Welcome everyone and thank you for joining our 2021 Annual Meeting of Stockholders. I'm Ryan Taylor, the Chief Legal and Business Affairs Officer of Palantir Technologies. I'd like to welcome our Board of Directors and Executive Officers, who are virtually attending this meeting. We also have with us representatives from Ernst and Young, our independent registered public accounting firm as well as legal counsel from Wilson Sonsini, Goodrich and Rosati. Stockholders are voting on the following matters.
1, elect 7 directors 2, indicate the preference of the stockholders on an advisory basis regarding the frequency of future stockholder advisory votes on the compensation of our named executive officers 3, ratify the appointment of Ernst and Young as the company's independent registered public accounting firm for the year ending December 31, 2021 and 4, transact any other business that may properly come before the meeting. We have appointed Jim Rieke to act as the Inspector of Election today. He has executed an oath of office to carry out his duties with strict impartiality and to the best of his ability, and he will examine and tabulate the proxies and ballots at this meeting. This Annual Meeting is being held in accordance with the company's bylaws and Delaware law. We will address the matters described in the company's proxy statement dated April 29, 2021.
An agenda for the meeting has been made available, which includes voting on the 3 proposals in our 2021 proxy statement and an announcement of preliminary voting results. Our Board of Directors has fixed the close of business on April 16, 2021, as the record date for determining the stockholders entitled to vote at meeting. I have an affidavit of distribution from Broadridge Financial Solutions confirming that the notice of Internet availability Related to this meeting was mailed to stockholders of record, determined as of the close of business on the record date, starting on April 29, 2021. Mr. Rate reports that a majority of the voting power of the shares of our capital stock issued and outstanding and entitled to vote As of the record date, is present at the meeting either virtually or by proxy, which constitutes a quorum.
Therefore, today's meeting is duly convened and open for business. We will now proceed with the formal business of the meeting. It is shortly after 8 a. M. And the polls are open for stockholders who are voting today.
If you have already sent in a proxy or voted via the telephone or Internet and do not wish to change your vote. No further action is needed. There are 3 proposals to be considered and voted upon by our stockholders. Each of these proposals is more fully described in our proxy statement filed with the Securities and Exchange Commission on April 29, 2021. The first proposal is to elect 7 directors, Alexander Karp, Spencer Raskop, Alexander Moore, Peter Thiel, Stefan Cohen, Alexandra Schiff and Lauren Friedland Statt to serve a 1 year term until our next Annual Meeting of Stockholders and until their successors are duly elected and qualified.
No other director nominees have been properly submitted enter our bylaws or the rules of the Securities and Exchange Commission, so no other nominations are being considered. Each of the 7 director nominees is currently serving on our Board and our Board of Directors recommends a vote for all of these Director nominees. The second proposal is to indicate the preference of the stockholders on an advisory basis Regarding the frequency of future stockholder advisory votes on the compensation of our named executive officers, our Board of Directors recommends a vote for 3 years as the stockholders preferred frequency for future stockholder advisory votes on named executive officer compensation. The 3rd proposal is to ratify the appointment of Ernst and Young as our independent registered public accounting firm for our fiscal year ending December 31, 2021. Our Board of Directors recommends a vote for the ratification of the appointment of Ernst and Young.
As previously mentioned, if you already submitted a proxy or voted via the telephone or Internet and do not wish to change your vote, No further action is needed at this time. For everyone else, we will leave the polls open for another minute to allow anyone who chooses to vote electronically to cast their ballots, so your vote can be counted by the Inspector of Election. It is approximately 8:15 a. M. And the polls are now closed.
No additional ballots, proxies or votes and no changes or revocations will be accepted. Based on the preliminary voting results as reported by the Inspector of Election, The stockholders have elected the current 7 directors to continue to serve until our next Annual Meeting of Stockholders and until their successors are duly elected and qualified Indicated a preference on an advisory basis for a 3 year frequency of for future stockholder advisory votes on named executive officer compensation and ratified the appointment of Ernst and Young as our independent registered public accounting firm for our fiscal year ended December 31, 2021. The final voting results will be set forth in a report of the Inspector of Election and will be included with the minutes of this meeting. We also report the final voting results on the Form 8 ks, which we will file with the Securities and Exchange Commission within 4 business days of today's date. This concludes our planned agenda for today.
