Proxy refers to someone who is authorized to serve in one's place at a meeting, especially with the right to right to vote on behalf of another. It may be written authority given to someone to act or vote in someone's place. A proxy is often used as a method for stockholders to cast votes at a meeting of shareholders, and by board members and convention delegates.
Proxy voting refers to the procedure of delegating the right to vote by one person to another. In proxy voting in the absence of a person his/her vote will be secured by some other person. A person so designated to cast the vote of another is called a "proxy" and the person who delegates the power is called a principal. A voter must have a trust in the proxy. Any person including the official of the chosen party can be appointed as the proxy.
Washington Irrevocable Proxy is a legal document that grants a designated individual or entity the authority to cast votes on behalf of a shareholder at a company's shareholder meeting. This proxy cannot be revoked or canceled once it has been signed. It allows for shareholders to participate in decision-making processes even if they are unable to attend the meeting physically. The Washington Irrevocable Proxy is an essential tool in corporate governance, ensuring that the opinions and interests of shareholders are well-represented, even if they cannot personally attend the meeting. It is particularly useful for shareholders who may reside in a different location, have scheduling conflicts, or have limited mobility. The Washington Irrevocable Proxy is designed to provide shareholders with voting rights, allowing them to express their opinions on various matters, such as electing board members, approving mergers and acquisitions, authorizing stock issuance, and making changes to the company's bylaws. In the state of Washington, there are several types of Irrevocable Proxies available: 1. General Washington Irrevocable Proxy: This type of proxy grants the designated proxy holder the authority to vote on all matters to be addressed at the shareholder meeting, without any limitations. 2. Specific Washington Irrevocable Proxy: A specific proxy allows the designated proxy holder to vote only on predetermined issues or proposals outlined in the proxy document. The shareholder specifies their voting preferences for each agenda item. 3. Durational Washington Irrevocable Proxy: This type of proxy is valid for a specified period. It allows the designated proxy holder to cast votes on behalf of the shareholder during a particular timeframe, which could span multiple shareholder meetings. 4. Conditional Washington Irrevocable Proxy: A conditional proxy is contingent on specific criteria being met. It allows the designated proxy holder to vote on behalf of the shareholder only if certain conditions or events occur. 5. Revocable Washington Irrevocable Proxy: Although seemingly contradictory, this type of proxy is referred to as "revocable" because it can be canceled or changed by the shareholder at any time before the shareholder meeting. Once revoked, the proxy holder's authority is terminated. The Washington Irrevocable Proxy is an essential legal instrument that empowers shareholders to exercise their voting rights irrespective of their presence physically at a shareholder meeting. It ensures that shareholders' interests are protected and their opinions are considered in important corporate decision-making processes.
