The Evolution of AGMs – RLB

Gone are the days when you would fight traffic and rush to make it to an in-person AGM, only to find that quorum hasn’t been met and your whole evening has been wasted.

Why AGMs are important.

Your condominium is an investment. Your AGM is the window to see how your board and management company are taking care of that investment. Yes, you’ve been given the audited financial statements in the AGM package, but these statements can be confusing and daunting to look at. What does it all mean for you and your investment? Your auditor will explain what these statements mean for your condo, and your investment at the AGM.

How AGMs can be held.

You used to have to attend the AGM in person. If you don’t have a space in your condo that is large enough to hold everyone, this could mean travelling to another location, somewhere else in the city and there is a cost to that.

Now, you can hold meetings in person, online, or use a combination of both. This allows more of your owners to attend the meeting from anywhere. You can run the meeting yourself using a digital platform or engage a third-party host to assist and help your AGM run smoothly. Third-party hosts can be a bit costly, but they can also ensure that you receive quorum and do not need to hold a second or third meeting.

Why virtual meetings can be a great thing.

Work-life balance has become an important part of everyone’s life. With virtual meetings, you can sign on from wherever you are, eliminating travel time and reducing your carbon footprint. Providing various options to attend can also ensure that quorum is met.  If quorum is not met, a second, sometimes even a third or fourth meeting must be held.  The cost of a meeting space, and the cost for the auditor, lawyer, or any other guests to attend additional AGMs can accumulate quickly.

What are our options?

Condo communities are growing fast. As such, it can be difficult for professional staff, like your auditor or lawyer, to service their client’s needs in person. In response, auditors are offering a variety of AGM support options to make sure that owners get the information they need.

RLB offers three options for AGM support.  You can choose from one of the following options.

1. Written summary. This can be distributed to all the unit owners in the meeting package and/or read out at the AGM.  This can be made available to all unit owners, not just the ones who attend the meeting. The owners can take their time to read through and understand the statements. Have any questions? Speak with your board members, management, or reach out to us for clarification.
2. Virtual presence. One of our staff can present virtually at the AGM. Questions can be answered in real-time or passed on to us to get back to you.
3. In Person AGM attendance. One of our staff will attend and present in person at the AGM for an additional cost.

To request an RLB representative at your AGM, please visit our booking page HERE or email us at condoaudits@rlb.ca

Let’s face it, everything changes, and the global pandemic forced some very fast changes to take place in the condo industry. It can be scary, but it also presents us with some great opportunities.

AGMs can get costly and time-consuming. It pulls you away from your family, friends, hobbies etc., and can steal an entire evening. There is no need to have a hectic night trying to attend your AGM and lose all that time away from the things that matter most to you. Take back your night.

Let us embrace what the change can give to us.