ABSTRACT
The key organs of governance of a company are the board of directors and the shareholders. As a governing organ or body of the company, the shareholders are often referred to as ‘the shareholders in general meeting’. This description is accurate for public companies because decision-making by public company shareholders must take place by resolutions being passed at a shareholders’ meeting (s 281(2)). The terminology is not particularly appropriate for private companies, however, because there is no requirement for a private company to hold shareholders’ meetings and private company shareholders may make decisions without meetings, by written resolution (s 281(1)).
