If you’re a strata property owner tasked with organising your next annual general meeting (AGM), you may be wondering how to ensure that it runs smoothly, effectively, and can accommodate for owners who are attending by proxy.
Like most meetings, the key to success is being prepared. Here’s what you need to know about what happens at a strata AGM and how you can get the most out of yours.
A strata, body corporate, or owner's corporation annual general meeting (AGM) is a yearly gathering of individual lot owners who hold strata titles within a complex. Property owners come together to discuss and vote on important issues such as common area rules, financial decisions, and the appointment of committee members who will oversee the running of the complex.
The format of a strata AGM is similar to that of any organisation in that attendees must be given the opportunity to ask questions, vote and have their say in a formal setting.
A strata AGM can apply to both residential complexes such as apartment buildings, caravan parks and retirement villages as well as commercial or retail properties.
While it’s compulsory for your complex to hold an AGM every year, it isn’t compulsory for all property owners to attend. However, if you’re organising the event, the benefits of attending should be outlined in the Notice of Meeting that you send out to all property owners. The more attendees, the more democratic your outcome, so let people know that their participation means they can:
The first step in preparing for your strata AGM is sending out a notice to all owners outlining the date, time and location of the meeting. This should be delivered no less than 14 days before the meeting via mail, email or in-person delivery. If you are hosting your meeting by teleconference, provide attendees with clear instructions on how to access the virtual AGM platform that you will be convening from so they can familiarise themselves in advance.
Property owners must be supplied in advance with an agenda that covers the main topics of the meeting. However, before the agenda is distributed, owners should also be provided with an opportunity to propose motions to the meeting’s secretary that they wish to be included, discussed and voted on. Each motion should clearly specify whether a special or unanimous resolution is required.
Provide property owners with the opportunity to attend the strata AGM by videoconference so that you can accommodate for remote attendees. If participants are still unable to attend even with this option, they can nominate someone to attend on their behalf by proxy.
Your strata manager or the current chairperson of your strata should preside over the meeting. If for some reason the chairperson is unable to attend, another member can be appointed to take their place.
Electing committee members for the year is an important component of your strata AGM. These are the people who will make decisions on behalf of the owners’ corporation (or body corporate depending on which state or territory you live). Choosing members who have experience in property, construction or finance is a good idea to help make informed decisions that will keep strata fees well managed.
If strata owners have any serious concerns or issues they want to raise, it’s important to encourage this through a Q&A session. Using a virtual AGM provider can be helpful here, especially if you have lots of owners in attendance, as they will supply a moderator who can screen and coordinate questions on behalf of the chairperson and keep the meeting flowing seamlessly.
A key component of your strata AGM will be conducting voting sessions so that property owners can have their say on important issues in the agenda. If this is in-person, the vote can be counted by a show of hands or if you have attendees joining through a virtual AGM platform, the results will be tallied and displayed for you. Each lot is entitled to one vote and the outcome is determined by majority rule.
However if you are seeking a resolution to an agenda item that is considered especially urgent or important, this must be resolved by a special or unanimous resolution.
Your strata AGM should have a secretary keeping detailed minutes of the proceedings and voting outcomes. Once complete, these should be distributed to every owner of your strata scheme regardless of whether they participated in the strata AGM.
To ensure your meeting runs smoothly and makes sense to attendees, the following order or proceedings will help you to keep things moving:
Like any meeting, the only way to make the most out of a strata AGM is to be prepared. Every state and territory has slightly different rules and regulations on how they should be conducted, so it’s essential to read up and thoroughly understand what is expected of you well in advance of your meeting.
To truly make the most out of your strata AGM, facilitate online access through an experienced virtual AGM platform. Not only will more attendees be able to participate in your meeting helping to improve its effectiveness, but good platforms will come with a range of features to enhance your meeting experience, such as:
On top of being completely Australian owned and operated, our managed AGM service also comes with a 100% money back satisfaction guarantee, so contact one of our virtual meeting specialists today to learn how we can help you host your most successful strata AGM yet!
As we work towards the new COVID-normal, virtual conferencing technology is set to become the new standard method for ru...
Online shareholder meetings and annual general meetings are likely here to stay.