Annual General Meeting (AGM) in a Housing Cooperative
An Annual General Meeting (AGM) in a housing cooperative is a mandatory yearly gathering of the cooperative’s members to discuss and make decisions about the management and operation of the housing cooperative. The AGM is the primary forum for members to exercise their democratic rights within the cooperative structure, and it ensures transparency and accountability in the management of the cooperative.
During the AGM, members review the cooperative’s financial reports, including income and expenditure, balance sheets, and the auditor’s report. These reports give members a clear picture of the cooperative’s financial status, enabling them to make informed decisions about budgeting and financial planning for the coming year.
Elections for board members are also held at the AGM. The board of directors is responsible for the day-to-day management of the cooperative, and members have the opportunity to vote on who will represent them. In addition, the AGM provides a platform for members to discuss and vote on significant matters such as changes to the bylaws, major repairs or renovations, and other issues that may affect the cooperative’s future.
The AGM is a critical aspect of cooperative living, fostering a sense of community and shared responsibility among members. It is essential for members to participate actively in AGMs to ensure that their interests are represented and the cooperative is managed effectively.
