Good morning and thank you for joining the PNM Resources 2021 Annual Meeting of Shareholders. At this time, I will turn the call over to Lisa Goodman, Director of Investor Relations.
Thank you, Brent. Good morning, and welcome to the 2021 Annual Meeting of Shareholders of PNM Resources Incorporated. As we begin, I would like to remind our shareholders that some of the information provided in this meeting should be considered forward looking statements pursuant to the Private Securities Litigation Reform Act of 1995. We caution you that all of the forward looking statements are based upon current expectations and estimates and that PNM Resources assumes no obligation to update this information. These forward looking statements also include statements regarding the potential business combination transaction between PNM Resources and Avangrid.
For a detailed discussion of factors affecting PNM Resources' results, please refer to our current and future annual reports on Form 10 ks, quarterly reports on Form 10 Q as well as reports on Form 8 ks filed with the SEC. We do not undertake any duty to update forward looking statements, which speak only as of today. Now I would like to introduce Pat Collon, Chairman, CEO and President of PNM Resources.
Thank you, Lisa. Good morning and thank you all for joining us this morning. Last year, we held our first ever virtual annual shareholders meeting. We had grand hopes that by the time the meeting rolled around this year, we would once again safely host a large gathering in person. Unfortunately, we're just not there yet.
So we once again have invited you to join us virtually for our Annual Meeting of Shareholders. At this time, I call the meeting to order. Before we move to the formal business of the meeting, I want to take a moment to acknowledge what an incredible year we have experienced. Last year at this time, we were at the beginning of a pandemic that none of us knew would last this long. Through it all, our employees have risen to the challenge of serving our customers and our communities.
They performed brilliantly and I thank each and every one of them. Today's meeting is very similar to last year's. We have both verified shareholders and invited guests listening to this virtual meeting. However, only a verified shareholder may submit a question or comment and vote. If a verified shareholder has a question or comment, please submit it along with your name using the question box located at the bottom of your screen.
As a courtesy to others, we ask that you limit your questions or comments to topics related to the business of the Annual Meeting. In order to facilitate a smooth meeting, similar questions may be grouped together. Questions and comments will be responded to later in the meeting. The polls are now open for voting and any shareholder who has not yet voted or wishes to change his or her vote may do so at this time using the vote box on the screen. If you have already voted, you do not need to take any action unless you wish to change your vote.
Along with all of you, all directors of PNM Resources and our senior management team are attending this virtual meeting. Representatives from KPMG, our independent auditors are also participating and are available to answer questions during the Q and A session. Our agenda for today's meeting is divided into 2 parts. In the first part, we will address the formal business of the company, including 4 items for our shareholders' consideration. The second part will involve an overview of the company.
We will now proceed with the formal business of our meeting. Patrick Apodaca, Secretary of the company will record the proceedings of the meeting. The Board of Directors previously appointed Kathleen Martinez of PNM Resources and Andrew Wilcox representing Broadridge Financial Solutions as Inspectors of Election. Prior to this meeting, Ms. Martinez and Mr.
Wilcox subscribed to the oath of inspectors of election. Mr. Secretary, would you please consult with the inspectors and report if a quorum is present?
Adam, Chairman, the company had outstanding as of the record date March 22, 2021, a total of 85,834,874 shares of common stock, 78.13 percent of the outstanding common shares are represented at this meeting in person through the virtual meeting website or by proxy. This constitutes a quorum for voting on all matters to be considered during the annual meeting of the shareholders.
Mr. Secretary, would you please report on the notice of meeting, the proxy materials and proxies received?
The notice of annual meeting proxy statement and proxy cards were sent beginning on or about March 30, 2021 to all shareholders of record as of March 22, 2021 by Broadridge Financial Solutions. As a result, the meeting is being held pursuant to proper notice and proxies received.
Thank you. The Secretary will place those documents on file with the records of the meeting. The first three items of business that I present and move for action at this annual meeting are the following 3 management proposals listed as Proposals 1, 23 and fully described in the proxy materials. The first item of business is to elect the 9 director nominees named in the proxy statement. The second item of business is to ratify the appointment of KPMG as our registered independent public accounting firm for the fiscal year ending December 31, 2021.
The 3rd item of business is to approve on an advisory basis the compensation of our named executive officers known as Saionpay. The Board of Directors recommends a vote in favor of proposals 1, 23 for the reasons set forth in the proxy statement. The 4th item of business is to consider and vote on a shareholder proposal requesting the preparation and publishing of a report on costs and benefits of voluntary climate related activities. The proposal and supporting statement can be found in the proxy statement. We received notice from the shareholder proponent, Mr.
Steve Molloy, that he would attend this virtual meeting in order to move the adoption of the proposal. Brent, is Mr. Molloy with us? Mr. Molloy is not connected.
Thank you, Brent. Mr. Molloy is not here to present his shareholder proposal. I would like to advise the shareholders that the Board believes the proposal is not in the best interest of the company and its shareholders for the reasons set forth on Pages 7374 of the 2021 proxy statement and recommends voting against the shareholder proposal. The polls will remain open for a few more minutes.
