Proxy solicitation is best defined as:

Proxy solicitation refers to the process by which a shareholder is allowed to authorize another party to vote on their behalf at a shareholder meeting. This method is often used when a shareholder cannot attend the meeting in person. By allowing someone else to vote their shares, shareholders can ensure that their interests are represented.

Additionally, proxy solicitation is highly regulated by the Securities Exchange Act of 1934. This regulation establishes rules and requirements that companies must follow when soliciting proxies, including disclosures about the matters to be voted on and the individuals soliciting votes. These regulations are in place to protect shareholders and ensure transparency in the voting process.

As a result, the correct answer encompasses both the ability to allow another individual to vote on one's shares and the regulatory aspect of proxy solicitation, confirming that it is both a legal practice (when conducted properly) and subject to strict regulatory oversight.