COMPENSATING CONDOMINIUM DIRECTORS

The article titled "Compensating Condominium Directors" explores the topic of providing compensation to condominium directors for their service on the board. It discusses the current practice of volunteer-based condominium boards and examines the potential benefits and challenges of introducing director compensation. The article highlights the increasing complexity and time commitment required for effective condominium governance and suggests that compensating directors could attract a wider pool of qualified candidates and promote professionalism in board operations. It also acknowledges the concerns and potential conflicts of interest associated with director compensation, including the need for transparency and fairness in determining the compensation structure. The article explores different approaches to compensating directors, such as stipends, honorariums, or expense reimbursements, and emphasizes the importance of implementing clear policies and guidelines for compensation. Additionally, it addresses legal considerations and the need to consult the condominium corporation's governing documents and applicable legislation. Overall, the article presents a balanced perspective on the topic of compensating condominium directors, highlighting both the potential advantages and potential challenges associated with this practice.