An annual meeting of the shareholders of a corporation, at a time and place determined by the corporation's bylaws. Also known as the "annual general meeting" (AGM). Shareholders meet to elect directors whose seats on the board are up for re-election or vacant, and may also vote on changes to corporate policy. Shareholders also receive a report on the corporation's health and strategy and are given the opportunity to make comments and ask questions of management.
Definition from Nolo’s Plain-English Law Dictionary
A term commonly used to refer to annual meetings of shareholders or directors of a corporation. Shareholders normally meet to elect directors or to consider major structural changes to the corporation, such as amending the articles of incorporation or merging or dissolving the corporation. Directors meet to consider or ratify important business decisions, such as borrowing money, buying real property, or hiring key employees.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm