|An excerpt from Lawpack's Limited Company Formation Kit.|
From 1 October 2007 there is now no longer any legal need for a limited company to hold an Annual General Meeting (AGM), unless the limited company’s Articles of Association require the company to do so.
This means that, unless the limited company’s Articles of Association says that you, as a limited company director, must hold an Annual General Meeting, if you don’t wish to hold one, there is no action you need to take. But, as limited company directors, there is nothing stopping you from holding AGMs if you want to.
Where the Articles of Association require AGMs of shareholders to be held, they must be held within 18 months of the limited company’s formation and thereafter annually, with no more than 15 months between each Annual General Meeting.
Traditionally, the AGM is the medium used to lay the annual accounts and directors’ and auditor’s reports before the shareholders, and to deal with other matters such as the re-election of any company directors retiring by rotation and the annual appointment of auditors.
If your limited company’s financial year ends after 1 October 2007, then the new Companies Act 2006 applies. Therefore, the annual accounts no longer need to be presented to the shareholders in a meeting and can be sent to the shareholders instead.
The annual accounts must either be presented to the limited company members at a general meeting, or sent to the members within nine months of the end of the year end, or if earlier, the date of filing with Companies House.
Published on: October 1, 2010