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Extraordinary general meeting

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An Extraordinary General Meeting, commonly abbreviated as EGM, is a meeting of members of an organisation, shareholders of a company, or employees of an official body, which occurs at an irregular time.[1] The term is usually used where the group would ordinarily hold an AGM, but where an issue arises which requires the input of the entire membership and is too serious or urgent to wait until the next AGM. Members and/or shareholders must be informed of the purpose of the EGM so that they may attend in a position where they can discuss and exercise intelligent judgment, otherwise any resolutions passed are invalid.[2]

In some settings, this is known as a Special General Meeting or an Emergency General Meeting.

The directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (s142 CA 1985)

Within 21 days from the date of receipt of requisition the directors must send out a notice in order to convene a meeting within 28 days after the date of giving the notice.

Notable EGMs

Following the nationalisation of Anglo Irish Bank by Irish Minister for Finance Brian Lenihan[3] an Emergency General Meeting was held at the Mansion House, Dublin on 16 January 2009, during which the bank's shareholders angrily voiced their opinions on the bank's chief executive, Sean FitzPatrick's involvement in the bank's downfall and their lack of confidence in the banking sector.[4] The meeting was attended by some notable people such as Eamon Dunphy and Gay Byrne.

Examples

Special General Meeting:

References

  1. ^ InvestopediaEGM
  2. ^ Encyclopedia Britannica[1]
  3. ^ "Govt to take control of Anglo Irish Bank". RTÉ. 2009-01-15. Retrieved 2009-01-16.
  4. ^ "Shareholder anger at Anglo Irish meeting". RTÉ. 2009-01-16. Retrieved 2009-01-16.
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