AGMs

An annual general meeting (AGM) is a meeting held once a year by a company's shareholders or by a member association to review the previous year’s affairs, approve financial statements, and address governance matters. AGMs are a standard feature of corporate governance in many jurisdictions and may also be required by the entity’s articles of association, bylaws, or charitable statutes. The primary purposes are to present the annual report and accounts, appoint or reappoint directors or trustees, appoint or reappoint auditors, and consider matters such as dividends, remuneration, and constitutional amendments.

Notice of the AGM is typically issued to eligible persons within a statutory or governing timeframe, providing the agenda and accompanying documents. A quorum, defined in the governing documents or by law, must be present or represented for the meeting to proceed. Members may attend in person or remotely in many jurisdictions, and proxies or postal votes are common.

Typical agenda items include: approval of the previous meeting’s minutes, annual financial statements and auditor’s report, directors’ report, election or reappointment of directors, appointment or reappointment of auditors, declaration of dividends, and any proposed amendments to governing documents. Other items requiring a vote may include remuneration policies, major transactions, or changes to capital structure. The meeting is presided over by a chair, with minutes taken by a secretary or equivalent.

Resolutions are usually classified as ordinary resolutions (carried by a simple majority of votes cast) and special or extraordinary resolutions (requiring a higher threshold). Voting may be by show of hands, poll, or online ballot, and proxies are common for absent members.

After the AGM, minutes are circulated and filed with regulators where required. Depending on jurisdiction, AGMs may be required to be held within a specified period after year-end, and non-compliance can trigger penalties. Some entities also hold virtual or hybrid AGMs to facilitate attendance. An extraordinary general meeting (EGM) may be called to deal with urgent or non-routine matters.