As there is no other formal business before us, this Annual Meeting is adjourned. I'll now turn it over to Rodney Nelson from our Investor Relations team to oversee the Q and A session.
Thank you, Ryan. Today, we'll be focusing our Q and A on questions related to product and our long term strategy. We look forward to engaging with stockholders on other topics in future earnings calls and via investor outreach events. Before we begin, I would like to note that our responses to your questions today may include forward looking statements. Actual results could differ materially from these contemplated by our forward looking statements.
Reported results should not be considered as an indication of future performance. Please take a look at our filings with the Securities and Exchange Commission a discussion of the factors that could cause our results to differ. Also note that any forward looking statements are based on information available to us as of today's date, We disclaim any obligation to update any forward looking statements except as required by law. We received a lot of questions around product and how we helping our customers modernize their businesses to achieve alpha. Shyam, can you tell us more about the product developments delivering the greatest impact in the field?
Absolutely. Well, product is the business and it's what I'm most excited about. So I'm happy to provide Commentary on what we're seeing and what our strategy is here. We continue to believe from interacting with current and prospective customers That we are light years ahead of competing architectures and do it yourself solutions. And we're deepening that lead.
We have built so much new product since the DPO. In particular, there are 3 core capabilities where our offering is completely unmatched. Number 1, we make the marginal cost of data integration approach 0. Sometimes that we joke it took Something as sexy as James Bond to motivate us, a bunch of engineers to work on a promise boring as data integration. Everyone just assumes that this is a solved problem.
It's not. Data integration takes governments and corporations many, many months to years. But the U. S. Government using our software was able to integrate Capacity and utilization information on ICU beds, ventilators and PPE consumption in weeks from a dead start.
BP was able to integrate with 27 disparate ERP instances in days. That is usually a 5 year, multi $100,000,000 project Done in days. And customers are applying this not only inside their own four walls, but also into their value chain, Into their customers' businesses and their suppliers' businesses. From connected quality work was in automotive that linked suppliers, OEMs and dealers, The U. S.
Vaccine program with the CTO of California told us that he logs in every other day to view integrated information from state, local and federal authorities. Number 2, we make the marginal cost of application development approach 0. Our no code WYSIWYG application building interface Allows your average line of business user to assemble powerful, dynamic and connected applications, all with point and click interfaces. It's one thing to have integrated all that health data in one place that I mentioned earlier, but you need to use that data to make decisions and that requires The U. S.
Government PPE allocation application was built on top of this integrated data asset in 2 days. This is a robust fully featured application, not 2 years or even 2 months, but 2 days start to finish, no code. This means that the business with a mission can be much more agile. Applications can be easily evolved with no code to ever changing business requirements. You can't design for every use case.
The pandemic showed us that. Everything just broke. But your anti fragility, that's all about the Speed with which you can respond to these ever present shocks. 3rd and finally, leveraging our ontology, of your suppliers, your customers, your processes and more. And with this, you can quickly understand the impact of various shocks or events.
Let's say a supplier is going to be late. What orders are impacted? Which customers do you prioritize to maximize margin or maximize revenue or minimize contractual penalties? Let's say you have spare capacity, how do you turn that into a pricing opportunity in the market? The digital twin allows you to see around corners and into your company's future, which then lets you react in the present.
And we are going to continue to invest in expanding the product perimeter here and offering A broader end to end solution that can be absorbed and deployed modularly.
Thanks, Shyam. We also received a lot of questions that revolve around the Western innovation and Day 0 topics we referred to on our last earnings call. Can you elaborate further on those concepts?
Certainly. One of the most humbling and exciting things we are seeing right now Is that a bunch of Day 0 hyper growth startups free of legacy are choosing to build their offerings on top of our software? These days or opportunities as I've been calling them, they are incredibly motivating. These companies have huge ambition, no bureaucracy and they move at pace. They see the way for them to accomplish these ambitions is to build on top of Foundry.
To me, that's literally what an operating system is. It's very validating of our end to end approach. It's allowed us to add extreme value over the do it yourself custom build approaches or really should I say customers are realizing that they can build on top of what they are buying with foundry, and we expect to continue to make product investments here.
Thanks, Rodney and Shyam. This concludes the Q and A. Thank you for joining today's meeting. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program.
You may now disconnect. Everyone, have a wonderful day.