If you would like to address the meeting please raise your hand and I will recognize you. Please wait until you are recognized and when you ask any question, please state your name, organization if any that you are present and whether you are a shareholder or a proxy.
I have proof by certificate that the onus of this meeting has been duly given and that a copy of the proxy statement dated March 13, 2012 and the annual report for the fiscal year ended December 31, 2011 has been furnished to all shareholders of record as of March 5 th. Copies of the proxy statement, the annual report and the certificate of mailing will be filed within minutes of this presentation. Representatives of Broadridge Financials will serve as our inspector of election of this year's meeting and has signed the oath of office. Those will also be filed with the (inaudible).
The inspector of election has in her possession a list of the company's shareholders as of March 5 th, record date set by the Board of Directors for the annual meeting. She has advised me that as of such date where 178,393,521 common shares outstanding, each of which was entitled to vote.
The inspector of elections has further informed me they filed a (inaudible). We have 158,260,311 shares present in person or by proxy. This represents (inaudible) outstanding shares which is the majority is the submission number of shares constitute the quorum. (inaudible) by ballot today, if you turned in a proxy and do not intend to change your vote, that is not necessary that you would again.Those of you who did not turn raise your hand and we will distribute to you a blank ballot to use for voting. We will collect these ballots at the end of the formal part of the meeting. If you hold your company's shares through a bank broker or other nominee then you're required to follow that nominees' voting instructions and cannot vote or revoke a prior vote in today's meeting unless you have a proxy from the nominee authorizing you to vote your shares.