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08/06/2006 | AGM - what matters must be covered?An Annual General Meeting (AGM) is generally required to be held within 5 months of the end of the financial year.
Prior to holding an AGM, the association is required to send a notice to members setting out the business to be conducted at the meeting. The Notice must be sent prior to the meeting and the timing will depend on the business to be conducted at the meeting, the constitution of the entity and whether it is a company or association.
It is important that an accurate record of proceedings at an AGM is kept. Such a record is normally referred to as the minutes of the meeting. Associations may designate a minute taker for the meeting. The minute taker may or may not be an officer of the association.
AGM’s allow members to ask questions about the operations of the entity. The Chair of the meeting should allow adequate opportunity for questions to be raised and answered.
In addition to being a forum for questions, AGM’s may also consider:
- confirmation of the minutes from the previous AGM or any Special General Meetings held since the previous AGM
- consideration of the director’s or management
committee’s report, financial statement and auditor’s
reports
- election of directors/committee members
- remuneration of directors / committee members
- appointment of the auditors
- any other business requiring consideration by the entity in general meeting
In determining the matters to be considered associations and companies should have regard to:
• The Associations Incorporation Act 1985 & Regulations
• The Corporations Act, 2001 and Regulations; and
• The Constitution of the Association or Company.
Should you require any assistance with how to run an AGM please contact Keith Furniss at CBB on
8444 9775.
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