Okay. Good morning, everybody. It's so good to see you all here and thank you with this wonderful New York weather that you came. Hopefully, we won't disappoint you in all of that. But welcome to our 2014 Annual Shareholders Meeting for McGraw Hill Financial.
I'm Terry McGraw. I'm the Chairman of McGraw Hill Financial. And obviously, it's my pleasure to welcome you and thank you again for taking the time to be here. It's now 11 on that one and I call the meeting to order. As the annual meeting is being made available by teleconference and by audio webcast, I would also like to welcome all of those that are listening by telephone or Internet and literally from the dial in all over the world, which is a wonderful statement about our company and a wonderful statement about the impact that our employees are making.
I'd like to introduce you to the gentleman at the table with me. Doug Peterson is our President and CEO and Director of the Corporation and also Ken Vitter, Executive Vice President and General Counsel of the Corporation. We'll get to the rest of the senior management team in just a moment. Let me just say how pleased I am with the 2 individuals that I just mentioned. We continue to strengthen and develop our leadership of McGraw Hill Financial and we do this year in year out all the time.
Last year when Doug became President and CEO on November 1, he has been doing a fantastic job of leading the company over the last 6 months. His focus is on growth, commitment to shareholder value and a high level of integrity, which is so important to every one of us and is incredibly important to all of the businesses that we do and the products that we develop and it's critical to us. And so those kind of items should give our employees, our customers, our shareholders and investors a great deal of confidence in our future. And in just a moment, you'll be hearing from Doug. Also as many in this room know, there is no finer General Counsel in my opinion than Ken Bitter.
He's been doing terrific work and he's been doing it forever. Ken has been with the company for 33 years and we're so proud of I could go on, but I was asked not to on that one. Now it is my pleasure to introduce our Board of Directors. We have a world class Board and we're extremely proud of that. Their dedication, expertise and leadership are a tremendous source of pride for this corporation and their guidance and support and oversight are critical.
I would kindly ask our directors to stand as I state their names and to remain standing. And please hold your applause until all have been introduced. And I know that everybody has gotten a copy of the proxy. I can't go into all the detail on each director. But if you have your proxy or wherever it is, if you could go through it and take a look at the background of these individuals and all the things they've done, it's again another sense and source of pride that this corporation has been able to attract this kind of talent.
So let me introduce our directors. First, Sir Wayne Bischoff, he's the retired Chairman of Lloyds Banking Group and Chairman of U. K. Financial Reporting Council. I could go on, but I can't.
William D. Green, Bill is the retired Executive Chairman and CEO of Accenture. And I want you to take a look at that new look he's wearing there. He's helping us really get into that modern era. Charles E.
Haldeman, Jr. Ed Haldeman is the former CEO of Freddie Mac and he's the Chairman of KCG Holdings, Inc. Linda Koch Lorimer, Vice President Yale University. And last night, we celebrated her 20th anniversary with the corporation. She has served on every single Board Committee.
She was our very first Presiding Director of the company. Robert P. McGraw, Chairman and Chief Executive Officer, Averdale Holdings LLC Hilda Ochoa Brilenburg, President and Chief Executive Officer, Strategic Investment Group. Last night, we celebrated her 10th anniversary Sir Michael Raich, Chairman of the VT Group and by the way it was hard to get his bio onto one page in the proxy. So please take a look at that.
Edward B. Rust, Jr. Ed Rust is the Chairman, President and Chief Executive Officer of State Farm Insurance. Kurt L. Schmoke is the Vice President and General Counsel of Howard University Sydney Terrell, Chairman Emeritus Eli Lilly and Company and Richard E.
Thornburg. Dick is the Vice President of Corsair Capital LLC. Would you please give them a nice rest of your day? I would also say about Linda Lorimer. She's not standing for reelection.
She has decided that this year she's going to resign after 20 years. She served on this Board obviously with such distinction and we talked about all of those components. Joe Dionne right over here who I'm going to mention again in just a minute was the Chairman and CEO at the time and was the presiding Director Linda was the presiding Director under Joe. She is going to just say the least be missed a lot. And all of the good wishes that came to you Linda last night.
And I hope that you'll never forget them because we won't either. So thank you Linda. Thank you for all your service. We also have a number of people that are retired directors or executives that are with us this morning. And what a special company we are to have such dedicated men and women that just want to come back and be here and to be with us supporting management and supporting the Board.
