Understanding the Annual General Meeting
- Appointing an auditor
- Presenting and approving financial statements, auditors reports and any other financial information required by the by-laws
- Electing directors
- Discussing upcoming events such as repairs or community gatherings
The condo corporation must call and hold an AGM within:
- Three months after the registration of the declaration and description for the first AGM. See section 45 (2) of the Condo Act for more information.
- Six months of the end of each fiscal year after the first AGM has been held
Owners must be informed about when and how AGMs are taking place via two related notices:
- The Preliminary Notice of Meeting – must be sent to owners at least 20 days prior to the notice of meeting and must include the purpose and projected date of the meeting as well as other requirements listed in in section 45.1(1) of the Condo Act and section 12.2 of Regulations.
- The Notice of Meeting must be sent to owners at least 15 days before the AGM and must include the date, time and place of the meeting as well as other important information relating to the meeting’s agenda. For example, if the corporation is proposing changes to its governing documents, the notice must mention this and contain a copy of the changes.
Quorum is the minimum number of owners that must be present, either in person or by proxy for business of the corporation, such as a vote, to be conducted. The standard quorum for an AGM is when owners who own at least 25% of the condo units are present. The quorum requirement is reduced to 15% 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.
Voting and Proxies at AGMs
Votes on corporation business may be held at AGMs and may include items such as voting for new directors. 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 virtually or by phone
Please note that temporary amendments to Condo Act allow voting virtually or by phone regardless of what a corporation’s by-laws. These temporary provisions are set to expire on Sept. 30, 2023.
Owners can enable someone to attend the meeting and vote for them by filling out a mandatory form. This individual is called a proxy, and they don’t need to be an owner in that condo building.
Check out the Condo Authority’s page regarding proxies and proxy forms for more information.