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Annual general meeting (AGM)
Practical Law UK Glossary 7-107-6401 (Approx. 4 pages)
Glossary
Annual general meeting (AGM)
A general meeting required to be held by:
- A public company within six months beginning with the day following its accounting reference date (section 336(1), Companies Act 2006 (CA 2006)).
- A private company which is a traded company in each period of nine months beginning with the day following its accounting reference date (section 336(1A), CA 2006).
Under the CA 2006, private companies that are not traded companies are not obliged to hold AGMs. The CA 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 approval of share capital authorities, the re-election of directors, fixing the remuneration of auditors and consideration of the annual accounts (as defined in section 471, CA 2006).
For details of how an AGM may be called and the length of notice required for an AGM, see Practice note, General meetings: Notice.