AGMs are notorious for being poorly attended.
In my experience working as a managing agent I found that poor attendance was often for one of the following reasons:
• Owners were under the mistaken belief that their contribution at the AGM was unnecessary because it wouldn’t change anything anyway.
• Investor owners didn’t live near the scheme.
• If the chairperson, trustees and managing agent were doing a good job, owners felt no need to be involved in the decisions taken at the AGM.
I’m here to give you a shoulder shaking to tell you why you really SHOULD go.
The decisions made at the AGM directly affect your money!
If you need more here goes:
1. This is where the budget that determines your levies is accepted
Meaning that if you attend you can influence how high or low your monthly levy will be.
2. This is where major proposed common property works are discussed
If the lift needs replacing or the building needs repainting you can bet that it’ll be on the agenda at the AGM and the next steps may well be decided upon in your absence if you choose not to attend.
3. This is where the trustees are elected
The trustees are the owners’ representatives and they are allowed to make the day-to-day management decisions on behalf of all owners in the scheme. They control the purse strings and can raise special levies without consulting you (additional levies over and above the general levy).
4. The owners can impose restrictions or directions on the trustees
This is a great opportunity for you in conjunction with the other owners to put spending limits on the trustees or to direct them to a take a particular course of action.
5. You can find out how the body corporate’s finances have worked over the past year
The AGM is the perfect opportunity for you to ask the outgoing trustees and the managing agent about how the body corporate’s funds were spent over the last year and to clarify any grey areas around the management of the body corporate’s money.
Just remember that if you choose not to attend the AGM, you might not like some of the outcomes from the meeting. You may complain about these afterwards but your complaints will most likely fall upon deaf ears. Why? Because you had the opportunity to attend and chose not to.