It says an awful lot. I can't go through every name on that one, but I did mention Joe De Jong, our former Chairman and his wife Catherine right over here. Joe, you want to just there you go. We have Lois Rice right over here, former Director. Lois, go always good to have you.
Peter Lawson, Johnson, where's Peter? They're right over here. Peter, it's so good to have you back. Thank you for doing that. I could mention others, but we need to really stay on time here.
But thank you for coming. I've already introduced Doug Peterson and Ken Bitter and now I'd like to introduce you to the other members of the senior management team. And would they please stand as I say their names and remain standing? We're very, very proud of this team. And again proxies, if you could take a look at their backgrounds and all of those kind of things, you'll get a really good sense of the solidarity of this management
team and what it means to us.
So let me introduce them. John Beresford, Jack Callahan, Executive Vice President and Jack Callahan, Executive Vice President and Chief Financial Officer Lou Eccleston, President, S&P Capital IQ Alex Maturi, CEO, S&P Dow Jones Indices Chip Merritt, Vice President, Investor Relations Larry Neal, President, Platts Finbar O'Neill, President, J. D. Power Niraj Sahai, President, S&P Rating Services and Ted Smith, Executive Vice President, Corporate Affairs. By the way, the newest member of our team, Niraj, came to us from Citi.
He joined our company following a successful career there. He was he ran the securities and the fund services business. He also acted as Chief Fiduciary Officer of Citigroup. He's a wonderful addition to a very deep and talented management team. Welcome on that.
We will now proceed to the business of our annual meeting, the purpose of which is fivefold. Number 1, to review our performance in 2013 and to take a look at the prospects for 2014 and beyond. Number 2 is to elect 12 directors. 3, to vote on a proposal to approve on an advisory basis the executive compensation program for the company's named executive officers 4, to ratify the appointment of Ernst and Young LLP as our independent registered public accounting firm for 2014. And finally, to vote on a shareholder proposal requesting shareholder action by written consent and to take up any other matter that may properly come before this meeting.
Mr. Vitter will establish that the meeting is duly called that a quorum is present and that other formalities have been complied with. After Mr. Vitter advises us that a quorum is present, we will proceed with the matters listed in item 2 of the agenda that was distributed to you on the thing. Ken?
Thanks, Terry. Before we begin, let me provide certain cautionary remarks about forward looking statements that may be made during this annual meeting. Except for historical information, the matters discussed during the meeting may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, including projections, estimates and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from the results anticipated in these forward looking statements. We direct listeners and the audience to the cautionary statements contained in our Form 10ks, 10 Qs and other periodic reports filed with the United States Securities and Exchange Commission.
The Corporation's Secretary, Mr. Scott Bennett, has advised me that we have certified lists of shareholders of record as of the close of business on March 10, 2014, who are entitled to vote at this annual shareholders meeting. Such lists have been opened for inspection by shareholders. We also have copies of the notice of meeting, proxy materials, annual report and affidavits of mailing relating to this annual meeting. The affidavits will be filed with the records of the annual meeting.
The Board of Directors has designated 2 representatives of Computershare Trust Company to act as inspectors of election for the annual meeting. Representatives of Computershare Trust Company are present and have been duly sworn. Their oaths will be duly filed. In addition, I'm advised by Mr. Bennett that shares of common stock representing approximately 90% of the outstanding shares of McGraw Hill Financial and representing more than a majority of the votes entitled to be cast at this annual meeting are represented either in person or by proxy.
Mr. Chairman, the annual meeting has been duly convened, a quorum is present and the business of the annual meeting should proceed.
Okay. Thank you, Ken. And we'll now proceed then with the election of directors and the other formal business items. Ballots will be distributed to those who want to vote in person on any of the proposals. We will vote on each proposal before taking up the next proposal.
Time will be provided for specific questions relating to each of the proposals as they're introduced. Further time will be provided following Doug's report on operations for questions on other matters. I would request that all remarks concerning the formal business items be directed to the Chair. In order that remarks can be heard clearly by everyone, we have microphones on both sides. If that's not convenient, we have a handheld for that.
If you have a question or remark, please state your name and whether you're a shareholder or whether you're representing a shareholder. And again, as a matter of courtesy, if you could please limit yourself to 1 question remark until everyone who wishes to do so has had an opportunity to do that. The first item to be voted on is the election of 12 directors. We present as nominees for election as directors the 12 persons named in the proxy statement dated March 19, 2014. The names of the 12 directors nominated for election Sir Wayne Bischoff, William Green, Charles Holloman, Harold McGraw III, Robert P.
