By the last day of April 2023, companies whose financial year ended on December 31, 2022, must hold a shareholders’ meeting to approve the accounts of the directors.
It is at this assembly or meeting of shareholders that the company’s accounts and the financial statements presented by the directors are examined, discussed and voted on, as well as deciding on the allocation of net profits for the year, if any, and on the election or re-election of directors, if applicable.
Thus, as preparatory acts for the assembly or meeting, it is necessary to prepare and publish the financial statements and summon the shareholders to the occasion.
The rules relating to the obligation to publish, the form and deadline for calling meetings, the documents that make up the financial statements, among others, may vary according to the type of company (by shares or limited), the number of shareholders, the net worth, the value of assets or annual gross revenue, or even the provisions of the bylaws or articles of association.
The approval of accounts is a legal obligation applicable to all companies.
Once the accounts and financial statements have been approved without reservations, the directors are released from liability in relation to acts carried out within their powers and during the financial year covered by such approval.
