Practice question
A shareholder sends a valid proxy for the stockholder meeting and also asks that proxy to cast the shareholder’s separate vote as director at the board meeting. Which distinction is correct?
- Stockholder proxy voting does not override the prohibition on director proxies at board meetings
- Every valid stockholder proxy automatically becomes a board proxy
- A director’s personal function is identical to every shareholder vote
- The proxy automatically becomes a director
- Only the number of owned shares matters
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Sections 52,54-55,57.
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