An annual general meeting, commonly known as AGM, is a formal meeting which is held once a year. It is a legal requirement for voluntary organizations involving the public (including companies with shareholders .The AGM is generally the forum for the election of officers or directors for the organization.
It is a good practice to have an AGM as it acts as a review of the year and guidance as to how matters should be dealt with. Although it is a formal meeting, it can also be a good opportunity to communicate with members, clients, partners and other interested parties.
It is an opportunity for the shareholders and partners to receive copies of the company's accounts as well as reviewing fiscal information for the past year and asking any questions regarding the decisions the business will take in the future.