All right. We'll get started. Good morning. I'm Joe Shiffler, Director of Investor Relations at Power Integrations. Before I turn it over to Balu to start the meeting, I'd like to cover a couple of housekeeping matters relating to today's virtual meeting. Hopefully, everyone has voted via one of the methods outlined in the proxy materials. If you are a stockholder of record or if you have a legal proxy and would like to vote during the meeting, you will need to print a blank ballot from our investor website, which is investors.power.com. Complete it manually, including your 16-digit control number, and email it along with proof of identification to ir@power.com. Ballots must be received prior to the closing of the polls, which will be just a few minutes from now. Sorry to anyone planning on voting today, to take care of that now.
Second, there will be opportunities to ask questions about the proposals during the meeting, and we'll have an informal Q&A session after the meeting is adjourned. There are two options for asking a question. One is to type your question in the chat or Q&A box on the lower right-hand portion of the screen. Clicking the arrow next to the word, Chat or Q&A will reveal the interface. If you prefer to ask a question out loud, please indicate so in the chat box and we'll unmute your line so you can ask your question. Now I'll turn it over to Balu.
Good afternoon. I am Balu Balakrishnan, and I am the President, Chief Executive Officer, and a member of the Board of Directors of Power Integrations, Inc. Will be acting as chairman of this meeting. I'm happy to welcome you to the Power Integrations, Inc 2023 Annual Meeting of Stockholders. Before I call the meeting to order, I would like to introduce to you the members of the Board and the business team who are with us today. The other members of the Board with us today are Wendy Arienzo, Anita Ganti, William George, Balakrishnan Iyer, Necip Sayiner, and Ravi Vig. Bill George and Necip Sayiner are stepping down from the Board as of today's meeting. I'd like to thank both of them on behalf of the other Directors for their service to our stockholders.
I would like to offer additional thanks to Bill for his service as chairman of the Board for the past five years. I am assuming the role of chairman of the Board effective with today's meeting, and the role of the independent Director will be taken up by Bala Iyer. Next, I'd like to introduce Sandeep Nayyar, Vice President and Chief Financial Officer, who's also attending today's meeting. David Segre of Cooley LLP, the company's outside legal counsel, will be acting as the secretary of this meeting. Vania Santella of Deloitte & Touche LLP, the company's independent registered public accounting firm. The now officially come to order. We will proceed with the formal business of the meeting as set forth in your notice of annual meeting and proxy statement. After the formal part of the meeting, we'll give you an opportunity to ask any questions you may have.
Will the secretary please report at this time with respect to the mailing of the notice of the meeting and the stockholders list? David?
Thank you. I have at this meeting a complete list of the stockholders of record of the company's common stock on March 24th, 2023, the record date for this meeting.
David, can you talk about the affidavit?
I also have an affidavit certifying that on April 5th, 2023, a notice of Internet availability of proxy materials was deposited in the United States Mail to all stockholders of record at the close of business on March 24th.
At this time, I'd like to introduce Joe Shiffler, Power Integrations Director of Investor Relations. I am appointing Mr. Shiffler to act as Inspector of Election at this meeting. Mr. Shiffler has taken and subscribed the customary oath of office to execute his duties with strict impartiality, which will be filed with the records of the meeting. His function is to decide upon the qualifications of voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum?
Yes. I have been informed by the Inspector of Election that proxies have been received for a sufficient number of shares so that we have a quorum present at this meeting. We may now carry out the official business of the meeting. Any additional ballots may be submitted to the Inspector of Election electronically by email to ir@power.com. Must be received by the close of voting.
We will now proceed with the formal business of this meeting. There are four proposals to be considered by the stockholders at this meeting. The time right now is 8:05 A.M. Pacific Standard Time on Friday, May 19th, 2023, and the polls are now open for voting on all matters to be presented. The polls will be closed to voting after we go through the matters to be voted on. The first item of business today is the election of seven Directors to serve until the 2024 annual meeting of stockholders and until their successors are elected and qualified. The nominees for the Directors of the company are Wendy Arienzo, Nicholas Brathwaite, Anita Ganti, Nancy Gioia, Balakrishnan Iyer, Ravi Vig, and Balu Balakrishnan. Is there any discussion? If so, please indicate in the Webex Q&A box that you would like to discuss the proposal.
Joe, do you see anything, any questions?
There's no discussion.
Okay. The second item of business today is the advisory vote on the compensation of company's named executive officers as described in the proxy statement. The stockholders have been asked to vote on an advisory basis on the following resolution. Resolved that the compensation paid to Power Integrations' named executive officers as disclosed in the proxy statement pursuant to Item 402 of Regulation S-K, including the compensation discussion and analysis, compensation tables and discussion hereby approved, end quote. Is there any discussion? If so, please indicate in the Webex Q&A box or your chat or the chat box that you would like to discuss the proposal.
I do not see any discussion.
Okay. The third item of business today is the advisory vote on the frequency of solicitation of advisory stockholder approval of executive compensation. The resolution on which stockholders are asked to vote is as follows. Quote resolved that the alternative of soliciting advisory stockholder approval of the compensation of Power Integrations' named executive officers once every one, two, or three calendar years that receives the votes of the holders of the majority of the shares present in person or represented by proxy and voting on this proposal at the annual meeting shall be considered the frequency preferred by the stockholders. End quote. Is there any discussions?
I have no discussion.
Fourth and final item of business, ratification of the selection by the Audit Committee of the Board of Directors of Deloitte & Touche LLP as the independent auditors company ending December 31st, 2023. Is there any discussion? If so, please indicate in the chat or Q&A box that you would like to discuss the proposal.
I do not see any discussion.
That was the final proposal for today's meeting. Secretary will now describe the voting procedures.
Voting is by proxy and ballot. Each share of common stock is entitled to one vote. This is the last call to submit a ballot electronically by email to the Inspector of Elections at ir@power.com as the polls are about to close. Will the Inspector of Elections please let us know if any additional ballots have been submitted.
There are none.
Okay. The time is now 8:10 A.M., and the polls are now closed for voting.
May we have the results of the voting?
The report of the Inspector of Election covering the proposal presented at this meeting reflects that all nominees for Director have been elected, that proposals two and four have passed, and that for proposal three, a majority of shares were voted for a one-year frequency of the advisory vote on executive compensation. We will publish the results of the voting in the current form on Form 8-K, which will be filed shortly with the Securities and Exchange Commission.
After the conclusion of this meeting, we will entertain questions from stockholders. Is there any opposition to concluding the meeting?
I see no opposition.
In that case, this meeting is concluded.
All right. We will have a brief informal Q&A session. If anyone would like to ask a question, once again, you may type your question in the chat or Q&A box in the Webex interface. If you'd like to ask a question out loud, please indicate so in the chat box. We will unmute your line.
Dave, for your record, Nicholas has also joined the meeting. I don't see anything on the chat.
Not seeing any questions. All right. In that case, we will end the meeting.
Well, thanks, everyone for joining, and the Board members. I think that's the end of the meeting. Thank you.
Thank you, everyone.
Thank you. Bye-bye.