OMC not holding AGM or publishing accounts/financial statements this year - concern also re complex maintenance

[Mothergoose]

HI! Zenith,, yes, just looking at it now and it says Director Nomination Form.

Tnegun, so the OMC is within bounds to send the Directors Nomination Form to myself and my friend, we were going to nominate each other as Directors - it literally says 'wish to nominate ...' What has been your experience of being part of the OMC and did you feel you could make a difference?

The only items on the agenda are last AGM and Matters Arising - that was 18 months ago, receiving and adopting the audited accounts for year ended 30/04/24, the reappointment of directors (I feel this is presumptuous and should say reappointing directors and appointing new directors/other directors if interested. There are only two directors currently. Management Agent Budget 2026/26 which seems to be based on 2024 figures and sinking fund and transfer of common areas - apparently the land on which the apartments are built has not been transferred from original owner of the land who died fairly recently - estate in Probate - apartments are from 2004. Nothing for any other business.

 

[Zenith63]

What has been your experience of being part of the OMC and did you feel you could make a difference?

I did it for our place and actually quite enjoyed the first few years as we worked to get the Common Areas transferred, dealt with fire safety issues, negotiated with non-paying owners etc. I think I am probably the outlier who would enjoy that, but if you’re up for it you can make a positive change for sure. Go in with an open mind but be aware that being a Director of a company comes with numerous quite serious obligations, so you cannot sit back if it turns out things are not above board. Make sure Directors insurance is in-place as a first order of business.

 

[tnegun]

My experience is mixed, we've been able to make a lot of positive changes and also uncovered a lot of poor governance and mismanagement from previous years e.g. No sinking fund in a 20 year old development!. There's not much we can do about it other than try to put that right.
We've had a few shouters at AGMs too typically, they cannot understand how an OMC works that's probably the worst element but thankfully other members have put them in their place and most are very thankful that a few of us give up our time to run the place, overall we've been able to improve and make things better so I would say its worth it.