Query about directors of a management company

S

STEINER

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I was at a mgmt co. AGM recently. The 2 directors didn't attend. Apparently, they don't have to attend the AGM? I find this odd, as they run the company, are responsible for financial statements preparation, and there is a 100k mgmt fee involved. At the very least I thought it was pretty arrogant on the directors not attending the AGM. Comments please.
 
Did they seek re-election? Our first AGM was not attended by the directors (developer and his wife) but they sent word that they were resigning. Since the owners took control, there have been instances when not all directors have been able to attend AGMs but there has always been at least 2 out of 2-5
 
shesells said:
Did they seek re-election? Our first AGM was not attended by the directors (developer and his wife) but they sent word that they were resigning. Since the owners took control, there have been instances when not all directors have been able to attend AGMs but there has always been at least 2 out of 2-5
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they were re-elected by the sheep present. There were no other candidates proposed.
 
I think its fairly arrogant on you calling the other shareholders "sheep" If you are so brilliant why did you allow yourself get stuck in this mess or not get yourself nominated for the post of Director.
 
There is no mess and I am not stuck in one. I am not interested in becoming a director. Others are paid to do this work for me and the other members. Thanks for your comment.
 
Paid directors??????????????????? That is highly unusual and unlikely. The Management Company usually will retain a Management Agent for the day to day running of the development. The directors should oversee this.

I am a director of our MC, stood for election at our first AGM after the developers resigned. Why? Because nobody else in this development will look after my investment in my home better than I can. If you have any interest in doing likewise, then perhaps you should reconsider your lack of willingness to become a director.
 
good to see that Steiner is happy to pay fees to the directors, it is the only way to have the considerable efforts valued and may also encourage others to put their name forward.

On Steiner's original question, you are right to expect all the directors to be present at the AGM, there will always be cases where some directors can not attend but this should be the exception.
 
STEINER said:
I was at a mgmt co. AGM recently. The 2 directors didn't attend. Apparently, they don't have to attend the AGM? I find this odd, as they run the company, are responsible for financial statements preparation, and there is a 100k mgmt fee involved. At the very least I thought it was pretty arrogant on the directors not attending the AGM. Comments please.
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Not attending is viewed in a dim light by the ODCE.

Your short on details as to who at the mtg nominated and approved these directors back into office?

Did the agent run it on their behalf? If so perfectly legal.

PS - directors typically can neve be salaried, check your articles. Agents though obviously are.
 
I maybe misinformed but I was not aware that directors elected from residents were paid. I understand a management company has admin fees etc.
 
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