An Annual General Meeting (AGM) is a mandatory regulatory requirement for Self Help Group). These meetings are held once a year, although special AGMs can be called when needed to address urgent matters.
The main mandate of the AGM is to ensure transparency, accountability, and participation in decision-making, especially in relation to the Self Help Group’s finances and governance.
Main Agenda of the AGM
1. Reading and Confirmation of Previous Minutes
◦ The minutes from the last AGM are read, discussed, and approved by the members. This ensures that any previous decisions or actions are acknowledged and followed up on.
2. Tabling of Reports
Several important reports are presented to the members for review:
◦ Chairman’s Report: This outlines the general performance, challenges, and accomplishments of the Self Help Group over the past year.
◦ Risk, Audit, and Compliance Committee Report: A report from the oversight committee, ensuring that the Self Help Group has adhered to regulations, managed risks appropriately, and maintained compliance with the self-regulatory frame wok.
◦ Audited Accounts: The Self Help Group’s financial statements are presented, including income, expenditures, assets, and liabilities, reviewed by auditors for transparency.
◦ Budget for the Year and Supplementary Budget: The proposed budget for the upcoming year is discussed, along with any adjustments needed for the current year.
3. Open Forum
◦ This is a vital part of the AGM where members have the opportunity to ask questions, provide feedback, and raise concerns about the Self Help Group’s management and activities. It is also a space for members to suggest improvements or changes they would like to see in the Self Help Group’s operations.
4. Election of Board of Management
◦ Board of Management are elected or re-elected during the AGM. The board is responsible for making key decisions regarding the Self Help Group’s operations and ensuring that it functions in the best interest of its members.
5. Resolutions
◦ Members discuss and vote on proposed changes to the Self Help Group’s rules, policies, or strategies. This includes decisions about dividends, how surplus will be distributed, or any operational changes the Self Help Group wishes to implement.
6. Closing Remarks, A.O.B. (Any Other Business), and Adjournment
◦ The AGM concludes with closing remarks from the leadership. This is followed by any final business (A.O.B.) that needs to be discussed before officially adjourning the meeting.
Rights of a Member at the AGM
As a registered member of the Self Help Group, you have several important rights that allow you to actively participate in the AGM and influence the direction of the Self Help Group:
1. Right to Attend the AGM
◦ As long as you are a registered member of the Self Help Group, you have the right to attend the AGM and participate in the discussions.
2. Right to Participate in Discussions and Ask Questions
◦ You are encouraged to engage in the meeting by asking questions, offering feedback, and raising any concerns regarding the Self Help Group’s operations.
3. Right to Vote on Key Issues
◦ Members have voting rights on important issues such as:
▪ Election of board members.
▪ Approval of financial reports.
▪ Voting on proposed changes to Self Help Group policies or rules.
▪ Decisions about the distribution of dividends.
4. Right to Vote by Proxy
◦ If you are unable to attend the AGM in person, you have the right to appoint another member to vote on your behalf by proxy. Ensure you follow the proper procedure for proxy voting.
5. Right to Access Financial and Management Documents
◦ You are entitled to review the Self Help Group’s financial and management documents, such as the audited accounts, reports, and proposed budget, before and during the AGM to make informed decisions.
6. Right to Challenge Decisions
◦ If you believe that any decisions made during the AGM are unfair or not in line with the interests of the members, you have the right to challenge them through internal procedures or legal channels if necessary.
7. Right to Hold Members of Management Accountable
◦ During the AGM, you have the right to hold the Members of Management accountable for their actions. This is an important opportunity for members to question the leadership’s decisions and ensure they align with the Self Help Group’s goals.
8. Right to Suggest Improvements or New Ideas
◦ You can propose ideas for improvements, new products, services, or changes that could benefit the Self Help Group. This ensures that the Self Help Group evolves in a way that serves the members’ best interests.
Conclusion
Attending and actively participating in AGMs is crucial for every SHG member, as it allows you to exercise your rights, contribute to the Groups development, and ensure that the leadership remains accountable to the membership. AGMs provide the platform for transparency, informed decision-making, and the collective direction of the SHG.
Annual General Meetings (AGMs) of Self Help Groups