McGraw, Hilda Ochoa Brilenburg, Douglas Peterson, Sir Michael Rake, Edward Rust, Kurt Schmoke, Sydney Terrell and Richard Thornburg. The floor is now open for questions or comments regarding the election of the 12 directors. And again, if you've already voted whether by telephone, Internet or by mail, again, you don't have to. But if you raise your hand, if you need a ballot, if you want to vote in person. The floor is now open for questions or comments about the directors.
Okay. Since there's no further discussion on this proposal, I declare the voting closed on this item. The second item to be voted upon is a proposal to approve on an advisory basis the executive compensation program for the company's named executive officer. Floor is now open for questions or comment relating to this item. Okay.
Since there is no further discussion on this proposal, I declare the voting closed on this item. The 3rd item to be voted upon is the selection of Ernst and Young LLP as the company's independent registered public accounting firm for 2014. Ray Mikovits, partner of Ernst and Young responsible for the McGraw Hill Financial Account is present today at the meeting. And Ray is available at this point to talk about any aspect of the financial condition of the corporation should anyone so desire. By the way, Ray is a terrific partner and we're very excited about this relationship.
Ray, would you stand up just quickly? Yes. This is Ray Mikovits. Thank you, Ray. And again, now or after the meeting or whatever, any question or comment you'd have, please see Ray.
The floor is open on any question regarding Ernst and Young. Okay. Since there's no further discussion on this proposal, I declare the voting closed on this side. The 4th item to be voted upon is a shareholder proposal requesting shareholder action by written consent. I understand that Ms.
Carolyn Ervin is prepared to present this proposal and I would like to give Ms. Ervin an opportunity to make a statement in support of that proposal at this time if she so desires.
Hello. I am representing Keith Steiner. Resolved to shareholders' request that our Board of Directors undertake such steps as may be necessary to permit written consent by shareholders entitled to cast the minimum number of votes that would be necessary to authorize the action at a meeting at which all shareholders entitled to vote thereon were present in voting. This written consent is to be consistent with giving shareholders the fullest power to act by written consent in accordance with the applicable law. This includes shareholder ability to initiate any topic for written consent consistent with applicable law.
Wet Seal shareholders successfully used written consent to replace certain underperforming directors in 2012. This proposal topic also won majority shareholder support at 13 major companies in a single year. This included 67% support at both Allstate and Sprint. This proposal would empower shareholders by giving them the ability to effect change at our company without being forced to wait until an annual shareholder meeting. Shareholders could replace a director using action by written consent.
Shareholder action by written consent could save our company the cost of holding a physical meeting between annual meetings. Please vote to protect shareholder value. Right to act by written consent.
We appreciate the direction and the intention of where you're going with this. The Board believes this proposal is not necessary. And we believe that and we've written into the there's a lot of detail in the proxy statement for those that want to get into it. But the company amended its certificate of incorporation in 2011 to address this. And we provide that special meetings of shareholders of the company may be called at the request of holders of 25% or more of the outstanding share of the company's common stock.
As such, the Board of Directors recommends a vote against this proposal. Detailed reasons again are laid out in the proxy, but we've already addressed it by making the change in the certificate of incorporation in 2011. The floor is open for any questions or comments on this matter. Okay. Since there's no further discussion on this proposal, I declare the voting closed on this item.
This concludes the voting on the formal matters and the business items. The ballots will be collected and those votes will be counted on the matters presented. With that, let's turn to 2013 and the And again, as And again, as I introduce Doug to provide the details, it is important to acknowledge that transformation and change. And if you get a copy of the annual report, you'll see in the letter that we put right up in front, we talked about transformation and change are essential elements of the ongoing growth story of this company. It used to be things transformed and changed in a time period like this.
Today they're going like this. And that means the management team has to be on top of things all the time to make sure that we are understanding the impacts in markets and the influence that we are having on those markets and how our relevance needs to always increase relative to making those kinds of capabilities. Last year was no exception. We completed the growth and value plan and created 2 powerful new companies McGraw Hill Financial and McGraw Hill Education. Some things however don't change and we said it in the letter as well.
