An annual general meeting (often abbreviated as AGM), is a meeting that many groups and associations which involve the general public (including companies with shareholders), are required by law to hold.
If you take an interest in community events in your local area, or read the “Public Notices” section of your newspaper, then you will have seen a number of advertisements for “Annual General Meetings” of late.
The rules and requirements for organisations differ according to their structure, however most organisations are required to hold their AGM within 5 or 6 months of the end of the financial year, hence November is always busy for AGMs.
Other requirements include providing notice of at least 14 days to the public and members of the organisation, having a quorum at the meeting and preparing an agenda and minutes of the meeting.
The AGM does have an official purpose, and most will include:
- election of chair, attendances, apologies, proxies and quorum
- confirmation of the previous meeting’s minutes
- report from the manager (if applicable)
- report from the committee (if applicable)
- acceptance of the financial statements and appointment of auditor (if applicable), and
- election of committee
Quite often, particularly in the case of non-profit entities, the organisation may introduce a guest speaker or a presentation regarding the organisation’s work – this is always an interesting part of the meeting!
I usually find there are many occasions where I would like to attend the AGM of an organisation, however time constraints and other commitments often mean I am unable to attend. At the moment I have committed to three meetings, including one where I will be presenting the Finance Report.
In any event I know I am able to obtain a copy of the annual report of the meetings I have missed – and you can too, simply contact the organisation of interest.