Dear Owners at The Laurier,
It is time to start planning for our Annual General Meeting.
The most important events that occur at an AGM are the presentation of the audited financial statements and the election of a new Board of Directors.
This year the latter activity will be especially important. Currently only 4 out of 5 board positions are filled, of which two director’s terms are ending and I will be disqualified due to the sale of my unit. Consequently, only Joanne Kahwa continues on the board and she has previously served twice.
We are asking owners to step up and run for election in a crucial year for the corporation. The building is nearing its twentieth birthday. This is the age when major systems begin to require replacement. In the coming year there will be at least one and possibly two major replacements to the HVAC system, the elevator interiors will be renovated, and the balconies repaired. The current board has laid the groundwork but these major projects require board oversight to ensure our dollars are spent efficiently and productively.
There are also opportunities to implement green initiatives such as charging stations for electric vehicles and further replacement of lighting. Board members may also need to address upgrades in security and accessibility of our building including automatic door opening.
Owners who serve on the board contribute to maintaining the value of their home and their investment by being directly involved in important decisions. Also, serving on the board can be highly gratifying and an opportunity to learn. The Condominium Authority of Ontario provides training to new board members regarding the requisite knowledge to be a director. The time commitment is minimal. The board is required to meet once a month and meetings are held virtually. We have an excellent new property manager to facilitate and implement board decisions.
The building is approximately 57% owner-occupied. We need to recruit at least three new members, all of whom are owners but not necessarily residents. On the current board, both Joanne and I are non-resident owners. Although there are many owners who have already served on the board and who I would be happy to see rejoin, it is important for all owners to step up and contribute by serving at some point. They provide fresh insights and new ideas that can improve our condo community. If you are hesitant to join, both Joanne and I are happy to meet and answer any questions. Contact us through Anna at Apollo.
Please consider responding to our Property Manager, Anna Iordanidi, to say you are willing to serve on your Board of Directors. Thank you in advance!
Sincerely,
Jill de Villafranca, President, OCSCC #678 – The Laurier