Annual General Meetings
Public companies are required to hold annual general meetings (AGMs). The first such meeting must take place within 18 months of the incorporation of the company and thereafter the meetings must be held no more than 15 months after the previous meeting (or another period as determined upon application by the Companies Tribunal).
Annual General meetings must be held to provide at minimum for the following:
- The presentation of the directors and audit committee reports
- The presentation of the audited financial statements for the immediately preceding financial year;
- The election of directors, as required by law and the MOI;
- The appointment of the auditors and the audit committee;
- Any matters raised by shareholders, regardless of whether advance notice of the topic was given
The company must deliver a notice of the meeting to each shareholder at least 15 business days prior to the meeting. All shareholder meetings of public companies may be held in South Africa or in another country, but must be accessible for electronic participation by all shareholders, irrespective of the location of the meeting.