An annual general meeting (commonly abbreviated as AGM, also known as the annual meeting) is a meeting of the general membership of an organization.
These organizations include membership associations and companies with shareholders.
These meetings may be required by law or by the constitution, charter, or by-laws governing the body. The meetings are held to conduct business on behalf of the organization or company.
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Purpose
An organization may conduct its business at the annual general meeting. The business may include electing a board of directors, 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 of the organization presides over the meeting and may give an overall status of the organization. The secretary prepares the minutes and may be asked to read important papers. The treasurer may present a financial report. Other officers, the board of directors, and committees may give their reports. Attending this meeting are the members or the shareholders of the organization, depending on the type of organization.
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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.
See also
- Convention (meeting)
- Extraordinary general meeting
- Corporate law
References
Source of the article : Wikipedia
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