Annual general meeting
An annual general meeting (commonly abbreviated as AGM, also known as the annual meeting) is a meeting that official bodies, and associations involving the general public (including companies with shareholders), are often required by law (or the constitution, charter, by-laws etc. governing the body) to hold. An AGM is held every year to elect the board of directors and inform their members of previous and future activities. It is an opportunity for the shareholders and partners to receive copies of the company's accounts as well as reviewing fiscal information for the past year and asking any questions regarding the directions the business will take in the future.
Public companies in the United States
Every state requires public companies incorporated within it to hold an annual general meeting of shareholders to elect the Board of Directors and transact other business that requires shareholder approval. Notice of the annual general meeting must be in writing and is subject to a minimum notice period that varies by state. In 2007, the Securities and Exchange Commission voted to require all public companies to make their annual meeting materials available online. The final rules required compliance by large accelerated filers beginning on January 1, 2008, and by all other filers beginning on January 1, 2009. The "e-proxy" rules allow two methods for companies to deliver their proxy materials, the "notice only" option or the "full set" option. Under the notice only option, the company must post all of its proxy materials on a publicly accessible website at the time
Private companies in Great Britain
In Great Britain it became optional with effect from 1 October 2007 for any private company to hold an AGM, unless its articles of association specifically require it to do so.
Attending the general meeting
- President or Chairman (who chairs the meeting)
- Secretary (who prepares the minutes)
- Recount clerk or treasurer (who reviews the stock ledger)
- Shareholder Meetings, AllBusiness.com, October 26, 2004
- "Companies Act 2006: A summary of what it means for Private Companies". Department for Business, Enterprise and Regulatory Reform. Retrieved 2007-02-28.
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