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Annual meeting is defined as a company gathering, which occurs at the end of each fiscal year. In an annual meeting, the performance of the company in the previous year and the outlook for the future are discussed and directors are elected by common shareholders. Before each annual meeting, the corporation sends a proxy statement to each shareholder that contains a list of the business concerns to be addressed at the meeting and a ballot for electing the new board.
Following is the definition given to the annual meeting by a state:
“A. A corporation shall hold a meeting of shareholders annually at a time stated in or fixed in accordance with the bylaws.
B. Annual shareholders' meetings may be held in or out of this state at the place stated in or fixed in accordance with the bylaws. If no place is stated in or fixed in accordance with the bylaws, annual meetings shall be held at the corporation's known place of business.
C. The failure to hold an annual meeting at the time stated in or fixed in accordance with a corporation's bylaws does not affect the validity of any corporate action.” [A.R.S. § 10-701]