Annual general meeting (AGM) – a compulsory yearly procedure during which a company informs its shareholders about the financial situation and the shareholders issue a resolution of approval. You can dispense with holding AGMs but you’ll have to lodge the related papers (Annual Returns) anyway.
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What are the deadlines for AGMs?
The rules for annual general meeting deadlines only apply to companies that haven’t dispensed with offline AGMs. They must hold the meeting within 6 months after each FYE, and then an Annual Return must follow within 1 month after the AGM date.
When must a company notify the members about the upcoming AGM?
The notice deadline depends on the annual general meeting’s voting subject . The notice needs to be sent a minimum of 14 days before the AGM if the members will be passing an ordinary resolution and 21 days ahead if special resolutions will be on the agenda.
Which companies can dispense with holding AGMs?
Only public companies must hold AGMs. Private limited companies can decide whether they want them or not.
How to stop holding AGMs?
Your company members need to pass a resolution to dispense with them. All the shareholders must endorse the document for it to come into force.
When does a company exempt from AGMs must hold one anyway?
Basically, three things oblige a company to do so:
- The dispensing resolution ceases to be in force. For example, the members adopt a new resolution to revoke the dispensation.
- A member requests an AGM within 14 days before the last day of the 6th month after the Financial Year End (FYE).
- If a member or an auditor requests an AGM within 14 days after the company sent out the financial statements.
In these three cases, the company is obliged to hold an offline AGM within 6 months after the FYE.