Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Equity definition

What does Equity mean? In corporate finance practice, equity means the risk-bearing capital provided by a company’s owners, usually through ordinary shares, as distinct from debt finance. Equity holders have the residual interest in profits and assets: returns are by dividend or capital growth, and they rank behind all creditors on insolvency. Equity commonly carries voting and control rights and is subject to company law capital maintenance and distribution rules (for example, dividends only out of distributable profits and statutory pre-emption on new share issues unless disapplied). It is central to capital structure, M&A, venture capital and private equity transactions. Practitioners also describe certain...

AGMs for UK listed and AIM public companies: legal requirements, procedures and market practice, including virtual and hybrid meetings, under the Companies Act 2006 and UK Corporate Governance Code

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note

This Practice Note provides an overview of the legal framework, guidance and customary practice for running an annual general meeting (AGM). It is intended for practitioners and company secretaries dealing with public companies whose Equity is listed on the Main Market of London Stock Exchange plc (listed companies) and those with equity admitted to AIM (AIM companies). For information on AGM notice obligations for a listed or AIM company, see Practice Note: AGMs—notice requirements for listed public companies.

A public company must convene an AGM annually within six months beginning on the day following its accounting reference date. The Companies Act 2006 (CA 2006) sets out the detailed rules for calling and conducting an AGM. Further obligations under CA 2006 apply where a public company is also a traded or quoted company—capturing listed companies, but excluding AIM companies. CA 2006 also recognises that, in some cases, a private company may qualify as a traded company. In such circumstances, and by exception to the general position that private companies are not obliged to hold AGMs,...

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Web page updated on 21/05/2026

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