An annual general meeting (AGM, also known as the annual meeting) is a

meeting A meeting is when two or more people come together to discuss one or more topics, often in a formal or business setting, but meetings also occur in a variety of other environments. Meetings can be used as form of group decision-making. Definiti ...

of the general membership of an organization. These organizations include membership associations and

companies A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specifi ...

with

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

s. These meetings may be required by

law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the ar ...

or by the

constitution A constitution is the aggregate of fundamental principles or established precedents that constitute the legal basis of a polity, organization or other type of entity, and commonly determines how that entity is to be governed. When these pri ...

charter A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the ...

, or by-laws governing the body. The meetings are held to conduct business on behalf of the organization or company.

Purpose

An organization may conduct its business at the annual general meeting. The business may include electing a

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

, making important decisions regarding the organization, and informing the members of previous and future activities. At this meeting, the shareholders and partners may receive copies of the company's accounts, review fiscal information for the past year, and ask any questions regarding the directions the business will take in the future. At the annual general meeting, the president or

chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

of the organization presides over the meeting and may give an overall status of the organization. The

secretary A secretary, administrative assistant, executive assistant, personal secretary, or other similar titles is an individual whose work consists of supporting management, including executives, using a variety of project management, program evalu ...

prepares the

minutes Minutes, also known as minutes of meeting, protocols or, informally, notes, are the instant written record of a meeting or hearing. They typically describe the events of the meeting and may include a list of attendees, a statement of the activit ...

and may be asked to read important papers. The

treasurer A treasurer is a person responsible for the financial operations of a government, business, or other organization. Government The treasury of a country is the department responsible for the country's economy, finance and revenue. The treasure ...

may present a financial report. Other officers, the

, and

committee A committee or commission is a body of one or more persons subordinate to a deliberative assembly or other form of organization. A committee may not itself be considered to be a form of assembly or a decision-making body. Usually, an assembly o ...

s may give their reports. Attending this meeting are the members or the

s of the organization, depending on the type of organization. At such meeting, the Company Secretary of the Company plays a crucial role in convening, conduct, and to attend the meeting. They may be supported by their Corporate Secretarial team.

By country

Canada

Under the ''Canada Not-for-Profit Corporations Act'' non-profit Canadian organizations must hold an annual general meeting and report its date to the government in its annual report.

India

Public companies in India

In India, the Companies Act 2013 ("Act") regulates the requirement to conduct an annual meeting of the members to discuss the four ordinary businesses. As per section 96 of the Act, every Company requires to conduct such a meeting by serving a notice of 21 days minimum length prior to the meeting either at the latest known address or email id of the members. However, a company may conduct such meeting through the issue of a notice of shorter length with prior approval of not less than 95 % of the members entitled to vote at such meeting. The members elects the auditors of the company in the annual general meeting. The Act also mandates that such meeting shall be within prescribed time 9:00 am to 6:00 pm, to be not held on national holidays, and also to be conducted at the place/ town/ village where the registered office of the company situated. However, in the recent trends, as per the latest amendment notified by the Corporate Affairs ministry in India, the unlisted public companies may conduct such meeting in any part of India by taking in advance unanimous approval from all the members in writing or electronically. The four business includes 1) Financial statement approval 2) Appointment of Director 3) Appointment & to fix the remuneration of statutory auditor 4) Declare the dividend

Private companies in India

In India, the Companies Act 2013 ("Act") regulates the requirement to conduct a meeting of its members have participation/ hold in the share capital of the company to meet on annual basis in a general meeting called annual general meeting within the prescribed time window the of 9:00 am to 6:00 pm on other than national holidays to discuss some important business includes financial statements approval. Unlike the other countries, every Company incorporated in India require to conduct such meeting on or before the due date on the last day of the sixth month of every closing of the financial year. In India, the Act has recently undergone major changes. The Corporate Affairs Ministry has recently enforced a new amendment act 'Companies 2nd Amendment Act 2017' from 26 January 2018.

Singapore

In Singapore, only public companies must hold AGMs. With effect from 31 August 2018, private limited companies can decide whether they want AGMs or not. Private companies can be exempted from holding AGMs if they send their financial statements to their members within five months after the financial year end (FYE). To dispense with AGMs, company members need to pass a resolution. All the shareholders must endorse the document for it to come into force. Having dispensed with AGMs, companies pass written resolutions on matters that would otherwise be discussed at AGMs. The resolution putting an end to AGMs may cease to be in force – members can adopt a new resolution to revoke the dispensation. In this case, an AGM must be held if at least three months remain to its due date. If a private company decides to have AGMs, it must adhere to the deadlines. The annual general meeting must be held within six months after the FYE. Next, every company must lodge the obligatory annual return within one month after its AGM.

United Kingdom

In the United Kingdom 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.

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 The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

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.

References

{{Authority control Meetings Shareholders General meeting