Annual General Meetings

The provision for Annual General Meetings will be provided for in the rules of the charitable trust as a matter of good governance. The board should call an Annual General Meeting to present annual accounts to the members or stakeholders and to provide them with an opportunity for other issues to be considered.

The rules of the trust may also provide for election of trustees at Annual General Meetings of the board.

Annual General Meetings are required for incorporated societies. It is also an opportunity for the board and management to meet with the members to explain the organisation's strategy and report on performance.

Each organisation is likely to have rules set out on matters such as when and where the Annual General Meeting should be held, how much notice must be given, what efforts are required to notify members and so on.

Incorporated societies are required to file annual financial statements with the Registrar of Incorporated Societies. If the society defaults on filing annual statements every officer of the society is liable to a fine not exceeding $0.10 for every day during which the default continues.

The trust order made by the Māori Land Court usually sets out the provisions for the holding of Annual General Meetings and the provision of proper accounts.

When establishing the trust, provision should be made for regular meetings and the auditing of accounts particularly for trusts with substantial assets.

In the case of small trusts, regular meetings and audited accounts may be unreasonable and cause undue expense.

It is important to note that all trustees have a general duty to provide information to the beneficiaries of the trust on the trust affairs.

Trustees of Kai tiaki Trusts are required to file reports to the registrar of the Māori Land Court on the operations of the trust on an annual basis.

Annual General Meetings of the shareholders are required to be held each year, (within six months after the termination of the financial year of the incorporation), at a time and place fixed by the committee.

Rules and processes for the Annual General Meetings are set out in the constitution of the incorporation.

The business of the Annual General Meeting includes the following:

• To receive the minutes of the last Annual General Meeting and any general meeting held since the last Annual General Meeting
• To receive and consider the balance sheet, the profit and loss account, and the other reports i.e. (the auditor's report, report of the committee of management and the asset and liability statements)
• To elect persons to fill vacancies in the membership of the committee of management
• To appoint an auditor
• To appoint a share valuer
• To authorise by resolution the payment of any dividend
• To consider any proposed special resolution of which notice has been duly given
• To consider and, if thought fit, dispose of other matters of general business

Unless otherwise specified in the order of the Māori Land Court, the trustees are required to call an Annual General Meeting every year.

The trustees are required to give 21 days notice in the local newspaper or as directed by the Māori Land Court.

At the annual general meeting the trustees are required to:

• Outline matters undertaken in the previous 12 months
• Report on proposals to be undertaken in the next 12 months
• Give persons attending the meeting an opportunity to express their views