The firm gathering, generally held at the end of each fiscal year, at which the previous year and the outlook for the future are discussed and directors are elected by common shareholders. Shortly before each annual meeting, the corporation sends out a document called a proxy statement to each shareholder. The proxy statement contains a list of the business concerns to be addressed at the meeting and a ballot for voting on firm initiatives and electing the new Board. This proxy ballot authorizes someone else at the meeting (generally the management team) to vote on investors' behalf.