The heart and the soul of this company is its talented people who care so deeply about serving their markets and making a difference. They have always been and always will be the reason for our success. And on behalf of the entire Board of Directors, I thank them for all that they do every single day. Recruiting and developing top talent and instilling a culture of honesty and independence have been hallmarks of this company since its founding 126 years ago. I'm delighted that we have Doug Peterson, a leader who embodies everything we stand for, guiding this company into what I believe is a future filled with growth and opportunities.
And let's not wait any longer. Let's hear about some of those growth and opportunities from our CEO, Doug Peterson. Doug?
Good morning and thank you Terry for inviting me to give this State of the Union speech about the company. While the votes are being counted, I'm going to give you a view of the company in 2013 as well as a view looking forward. It's an honor for me to address this group as the first time as President and CEO. On behalf of the management, I want to thank Terry to begin off with his outstanding leadership for the past 15 years. You've heard about the growth and value plan and all that we achieved over the last year.
And Terry did an outstanding job to build shareholder value and to position this company from a position of strength where we are today. With that, I want to thank Terry for his great leadership. Today, I want to speak about how we're making this great company even greater and an emphasis on creating growth and driving performance. Simply put, our long term prospects are very bright and they are excellent. And we have a remarkable story to share with you.
We have a story about transformation, about global expansion, about fast growing leading brands and about an ongoing commitment to building shareholder value. To appreciate this story about the many exciting opportunities that we have, it's important to briefly review our past. In 2011, we launched the Growth and Value Plan. We laid the foundation of that plan by divesting and finding new buyers and new homes for great companies, McGraw Hill Education, Aviation Week and Global Broadcasting. At the same time, we've been investing in faster growing higher margin businesses that now comprise McGraw Hill Financial.
There are businesses like S and P Rating Services, Platts, S&P Dow Jones Indices and CRISIL which is India's leading rating agency as well as research company where we increased our majority equity stake last year. These changes have driven strong performance as illustrated by the great year we had in 2013. Last year, we recorded 10% increase in revenue to $4,900,000,000 We had a 19% adjusted net income growth to $931,000,000 and a 21% increase in adjusted diluted EPS from continuing operations. And this year is off to a very solid start. Yesterday, we reported 1st quarter results and included 5% increase in revenue to $1,200,000,000 adjusted net income from continuing operations of 240 $8,000,000 which is an increase of 9% and adjusted diluted EPS from continuing operations of $0.89 per share, which is a growth of 12%.
This is an outstanding year, an outstanding beginning of the year that was especially driven by Platts and S and P Dow Jones Indices, which helped drive the growth in the Q1. Last year, we returned approximately $1,300,000,000 to shareholders in the form of dividends and share repurchases. Our total shareholder return and that share price plus the increase in reinvestment of dividends of 46% last year outperformed the 32% return of the S and P 500. And our commitment to focus on our shareholders continues. In January of this year, the Board of Directors approved a 7.1% increase in our regular cash dividend.
This is a 41st consecutive year of dividend increases and it's a record fewer than 25 companies in the S and P 500 can claim. We're proud of this recent history, but that's not the end of our history. In fact, the journey is just beginning. You might ask why are we so excited about the future of McGraw Hill Financial? There are very strong secular trends in the global capital, in the commodity and in the corporate markets, which our businesses are well positioned to capitalize on.
But let me give you a few examples. The globalization of commodity markets and the need for transparency are enabling double digit growth at Platts. New bond markets are emerging around the world in places such as Colombia, Poland and Turkey. They're creating long term growth opportunities for the type of transparency and research that S and P rating services brings to market. The shift to index related divesting is another exciting trend.
Then that is an area we're very well positioned to grow in. An example, over the past 10 years, assets under management in the exchange traded products grew at 27% annual compounded growth rate. It grew to $2,400,000,000,000 That's phenomenal growth and we think there's a lot more room for expansion. In addition, last year assets under management and ETFs linked to our indices grew 43% to $668,000,000,000 and we received based fees based on those assets tied to our indices. We grow alongside our customers as they become more successful.
We grew 27% at S and P Dow Jones Indices in 2013. These global trends and others should continue well into the future and drive our long term growth. There are other reasons that we are excited about our company. We have great brands. We have deep core analytics across all of our businesses.
We're truly global and we're starting from a position of incredible financial strength. Our leading brands are well known and respected around the world. And we ask why are they so relevant in today's turbulent and volatile markets? Every day investors want to know the opinion of Standard and Poor's ratings and research around the globe before they make decisions. Every day at the end of the day, when close, people ask, where did the market close?
