Good morning, ladies and gentlemen, and welcome to Zodus Incorporated's 2020 Annual Shareholders Meeting. I would like to introduce you to Mr. Mike McAllister, Chairman of the Board of Zodus Incorporated. Mr. McAllister, you may begin.
Good morning. Welcome to the 2020 Annual Shareholders Meeting. I'm Mike McAllister, Chairman of the Board. I'd like to thank you for your interest in our company and welcome you to our first ever virtual shareholders meeting. We decided to implement a virtual meeting format this year in light of the heightened concerns around COVID-nineteen as it allows us to proceed with our annual meeting while protecting the safety all participants.
At this time, I'd like to introduce the other Board members who are participating in today's meeting. Kristen Peck, who serves as our Chief Executive Officer Claude Ramon Alikes Paul Bussaro Frank D'Amelio Sanjay Khosla Gregory Norden Louise Parent Doctor. Willie Reed Doctor. Linda Rhodes, Robert Scully and William Steer, Jr. In addition, Heidi Chen, Executive Vice President, General Counsel and Company Secretary is also participating in today's meeting.
Also present online today are representatives of KPMG, our independent auditors and a representative from American Election Services, who are serving as Inspector of Election. All will be available to answer appropriate questions during the question and answer session of the meeting. I'd like now to call the 2020 Annual Shareholder Meeting to order. I'll be serving as the Chair of the meeting and Hai Yi Chen will serve as Secretary of the meeting. Prior to the meeting, we provided each shareholder with copies of our annual report and our proxy statement either by mail or online.
Copies of these documents and the rules of conduct and agenda for the meeting are available on the meeting website. As a reminder, shareholders attending the virtual meeting can vote their shares online and now through the closing of the polls by logging into the meeting website as a shareholder and clicking the Vote Here button on their screen. If you have previously voted by proxy and do not wish to change your vote, your vote will be cast as you previously instructed. No further action is required. Please note that if we experience technical difficulties during the meeting and are required to adjourn, we will promptly notify shareholders of the decision and relevant details via the meeting website.
I'll now turn the meeting over to Heidi to begin the formal matters to be discussed at this meeting. Heidi?
Thank you, Mr. Chairman. We are conducting this meeting in accordance with our bylaws and the meeting rules of conduct and procedures. The meeting rules and agenda are available on the meeting website. A list of shareholders on the record date is available by clicking the link at the bottom of the meeting website and has been made available for review at the company's offices in Parsippany, New Jersey.
We will begin by attending to the formal business of the meeting. After the formal meeting is adjourned, Kristin Peck, our Chief Executive Officer, will provide brief remarks. Following that, we will hold a question and answer session. Now shareholders locked into the meeting website are able to submit by typing them into the text box on the meeting website through the end of the Q and A session. Finally, please note that the meeting is being recorded and will be available for replay on the meeting website for 90 days.
This meeting is held pursuant to the notice of annual meeting sent to all shareholders of record as of the close of business on March 26, 2020. We have received an affidavit of mailing from Broadridge Financial Solutions, our proxy mailing service provider, indicating that notice of the meeting has been duly given. A copy of our proxy statement is available on our company's Investor Relations website and on the Securities and Exchange Commission's website at www.sec.gov. The Inspector of Election has confirmed that proxies have been received from the majority of the 474,900,000 462 shares of the company's outstanding common stock entitled to vote. I declare that there is a quorum present.
And accordingly, the meeting is duly constituted, and we may now proceed with the business of the meeting. As indicated earlier, the polls are open now for voting. We will close the polls after the proposals have each been presented. Now there are 4 items of business to be voted on at this meeting. The first item of business is the election of the Board of Directors of the Class 1 Director nominees, whose terms expire at this annual meeting, each to hold office for a 3 year term that will expire at the 2023 Annual Meeting of Shareholders or until their successes are duly elected and qualified.
So the director nominees are Gregory Norden, Louise Parent, Kristin Peck and Robert Scully. As disclosed in the proxy statement, our Board recommends a vote for the election of each of Mr. Norden, Ms. Parent, Ms. Peck and Mr.
Scully. The second item of business is an advisory vote to approve the executive compensation of our named executive officers. As disclosed in the proxy statement, our Board recommends a vote for approval of the company's executive compensation. The 3rd item of business is an advisory vote on the frequency of future advisory votes on executive compensation. As disclosed in the proxy statement, our Board recommends a vote for a 1 year frequency of future advisory votes on executive compensation.
And finally, the 4th item of business is the ratification of the appointment of KPMG LLP as our independent registered public accounting firm for 2020. Our Board recommends that you vote for this proposal. Turning back to Mr. Chairman.
This concludes the presentation of the items of business that you've been asked to vote on at today's meeting. Polls are now closed. Madam Secretary, would you please present the preliminary results?
Sure. Based on the preliminary results of the Inspector election, all of the Class 1 Director nominees have been elected. The advisory vote on executive compensation has been approved. The advisory vote on the frequency of future advisory votes on executive compensation has been approved for a frequency of 1 year and the appointment of KPMG LLP as the company's independent registered accounting firm for 2020 has been ratified. All votes are subject to final count certified by the Inspector of Election.
We will report the final vote results on a Form 8 ks filed with the SEC within 4 days from today's business. Mr. Chairman?
