Okay. Good morning, everybody. It's so good to see you all here. Thank you with this wonderful New York weather that you came. Hopefully, we won't disappoint you in all of that. Welcome to our 2014 annual shareholders' meeting for McGraw Hill Financial. I'm Terry McGraw. I'm the Chairman of McGraw Hill Financial, obviously, it's my pleasure to welcome you. Thank you again for taking the time to be here. It's now 11:00 A.M. on that one. 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, also Ken Vittor, 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 two individuals that I just mentioned. We continue to strengthen and develop our leadership of McGraw Hill Financial. We do this year in, year out, all the time. Last year, when Doug became President and CEO on November 1st, he has been doing a fantastic job of leading the company over the last six 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. It's critical to us. Those kind of items should give our employees, our customers, our shareholders, and investors a great deal of confidence in our future. 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 Vittor. He's been doing terrific work. He's been doing it forever. Ken has been with the company for 33 years. We're so proud of him. I could go on. I was asked not to. I know. Now it is my pleasure to introduce our Board of Directors.
We have a world-class Board. We're extremely proud of that. Their dedication, expertise, and leadership are a tremendous source of pride for this corporation. 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. Please hold your applause until all have been introduced. I know that everybody has gotten a copy of the proxy. I can't go into all the detail on each director. 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. Let me introduce our Directors. First, Sir Win Bischoff.
He's the retired chairman of Lloyds Banking Group and chairman of U.K. Financial Reporting Council. I could go on, Win, 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. I know. Charles E. Haldeman, Jr. Ed Haldeman is the former CEO of Freddie Mac. He's the chairman of KCG Holdings, Inc. Linda Koch Lorimer, vice president, Yale University. 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-Brillembourg, president and chief executive officer, Strategic Investment Group. Last night, we celebrated her 10th anniversary.
Sir Michael Rake, chairman of the BT Group. 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. Sidney Taurel, chairman emeritus, Eli Lilly and Company. Richard E. Thornburgh. Dick is the vice president of Corsair Capital, LLC. Would you please give them a nice round of applause? I would also say about Linda Lorimer, she's not standing for re-election. She has decided that this year she's going to resign after 20 years. She served on this board, obviously, with such distinction. 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, to say the least, be missed a lot. All of the good wishes that came to you, Linda, last night, I hope that you'll never forget them, because we won't either. Thank you, Linda. Thank you for all your service. We also have a number of people, retired directors or executives, that are with us this morning. 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. I did mention Joe Dionne, 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, it's always good to have you. Peter Lawson-Johnston. Where's Peter? Right over here. Peter, it's so good to have you back. Thank you for doing that. I could mention others. We need to really stay on time here. Thank you for coming. I've already introduced Doug Peterson and Ken Vittor. Now I'd like to introduce you to the other members of the senior management team. Would they please stand as I say their names and remain standing? We're very proud of this team.
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. Let me introduce them. John Beresford, Executive Vice President, Human Resources. John. Jack Callahan, Executive Vice President and Chief Financial Officer. Lou Eccleston, President, S&P Capital IQ. Alex Matturri, CEO, S&P Dow Jones Indices. Chip Merritt, Vice President, Investor Relations. Larry Neal, President, Platts. Finbarr O'Neill, President, J.D. Power. Neeraj Sahai, President, S&P Ratings Services. Ted Smyth, Executive Vice President, Corporate Affairs. By the way, the newest member of our team, Neeraj, came to us from Citi. He joined our company following a successful career there. 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 talent management team. Welcome on that. We will now proceed to the business of our annual meeting, the purpose of which is five-fold. Number one, to review our performance in 2013 and to take a look at the prospects for 2014 and beyond. Number two is to elect 12 directors. Three, to vote on a proposal to approve, on an advisory basis, the executive compensation program for the company's named executive officers. Four, to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2014. 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. Vittor will establish that the meeting is duly called, that a quorum is present, and that other formalities have been complied with. After Mr. Vittor advises us that a quorum is present, we will proceed with the matters listed in item two 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 10-Ks, 10-Qs, and other periodic reports filed with the United States Securities and Exchange Commission.
The Corporate 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 open 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 two representatives of Computershare Trust Company to act as inspectors of election for the annual meeting. Representatives of the 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. 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 then 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.
Again, as a matter of courtesy, if you could please limit yourself to one question or 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 Win Bischoff, William Green, Charles Haldeman, Harold McGraw III, Robert P. McGraw, Hilda Ochoa-Brillembourg, Douglas Peterson, Sir Michael Rake, Edward Rust, Kurt Schmoke, Sidney Taurel, and Richard Thornburgh. The floor is now open for questions or comments regarding the election of the 12 directors. Again, if you've already voted, whether by telephone, internet, or by mail, again, you don't have to.
