Two of the more insightful documents provided to condo owners in the Annual General Meeting (AGM) information package are the financial statements and written statements for candidates running for election as directors. Thoroughly read, these documents provide insight to how current directors are fulfilling their role and what can be expected of those seeking a director’s role.
The Annual General Meeting is an important meeting for condo owners. Numerous documents and disclosures are provided relating to this annual gathering. Unfortunately, not all condo owners choose to attend this meeting and fewer are likely to have thoroughly read the documents.
One condo corporation reported a $75 billion lawsuit in their documents which included signatures from two directors. When questioned at the meeting, the auditor agreed that the proper amount should have been $75 million. Directors signing off on documents provided to owners apparently did not take the time to read what they were signing. This cavalier approach to documents, some of which are legally binding and financially costly for a condo corporation, does not install confidence.
A candidate for election to the board ran on a campaign of lower condo fees. The individual made a point of emphasising how, as vice president of another condo corporation, they saved money. Here are the claims made by the candidate ….
Ignoring the inconsistency in how much condo fees were reduced, condo.ca data, displayed on this page, show that the building where the candidate served as vice president did not have any reduction in condo fees. In fact, condo fees increased every year since the building was incorporated – a 44.4% increase during the period or an average of 8.9% each year. Condo fees for the building are consistently higher than average for that District.
Clearly, the candidate’s claims are inconsistent with public information.
Wild promises, inaccurate accomplishments and dishonest qualifications that go unchallenged or ignored lead to poor quality directors and a poorly managed condo corporation.
Marshall publishes Condo Madness; an information resource for condo owners.
Publication Date: March 2017