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private companies can elect to dispense with the requirements for an AGM.in these circumstances the auditor is automatically reappointed unless shareholders objects please explain it for me in simple words please sir
I’m not sure that I can say it more plainly and I’m sure you don’t need to know this detail.
Private companies are often very small eg 2 shareholders who are also directors. It is therefore a waste of time to have an AGM, so they can dispense with that. However, if there were an AGM it is normal business to reappoint the auditor. If there is no AGM the current auditor is reppointed by default.
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