And they're asking that question. The answer is about the S and P 500 or Dow Jones. And traders, risk managers and petroleum producers want to know the Platts price assessment of Brent, which is the benchmark for over 60% of the world's crude oil markets. The foundation of everything we do is built on our people and our core values. Fairness, integrity and transparency are embedded in everything we do.
As Terry said, the 17,000 men and women of this exceptional company are the reason for its success. That's why we put a premium on attracting and developing great talent. And we're fortunate to have a Head of Human Resources, John Beresford, who leads our efforts to develop our people around the globe. We're proud of our employees and the contributions they make to this company and we're marking tomorrow our 1 year anniversary of McGraw Hill Financial. Now I want to update you on the Department of Justice pending claims against S and P.
As you'll recall last year, the Justice Department brought a civil action against S and P for ratings issued during the period of 2004 to 2,007. We continue to believe these allegations are without factual or legal merit. On April 15, the judge in this case granted our request and ordered the Department of Justice to deliver documents to S and P needed to fully defend itself. The judge in his order wrote, and I quote, none of the government's grounds for withholding production are availing. In short, the government's obligation to produce documents is commensurate with the government's election to bring a suit of such broad scope and magnitude.
We're very pleased with that decision. A trial date has not been set, but the judge has indicated he would like to begin the trial in September 2015. We will continue to aggressively defend against this case as well as the related cases brought against S and P by State Attorneys General. And we continue to believe our legal risks are manageable. Let me move on now and talk about the specific goals we have set for creating growth and driving performance.
Last month, we held our inaugural Investment Day of McGraw Hill Financial. We set annual targets for a 3 year period from 2014 to 2016. These included mid to high single digit revenue growth, sustained margin expansion, mid teens EPS growth and $1,000,000,000 per year in free cash flow. We also are paying very close attention to our expenses. Our goal is to create at least $100,000,000 in productivity savings from 2014 to 2016.
Multiple initiatives are already underway to realize this goal, including reducing our real estate footprint. Additionally, given our commitment to global growth, we have decided to seek strategic alternatives for McGraw Hill Construction, which serves the U. S. Market. McGraw Hill Construction is a great franchise.
It has great operating people. It has a great business and great customers and has standalone operating margins approaching 20%. It has been a proud part of this company for over 100 years and we know McGraw Hill Construction will continue to be a leading source of independent news, data and analytics for many years to come. In summary, we are well positioned to benefit from powerful secular trends. We have fantastic brands with deep analytics in growing global markets.
And we have exceptionally talented employees who operate with the highest standards of fairness, integrity and transparency. As I conclude, let me thank our Board of Directors. Their wisdom, judgment and independent counsel are tremendously valuable to me and our entire management team. I also want to thank very especially Terry for his earlier comments about Linda Lorimer. Linda has been somebody that has consistently and we will all come to Yale to visit you there.
So we look forward to seeing you up at Yale. And I want to extend my gratitude to all of the men and women of McGraw Hill Financial. Without what you do every day, we wouldn't be a great company that's getting greater every day. With that, let me turn it back over to Terry. Thank you very much.
And beside being a pretty good leader and he's also an awful nice guy. There's a button over here on this thing. And when I came in and I put my papers down, it was up here. And I said, why is that? And they said, well, that's for Doug.
And I said, that's when you find out you're no longer CEO. So I pushed it down and he didn't take it back up. Thank you very much Doug. Okay. Doug has laid out a very good plan.
And certainly this management team is capable of delivering on it. And it's going to be fun to see all the transformation and change that we're going to be influenced by and how we're going to respond to it. And I know it's going to be at a high level. The meeting is now open for questions or comments concerning any subject generally relating to McGraw Hill Financial. I request once again that all questions and comments be directed at the chair and I will direct them or redirect them as appropriate.
As before, we have microphones on both sides. We have a handheld, if that's more helpful. Please state your name and whether you're a shareholder or you're representing a shareholder. The floor is now open.
Philip Berman, Portfolio Manager and Shareholder, some comments and questions together. It's noteworthy as we approach the 1st year of the restructuring of the historical MHP that everything went seamlessly without any delays or glitches. Now we have a newly created, finely tuned company with potentially highly profitable brands all in sync with the digital Internet age. In the short term, the newly created company is expected to deliver stable earnings per share increases with rising margins and will no longer be subject to the seasonality and the government budget problems as publishing was before. For the longer term, the reshaping and sharpening of our business model will enable the company to operate very lean and mean, which can lead to accretive acquisitions.
