3 Reasons Why You Should Attend Your Annual General Meeting
Change is good, especially when it comes to your condo. From inactive security to bugs to stolen mail to blocked garbage chutes, there are many issues in condo life that could have quite a negative impact on your ability to live safely and comfortably. The only way to make change happen is to make your voice heard.
That’s where Annual General Meetings (AGM) come in.
What is your AGM?
An AGM is a gathering that happens once per year in any condo complex. Owners are given the opportunity to voice concerns and become involved in the goings on of the condo corporation. Ultimately, an AGM helps to hold the board of directors accountable and provides owners with a snapshot of condo corporation spending and other activity.
Why should I attend?
Simple—because your condo is likely one of the largest investments in your life right now and it’s important that you’re in the loop on any big decisions that could impact your day to day, the comfort of your tenants, and the value of your property. If you need a bit more convincing, here are three reasons you should show face and be active in your condo’s next AGM:
1. To ensure the meeting happens
Under the 1998 Condominium Act, it’s required that each meeting have a specific number of owners present in order to commence, which his referred to as quorum. If the 25% quorum is not met in person or by proxy (you can request management or someone else represent you), the meeting will be rescheduled. After two tries of meeting 25% quorum, the percentage decreases to 15% for the third and any subsequent rescheduling.
2. To ask questions you may have about spending
An auditor who reports to and speaks for owners will be present at your AGM to review the condo corporation’s financial statements and spending. You’ll have the opportunity to ask questions and ensure you’re happy with the way the corporation is spending your fees (those pesky ones you pay every month).
The candidates running for board positions will also be in the room so you can ask questions about their intentions and motivations before deciding who you want to vote for.
3. To vote on important matters
That’s right—the board is elected at the AGM, and you’ll be able to cast your vote. Other votes will happen too, including appointment of the auditor and a variety of procedural votes that allow for certain parts of the meeting to take place.
Ultimately, this meeting only happens once a year. It isn’t a huge commitment, but it can make a huge difference to life at your condo—it’s worth attending.
Lara Stasiw • Real Estate Agent & Home Design Connoisseur
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