Thanks, Heidi. There being no further business to come before the meeting, business portion of the 2020 Annual Meeting of Shareholders of Zoetis now adjourned. Zoetis CEO, Kristin Peck, will now provide brief remarks followed by a question and answer session. As a reminder, Christian's remarks and answers provided during the Q and A may contain forward looking statements. Forward looking statements are based on our current expectations and actual results may differ materially due to risks and uncertainties described in Zoetis' SEC filings, including its 10 ks and 10 Qs.
With that, let me turn the meeting over to Kristin.
Thank you, Mike. Good morning, everyone. It's a real pleasure joining you all today in my first shareholders meeting as CEO of Zoetis. It's been an honor to succeed Juan Ramon Alikes as CEO this year. He's been a mentor to me, established tremendous legacy of delivering results and I'm proud to have been part of his leadership team.
In 2019, as you read in our annual report, we achieved operational revenue growth of 10% and grew adjusted net income 14% operationally, while continuing to create value for our investors. As we started 2020, none of us could have predicted the circumstances we would face as a company and a society with the outbreak of COVID-nineteen. The past few months have been unlike any we've ever experienced in business or that any of us could have imagined for our families, friends and communities. Quite candidly, global pandemic was not part of my 100 day plan in January, but it has been an experience that has tested us, galvanized our team and brought out the best in our colleagues around the world. I could not be prouder.
We have stayed focused 1st and foremost on the safety of our colleagues during the outbreak. We're focused on reducing colleagues' potential exposure to the COVID-nineteen virus, with about 70% of our colleagues working remotely. And we're taking additional measures to ensure the safety of colleagues who remain in our sites doing essential manufacturing, R and D and other customer support. Thanks to increased hygiene protocols, social distancing and adjustments to our ongoing operations, we have seen a limited number of COVID-nineteen cases in our workforce. Our colleagues are more committed than ever to doing our part to nurture a safe and productive food supply and support care for animals who are providing so much comfort during these times.
That purpose has motivated us to continue serving our customers and communities in these extraordinary times. By working with our customers, Zoetis plays an essential role in sustaining and protecting animal and human life during this outbreak. In the wake of the corona crisis, we've continued to manufacture products in all 30 of our plants and to serve our customers in 45 markets around the world. We also have been supporting our local communities, healthcare workers and businesses during the outbreak. We've been contributing surplus personal protective equipment, increasing production of human health diagnostics and answering requests from local hospitals for a variety of assistance.
As we look ahead, we are scenario planning for a variety of different outcomes and we've revised our guidance this month to account for the continued impact of COVID-nineteen, the recession and the foreign currency headwinds. While we are carefully managing our expenses for the near term challenge, we are also keeping an eye on the future. We are promoting and supporting important new product launches like Simparica Trio, our new triple combination oral parasiticides. Our R and D programs for future innovations remain on track and we continue investing in spaces like precision livestock farming, digital and data analytics and enhancing how veterinarians, producers and pet owners can have access to the best healthcare solutions. I remain optimistic about our future.
Historically, we are an essential business and the fundamental drivers of our industry, supporting pet care and the global food supply, have proven to be resilient and durable, even in mixed economic downturns. Our diverse portfolio has always been one of our greatest advantages, helping us deliver steady and sustainable performance. And we have a strong financial position, cash flow and balance sheet to support our long term strategies and investments. We've begun planning for the days when more of our colleagues will return to the workplace and meeting with customers. I'm incredibly proud of our team for their resourcefulness, flexibility and commitment to our culture and core beliefs.
If there is a silver lining, it is how the ingenuity of our colleagues is helping us envision even better ways to work and serve our customers today and in the future. When we began the year, I laid out 5 priorities for Zoetis. And while the timing and tactics may be adjusted in light of COVID, they are as relevant today as they were then. Our priorities remain driving innovative growth, enhancing customer experience, leading in digital and data analytics, cultivating a high performing organization and championing a healthier, more sustainable future. I look forward to sharing updates in the future as we make progress along these priorities and emerge from this pandemic stronger, more innovative and more agile than ever.
Thank you. And now I will hand things back to Mike and I look forward to addressing any of your questions.
Thanks, Crystal. Now open the meeting to questions.
Mr. Chairman, we do have one question. Mr. Chairman, the Corporate Union Pension Funds combined assets of $70,000,000,000 have a collective ownership position of 501,300 shares of the company's common stock. Currently, there is approximately $1,400,000,000 of remaining authorization in the company's share repurchase plan.
After 1st quarter repurchases, the plan has been suspended. What are Board or management will consider in determining when additional repurchases may be appropriate? Thank you. Kristen?
Sure. Thanks for the question. We are grateful to be an essential and a resilient business with a diverse portfolio as I was just mentioning. And as you also see, we have a very strong balance sheet and a strong cash position. However, the uncertainty around both the pandemic and the recession makes it prudent for us to hold off on any share repurchases until there is greater certainty around the economic recovery.
So that is what we're looking for. We're looking for some greater certainty around the economic recovery as well as the pandemic before we would restart any share repurchases. Thanks.
Any other questions?
Mr. Chairman, there are no further questions.
If there are no further questions, we conclude 2020 Zoetis Annual Shareholder Meeting. Thank you all for coming. I'd like to thank our management team and all Zoetis colleagues for their great work in 'nineteen, but also for stepping up during this incredible crisis. With that, I'll call the meeting to a close. Thank you for joining us today.
Thank you for attending today's presentation.