Good morning, ladies and gentlemen. The 2021 Annual Meeting of Shareholders of SolarEdge is called to order and the polls are now open. I am Sivi Landau and I will preside as the chair of today's meeting. Due to the continuing COVID-nineteen restrictions, We believe that a virtual meeting ensures greater access to those who wanted to attend this annual meeting. We have designed the format of the annual meeting to provide you with Same rights and opportunities to participate as you would at an in person meeting and expect to return to in person meetings once circumstances allow.
Thank you for joining us. We are very pleased to have you here with us today for this meeting. I would like now to introduce several people who are with us today. With us on the call today is our Chairman of the Board of Directors, Nadav Tafrir and additional Board members, Avery Moore, Doron Ingvar and Yoni Prefects. In addition, we are happy to have with us Ronen Feier, our Chief Financial Officer and Yossi Tendler from our auditing firm.
Rachel Priscolnik will serve as secretary of this meeting. We will conduct the business Portion of our meeting first and answer questions at the end of the meeting. Though we may not be able to answer every question, We will do our best to provide a response to as many as possible.
Thank you, Tivi. Now let's turn to our formal agenda. The agenda for the meeting and the rules of conduct and procedures for the meeting are available on the virtual meeting platform. We ask that participants abide by these rules. As set forth in the rules of the meeting and in our corporate governance documents, the only matters to be discussed and acted upon by the shareholders at this meeting Are as set forth in the agenda and proxy statements.
This meeting is being held pursuant to the notice of the Annual Meeting of Shareholders, which was made available to you along with our proxy statements in our 2020 annual report. The proxy materials were first made available On or about April 22, 2021, to the shareholders of record at the close of business on April 5, 2021, The Board of Directors has appointed me as Inspector for the matters to be voted on at today's meeting. I have presented to C. B. Landau, Chairman of this meeting, copies of the notice of annual meeting, the proxy statement and the form of proxy together with proof of affidavit of the mailing by Broadridge On April 22, 2021, to each shareholder of record as of the close of business on April 5, 2021.
AST has presented me with a list of the shareholders of the company entitled to vote at this meeting as of the record date. This list has been on file at the principal office of the company for inspection during normal business hours prior to the meeting And will be open for inspection throughout this meeting. At this time, any shareholders that are logged in and who have not already submitted a proxy and wish to vote their shares You may do so by now clicking on the voting button in the bottom of your screen. While we allow time for shareholders who haven't already done so to complete their voting, I'd like to remind you that some of the statements made at this meeting may be considered forward looking. The company cautions investors That results of future operations may differ from those anticipated.
We urge you to review the cautionary statements and other information contained in the company's filings, including our annual report for fiscal 2020, which identifies certain factors that could cause actual results to differ materially from those projected in any forward looking statements made during the meeting. I will now report the number of votes represented at this meeting either in person or by proxy. Mr. Chairman, a total of 51,966,174 shares of common stock of SolarEdge Technologies We're outstanding on April 5, 2021 and entitled to be voted at this annual meeting.
Thank you. Based on the Secretary's report, I declare a quorum is present.
The proxy solicited by the Board of Directors designates Citi Landau and me to vote the shares represented by those proxies. The first resolution, election of directors. Under the company's articles of incorporation, the members of the Board of Directors are divided into 3 classes with approximately 1 third of the directors standing for election each to serve for 3 year terms. The first item of business today is the election of 3 Class III directors, each to hold office until the 3rd annual meeting of shareholders following their election and until their successors are elected and duly qualified. The 3 Class III directors standing for election as nominated by our Board of Directors and as set forth in the proxy statement Our Nadad Safriar, Avery Moore and C.
B. Landau. The Board unanimously recommends a vote for each of the directors' nominees. The next item of business is shareholder ratification of the appointment by the Audit Committee of as the company's independent Registered accounting firm for the year ending December 31, 2021. The board unanimously recommends approval of this proposal as well.
The final item of business is the vote on an advisory and non binding basis on the compensation of our named executive officers, commonly referred to as the say on pay proposal. Our Board unanimously The preliminary results of the voting are as follows. On proposal number 1, the votes cast for each of the Class Three director nominees represent a majority of those cast for Class III director nominees. Subject to the confirmation by the Inspector of Election, The 3 Class III nominees are elected directors, each to hold office until the 3rd annual meeting of shareholders following their election and until their successors On proposal number 2, the votes cast 4 as the independent Registered public accounting firm for the company for the year ending December 31, 2021 exceed the votes cast against the proposal. Subject to the confirmation by the Inspector of Election, the shareholders have ratified the appointment of And on proposal number 3, The votes cast for approval on an advisory basis of the compensation of the company's named executive officers as disclosed in the proxy statement Exceed the votes cast against the proposal.
We will provide the final voting results as certified by the Inspector of Election in a Form 8 ks Filed with the Securities and Exchange Commission.
Thank you. A quorum has been present And we have had a legal meeting. The meeting is adjourned. For those present who wish to remain, we will now hold a brief question and answer session.
We have one question. Should I read it out? I'll read it out and then we can address it. So the question is, so what do you attribute the significant change in North American MLPE PE market share since 2019, technology, marketing, what changes of strategy have you made to win back that market share?
It's complex, especially in a year like 2020, which was affected by 2 abnormal events. The first is the safe harbor that was and safe harbor purchases that were done at the end of 2019 in the beginning of 2020 and that was followed by the event of COVID-nineteen. So I don't think there is a real accurate tracking of market share. Regardless, there are always fluctuations in market share for various reasons and it is definitely possible that here and there we lost some market share. Since the introduction of the EnergyHub inverter A couple of quarters ago, we feel a turning of events and this platform has been very well accepted by the market as a platform that is Good for solar installations and ready for battery additions and that has been our main action in recovering and growing market share in the North America to the extent it can be tracked accurately.
Thank you, Tivi. There are no further questions and as such, We will close the line and thank you all for joining us on our Annual Shareholders Meeting for 2020.