The Annual General Meeting (AGM) is a mechanism of governance used in both public and private sectors of the economy, but the AGM has rarely been the focus of research studies. This paper reports an investigation of attendance and procedures at the AGMs of National Health Service (NHS) Trusts. Analysis of the results is informed through the concept of regulatory space. Attendance at trust AGMs is low with, on average, more employees than external stakeholders at the meeting. The absence of any decision-making authority at trust AGMs is explained by the existence of other mechanisms of governance and control in trusts’ regulatory space. The creation of Foundation Trusts, which are intended to have increased local autonomy, will provide new opportunities to examine the role of the AGM as a mechanism of governance in the publicly funded health sector.