MSFT

Microsoft Corporation (MSFT)

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Microsoft Corporation (MSFT)

November 15, 2011 11:00 am ET

Executives

William Henry Gates - Co-Founder and Chairman

Unknown Speaker -

Bill Koefoed - General Manager of Investor Relations

Steven A. Ballmer - Chief Executive Officer and Executive Director

Bradford L. Smith - Senior Vice President of Legal & Corporate Affairs, General Counsel, Chief Compliance Officer and Secretary

Peter S. Klein - Chief Financial Officer

Analysts

John Harrington

Larry Dohrs

Presentation

Operator

Ladies and gentlemen, welcome to the 2011 Microsoft Corporation Annual Meeting of Shareholders.

Peter S. Klein

Well, good morning. Welcome, everyone. I'd like to call the 2011 annual shareholder meeting to order. I'm Peter Klein, Chief Financial Officer of the company. I'll be serving as the chair of this meeting. Brad Smith, General Counsel and Executive Vice President of Legal and Corporate Affairs, will be serving as secretary. I'd like to introduce Bill Gates, Chairman of the Board, and Steve Ballmer, Chief Executive Officer.

Welcome to all of our shareholders. Welcome also to those attending the meeting online. We are streaming live today on the Microsoft Investor Relations website. Thank you for being with us today. We greatly appreciate your interest in the company. Let me now introduce Mike Williams and Jeff Schaberg, representing Deloitte & Touche LLP, our independent public auditor. Our board members in attendance are: Dr. Maria Klawe, member of the antitrust compliance and compensation committees; Charles Noski, chair of the audit committee; Dr. Helmut Panke, chair of the antitrust compliance committee, member of the compensation and audit committees; Steve Ballmer, Chief Executive Officer of the company; and Bill Gates, Chairman of the Board.

Before we proceed with the meeting, let me review a few housekeeping items. Please take time after the meeting to visit the product demonstrations on the other side of this room. We have several of our products on display, including Windows Phone and our Kinect gaming system. We also have representatives from our product support services team to answer product questions you may have. As in prior years, members of the Investor Relations team are around and will be available to answer your questions in the product fair area.

Please be sure to visit our Investor Relations website. Our goal is to maintain the Investor Relations website as the authoritative portal through which visitors can easily find financial and business performance information about the company. You can sign up for email delivery for proxy materials as well as alerts and RSS feeds to have information, including quarterly earnings announcements, pushed in realtime. The web address is www.microsoft.com/investor. If you parked in the Meydenbauer Center parking lot, your parking will be provided free of charge. You will not need to get your ticket validated. And finally, as soon as the business portion of the meeting is over, we will have some time for Q&A.

American Stock Transfer & Trust Company has been appointed as inspectors of election for the meeting. The inspectors are located at the reception table in the lobby. Most shareholders have already voted by proxy, and your proxy votes have been tallied. If you are a shareholder of record or a beneficial shareholder holding a legal proxy from your bank or broker, and you want to vote your shares now or change your vote, then ballots are available from the inspectors at the reception table in the lobby. Filling out a ballot and giving it to the inspectors will have the effect of revoking any earlier proxy you gave. Beneficial shareholders with voting instruction forms may also submit their instructions using their computers at the reception table.

The polls are now open and will close in about 30 minutes following Steve Ballmer's remarks. Now I'm going to ask Brad Smith to report on the notice of the meeting and the proxies received.

Bradford L. Smith

Thank you, Peter. The notice of the meeting and a notice of Internet availability of proxy materials were mailed by American Stock Transfer & Trust Company, the company's transfer agent, beginning on October 3, 2011, to all shareholders of record as of September 2, 2011. And as a result, the meeting is being held pursuant to proper notice. Proxies representing more than 84% out of the approximately 8.4 billion shares of the company's outstanding stock eligible to vote have been received. And accordingly, a quorum is present, and the meeting is duly constituted and should proceed.

Peter S. Klein

As chair of the meeting, I have adopted an agenda that will govern the order of business at this meeting and rules of conduct of the meeting. Copies of the agenda and the rules are available at the reception table outside the meeting room. The rules of conduct also govern the Q&A sessions that will follow adjournment of the meeting proper.

This year there is, if properly presented, one shareholder proposal for consideration. As per the rules of conduct of the meeting, the proponent of the proposal or its representative will be granted 3 minutes to introduce this proposal at the designated time.

We now come to the part of the meeting where shareholders consider the matters set forth in the proxy statement. Voting on all matters is by actual count of the votes cast by ballot or proxy.

The first item of business to come before the meeting is the election of directors. The following 9 people have been properly nominated by the board: Steven A. Ballmer, Dina Dublon, William H. Gates III, Raymond V. Gilmartin, Reed Hastings, Dr. Maria Klawe, David F. Marquardt, Charles H. Noski, Dr. Helmut Panke. The board recommends a vote for each of the directors on the ballot.

Read the rest of this transcript for free on seekingalpha.com