This is the 11600th most frequent Russian word.
ежегодное
Annual.
Here, "ежегодное" is used as an adjective modifying "собрание," denoting its occurrence once a year.
Ежегодное собрание акционеров пройдет в следующем месяце.
The annual shareholders' meeting will take place next month.
"Ежегодное" describes the competition as occurring yearly, modifying "соревнование."
В нашем городе проводится ежегодное соревнование по бегу.
An annual running competition is held in our city.
The word "ежегодное" is attributing a quality of regular yearly occurrence to "улучшение" in this example.