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's no further discussion on this proposal, I declare the voting closed on this item. The third item to be voted upon is the ratification of the selection of Ernst & Young LLP as the company's independent registered public accounting firm for 2014. Ray Mickovic, partner of Ernst & Young responsible for the McGraw Hill Financial account, is present today at the meeting.
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? Yeah, this is Ray Mickovic. Thank you, Ray. Again, now or after the meeting or whatever, any question or comment you have, please see Ray. The floor is open on any question regarding Ernst & Young. Okay, since there's no further discussion on this proposal, I declare the voting closed on this item. The fourth item to be voted upon is a shareholder proposal requesting shareholder action by written consent.
I understand that Ms. Carolyn Irvin is prepared to present this proposal, and I would like to give Ms. Irvin 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, 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 and 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 there's a lot of detail in the proxy statement for those that want to get into it. The company amended its certificate of incorporation in 2011 to address this. 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, 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 outstanding year that we had, and let's talk about the bright prospects that lie ahead. Again, as I introduce Doug to provide the details, it is important to acknowledge that transformation and change. 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.
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 two 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. 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. 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. 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. 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 McGraw-Hill Broadcasting. At the same time, we've been investing in faster-growing, higher-margin businesses that now comprise McGraw Hill Financial.
They're businesses like S&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 $4.9 billion. We had a 19% adjusted net income growth to $931 million and a 21% increase in adjusted diluted EPS from continuing operations. This year is off to a very solid start. Yesterday, we reported first quarter results and included 5% increase in revenue to $1.2 billion, adjusted net income from continuing operations of $248 million, 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&P Dow Jones Indices, which helped drive the growth in the first quarter. Last year, we returned approximately $1.3 billion to shareholders in the form of dividends and share repurchases. Our total shareholder return, that share price plus the increase in reinvestment of dividends of 46% last year, outperformed the 32% return of the S&P 500. 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 the 41st consecutive year of dividend increases, and it's a record fewer than 25 companies in the S&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. 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&P Rating Services brings to markets. The shift to index-related investing is another exciting trend. That is an area we're very well-positioned to grow in. An example, over the past 10 years, assets under management in exchange-traded products grew at 27% annual compounded growth rate. It grew to $2.4 trillion.
That's phenomenal growth, and we think there's a lot more room for expansion. In addition, last year, assets under management in ETFs linked to our indices grew 43% to $668 billion, and we received fees based on those assets tied to our indices. We grow alongside our customers as they become more successful. We grew 27% at S&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. We ask, why are they so relevant in today's turbulent and volatile markets?
Every day, investors want to know the opinion of Standard & Poor's ratings and research around the globe before they make decisions. Every day at the end of the day, when the markets close, people ask, "Where did the market close?" They're asking that question. The answer is about the S&P 500 or Dow Jones. 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.
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 one-year anniversary of McGraw Hill Financial. Now, I want to update you on the Department of Justice pending claims against S&P. As you recall, last year, the Justice Department brought a civil action against S&P for ratings issued during the period of 2004 to 2007. We continue to believe these allegations are without factual or legal merit. On April 15th, the judge in this case granted our request and ordered the Department of Justice to deliver documents to S&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." End quote. 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&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 three-year period from 2014 to 2016.
These included mid to high single-digit revenue growth, sustained margin expansion, mid-teens EPS growth, and $1 billion per year in free cash flow. We also are paying very close attention to our expenses. Our goal is to create at least $100 million 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've 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.
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 specially Terry for his earlier comments about Linda Lorimer. Linda has been somebody that has consistently provided very thoughtful strategic counsel, and she served with great distinction for many years, and we will miss your contributions, and we will all come to Yale to visit you there. We look forward to seeing you up at Yale. 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.
Besides being a pretty good leader, 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. I said, "Why is that?" They said, "Well, that's for Doug." 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. Certainly, this management team is capable of delivering on it. 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. 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 first 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 exponential increases in earnings per share as demand for the company's products grows over time, which could further 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. 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 two more.
Okay. Keep going.
Okay. Does your yearly guidance take into account the probability that hedge fund activity could accelerate through year-end, bond issuances may increase a lot later in the year? I have a final comment. I'll save that for 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 and 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. 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 fluctuate 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 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. Then there's just the regular activity of refinancing that you see all the time.
We produce studies on that, 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 three decades, if capital demand for growth was that big, it was provided by banks. 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 of it. Where is that money coming from, in all that? The biggest item on the G20 growth agenda is financing for growth, which is all about the growth of the capital markets. That growth capital markets is worldwide, whether it's investments in businesses, whether it's infrastructure investments and the like.
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. 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.
Exactly.
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 their report to the secretary. Mr. Vittor 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 & 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-K filing.
Okay. Thank you, Ken. 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?
I move to adjourn the annual meeting.
Thank you, John. You did it just right. Is there a second? Chairman, I second that motion. Well done, Ted. All in favor?
Aye.
Thank you very much. The meeting is adjourned.