Proxy public company 2024 voting (FREE Download)

Proxy for Public Company.
Topics Covered :
01:02 - Proxy voting for Public Company.
01:58 - The practical implications.
03:57 - Appointing a proxy.
06:07 - Voting by proxy.
What is PROXY VOTING? What does PROXY VOTING mean? PROXY VOTING meaning - PROXY VOTING definition - PROXY VOTING explanation
Directors of public companies play a crucial role in ensuring that a company and its management team serve the interests of its shareholders. Proxy voting can help ensure accountability of management teams and boards of directors, align management and shareholder interests, and monitor and assess the degree of transparency and disclosure with respect to executive compensation and board actions affecting shareholders’ rights.
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The following general guidelines are intended to reflect these proxy voting principles:
Under the 1973 Companies Act, a company was entitled to require a proxy to be lodged on or before a particular time, in order for that proxy to be valid. The rationale for this provision was to give sufficient time to enable the officer presiding at a meeting to verify and validate the proxy, before allowing that proxy to vote.
It is common practice for a company to include a provision in its memorandum of incorporation which requires that a proxy form be lodged at least 24 hours prior to a meeting.
Reliance on this provision has meant that a shareholder who is unexpectedly prevented from attending a shareholders meeting through forces beyond its control, is unable to submit a proxy form on the day of meeting, resulting in that shareholder not being entitled to vote at such meeting.
The wording of the Companies Act, 2008 (“the Act”) has changed, and the shareholders of a company is entitled at any time to appoint any individual as a proxy to participate in and speak and vote at a shareholders meeting on behalf of that shareholder.
The Practical Implications
Upon a proper interpretation of the judgment, and the relevant provisions of the Act, the provisions of a company’s MOI which purport to impose a time constraint for the delivery of a proxy form, will be invalid, only to the extent that such provision/s are inconsistent with their shareholders’ right to appoint a proxy at any time before a meeting as provided for the in the Act.
The proxy forms themselves will remain valid and shareholders making use of such forms will not be excluded from any meetings.
The court did recognise the practical difficulties that may arise as a result of this interpretation of s 58, including the administrative burden imposed on the presiding officer of a general meeting to validate and verify proxies prior to allowing a proxy to exercise a vote. The court noted that such practical difficulties need to be resolved through legislative intervention and not through a strained interpretation of the Act.
The ultimate effect of this judgment, therefore, is that shareholders may submit a proxy form “at any time” and the company is not entitled to place any time constraint on such right. Any attempt to enforce such a time constraint will not withstand challenge.
No legislative intervention has been forthcoming to date, and any company which has an MOI which requires a proxy form to be delivered at a specified time prior to a meeting, should consider an amendment to that MOI, and at the very least, should not attempt to enforce such time limitation.
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