Importance of attending an annual general meeting (AGM)
Medical schemes have to submit their audited annual financial statement (AFS) to the Council for Medical Schemes (CMS) by the end of April for the previous year. Once this is done, a meeting called the annual general meeting or AGM must be held.
As a member of SAB Medical Aid, you can attend, speak at and vote at the AGM. What makes the AGM important is that you can ask questions and get information about the performance and management of SAB Medical Aid from the Board of Trustees. As a result, it is an opportunity to engage with the Board that is responsible for the management of the Scheme and to get confirmation and comfort that your medical scheme is managed well.
Why should I attend an AGM?
Attending an AGM can have plenty of benefits. A member of a medical scheme is in theory the same as a shareholder of a company. Although a medical scheme is a not for profit organisation, it's important that members attend an AGM to give input into the management of the scheme.
It helps you to:
- Understand what the Industry and Scheme is all about
- Engage with the Board of Trustees
- Have an impact on how the business of the Scheme is run
- Stay up to date with developments, reports and the results of the annual financial statements.
What happens at an AGM?
The annual general meeting is held before 30 June each year to:
- Receive and adopt the annual financial statements together with the auditor's report and the report of the Board on the past year's transactions
- Confirm the member representatives to the Board
- Appoint or reappoint the Auditor
- Address other business that was received beforehand.
Role of the Board of Trustees
The role of the trustees is very important in creating policy and making decisions affecting the day-to-day business of the medical scheme. These decisions can have an impact on members and the business of the medical scheme alike. As a member, you can take the opportunity to ask questions to the trustees to make sure that they represent the interests of all the members and also to familiarise yourself with who is representing your interests.
Motions and resolutions
You can submit a motion no later than seven days before to the date of the meeting. You will get invited to send motions to add to the AGM for discussion with the Board of Trustees before the AGM and can get feedback on these motions at the AGM. You will also be given an opportunity to vote for the adoption of resolutions, reports and policies and to ask questions concerning these, should you need more information or clarity.
As a member, your voice and vote are important to the wellbeing of SAB Medical Aid. Our AGM will take place in June 2021. Please look out for communications and invitations that will be sent to you in due course.