UK Accounting Glossary
A proxy vote is a vote by one entity on behalf of another. In investments, shareholders often give company management the right to cast their vote as a proxy vote at a shareholder’s meeting. Shareholders complete a form called a “proxy form” from the issuer to exercise their proxy vote and assign the proxy vote over to management on the issue scheduled for vote indicated in proxy materials. Sometimes shareholder groups create a proxy vote committee to express a special interest of shareholders by proxy vote at the company annual meeting. Some proxy vote activists have asked proxy vote officials at mutual funds they own for proxy vote transparency with reference to executive pay at companies the funds own. Other proxy vote activists ask that all public company proxy vote policies be publicly disclosed in SEC filed materials. Mutual funds own a significant portion of all large-company stock voted by proxy vote, therefore fund investors may continue to encourage mutual fund management to use there influence to monitor and improve proxy vote policy.
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This glossary post was last updated: 6th February 2020.