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.
Wisconsin Irrevocable Proxy is a legally binding document that grants another individual or entity the authority to vote on behalf of a shareholder in a corporation, typically during a specific meeting or for a specific period. This proxy agreement cannot be revoked or canceled by the shareholder once it is executed. A Wisconsin Irrevocable Proxy is commonly used in situations where a shareholder wants to ensure their voting rights are exercised even if they are unable to attend a shareholders' meeting personally. By appointing a proxy, the shareholder can have their interests represented and votes cast as instructed, ensuring their voice is heard in important decision-making processes. There are several types of Wisconsin Irrevocable Proxy arrangements that can be established: 1. General Proxy: This type of proxy grants the proxy holder the authority to vote on behalf of the shareholder in any matter that may arise during the specified time period. It provides broad decision-making power to the proxy holder. 2. Limited Proxy: Unlike a general proxy, a limited proxy restricts the authority of the proxy holder to vote on specific matters as defined in the proxy agreement. This type of proxy is commonly used when a shareholder wants to entrust someone with specific voting rights but retain control over other voting issues themselves. 3. Proxy for a Specific Meeting: This type of Wisconsin Irrevocable Proxy is valid only for a designated shareholders' meeting. It allows the proxy holder to vote on behalf of the shareholder only during that particular gathering. Once the meeting concludes, the proxy becomes void. 4. Customized Proxy: Shareholders may also create customized Wisconsin Irrevocable Proxy agreements with specific terms and conditions according to their unique requirements. This allows for flexibility in tailoring the proxy to fit the shareholder's needs. In summary, a Wisconsin Irrevocable Proxy is a powerful legal tool that enables a shareholder to delegate their voting rights to a proxy holder, ensuring their interests are maintained and their votes are cast even if they cannot attend a shareholders' meeting in person. Different types of proxies, such as general, limited, specific meeting, or customized proxies, allow shareholders to customize the level of decision-making authority and control they grant to their proxy holders.
