AGM expands to the Annual General Meeting. In terms of finance, AGM refers to the process of presenting your financial statements or in other words accounts of your company to the shareholders i.e., members.
All the companies of Singapore are required to conduct and host an Annual General Meeting. Every Singapore company must hold an AGM.
How is the process of AGM Singapore carried out?
The following steps must be followed during the convention of an AGM.
- The first step is sending the written notice
When holding an AGM, a written notice is required to be sent by the company to all the members. The notice that is sent to the members must include the following data and information: –
- Name of the auditor of the company
- If there are any deceased members, then the details of the states must be provided.
- If any other person is mentioned in the company’s articles, then his name must also be provided in the notice.
- The name of the official assignee who is overseeing the bankrupt members’ affairs.
Important details that should be mentioned in the notice that is sent: –
The venue, date, and time of the AGM
- If any resolutions are to be taken during the AGM, then the details of it should also be provided.
- The financial statement copies including the balance sheet and the director’s (or auditor’s) report.
- If any of the members will not be able to attend or not attending the AGM then a notice regarding their proxy must be provided
- The second step is serving the notices
This can be done by either posting the written mail notice, sending emails to the required people, or by any other communication means that are approved by the constitution.
Additionally, if there are any other special events taking place such as the removal of an auditor, then in such a case a special notice will be sent to all the members at least 28 days before the date of AGM Singapore.