Hello Avri,
I would suggest that essentially, yes, the term should coincide with the the AGM. But i think it would be better if the election was held right after that meeting so that the new council would be voting on their chair as opposed to the council that was sitting before the meeting. I do not know how many constituencies reps change over with the AGM, but all of the nomcom appointments are timed to post-AGM.
I think there are two issues: (1) The term of the person on the Council elected as chair may well finish at the AGM depending on the timing of the two year staggered terms (2) It would seem sensible to allow newly appointed Council members the opportunity to appoint the chair. The Board seems to hold their election for a chair immediately after the AGM. I guess this assumes that quite a bit of discussion happens on this topic in the days preceding the AGM through face-to-face discussion. For the GNSO, the election didn't actually happen for the GNSO Council chair until a few weeks after the AGM. Regards, Bruce Tonkin