Annual General Meeting (AGM) of a Strata Company
ANNUAL GENERAL MEETING
Your Strata Company must hold a meeting of all lot owners (called the annual general meeting) if it receives or pays out money during the financial year. The time between the annual general meetings varies from state to state and is between 11 and 15 months.
The annual general meeting is the main opportunity for lot owners to discuss issues relating to their property and elect the council and office bearers for the next year. The meeting will cover:
- Income and expenditure of the Strata Company during the past financial year
- Assets and liabilities of the Strata Company at the end of the past financial year
- Maintenance works and the maintenance plan
- A report from the council
- A report from the strata manager, and
- Complaints and emerging issues.
Notice of Meeting
The notice of the annual general meeting must be in writing and either handed or sent to lot owners between 14 and 21 days prior to the date of the meeting. The notice must include:
- The date, time and location of the meeting
- The general nature of business and any resolutions to be discussed at the meeting (the agenda)
- The text of any special or unanimous resolutions to be decided
- The financial statements
- The proposed budget, and
- A statement that lot owners have a right to appoint a proxy.
What is a Quorum?
A ‘quorum’ is the minimum number of members needed to transact business at a meeting. The minimum number is typically more than 50% of lot owners and proxies. If a quorum is not met, then resolutions at the meeting are interim.
Strata Company members or their proxies can vote at a meeting or by a ballot. At a meeting, voting is usually by a show of hands, with one vote for each lot. However, in some developments one lot may be entitled to more than one vote. Any lot owner may require before or after a vote by a show of hands, that voting be based on lot entitlements.
Electing a Council
By law, a Strata Company may elect a council at each annual general meeting.