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Meetings and company records
There are various types of formal meeting that a company needs to consider, with different notice periods and responsibilities.
Annual General Meetings (AGMs) - under the Companies Act 2006, most private companies are no longer required to hold an AGM. Private companies can positively opt to do so if they wish. Shareholders can also demand an AGM if at least 5 per cent wish to hold one. In such circumstances, private companies will need to give 14 days' notice.
However, all private companies with traded shares are still required to hold an AGM. Under these circumstances the comapny must hold an AGM and give 21 days' notice before the AGM is due to take place.
Companies are also no longer required to send out annual accounts prior to an AGM. Under new rules, they must now be sent to members by the time they are filed with the registrar of companies.
Other meetings - for most limited companies the notice period is 14 days. For unlimited companies, it is seven days. For limited companies with traded shares (public and private) the notice period is 21 days unless the company offers all shareholding members the opportunity to vote electronically and it has passed a resolution to reduce the period of notice to no less than 14 days.
When important decisions have been taken at meetings, Companies House has to be notified within 15 days. You can read the rules about company resolutions on the Companies House website - Opens in a new window.
Minutes must be kept of directors' and general meetings.
These tasks are usually carried out by the company secretary. Since 6 April 2008, companies have not been obliged to appoint or retain a company secretary, although they may choose to do so if they wish. For further information about who can be a company secretary, read the directors and secretaries guide at the Companies House website - Opens in a new window.
Keeping official records for the company
Companies must keep official records ('registers') of:
- shareholders and the shares they own
- directors and secretaries
- directors' other commercial interests
- loans or other obligations that affect the company's financial health
- who, other than the registered owner, has an 'interest' in the shares - if it's a public company
Making records accessible
Some people must be sent particular company records, others are entitled to look at them. The following lists the rules that you must follow:
- Anyone can ask to inspect your company's register of members. However, since 1 October 2007, a company can restrict external requests to inspect its register of members and may ask the requester to provide their name and address, the purpose of the request and whether they intend to share the information with anyone else.
- Members of your company are entitled to inspect and have copies of the minutes of the general meetings.
- Only directors are entitled to see minutes of directors meetings - but others may ask for copies of a particular meeting.
To find out more about who needs to receive accounts, read the directors and secretaries guide at the Companies House website - Opens in a new window.
Crown copyright, reproduced with the permission of the Controller of HMSO and the Queen's Printer for Scotland.
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Company records
