The Companies Act requires every company to hold an annual general meeting (AGM). Business usually dealt with at the annual general meeting includes –
- the receiving of the company's annual financial statements and the directors’ report thereon for the past year;
- the election or re-election of directors in place of those retiring by rotation;
- the appointment of a new auditor if notice has been given of his/her removal;
- placing the unissued share capital under control of the directors;
- approving the directors’ fees; and;
- dealing with special business of which due notice has been given such as the repurchase by the company of its own shares or an amendment to its articles of association.
General meetings, other than annual general meetings, are held for consideration of matters requiring the approval of shareholders which cannot be left over until the next annual general meeting.