Question

make a summary of the corporations Act 2001(Cth) requirements for the use of proxies at general meetings.

Answer 1

PROXIES AT GENERAL MEETING

Proxy is a third party who represent the member in the general meeting. Sec 29X(1) of Corporations Act 2001 allows members to appoint a proxy. The proxy may be either an individual or a company. Proxy has the right to speak and vote at the meeting.

Requirements for the use of proxies at general meetings as per the Corporations Act 2001

1. The right of shareholders to appoint proxy must be mentioned in the notice regarding the meeting
2. The member is allowed to appoint two proxies. He must mention the number of votes they hold.
3. The proxies hold the same right to speak and to vote like the member's
4. The member should sign on the appointment of proxy. The other required details are member's name and address, name of the company, name of proxy, no of meeting in which the proxy will attend etc
5. The relevant details of appointment of proxy must be submitted to the company before 48 hours of meeting
6. The shareholders of listed companies may appoint the chair as proxy
7. There can be Open proxy or Directed proxy. Open proxy has discretion on the voting right, whereas the directed proxy vote only according to the direction of the member who appoint him.