When a shareholder is unable to attend a meeting in person to vote on a decision, they can appoint another person to act as a shareholder proxy. This person will hold the same speaking and voting abilities as the shareholder who is otherwise unable to attend the meeting and every member with these voting and decision-making rights has the ability to use a shareholder proxy. Note, this ability only applies to shareholders of the company and not anyone who belongs to the board of directors.
A printable Shareholder Proxy template can be downloaded through the link below.
Proxies can be used for annual or extraordinary general shareholder meetings. An annual general meeting is the yearly meeting to discuss all aspects of the corporation and plan out the goals for the upcoming business year. An extraordinary general meeting can be convened at any point in the year when unforeseen circumstances arise that must be addressed by the shareholders. For this type of meeting, you will want to make sure that there is at least one-tenth of all shareholder members able to attend.
However, before the person acting as a proxy can stand in for the shareholder, a Shareholder Proxy Form will need to be signed and authorized.
When creating a Shareholder Proxy document, you will want to include the following information:
It is also important to mention that proxies cannot be used in the statutory meeting of the company since this is the first shareholder meeting for the duration of that company.
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