At Ace, we understand most property owners would rather do just about anything than attend the annual general meeting of their body corporate but there’s much to be gained by attending.
Your presence means you’ll gain insight into previous and current issues affecting the property and you will be given a say in the running of your apartment building.
1. Review last year - Go through minutes of previous general meeting
2. Financial statements - Adopt financial statements from last year
3. Insurances - Confirm insurance policies and assess its suitability for next year
4. Valuations - Assess current building valuation and seek update valuation
5. Auditing - Appoint auditor to review previous year’s financials
6. Elect committee - Elect the committee for next year & decide what committee’s powers
7. Budget & levies - Estimate the budget and levies needed for the year’s operations
8. Debt collection - Appoint agent to collect debts
9. Sinking fund - Make a plan for the sinking fund
10. Health & safety – assess health & safety compliance
Each state and territory has different rules with respect to voting at an AGM, but here are the basics that form the foundation of strata community voting.
Each owner has one vote for each lot they own. The different types of votes are:
Each owner, and each person entitled to a priority vote, can vote at general meetings. However, if someone has outstanding strata fees still owing, they are considered unfinancial and therefore cannot vote unless a unanimous resolution is needed.
An owner can delegate their voting rights to another person, who becomes their ‘proxy’. A proxy has no effect if the person who gave the powers for someone to vote on their behalf attends the meeting and votes in person.
AGMs have changed a great deal over recent years in the ways that owners can attend.
Thanks to advancements in technology, participating in an AGM has never been easier. Provided your community has embraced technology and fulfilled any state or territory legislative requirements, you may be able to participate in AGMs and community voting by;