Duplicate Proxy
Categories: Board of Directors, Company Management
A duplicate proxy is a fancy way of saying “a do-over” by shareholders...you know, people who get a say in the company since they’re invested in that company’s stock. Duplicate proxies are a thing companies decide shareholders can do.
When a shareholder wants to ctrl-z their vote and vote again, a duplicate proxy allows them to re-vote, canceling out their old vote, which is replaced with the new one. In order to get their new vote in when it’s corporate issue voting time, their second vote still needs to hit the deadline, or their new vote won’t be counted.
To "jk, changed my mind" a vote, shareholders must submit a proxy form. These forms are no joke. Companies have to submit their own proxy statements to the SEC when they have shareholders vote on making changes, which allows the SEC to get all up in a company’s business. Because...that’s business.
Related or Semi-related Video
Finance: What is a proxy?8 Views
Finance a la Shmoop. What is a proxy? Well it's kind of an approx-i-mate. As in, it's
not exactly the way dogs mate. Not all of them try to text their goodies to each
other. In the land of Finance, a proxy is simply a substitute.
Someone's vote, for example, can be given to another party, who then acts on behalf
of the person, who was going to vote in the first place. But really couldn't care [coffee drive-thru]
less about the outcome, so she went to Dunkin Donuts instead. That's how
most votes are taken in public companies. Proxies are sent out to shareholders, who
then designate their wishes, to then be submitted to an individual, physically
present at the vote, who then you know votes and that's it.
We'll leave you with final warning. Beware of any incoming texts you may get
from a German Shepherd. [Phone with dog text]