How to run an AGM for your savings or welfare group
A practical guide to your group's annual general meeting — notice, agenda, financial report, audit, elections, dividends and rule changes, with a sample agenda.
The annual general meeting is where the whole membership sees the year's numbers, holds officials to account, and decides the big things together. Run well, it builds trust for the year ahead. Run badly, it's where grumbling turns into members leaving.
Before the meeting
6 weeks before
- Close the financial year in the books.
- Ask the audit committee to start the annual audit.
3–4 weeks before
- Agree the date, time and place or link.
- Invite nominations for any positions up for election.
- Collect proposed rule changes — your constitution will usually require advance notice.
2 weeks before
- Send the notice, agenda, financial report, audit report and proposed changes to every member.
A sample agenda
- Opening, welcome and confirming quorum
- Minutes of the last AGM
- Chairperson's report — the year in brief
- Financial report (treasurer)
- Audit report (audit committee)
- Questions from members
- Dividend — proposal and vote
- Rule changes — proposals and votes
- Elections
- Plans for the coming year (dues, welfare packages, loan products)
- Any other business and close
The financial report members actually read
Keep it to one page:
| This year | Last year | |
|---|---|---|
| Members (active) | 84 | 76 |
| Contributions received | GHS 58,200 | GHS 49,100 |
| Loans disbursed | GHS 41,000 | GHS 30,500 |
| Loan repayments received | GHS 37,800 | GHS 26,900 |
| Interest earned | GHS 4,620 | GHS 3,300 |
| Welfare paid | GHS 7,300 | GHS 5,900 |
| Cash at year end | GHS 22,450 | GHS 18,700 |
Add three or four sentences on what went well, what didn't, and what the committee recommends. Every member should also be able to see their own balance — see spreadsheet vs software.
Deciding the dividend
Propose how much of the year's income to distribute, how much to keep (for example to top up the welfare reserve), and the dividend per share. Members vote. See shares and dividends.
Elections
- Announce candidates in advance.
- Use a secret ballot for contested positions.
- Remember the audit committee must not hold other offices — see treasurers and committees.
After the meeting
- Circulate the minutes within two weeks.
- Update your settings if dues, products or packages changed.
- Hand over records and account access to newly elected officials — with two signatories as always.
Common AGM problems — and fixes
| Problem | Fix |
|---|---|
| Arguments about numbers | Share the report two weeks early; let members check their own balances beforehand |
| Meeting runs for hours | Time-box each agenda item; send questions in advance |
| Nobody wants to stand for office | Describe each role's time commitment honestly; share workload across a committee |
| Rule changes ambushed on the day | Require written proposals in advance, as your constitution says |
| Low turnout | Offer online attendance and proxy votes |
Minutes that protect everyone
Minutes don't need to be long, but they must record decisions: who was elected, what dividend was approved, which rules changed, and the vote counts. Share them within two weeks, and keep them with the fund's records — the next audit will need them.
With AwaFund, the financial report for any period comes straight from the books, the audit committee has its own read-only access, and members can check their own balances before the meeting — so the AGM can focus on decisions, not arguments about numbers.
Frequently asked questions
Can an AGM be held online?
Yes, if your constitution allows it. Online AGMs often get better attendance from members who've moved away. Share documents in advance and record decisions carefully.
What is a quorum?
The minimum number of members who must be present for decisions to count — often a third or half of members. Put the number in your constitution.
This guide is general information to help groups organise themselves. It isn't financial, tax or legal advice — rules for savings groups differ by country, so check with a qualified adviser for your situation.