Do I Have to Go to Strata Meetings?
Do You Have to Go to Strata Meetings?
Part of owning a property in a Strata Scheme is being invited to meetings. But how often do you have to attend? And what’s discussed at these meetings?
The simple answer is No, you aren’t legally required to attend a meeting however it is in your best interests to attend to ensure you are kept abreast of, and you are involved in, the decision making process.
Strata Schemes are required to hold an Annual General Meeting (AGM) once per year and additional General Meetings (often informally referred to as Extraordinary General Meetings) are held as required throughout the year.
If you are elected to the Strata Committee, they will often meet throughout the year and you would be strongly urged to attend to ensure that all members are contributing to the daily running of the Strata Scheme. Lot Owners that are not on the Strata Committee may attend but do not have any voting rights, nor can they contribute to the meeting without a majority vote of the Strata Committee first approving the contribution from Non-Committee members to the meeting.
What is discussed at Strata Meetings?
Strata Meetings are a chance to discuss and vote on important issues affecting Lot Owners. The Annual General Meeting will deal with many statutory items including:-
Electing the Strata Committee – the Strata Committee is in charge of making day-to-day decisions on behalf of the Owners Corporation. The committee is selected at the AGM.
Review Financial Statements – the financial statements for the last 12 months are reviewed and adopted by an Owners Corporation.
Determining Levies – at the AGM, the budget and levies for the upcoming year are presented for approval by the Owners Corporation.
Reviewing the 10-year Capital Works Fund Plan – a 10-year Capital Works Fund Plan is a long-term plan to budget for anticipated major projects and spending. At Owners Corporation meetings, the current Plans is reviewed and updated/renewed at least every five (5) years.
Insurance – reviewing current insurance policies and determining actions to take with respect to their renewal.
Strata Committee Meetings do not have a set agenda however will often a fairly cyclical path with respect to revieving the actions from the previous meeting and actioning any new matters.
Voting
As a Lot owner you are entitled to a vote at Strata Meetings. Exercising this right is a fundamental aspect of being part of a Strata Scheme as it allows you to have your say on decisions that affect your investment.
A certain number of entitled voters must be present at a general meeting to complete a vote – this is known as a quorum. A quorum is at least a quarter of the eligible voters or voters representing at least a quarter of the unit entitlements of the Strata Scheme.
By attending Strata Meetings, you help to make up the quorum.
Lot owners with unpaid Strata Levies are not entitled to vote unless a unanimous decision is required.
Tabling a Motion at a Meeting
Any owner may table a motion at a General or Strata Committee Meeting for the consideration of the decision makers at that meeting. A Committee cannot decide to refuse an owner the opportunity to raise a matter for consideration however the Chairperson of the meeting could rule the motion out of order if it conflicts with Strata legislation.
An owner who has not paid their Strata Levies can still table a motion but they will be unable to vote on a motion until their levies are paid up to the date in which the meeting notice has been circulate to Lot Owners.
Professional help with Strata Meetings
The decisions made at Strata Meetings are crucial and can have long-lasting effects on Lot Owners. That’s why it’s important to have an effective, well-run meeting which complies with Strata legislation.
Lake Group Strata’s Team are trained in meeting management and have significant experience in mediating and controlling meetings.
Contact Lake Group Strata on 02 4942 3305 to learn how we can help make your Strata Meetings a success.
