The chairman of the board has the authority to preside over the shareholder meeting. If the chairman of the board is absent or unable to preside, or if the corporation’s bylaws do not provide for a chairman, then typically the president will preside over the meeting.
(1) The board of a company, or any other person specified in the company’s Memorandum of Incorporation or rules, may call a shareholders meeting at any time.
Below are the steps required for holding the shareholder meeting:
- Schedule the meeting time/date/place and send out the notice to all shareholders.
- Conduct the meeting.
- Draft the meeting minutes.
Attendance and speaking by directors and non-shareholders
(1) Directors may attend and speak at general meetings, whether or not they are shareholders. (b) otherwise entitled to exercise the rights of shareholders in relation to general meetings, to attend and speak at a general meeting.
4. Do we need to hold shareholders’ meetings? Private companies are free to pass written shareholder resolutions by default, and are not otherwise required to hold an annual general meeting of the shareholders unless their articles of association specifically require them to.
Notice to Shareholders
Most states require notice of any shareholder meeting be mailed to all shareholders at least 10 days prior to the meeting. The notice should contain the date, time and location of the meeting as well as an agenda or explanation of the topics to be discussed.
An annual general meeting (AGM) is a yearly gathering of a company’s interested shareholders. … Shareholders with voting rights vote on current issues, such as appointments to the company’s board of directors, executive compensation, dividend payments, and the selection of auditors.
Instead of calling and holding a formal shareholders’ meeting, the Act also provides that shareholders may consent in writing to certain decisions that would otherwise be voted on at a meeting.
WHO calls an annual general meeting?
If the Board fails to convene its Annual General Meeting in any year, any Member of the company may approach the prescribed authority, which may then direct the calling of the Annual General Meeting of the company. Section 96 of the Act requires that the Annual General Meeting should be held in each year.
Who can call a directors meeting?
(1) Any director may call a directors’ meeting by giving notice of the meeting to the directors or by authorising the company secretary (if any) to give such notice.
Scheduled meetings – Your business should hold at least one annual shareholders’ meeting. You can have more than one per year, but one per year is often the required minimum. An annual board of directors meeting is often also held in conjunction with the shareholders’ meeting as well.
A shareholder or group of shareholders representing at least 5% of voting rights can request the directors of the company to call a general meeting (section 303, Companies Act 2006). A shareholder cannot ask a court or government body to call or intervene in a general meeting.