Are you a condo owner in Ontario? Then you know that participating in Annual General Meetings (AGMs) is an important responsibility as a condo owner. AGMs provide an opportunity to discuss the state of the corporation, review financial statements, and elect board members who will make decisions on behalf of the community.
…But are you fully prepared to make the most of this owner-exclusive opportunity? 😨
In this post, we've compiled a list of 15 tips that will help you prepare for, participate in, and follow up after your corporation's AGM.
By following these tips, you'll be well-equipped to participate in your corporation's AGM, make informed decisions, and contribute to the success of your community. So, grab a cup of coffee and read on to discover how you can prepare for, participate in, and follow up after your corporation's AGM.
Cheers! ☕
15 Tips to Get Ready, Show Up, & Make a Difference as a Condo Owner
📖 Plan + Prep Before the AGM:
Read the Notice of Meeting: The Notice of Meeting is an important document that contains information about the date, time, location, and agenda of the AGM. Make sure to read it thoroughly to understand what will be discussed and what items you may need to prepare for.
Review the Financial Statements: Take the time to review the financial statements and other reports that are provided in advance of the AGM. This will help you understand the financial health of the corporation and any proposed changes to the budget or fees.
Review the Bylaws and Rules: Review the condominium's bylaws and rules to have a clear understanding of the governance of the corporation. This will help you understand the process and procedures that will be followed during the meeting.
Submit Proxies: If you are unable to attend the AGM in person, make sure to submit your proxy form. This will allow someone else (of your choosing) to vote on your behalf.
Prepare Questions: Prepare any questions you may have in advance of the meeting. This will help ensure that you get the information you need and that the meeting runs smoothly.
🙋 Show Up + Participate @ the AGM:
Arrive on Time: Make sure to arrive on time to the AGM. This will give you time to sign in and find a seat before the meeting starts.
Stay Focused: Stay focused on the agenda items and avoid sidetracking the meeting with unrelated issues. This will help the meeting run smoothly and ensure that all important items are discussed.
Be Respectful: Be respectful of others during the meeting, even if you disagree with their opinions. Remember that everyone is working towards the same goal of maintaining the corporation and its assets.
Participate in Discussions: Don't be afraid to participate in discussions and ask questions during the meeting. This is your opportunity to have your voice heard and to understand the decisions being made.
Vote: Make sure to vote on all matters that require a vote. This is an important responsibility as an owner and will help ensure that the corporation is governed effectively.
🤝 Don't Stop After the AGM:
Get in touch with your new + former board: Former board members volunteered on the community’s behalf, so thank them for their contributions! If a new director was elected, welcome them to their new position so they feel confident in their choice!
Provide Feedback: If you have feedback or suggestions for improving the AGM, provide it to the property manager or board member. This will help them make improvements for future meetings, and they will appreciate hearing from owners.
Stay Informed: Stay informed about the decisions made during the AGM and any ongoing condo operations that management and the board undertake for your condo community
Get involved: Consider getting involved in the corporation's activities or committees. This can help you stay informed about developments in the corporation and provide opportunities for you to contribute your skills and expertise to the community.
Keep in touch with your neighbours: a strong community vital to a corporation’s health! Share information, perspectives, and initiatives… as they say, “it takes a village”!
... Now that you're (caffeinated and) equipped with these 15 tips, you're ready to tackle an AGM! 💪
You'll know how to prepare and participate like a pro, and follow up like a community champion. And who knows, maybe you'll even turn some neighbours into friends, or become the next condo board member or committee volunteer!
But seriously, attending an AGM is an important responsibility as an owner, and it's crucial to stay informed about the decisions made at the meeting. It's also an opportunity to connect with your fellow owners and contribute to the betterment of your condo community. So don't be afraid to ask questions, voice your opinions, and get involved. Who knows, you might just have some fun along the way! We can tell you from personal experience that some of the best friendships start off this way ;)
Remember, following these tips will help ensure that the AGM runs smoothly, and that all important items are discussed. So mark your calendar, grab a pen, and get ready to attend that AGM!
-Stratastic Inc.
P.S. Want to be the most informed owner... ever? Register with Stratastic now to stay in the loop with everything related to Condoland!
Tags: Condominiums, AGM, homeowners, governance, property management, bylaws, rules and regulations, finances, budget, voting, proxies, community involvement, feedback, decision making, board of directors, maintenance, repairs, Annual General Meeting.