At this time, I want to share with you the key areas of focus at PNM and TNMP and also respond to your questions. While our daily lives turned around this past year, our utilities served an even more critical role by powering hospitals and homes, virtual employment and education and the devices we use every day to stay connected with loved ones. In 2020, a year when defeat seemed just a news update away, our PNM Resources team stepped up in a significant way. The team found a new way of giving. They directed more than $4,500,000 into the community with an emphasis on COVID relief.
Our employees volunteered more than 6,200 hours, all while staying safe and socially distanced. We collaborated with the Navajo Tribal Utility Authority to build WiFi hotspots so that Navajo children could stay connected to their schools and donated more than 20,000 KN95 face masks and 75,000 pairs of medical gloves to our tribal communities. And on top of that, we gave meals and safety equipment to our first responders. Together, we met our core mission of providing reliable electricity while impacting our communities in a substantial way. Our employees did this not because it is in their job descriptions, but because they care about the communities they serve.
I couldn't be prouder of the PNM Resources family. We're forging ahead with our merger with the Avangrid family of companies. The merger provides great opportunities for our employees, our customers and our local communities. The Avangrid family of companies brings with it the experience of a leading sustainability company along with benefits such as employment protections, growth opportunities for our team, new jobs and economic development funding and customer rate credits. Bantam Resources also aligns closely with Avangrid.
Our values are the same as is the commitment to sustainability and the focus on partnering with our customers and our communities. We are excited for the adventure ahead that continues the legacy of our company. That legacy includes the actions we have taken to reverse the effects of climate change. Over the past 15 years, we have significantly reduced emissions from PNM's generation portfolio, including a 69% reduction in nitrogen oxide, an 88% reduction in sulfur dioxide and nearly a complete elimination of mercury emissions. Carbon dioxide emissions are 23% lower and we are in pace to exceed our goal to bring this to a 60% reduction by 2025.
We have led in our state and in our industry. This is the legacy of PNM Resources and it's not stopping now. In 2021, we're not slowing down or changing course. We continue our path to be coal free at PNM by 2024 with the approval of our Four Corners abandonment. We have outlined the resource plans to achieve 100% emissions free energy by 2,040.
We have also committed significant investments for transmission and distribution improvements and expansion in New Mexico and Texas. These investments support a reliable, resilient and secure energy grid at TNM and TNMP to support customer growth and a clean energy future. The legacy of PNM Resources will continue post merger with Don Terry, our current Chief Financial Officer, will serve as President and Chief Executive Officer of PNM Resources, leading our New Mexico and Texas operations. One of the wonderful things about being a leader is seeing your colleagues take over for you. Don Terry is an excellent leader focused on our customers, employees, communities and shareholders.
I have nothing but praise for Don and I look forward to seeing more of his leadership. With that, Brent, let's open it up for questions.
At this time, we do not have any questions.
Thank you, Lisa. Thank you for your comments and questions. I now declare the polls closed and request that the inspectors of elections count the ballots. Before I ask for their results, I would like to sincerely thank the shareholders who have joined us today and who engaged with us over the years to provide feedback, share concerns and join our efforts to move the company forward. Your long term commitment and investment in this company has enabled us to serve our customers and communities with safe, reliable and affordable electricity while leading the way toward an emission free energy future.
Mr. Secretary, will you please present the preliminary report of the Inspectors of Elections?
Madam Chairman, the Inspectors of Elections have provided their preliminary report indicating that the requisite percentage of shares of common stock represented at this meeting have voted for the approval of the election of the 9 director nominees named in the proxy statement to serve as directors until the company's annual meeting of shareholders in 2022 or until their successors are elected and qualified. KPMG to serve as our independent registered public accounting firm for the year ending December 31, 2021 and on an advisory basis, the compensation of our named executive officers known as say on pay. Therefore, the 9 nominees are now duly elected directors. KPMG is duly ratified as our independent registered public accounting firm for the calendar year 2021. And the compensation of our named executive officers is duly approved on an advisory basis.
In addition, the Inspectors of Elections preliminary report indicates that the requisite percentage of shares of common stock represented at this meeting did not vote for the approval of the shareholder proposal, requesting the preparation and publishing of a report on the costs and benefits of the company's voluntary climate related activities presented at this meeting and described in the proxy statement. Therefore, the shareholder proposal was not approved. The final vote results will be verified and filed with the SEC through Form 8 ks within 4 business days of this meeting. Madam Chairman, this concludes the preliminary report.
Thank you, Mr. Secretary. Ladies and gentlemen, thank you for your support. We expect our merger with Avangrid to close in the second half of the year, at which time I will step down from my role at PNM Resources. My hope is that the work we have done at PNM Resources and in our industry has made a positive difference for our company, our employees and the communities we serve.
I am grateful for my time here at PNM Resources for all the challenges we've overcome, the direction in which we are headed and above all the people. And while I'll be here until the merger closes, I'll end by saying a line from the song closing time. Every new beginning comes from some other beginning's end. Thank you all. Be safe.
The Annual Meeting is adjourned.