It is my pleasure to introduce Jason Cabico, Vice President Legal of PLBY Group, who has been appointed to act as Inspector of Elections. Mr. Cabico has taken the oath of an Inspector of Elections prior to this meeting.
Additionally, in attendance today are Mary Jane Hunter and Lisa Wurschke, representing our independent auditor, BDO USA, LLP. I would now like to introduce Chris Riley, PLBY's General Counsel, who is acting as Secretary of the meeting.
Thank you, Ben, and welcome, PLBY stockholders. An agenda for the meeting has been posted to the webcast. It is our intention to follow the agenda so that the purposes of the meeting may be achieved in an orderly and expeditious fashion. We request that only record holders of shares of PLBY Common Stock, as of the close of business on May 1, 2023, and their duly appointed proxies address the formal portion of the meeting. Please note that this meeting is being recorded. We will now proceed to the formal business of the meeting. Notice of the meeting was sent to all stockholders of record as of the close of business on May 1, 2023, the record date for this meeting. Only stockholders of record on that date are entitled to vote at this meeting.
Jason Cabico of PLBY Group was appointed Inspector of Elections by the Board of Directors of the Company. He will assist in the conduct of this election. To assist in the record keeping, we will assume that all stockholders who have signed and returned a proxy card or previously voted by internet or mail, even though present, intend to vote their shares as previously voted unless such stockholders vote through the webcast today. I will now ask the Inspector of Elections to inform us whether a quorum is present.
Mr. Riley, as of the record date, there were 73,520,199 shares of Common Stock outstanding and entitled to vote. 36,760,100 shares constitute a quorum. Shares in excess of that number are represented at this meeting either in person or by proxy.
Thank you, Jason. I therefore declare that a quorum is present. The first order of business on the agenda is the presentation and discussion regarding the proposals presented for approval or ratification at this meeting of stockholders. The first proposal is the election of two Class III directors nominated by the Board of Directors for a new term to continue until the annual meeting of stockholders in 2026, and until such director's successor is duly elected and qualified, or until their earlier resignation or removal. As set forth in the proxy statement made available to stockholders in connection with this meeting, the Board of Directors has nominated Tracey Edmonds and James Yaffe as the two Class III directors of the company. The affirmative vote of a plurality of the votes cast at this meeting is required for the election of the nominees.
Each stockholder that is entitled to vote is entitled to vote for or withhold his or her vote from each of the nominees. The second proposal is the ratification of the appointment of BDO USA, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2023. The affirmative vote of a majority of the votes cast at this meeting is required for the ratification of the appointment of BDO. On this proposal, each stockholder that is entitled to vote is entitled to vote for, against, or abstain. The third proposal is the approval by a non-binding advisory vote of the compensation of PLBY's named executive officers. The affirmative vote of a majority of the votes cast at this meeting is required for the approval by a non-binding advisory vote of this proposal.
On this proposal, each stockholder that is entitled to vote is entitled to vote for, against, or abstain. I now declare the polls open for a vote of the stockholders on each proposal. Any stockholder who has not yet voted or wishes to change their vote may do so by following the voting instructions provided in the webcast. Stockholders who have sent in proxies or voted via internet or mail and do not want to change their vote do not need to take any further action. Now that everyone has had the opportunity to vote, I now declare the polls closed for the 2023 Annual Meeting of Stockholders.
The Inspector of Elections has informed me that a plurality of the votes cast at this meeting, either through the webcast or by proxy, has been voted in favor of the election of Tracey Edmonds and James Yaffe as the two Class III directors. I therefore declare that Tracey Edmonds and James Yaffe are hereby elected as the Class III directors. Such terms continue until the annual meeting of stockholders in 2026 and until their respective successor is duly elected and qualified, or until their earlier resignation or removal. The Inspector of Elections has also informed me that a majority of the votes cast at this meeting, either through the webcast or by proxy, has been voted to ratify the appointment of BDO.
I therefore declare that the appointment of BDO USA, LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2023, has been ratified. The Inspector of Elections has also informed me that a majority of the votes cast at this meeting, either through the webcast or by proxy, has been voted on a non-binding advisory basis to approve the compensation of PLBY's named executive officers. I therefore declare that the compensation of PLBY Group's named executive officers is approved on a non-binding advisory basis.
Thank you, Chris. There being no further business to come before the formal portion of this meeting, I hereby declare the formal portion of this meeting adjourned. The annual meeting for the stockholders of PLBY has now come to an end. Thank you for attending. You may now leave the virtual meeting.