|AGM - Annual General Meeting||
What is the meaning / definition of Annual General Meeting in the hospitality industry?
A Annual General Meeting (AGM) is a gathering that is held every year to discuss the issues and concerns, the proposed solutions and goals facing a business or hotel in the upcoming year. It is also in this meeting that improvements are made and budgets are formed.
This meeting is done with higher management, like a General Manager, a CEO, and/or the hotel's owner(s) of the hotel. The General Manager commonly goes over the goals of last year’s general meeting first, then explains the proposed goals for upcoming year. The meeting is usually held at the end of a hotel's fiscal year, rather than the end of a calendar year.
Through this annual meeting a hotels owner(s) gets the opportunity to be on the same page as a hotels CEO. This way a hotel owner, who may not be actively part of management, has a chance to enforce his/her vision for the future of the hotel.