- AGM
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Under the Companies Act 1985 a company must hold a meeting of shareholders in each calendar year to deal with matters such as the adoption of the previous year's financial statements, rotation of directors and the appointment of auditors. Shareholders may also use the opportunity to ask questions of the Board.
Easyform Glossary of Law Terms. — UK law terms.
- AGM
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A meeting of shareholders required to be held by a public company within six months beginning with the day following its accounting reference date (section 336, Companies Act 2006). Under the Companies Act 2006, private companies are not obliged to hold AGMs. The Companies Act 2006 does not specify what business must be transacted at an AGM, nor are there any restrictions on business. Usually the meeting is used for matters which must be dealt with each financial year, such as the re-election of directors, fixing the remuneration of auditors and consideration of the annual accounts, directors' report and auditors' report. A public company AGM requires at least 21 clear days' notice unless shorter notice is agreed by all members entitled to attend and vote.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
