proxy


Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia, Wikipedia.
Related to proxy: Proxy server, Proxy Sites, Web proxy

Proxy

A representative; an agent; a document appointing a representative.

A proxy is a person who is designated by another to represent that individual at a meeting or before a public body. It also refers to the written authorization allowing one person to act on behalf of another.

In corporate law, a proxy is the authority to vote stock. This authority is generally provided by the charter and bylaws of a corporation or by a state statute. If authority is not provided, a stockholder cannot vote by proxy. The record owner of the stock whose name is registered on the corporate books is the only individual who can delegate the right to vote. In the absence of an express requirement, no particular form is necessary for a proxy. It must, however, be evidenced by a sufficient written grant of authority. A proxy is not invalid if minor errors or omissions appear on the document.

Generally any power that a stockholder possesses at a corporate meeting can be delegated to a proxy. An ordinary proxy can vote on regular corporate business, such as the amendment of the bylaws. The proxy is not authorized to vote, however, on extraordinary corporate business, such as a merger, unless given special authority to do so. When a proxy acts within the scope of her authority, under agency principles, the stockholder is bound as if she acted in person.

A proxy can be revoked at any time, unless it is coupled with an interest or made expressly irrevocable. The sale of a stockholder's shares automatically revokes any proxies previously given to vote those shares. A proxy can also be revoked when the stockholder gives a subsequent proxy or attends the meeting in person. A stockholder can act as a proxy for another shareholder, but it is not necessary for a proxy to be a stockholder.

proxy

n. 1) someone who is authorized to serve in one's place at a meeting, particularly with the right to cast votes. 2) the written authority given to someone to act or vote in someone's place. A proxy is commonly given to cast a stockholder's votes at a meeting of shareholders, and by board members and convention delegates.

proxy

noun agency, agent, authority to act for annther, broker, delegate, deputy, dummy, emissary, envoy, lieutenant, messenger, procurator, representation, substitute, substitution, surrogate, vicarius, written authorization
Associated concepts: proxy statement, solicitation of proxy
See also: agency, agent, attorney in fact, conduit, deputy, intermediary, plenipotentiary, proctor, procurator, replacement, substitute, surrogate

proxy

1 a person appointed by a company member to attend and vote in place of the member at a company meeting.
2 the instrument appointing a person to act as proxy.

PROXY. A person, appointed in the place of another, to represent him.
     2. In the ecclesiastical law, a judicial proctor, or one who is appointed to manage another man's law concerns, is called a proxy. Ayl. Parerg.
     3. The instrument by which a person is appointed so to act, is likewise called a proxy.
     4. Proxies are also annual payments made by the parochial clergy to the bishop, &c., on visitations. Tom. Law Dictionary, h.t. Vide Rutherf. Inst. 253; Hall's Pr. 14.
     5. The right of voting at an election of an incorporated company by proxy is not a general right, and the party claiming it must show a special authority for that purpose. Ang. on Corp. 67-69; 1 Paige's Ch. Rep. 590; 5 Day's Rep. 329; 5 Cowen, Rep. 426.

References in periodicals archive ?
"Today's releases have benefited from the substantial engagement from the public over the past decade, including last November's Staff Roundtable on the Proxy Process and the extensive public comments the Commission has received," said Commissioner Roisman.
The Commission has issued guidance to assist investment advisers in fulfilling their proxy voting responsibilities, particularly where they use the services of a proxy advisory firm, and provides guidance on proxy voting disclosures under Form N-1A, Form N-2, Form N-3, and Form N-CSR under the Investment Company Act of 1940.0x20 The Commission has also issued an interpretation of Exchange Act Rule 14a-1(l) that proxy voting advice generally constitutes a solicitation under the federal proxy rules and related guidance regarding the application of the antifraud provisions in Exchange Act Rule 14a-9 to proxy voting advice.
As per the custom of tribal areas, a Khasadar could appoint his proxy and the post was mostly hereditary at times many people working on the same post.
Those who require help in completing the proxy card, need additional copies of the proxy materials, or have queries about the special meeting may contact its proxy solicitors, Innisfree M&A Incorporated by phone at (888) 750-5834 (from the US and Canada) and Banks & Brokers at (212) 750-5833.
They should, however, keep the following in mind: (a) know the person to whom they are giving their vote, (b) share their opinion on how they wish that person to vote for them, (c) realize that the person holding their proxy may hear discussions at the meeting that could shed a different light on an issue (so discuss the flexibility of your vote), (d) fill out the form on page 36 accurately (the blank form may be reproduced if necessary), and (e) send the form to the NANB office.
(c) A proxy that nominates as proxy holder a person who is a member of the same branch of the Association as the branch of the appointing member must be deposited with the Secretary at least 10 business days prior to the meeting in question; i.e.
Ford's 2019 preliminary proxy statement and details of the virtual annual meeting can be viewed at www.shareholder.ford.com in the Financials section under SEC Filings.
Speakers noted proxy wars were instruments of state power.
With offices in New York and Toronto, Kingsdale Advisors is a global leader in strategic advisory, corporate governance, and proxy solicitation services.
We did not include respondents who answered on their own behalf because these individuals were sufficiently healthy to complete the lengthy survey and hence reported consistently higher levels of mental and physical health than those with proxy respondents (Table S1).
He closely examines all three proxy relationships, identifying the strengths and weaknesses of each type and using historical examples to illustrate his conclusions.
The Securities and Exchange Commission requires that investment management funds submit proxy votes for all companies in which they own shares.