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Under Section 175 of the Singapore Companies Act (CA), an annual general meeting (AGM) is a mandatory meeting of company shareholders to present the company’s financial statements. It is an ideal platform for the shareholders to raise queries on the financial performance of a business and address their concerns on business health.
A company is required to declare the date of its AGM to ACRA while it files the company’s Annual Return on BizFile+. If a company is exempted from holding of AGM then it must submit the details for such exemption during the filing of annual returns.
Shareholders with voting rights can vote at an AGM and can participate in making company decisions on current issues including the appointment and removal of directors, selection of auditors, executive compensation etc.
The company members must be given a 14 days’ notice before holding the AGM. The venue, the date and day of the meeting, the meeting time must be mentioned in the notice. The notice also needs to mention the business to be conducted at the AGM and the right of a member to appoint a proxy if he or she is unable to attend the company meeting subject to a maximum of two proxies.
The notice is normally sent electronically to the e-mail address of the member as per the records of the company by the company secretary. The notice must also be given on the website of the company. Copies of the director’s and auditor’s report, financial statements, and the balance sheet are also sent within this 14 days notice period.
If a special resolution requires to be passed in AGM, a notice must be given at least 21 days before. In case of any special notice e.g. removal of directors or auditors before completion of terms, that needs the shareholders to propose a resolution, the notice must be given at least 28 days before the meeting.
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