Funds Admin company who own minority of apartments in complex putting majority of directors on board

03-11-2022 02:13PM #1

Just wondering if anyone knows the laws around these fund management companies and how they are able to just automatically put as many directors as they like on a property management board.

I live in very small complex and they are ensuring they will have the majority of board members on the board even though they don't own the majority of apartments. They don't even need many on the board but they are stamping their authority.

Someone told me that if Sinn Fein get into power they are planning on stopping these companies from taking over the running of people's homes.

Any constructive thoughts?

PSFarrell · 03-11-2022 02:41PM

Im a director of the complex where I live.Usually at the agm of the mgmt company they are elected. Are the other owners failing to attend or not nominating a proxy in their absence? In my experience owners rarely attend and then are often unhappy with changes voted through

03-11-2022 02:51PM

Can't see Sinn Fein getting involved at that level. They will be too busy trying to figure out how they will fund all their campaign promises.

I presume its a nominate and vote system at the AGM to get members on the board. If that's the case the other members need to put themselves forward and ye need to vote strategically to get them on the board and to minimize the funds control.

ohnonotgmail · 03-11-2022 02:54PM

Each apartment owner gets one vote in electing board members. I can't see sinn fein changing. The problem is regular owners don't bother to vote.

03-11-2022 03:11PM

Thanks all for your input.

Yeah I'm trying to get our management company to contact private owners to give us their vote but people don't even read their emails so it's a job in itself.

The fact that this fund crowd are putting a huge number of staff to sit on a board of a tiny complex speaks for itself. They just want full control and it doesn't help that our management company do business with them behind the scenes.

ohnonotgmail · 03-11-2022 03:13PM

https://www.boards.ie/discussion/comment/119829002#Comment_119829002

they are exercising the same rights as the other owners.

03-11-2022 03:31PM

https://www.boards.ie/discussion/comment/119829002#Comment_119829002

How are they putting staff on the Board of Directors?

Directors have to be voted on at the AGM, if owner apathy means that few turn up at the AGM, then those that do are entitled to vote on, and elect Directors. SF will not interfere with democratic votes to elect directors.

From my own experience of being a Director, most complaints are received from owners complaining about decisions taken at the AGM they couldn’t be bothered to attend.

03-11-2022 03:37PM

Well they have the advantage that it's a business for them and their board members are paid workers plus they just have to have 9ne member of their team to show up on the night to exercise all their votes.

We can't even get in contact with private owners most of the time.

ohnonotgmail · 03-11-2022 03:44PM

https://www.boards.ie/discussion/comment/119829127#Comment_119829127

you can do the same. if you get proxy votes from the other owners you can vote on their behalf. They are just more motivated than the private owners.

03-11-2022 04:08PM

https://www.boards.ie/discussion/comment/119829127#Comment_119829127

Their workers are not paid by the MC though, being in paid employment doesn’t preclude anyone from being a Director. They are the fund’s representative in the OMC, voted onto the board at an AGM.

OP, if they are on the Board, they most likely were voted in at the AGM, were you there?

Funds Admin company who own minority of apartments in complex putting majority of directors on board

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