Welcome to the 2020 Annual Meeting for Teleflex Incorporated. Our host for today's call is Jim Ladin, Corporate Vice President, General Counsel and Secretary. At this time, all participants will be in a listen only mode. I would now like to turn the call over to your host. Mr.
Layden, you may begin.
Okay. Thank you, Ross, and good morning, everyone. This is Jim Layden. As Ross mentioned, I'm the Corporate Vice President, General Counsel and Secretary of Teleflex, and I'd like to welcome you to our 2020 Annual Meeting of Stockholders, which will now come to order. As announced in our press release issued on April 17, due to the public health concerns concerning the current pandemic and government recommended and required limits on gatherings and events and to support the health and well-being of our stockholders, employees, directors and other participants, today's meeting is being held in a virtual only format.
This marks the first time that Teleflex Annual Stockholders Meeting has been held in such format. And before I open today's meeting, I want to note that today's event will not be followed by a presentation. Information about Teleflex and our financial performance is widely available and can be easily obtained through our website and other media. We conduct numerous meetings throughout the year at a wide variety of investor present in participating in today's webcast. George Babich, Candace Duncan, Gretchen Hagerty, John Heinmiller, Liam Kelly, who is also our President and Chief Executive Officer, Stephen Klaskow, Andrew Krakauer, Richard Packer, Stuart Randall and Benson Smith.
At this point, I'd like to turn the meeting over to Liam to recognize Benson who is retiring from our Board today.
Thank you, Jim. As many of you know, Benson has served on the Teleflex Board since 2005 and has been Chairman of the Board since 2011. He also served as our Chief Executive Officer from 2011 to 2017. Personally, and on behalf of the Board and other members of Teleflex Senior Management, I would like to extend our sincere thanks to Benson for his service and contributions to Teleflex over the past 15 years. With that, I'll turn the meeting back over to Jim.
Jim?
Okay. Thank you, Liam. In continuing with introductions, the other members of management participating in today's meeting are Tom Powell, our Executive Vice President and Chief Financial Officer Cam Hicks, Corporate Vice President, Human Resources and Communications and Jake Elguis, our Vice President of Investor Relations and our Treasurer. As well as those members of management participating in today's meeting are also representatives of our independent auditors at PricewaterhouseCoopers. They are Michael Mignogna and Andrew Medwid.
We're now ready to proceed with the business to come before the meeting, which relates to the 3 proposals outlined in our proxy statement. Those being the election of directors, an advisory vote on the compensation of executives and ratification of the appointment of our independent auditors for 2020. Before moving to these proposals, I'd like to address a few administrative matters. First, a list of record holders of the company's stock entitled to vote at today's meeting is available for review by stockholders during this meeting through the link located in the lower portion of your screen. Notice of this meeting was mailed on March 27, 2020 to each stockholder of record as of March 2, 2020.
Broadridge Financial Solutions has delivered an affidavit certifying the mailing of the notice and proxy materials to all stockholders of record as of the record date. Copies of the proxy materials are available for review during this meeting through the links available at the lower right hand side of your screen. Our Board of Directors has appointed Broadridge to serve as Inspector of Elections for this meeting and Carl Wagner as their representative. And he has taken an oath of office and is qualified. The Inspector of Elections has advised that holders of a majority of the outstanding shares of our common stock are present at this meeting in person or by proxy, thereby constituting a quorum.
Finally, if anyone present wishes to be recognized on a matter related to the business of this meeting as outlined in the proxy statement, you may submit your question through the text box located at the bottom of your screen. Only those questions that are pertinent to the matters to be voted on at today's meeting will be addressed during the meeting. Now with those items attended to, I'll turn to the matters to be voted on at today's meeting. As outlined in our proxy statement, the first scheduled item of business is the election of 3 directors to serve for 3 years or until their successors are duly elected and qualified. The nominees for the Class of 2023 are George Babich, Gretchen Hagerty and Liam Kelly.
The second item of business requests stockholder approval on an advisory basis of the compensation of our named executive officers as discussed in the proxy statement. And the final item is ratification of the appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for 2020. As outlined in the proxy statement, the Board recommends a vote for each of the Director nominees and for proposals 23. As a reminder, any stockholder participating in today's webcast who previously sent in a proxy card or who voted by telephone or by Internet need not take any further action with respect to the matters to be voted on today. However, if any stockholder participating in today's meeting has not yet voted, you may vote your shares by selecting the vote button on the lower part of your screen.
At this point, I'll declare the polls open for voting with respect to each of the items before the meeting. I will also review to see if any questions have been submitted with respect to any of these proposals. And I'm told we have one question. And this question comes from the Carpet Union Pension Funds. And specifically, the question is could you or a representative of PwC describe the lead partner rotation process and explain the decision making roles of the parties in selecting the new lead partner.
And I'm going to ask Mike Mignogna from PricewaterhouseCoopers, if he could address this question, please. And operator, if you could unmute Mike's line so he can address the question, please.
Hi, good morning. This is Michael Mignona. I am the lead audit partner for PwC. In response to the question, 1st and foremost, we agree that maintaining independence in both fact and appearance is critical to our role as the independent auditors. Lead audit partners are required to rotate every 5 years in accordance with PCAOB requirements.
To do so, we talked to the CEO, CFO and the Audit Committee about the attributes of the prospective audit partner. PwC looks at partners that fit these attributes, know the client and the industry who proposes 1 or a slate. The company then meets with the recommended candidates to ensure the right fit. And then the audit committee is involved to finally select the candidate. Usually, this process takes place in advance or excuse me, 1 year in advance of the required rotation.
Okay. Thank you, Mike. And as it appears that the voting is complete and there are no further questions with respect to the proposals, I will now close the polls. Okay. The Inspector of Elections reports that based on a preliminary count of the votes entitled to be cast, with respect to proposal 1, the election of directors, each of the Board nominees has received the affirmative vote of a majority of the votes cast.
With respect to proposal 2, the advisory vote on executive compensation, the proposal receives the affirmative vote of a majority of the shares present in person or represented at this meeting. And with respect to proposal 3, the ratification of PricewaterhouseCoopers as the company's independent auditors for 2020, the proposal received the affirmative vote of a majority of the shares present in person or represented at the meeting. Based on the results reflected in this preliminary report, each of the Board nominees has been elected for a term of 3 years. The advisory vote on executive compensation has been approved and the appointment of PricewaterhouseCoopers as the company's independent auditors for 2020 has been ratified. That concludes the business of the meeting and I declare the meeting adjourned.
And thank you everyone who was able to join us today.