An AGM should be held within 6 months from the end of the financial year.
14 and not more than 30 days’ notice should be given to members. This should include the date, time and place.
If you hold an email address for a member you can use this rather than post
Notice sent via post is deemed to have been served 48 hours after it’s posting.
AGM Voting
Each member holds one vote.
Members cannot vote by proxy however postal votes may be used at the discretion of the Board for the nomination and election of Directors, Supervisory Committee and Credit Committee (if applicable).
Chairmen can vote if the votes cast are equal.
Nominations
Nominees are required to be members and at least 18 years old
Nominations to be received in writing at least 14 days before the AGM
Nominations to be signed by proposer and seconder who are also members of the credit union, as well as the nominee.
If there are vacancies at the time of the AGM, nominations may be taken from the floor (subject to the above).
Rules and Quorum
A quorum is 10% of your membership or 15, whichever is the lesser number.
No business can transacted unless a quorum is present.
If there is no quorum the meeting must adjourned until a later date within 30 days. No quorum is then required.
Follow the Agenda
A generic Agenda may include:
Welcome & thanks, confirm quorum and approve previous minutes.
Accounts and reports from the board of auditors
Reports from sub committees such as supervisory and Credit.
Appointment of Auditor
Elections for directors
Application of dividend
Any other business such as changes to rules
Q & A
Post AGM
Evaluate AGM and feedback at the next Board meeting
Ensure the agreed rule changes are sent to the FCA
Review and actions or questions
Thank members for attending
Share outcomes on the website such as the dividend
Start thinking about the elections for the following year
