There are several kinds of meetings that can take place in the context of company law, each serving a specific purpose and governed by specific rules. In this essay, we will explore some of the main types of meetings that may be held by companies in the United Kingdom, as set out in the Companies Act 2013.
One of the most common types of meetings in company law is the annual general meeting (AGM). This is a mandatory meeting that must be held by all companies, typically once a year, to allow shareholders to receive information about the company's financial performance and to vote on important matters such as the appointment of directors and the adoption of financial statements. AGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
Another type of meeting that may be held by companies is an extraordinary general meeting (EGM). EGMs are held outside of the usual schedule of AGMs and are called to discuss specific matters that cannot wait until the next AGM. EGMs can be called by the board of directors or by shareholders who hold at least 5% of the company's voting shares. Like AGMs, EGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
In addition to AGMs and EGMs, companies may also hold board meetings to discuss and make decisions on matters related to the company's operations and management. Board meetings can be held in person or remotely, such as by conference call, and must be announced to all directors at least 48 hours in advance. Minutes of the meeting must be kept and made available to all directors.
Another type of meeting that may be held by companies is a creditor's meeting. Creditor's meetings are held when a company is experiencing financial difficulties and is considering insolvency procedures, such as administration or liquidation. Creditor's meetings are attended by the company's creditors, who are entitled to vote on proposals for the company's future. Creditor's meetings must be announced at least seven days in advance and must be held at a time and place convenient for creditors.
Finally, companies may also hold meetings of their employees, known as employee meetings. Employee meetings can be held to discuss matters related to the company's operations and management, as well as to consult with employees on decisions that may affect their employment. Employee meetings do not have the same legal requirements as AGMs, EGMs, or board meetings, but companies may have their own internal policies or collective bargaining agreements that govern the conduct of employee meetings.
In conclusion, there are several kinds of meetings that may be held in the context of company law, each serving a specific purpose and governed by specific rules. Understanding the different types of meetings and their requirements is important for companies and their stakeholders to ensure that meetings are conducted in a fair and transparent manner and that the interests of all parties are taken into account.
