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.
An Irrevocable Joint Proxy (also known as a Joint Proxy) is a document that allows two or more people to authorize a third party to act on their behalf. The document is legally binding and cannot be revoked, meaning that all parties involved must abide by the terms of the proxy agreement. The proxy agreement typically grants the third party the power to cast votes on behalf of the parties, make decisions regarding investments, and manage an individual's or company's finances. There are two main types of Irrevocable Joint Proxy: a Limited Joint Proxy and an Unlimited Joint Proxy. A Limited Joint Proxy is a document that grants the third party limited power to act on behalf of the parties, such as the ability to cast votes or manage investments. An Unlimited Joint Proxy grants the third party full power to act on behalf of the parties, including the ability to make decisions on behalf of the parties without their prior approval.
