Improving member's participation in the annual general meeting under Nigerian corporate law
Members of a company have the rights to receive notice and participate in Annual General Meeting (AGM). However, various challenges affect members’ participation in the AGM in Nigeria. These include delay in receiving notices of meeting; difficulty in accessing the place of AGM; lack of recognition...
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| Format: | Thesis |
| Language: | eng eng eng |
| Published: |
2018
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| Online Access: | https://etd.uum.edu.my/8826/1/s901279_01.pdf https://etd.uum.edu.my/8826/2/s901279_02.pdf https://etd.uum.edu.my/8826/3/s901279_references.docx |
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| Summary: | Members of a company have the rights to receive notice and participate in Annual General Meeting (AGM). However, various challenges affect members’ participation in the AGM in Nigeria. These include delay in receiving notices of meeting; difficulty in accessing the place of AGM; lack of recognition of information and communication technology (ICT) use in sending notices of meeting; and inadequate remedies. This study seeks to examine various laws, cases, rules, codes of corporate governance and the opinions of experts relating to member’s participation in the AGM which are rights to receive notice of AGM; member’s remedies; and the application of the ICT in the AGM. The study adopts doctrinal and comparative research methodology. The doctrinal aspect is library based complemented by seventeen semi-structured interviews, while the comparative aspect involves reference to relevant company law provisions in Malaysia. The analysis of data employs doctrinal, comparative and thematic. The findings indicate that poor postal services, inability of the members to update their current addresses, and limited circulation of notices published in newspapers are part of the reasons that result to delay in receiving notices of AGM. Similarly, the practice of holding the AGM at the states where the corporate head office is situated becomes a constraint for members in accessing the place of meeting. Furthermore, member’s awareness regarding their rights, remedies and enforcement is low. In addition, the Companies and Allied Matters Act 1990 has no provisions that recognize the use of ICT in AGM. To improve on this, the law must be reformed in such a way that members would receive notices of AGM on time and recognised the application of the ICT in the AGM. The law must also make upward review of all the monetary fines to sanction violation of member’s rights. Similarly, management, shareholder executives and regulators must enlighten members regarding their rights, remedies and how to enforce the remedies. |
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