Whether you are a new or an existing member of a Condominium Board, you should be familiar with annual general meetings (AGM). AGMs are exactly how they sound– general meetings with the condominium corporation that occur annually. Under the Condominium Property Act, AGM must convene no later than 15 months after the previous one, where the very first one must be held within 12 months of the condominium plan registration.
What happens during annual general meetings?
Annual general meetings are a time for condo owners and Board of Directors to come together to discuss any current issues pertaining to the condo corporation, discuss finances, and elect new board members. The focus of the meeting should be regarding the condo corporation as a whole, and is not a place for addressing individual issues of the owners.
One challenge that can occur is achieving quorum, which in other words is achieving the minimum number of members required to be present in the meeting to make the proceedings of the meeting valid. The minimum number of members required to be present is called a quorum threshold, which is established in the condo bylaws. Quorum thresholds can be as low as 25% of the owners being present. Some bylaws may allow owners to authorize a proxy representative person to vote and stand-in for them in the meeting, which may be counted towards the quorum.
Throughout the AGM, the Secretary of the board of directors will record the meeting minutes, which is a written summary of all matters discussed and decided on during the meeting. The condo corporation will provide all owners the approved minutes within 60 days after the AGM has occurred.
Making Decisions
Some matters that need to be decided upon during the meeting will require voting and achieving consensus. Unless stated otherwise by the bylaws, anyone who is entitled to vote may do so electronically, by telephone, by ballot, or by another method made available by the condo corporation. The condo corporation has the ability to establish and approve specific their own voting procedures.
Notice of AGM
Condo corporations have an obligation to provide written notice a no less than 14 days prior to the date of the AGM to all owners and any mortgagee. In addition to written notice of the AGM, the corporation must also provide copies of the financial statements, an annual report of the reserve fund, and the annual budget. Notices are most commonly delivered electronically to an electronic address that the owner has provided consent to receive information to.