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AGM – Who can request an AGM?
I reside in a 108 Unit Complex. Since I’ve resided here (20+ years), our AGM’s were held in March or April and called by the Board. Last two years AGM’s were changed to September. Many of the Unit Owners would like to see the AGM moved back to March or April. They asked at the last AGM. The Board said it could be. However, didn’t commit to doing so. There isn’t anything in our bylaws stating a specific month. Only thing it states is, the next AGM must be held within 15 months of the previous one.
1. Are the Board Members the only ones that can set the AGM date?
2. Can the Unit Owners request an AGM? For example, by petition with 15% of Unit Owners signatures as with a request of an SGM.
3. If Unit Owners can request an AGM, what is the process and/or best way of doing so?
Thank you in advance for your advice and responses.
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1 Reply
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Interesting question. It is the board who decides when to hold the next AGM. However, an owners resolution will always trump a board resolution. In theory, you can have an owners resolution to “hold the 2024 AGM within five months of the 2024 fiscal year end.” Keep in mind that an owners resolution is conducted at a general meeting where quorum is present, or in writing with more than 50% of the owners signing the resolution – unless your bylaws have additional requirements for an owners resolution.
But I don’t know all the details on why your board does not want to hold the AGM in April or May. In Alberta we are limited by receiving the financial statements before we can have the AGM, as providing the financial statements in the AGM package is required by legislation. There might be another reason that is holding the board back from holding the AGM earlier in the year. It would be good to ask the board at the next general meeting why they have changed their process. It might be good for you to consider joining the board if you disagree with how your corporation is operated.
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