What is a Corporate Proxy?
When you can't be present at a shareholders meeting, you can create a Corporate Proxy allowing you to have another person represent you and vote on your behalf. You'll typically want to give a Corporate Proxy to another stockholder, and for a limited period of time. Your dated Corporate Proxy should include details like: the name of the corporation; the owner of the stock; who will be given authority to represent the stockholder (also called the 'proxy') when the proxy's authority will take effect; whether you wish to direct your proxy how to vote on certain issues; and the issues on which the proxy's vote will be limited. Finally, make sure a witness is present for the signing, since this proxy is essentially a Special Power of Attorney.
When to use a Corporate Proxy:
- You own stock in a corporation, and wish to give another person the authority to represent, vote, and exercise the powers associated with the stock for a specific meeting of the stockholders.
- You cannot attend a stockholders' meeting, but wish to have shares voted at the meeting.
- You cannot attend a stockholders' meeting, but wish to ensure that a quorum can be met.