Ideal Condo Board Meeting - Responsibilities, Duties, and Best Practices

THE IDEAL CONDO BOARD MEETNG THE IDEAL CONDO BOARD MEETNG OF DIRECTORS OF DIRECTORS 1

o objectives bjectives 1.Describe the attributes, duties and responsibilities of an ideal Director 1.Define the ideal Condo Board Meeting 2.Understand the requirements of a Board Meeting 3.How to conduct an effective Board Meeting 4.Understand Effective and Ineffective Meetings 5.Evaluate and improve your Board Meeting 2

The Ideal Director The Ideal Director Communication. Visibility. Financially Savvy. Promptness. Always Learning. Integrity. Honesty. Competence. Insight. Dedication / Commitment. Effectiveness. Passion! 3

Duties and Responsibilities Duties and Responsibilities Govern the organization Recruit, supervise, retain, evaluate management Provide direction Establish a rule and policy based governance system Upholding and enforcing legislation Fiduciary duty Making decisions Maintaining and repairing assets Communicate regularly Hiring specialists 4

C Condominium ondominium board meeting board meeting Gathering of elected Members of the Board to conduct the official business of the condominium corporation 5

F Function of a board meeting unction of a board meeting State of the condominium To receive reports To make decisions and approvals Policy Solve problems Plan and evaluate Other task affecting governance 6

Notice Notice requirements requirements Send to all Directors Deliver in person, mail, courier, or electronically Minimum 10 days prior Time and location Include a package with the documents to be discussed/voted 7

M Meeting eeting package package The meeting package should be delivered Directors minimum 3 business days prior to the meeting and includes: the Agenda, with time frames past minutes, financial statement , arrears and variance report the Managers Report, the Building Inspection Report, The Monthly Financial Statement including details of major variances and an Arrears Report. The committee reports Documents of issues to be voted upon Correspondence received 8

a agenda genda Responsibility to create: Board Secretary or Manager Usually standard composition Order of items: important items at the top Included: Previous minutes Financial report Manager s report Committee reports Correspondence Other business Termination and date of next meeting Time limit for each item with anticipated action for each 9

A Attendance ttendance requirements requirements Minimum 2/3 of the yearly meetings Quorum required No quorum? = No meeting Method of attendance: phone electronic method with concurrent communication. Email not acceptable Other attendees: Manager, Residents Professionals Guests 10

F Frequency requency of meetings of meetings As required for business Usually once a month Defined date and time Extra as required Separate budget meeting 11

Tie v Tie voting oting Significance: Divided board? Needs further discussion Board s configuration Solution: Discuss thoroughly. All aspects of the question. Leave until the next meeting Organizational needs vs. private agendas. Board chair can break a tie. Vote or abstain from voting. 12

Director responsibilities at meetings Director responsibilities at meetings Corporate structure and legal requirements, Be punctual and stay Be prepared Active participation Respectful Open mind Stay on track Vote Carefully word motions Volunteer 13

c chairperson hairperson Controls the meeting and conducts it in an efficient, fair and orderly manner Atmosphere Participation by all : TALK LESS, LISTEN MORE. Each Director speaks All details to be discussed All understand the discussions Summarize Call for motions and votes Votes counted and recorded Keep meeting on task Manage conflicts Legalizes minutes 14

MEETING MINUTES MEETING MINUTES Legal documents Concise Signed after approval All reports and attachments Records: motions, decisions action items Provide context In Camera minutes 15

Minutes content Minutes content Mandatory contents: Name of Corporation Date and location Members present, excused or absent Existence of quorum Motions, the mover and seconder Amendments Outcome of the vote Action items Reports and documents Future action steps Ending time Next meeting date 16

K Keys eys to a successful meeting to a successful meeting PREPARE AHEAD OF TIME. KEEP COMMITTEE REPORTS SHORT. START AND END ON TIME. KEEP THE DISCUSSION PRODUCTIVE. ACTIVELY MANAGE ATTENDANCE ISSUES. BETTER DISCUSSIONS: ASK MORE QUESTIONS! 17

effective effective board meetings board meetings Purpose Appropriate materials Comfortable room Be chaired effectively Follow Meeting procedures Respect the members time Clear supporting documents Respect and participation Accomplish results Documentation Terminate / adjourn on time Social interaction and networking time 18

I Ineffective neffective board meetings board meetings Poorly organized Too long Not sticking to the point Personal conflicts Domineering individuals Poor agenda Poor Attendance at board meetings Too formal or informal 19

VIRTUAL BOARD MEETING VIRTUAL BOARD MEETING Positives Negatives Software Security Participation Rules Director responsibility Hybrid meetings 20

B Board oard meeting checklist meeting checklist Scheduled at convenient time/location Quorum Agenda and supporting documents circulated prior to meeting Began on time Agenda Thoughtful discussion Reports Decision-making method Appropriate information Atmosphere Participation Motions Meeting duration Staff and board members presentation 21

Time to evaluate the Time to evaluate the meeting meeting Formal or informal approach for feedback Frequency Survey: Bestfeatures Worst features Satisfaction Discussion Schedule Changes 22