Annual General Meetings

Condo corporations must hold their first AGM within three months of the condo being registered and within six months after the end of each fiscal year thereafter. AGMs are critically important. They serve as avenues for the board to report on the condo’s financial health and open dialogue about other issues important to owners.

Typical AGM business may include appointing an auditor, electing board directors, discussing important events for the condo corporation and more.

Owners must be informed about the time, place and agenda of the AGM through two notices:

1. The preliminary notice of meeting must be sent at least 20 days prior to issuing the notice of meeting. The preliminary notice of meeting will include a range of information such as the purpose and the projected date of the meeting.
2. The notice of meeting must be sent to owners at least 15 days prior to the date of the AGM and will include the date, time, format and location (if in-person) of the meeting as well as instructions to join (if virtual) and the meeting agenda, which will outline what items will be voted on. Additionally, the notice may include the candidates for any elections taking place at the AGM, as well as the financial statements and auditor’s report that will be presented.

Condo corporations can send notices to owners virtually if they have their e-mail address unless the unit owners specifically request paper communications or the corporation’s by-laws prohibit or limit virtual notices.

Quorum is the minimum number of owners who must be present for a meeting to go ahead. AGM’s get quorum when the owners of at least 25 per cent of the condo’s units are present. The quorum requirement is reduced to 15 per cent on the third and any subsequent attempts to hold the meeting if quorum is not reached on the first two attempts to hold the AGM. Owners who attend the meeting virtually or by phone or who vote ahead of the meeting are considered present.

Owners that would like to participate but are not able to may appoint another owner to be their proxy and vote on their behalf.

Votes may be cast by:

• A show of hands, personally or by proxy
• A recorded vote that is:
  • Marked on a ballot cast personally or by a proxy
  • Marked on an instrument appointing a proxy
  • Indicated by phone or virtually

The Condo Act allows for voting by phone or virtually. Corporations must pass by-laws to limit voting in this manner.

The Condo Act requires that corporations present audited financial statements and the auditor’s report at AGMs, so owners should take this opportunity to learn important information about the financial health of their condo. Financial statements will summarize the financial activities of a corporation. The auditor’s report is where the auditor will state their opinion regarding the accuracy of the financial statements for the year. The AGM is also when the auditor for the year is appointed by the owners.