Make Your Greek AGM Seamless and Compliant

Conducting an Annual General Meeting (AGM) is a cornerstone of effective corporate governance, ensuring transparency, accountability, and legal compliance. In Greece, AGMs are governed by specific legal frameworks that mandate timelines, procedures, and requirements. This guide will walk you through the essential steps to conducting a successful AGM in Greece, designed for companies leveraging legal tech to streamline corporate management globally.

Why the AGM Matters

The AGM is a pivotal event for any corporation, serving as a forum for approving annual financial statements, electing auditors, and addressing other critical business matters. It’s a legal requirement that helps maintain shareholder trust and regulatory compliance.

Key Steps to Conducting an AGM in Greece

1. Scheduling the AGM

In Greece, the law requires that AGMs be held annually within a specific timeframe. For most companies, this means no later than the tenth day of the ninth month after the end of the corporate year. This typically translates to holding the meeting by September 10th if the corporate year ends on December 31st.

2. Convening the Meeting

The Board of Directors usually convenes the AGM. If the company is bankrupt, a liquidator may call the meeting. Additionally, shareholders with a significant stake have the right to request a meeting if the Board fails to do so.

3. Notifying Shareholders

Proper notification is crucial. Invitations must be sent out well in advance:

•Public Companies: Notices should be published at least 20 days before the meeting in the General Commercial Registry (G.E.MH.) and on the company’s website. Shareholders must receive individual notifications via email at least ten days prior.

•Private Companies: Notifications should be sent at least eight days before the meeting, either personally or electronically.

4. Meeting Quorum

For the AGM to proceed, a quorum must be met. Generally, this means a certain percentage of shareholders must be present or represented by proxy:

•Public Companies: A quorum is usually achieved with shareholders representing at least one-fifth of the paid-up capital.

•Private Companies: All partners should participate, either in person or through a representative.

5. Conducting the Meeting

During the AGM, the primary agenda items typically include:

•Approval of the annual financial statements

•Election of auditors

•Discussion and decision on significant corporate matters such as amendments to the articles of association or company dissolution

6. Voting and Decision Making

Decisions at the AGM are made by a majority vote. Shareholders can vote in person or by proxy. It’s important to ensure that all decisions are accurately recorded in the meeting minutes.

7. Recording and Filing

After the AGM, the meeting minutes must be meticulously recorded. These minutes, along with the approved financial statements, need to be submitted to the General Commercial Registry within 20 days. This step is crucial for maintaining compliance and avoiding penalties.

Leveraging Legal Tech for AGMs

Legal tech solutions can significantly streamline the AGM process. From automating notifications to ensuring accurate record-keeping and compliance checks, technology plays a vital role in modernizing corporate governance. These tools help in:

•Automating Invitations and Notifications: Ensuring all shareholders are timely informed.

•Managing Quorums and Proxies: Simplifying the tracking and validation of quorums and proxy votes.

•Recording Minutes: Digital tools ensure accurate and accessible record-keeping.

•Compliance Tracking: Automated reminders and checks help maintain adherence to legal deadlines and requirements.

Consequences of Non-Compliance

Failure to hold the AGM within the stipulated timeframe can lead to severe consequences, including fines and legal repercussions. Late filing of financial statements can undermine stakeholder confidence and attract regulatory scrutiny.

Conclusion

Conducting an AGM in Greece involves navigating a well-defined legal framework while ensuring meticulous planning and execution. By leveraging legal tech solutions, companies can streamline the process, enhance compliance, and ensure efficient corporate governance. Modern technology not only simplifies these processes but also fosters greater transparency and trust among stakeholders.

Stay ahead in corporate governance by adopting efficient, tech-driven solutions for your AGM needs. Enhance compliance, streamline processes, and ensure your corporate entity management is always a step ahead.

By following this guide, your company can efficiently manage the complexities of conducting an AGM in Greece, ensuring full compliance with local regulations while leveraging modern legal tech solutions to enhance efficiency and transparency.

Klea delivers bespoke legal tech solutions designed to streamline your Annual General Meetings (AGMs). Our platform brings all AGM tasks into one place, covering everything from creating agendas to managing attendees and handling voting processes. With our legal expertise and personalized support, you can ensure compliance with local laws, whether you’re operating locally or internationally. Check out our blog post, “Ready For The AGM In Romania? Your Ultimate Checklist!“, for invaluable insights. With Klea, elevate your governance practices and achieve seamless, efficient AGMs every time.