The General Meeting is convened according to fixed statutory regulations and deadlines and is held according to defined rules of procedure to ensure the necessary transparency. As a rule, the General Meeting is to take place once every year.
Every shareholder is entitled to cast a vote at the Annual General Meeting, but may also be represented by a proxy, since the voting rights can be transferred, and voting by proxy is allowed. Voting procedures are based on the "one share one vote" principle. Generally, the resolutions are passed with a simple majority of the votes cast. A higher quorum is required for resolutions of particular importance such as capital increases or the dissolution of the joint stock company.
The key tasks of the Annual General Meeting include:
- the appointment of the Supervisory Board, which in turn determines the Managing Board
- the appropriation of the company profit, the discharge of the Supervisory Board and the Managing Board, the approval of the financial statements (if necessary).
- the appointment of special auditors
- the adoption of resolutions on capital measures (capital increase, capital decrease, etc.) and
- amendments to the Articles of Incorporation.
