Annual General Meeting 21st of May 2022
What is an AGM
An annual general meeting (AGM) is a yearly gathering between the shareholders of a company or a cooperative and its board of directors. This is the only time that the directors and shareholders will meet throughout the year, so it is a chance for the directors to present the company’s annual report.
During the AGM, the cooperative financial institution’s performance is analyzed and its future strategy is discussed. This is an opportunity for shareholders to question the board, get answers for unsatisfactory performance and challenge them on the direction of the company. Equally, an AGM is the time to praise good returns.
Votes can also be held during an AGM, allowing shareholders to vote on company decisions, and fill any vacant positions on the board of directors or other committees.
Shareholders who choose not to attend can vote electronically, which can be done by post or by permitting for another shareholder to vote on their behalf.
The AGM
The award winners for 2022
The best recruiter of 2022
Mrs Nomtha Zikhathile
The most used products in 2022
Mr. Molefe George Monareng
The saver of the year
Mr. Jongizizwe Moses Mayekiso
The members
Rights and Obligations as a Member
Rights
To nominate or be nominated and elected as a director or committee member.
To attend, propose items and take part in meetings.
To vote at Annual General Meetings
Receive surplus as determined by the constitution via dividend or patronage proportion
To have access to the constitution and the financial statements.
Apply for the use of all its products and services.
To withdraw savings or make loans if they satisfy the conditions
Own shares and to save
Education on how the co-op works and their role in it.
Obligations
To attend and participate in general meetings of the CFI.
To vote for capable persons to be CFI directors.
To let the CFI know when member contact details change.
To check statements and report queries therein to the CFI.
To inform the CFI if the member has difficulties in repaying loan and discuss alternative
repayment options
To protect the good name of the CFI.
To help attract new members by promoting the CFI.
To own the minimum number of shares required.
To take a keen interest in the performance of the CFI.
To educate oneself about the co-operative and the governance structure of the co-op
To use the products of the CFI and save regularly and repay loans as per agreement.