As a Condo Board member, ensuring the smooth operation of your condominium community is a top priority. One of the most important events in the governance calendar is the Annual General Meeting (AGM). These meetings not only ensure compliance with legal requirements but also provide a vital opportunity for owners to stay informed, ask questions, and have a voice in key decisions. In this post, we’ll break down the essentials of AGMs and why encouraging owner participation is crucial for a well-run condominium.
When Should a Condo Hold Its AGM?
Annual General Meetings (AGMs) are an essential part of condo governance. They must take place within six months of the end of the condominium corporation’s fiscal year. If your condominium is newly registered, the first AGM should be held within three months of registration. These meetings ensure transparency and provide a platform for owners to engage in the decision-making process.
Why Attendance at AGMs is Crucial
AGMs are not just a formality—they're a cornerstone for running a healthy condo community. Here’s why it’s important to encourage strong owner participation:
Achieving Quorum: For the AGM to proceed, at least 25% of unit owners must be present, either in person or by proxy. If the quorum isn't met, rescheduling the meeting can be costly and time-consuming for the corporation. By the third attempt, quorum drops to 15%, but it’s in everyone’s best interest to hit the mark on the first try.
Transparency in Financial Matters: The AGM is your owners' best opportunity to review the corporation’s financial statements. With the auditor present, it’s the perfect time for owners to ask questions or seek clarification about budgets, reserve funds, and any financial concerns.
Board Member Elections: AGMs give owners a direct say in who will represent their interests on the Board. Voting for Board members ensures that owners have a voice in the direction and policies shaping their condominium community.
Voting on Key Issues: Beyond Board elections, AGMs may also include votes on significant matters such as bylaw changes, large capital projects, or other community-wide decisions. For instance, choosing a contractor for major repairs or approving design updates might all be settled at the AGM, making it vital that owners attend to cast their vote.
Building a Stronger Community: Beyond business matters, AGMs offer a unique opportunity for owners to connect. Meeting face-to-face fosters stronger relationships within the community, promoting a sense of belonging and collaboration.
Takeaway for Condo Unit Owners
Attending your condo’s Annual General Meeting (AGM) is more than just fulfilling a formality—it's your chance to actively participate in the decision-making process that affects your home and investment. From voting on Board members to reviewing financial statements and addressing community concerns, your presence at the AGM helps shape the future of your condominium. By staying informed and engaged, you contribute to a stronger, more transparent, and well-managed community. Don’t miss the opportunity to have your voice heard!
Takeaway for Condo Boards
As a Condo Board member, you play a vital role in ensuring a successful AGM. Encouraging owners to participate—whether by attending in person or submitting proxies—strengthens the democratic process within your condominium. Highlighting the importance of these meetings, especially on matters that directly impact owners’ daily lives, helps build engagement and trust in the Board’s leadership.
Contribution by Carly Smith
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