As everyone knows MHFI products are all at the top of their game and at some point we may benefit from a higher premium PE assigned to the stock price when Wall Street gives credit to future earnings per share growth increases. When given a choice between the newly issued IPO unproven high PE Internet stocks, investors and Wall Street will gravitate eventually to a stock like MHFI with established brands with a long term track record and a dividend. And now some questions. It seems as of today, we are no longer looking for a partner for the construction division. What do you expect to receive for that segment?
Is that your only question?
No, I have 2 more.
Keep going.
Okay. Does your yearly guidance take into account the probability that hedge fund activity could accelerate through year end and bond issuances may increase a lot later in the year. And then I have a final comment. I'll save that
at the end. Okay. Go ahead.
You want me to do the comment now?
Sure.
Okay. Of all the companies that I follow, this is at the top of the list for companies that have undergone a massive transformation restructuring, which involved a lot of very difficult family business decisions, which were made to enhance the company's long term performance and competitiveness. For this, we must all give credit to Terry McGraw and the Board.
Thank you very much for that. Let me respond to your questions. The first one is a process. McGraw Hill Construction Doug has made it very clear and stated that we're looking at alternative sources for that business. It's in the middle right now of a process and therefore there's not much more to talk about at this point in terms of an end game.
As far as bond issuance goes, you know that there's volatility and fluctuality in that. Doug, do you want to comment on any aspect of that?
What I would mention about the global bond markets are always seasonal and they're also based on many different factors which have to do with demand for new credit, the supply of credit in the markets. We see volatility going quarter by quarter. But what's most important for us is that there are very long term trends, which we believe are going to see more and more bond activity around the globe. I mentioned in my secular trends markets like Colombia and Poland and Turkey, others around the world see local domestic bond markets that are starting to grow. In Europe, you have a very important trend which is the disintermediation of the bank markets which are shifting away from bank lending markets for corporates into bond markets.
And then there's just the regular activity of refinancing that you see all the time. We produce studies on that and so we can always make available for a study for you. Please see Chip Merritt after this meeting and he will give you some of our studies about the longer term trends of global issuance.
I would also add that as part of your very kind comments about McGraw Hill Financial and the prospects for it, you've got to remember that if you go back about 3 decades, if capital demand for growth was that big, it was provided by banks. And so there wasn't really robust capital markets because they weren't really needed. Today, capital demand for growth is that big and banks are providing the same level in percentage terms. So where is that money coming from in all that? And the biggest item on the G20 growth agenda is financing for growth, which is all about the growth of the capital markets.
And that growth capital markets is worldwide, whether it's investments in businesses, whether it's infrastructure investments and the like. And so what is so important to this company is that we sit right in the heart of this capability of being able to help support the generation of that capital worldwide. And that gives us huge opportunities in doing that. I also thank you for your very kind comment about myself. I appreciate it.
But it's a team that does it on that one. Are we done?
Thank you.
Thank you very much. Other questions, comments?
They're shy.
Okay. If there are no further questions and comments, we'll go to our next order of business. I understand that the inspectors of election have now submitted the report to the Secretary. Mr. Vitter will read that report.
The preliminary tally of votes by the inspectors of election shows that the 12 persons nominated as Directors of McGraw Hill Financial Inc. Have been elected. The proposal to approve on an advisory basis the executive compensation program for the company's named executive officers has been approved. The ratification of the appointment of Ernst and Young LLP as the company's independent registered public accounting firm for 2014 has been approved. The shareholder proposal requesting shareholder action by written consent has not been approved.
The Certificate of Inspectors of Election will be filed with the records of the meeting and the final results will be available on or before May 5 in our SEC Form 8 ks filing.
Okay. Thank you, Ken. And the report is in and it's very gratifying. The number of shares voted obviously and the support demonstrated for the slate of directors is obviously very much appreciated. I know that there are people that are listening in from all over.
We thank you for your time as well and being a part of all of this. If there is no further business, I will now entertain a motion that the meeting be adjourned. Is there a move? Thank you, John. You did it just right.
Is there a second?
Adjourned, I'll
second that question. Well done, Ted. All in favor? Aye. Thank you very much.
The meeting is adjourned.