The importance of attending your building’s AGM

Inside every building is a story that is told from many different perspectives. Life within apartment living is complex and join us as we answer all your questions so we can better understand that world a little bit better.

Are you new to apartment ownership and curious about the significance of an AGM, especially at this time of year? Here’s what you need to know …

An Annual General Meeting (AGM) is a pivotal event for residents in a residential apartment complex. It brings together the committee and homeowners to address key aspects of the building’s management and community affairs. During the AGM, participants review the previous year’s minutes, scrutinise financial reports, and discuss budget proposals. The meeting also serves as a forum to tackle ongoing maintenance issues and plan for future projects.

Although attending the AGM is not compulsory, it is strongly in your best interest to participate. This is your opportunity to voice concerns, propose enhancements, and engage in the election of committee members who will shape the building’s direction in the coming year. Your involvement ensures that your perspectives are considered and helps you stay informed about the management and future of your community.

Here are some common questions and answers that will further help with understanding an AGM.

Q: What is in the agenda for the AGM? 

A: This typically includes reviewing the previous year’s AGM minutes, financial reports, and budget approval. It also covers discussions on major repairs or improvements, grievances and any new business. A detailed agenda is usually sent out to owners prior to the meeting.

Q: How can I add items to the AGM agenda? 

A: To add items to the agenda, you should submit a written request to the owners’ corporation (OC) manager several weeks in advance of the meeting. This allows time for your item to be included and communicated to all residents on the agenda. Alternatively, you can raise a discussion point under general business. 

Q: Can we get a report on the building’s finances? 

A: Yes, a detailed financial report will be presented at the meeting. This report includes the budget, expenditures, reserves, debts and arrears. Residents will have the opportunity to review and discuss these financial details during the meeting.

Q: How will ongoing maintenance issues be addressed? 

A: Ongoing maintenance issues will be reviewed, and the committee will discuss the steps planned to address them. Residents can also bring up specific concerns during the meeting for further discussion, it is encouraged to during this AGM rather than an informal request directly to the building manager.

Q: How are committee members elected, and can I run for a position? 

A: Committee members are elected by a vote of the owners or proxy at the AGM. If you’re interested in running for a position, notify the current committee or owners corporation manager in advance and prepare a brief statement about your candidacy.

Q: What are the responsibilities of committee members? 

A: Committee members are responsible for overseeing the management of the building, including finances, maintenance, and ensuring compliance with building regulations. They make decisions that affect the overall well-being of the community.

Have a question that you would like answered? Submit yours to [email protected] and stay tuned to future editions. •