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Is it incorrect practice to have non-shareholders present at annual meetings. We have several shareholders with live in partners and/spouses. I understand they cannot vote. They are privy to confidential and important business. One of these non shareholders once sued the board and corp. for discrimination (HUD case). The case was dismissed. But, ever since then I've become uncomfortable having nin shareholders present and privy to co-op business.
Any thoughts?
i have read either here or in the other coop paper that non shareholders are not allowed to speak at, or interfere in any way at the annual meeting.
if a shareholder gave them a proxy to drop off, they can only do that, they cannot read a statement by the shareholder
i would like to find an attorney that only worked for shareholders, as i don't trust a lot of things i hear board attorneys state is the in the bcl.
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Hi Frank,
I understand your concerns.
Since there is nothing preventing an owner to tell a non-owner what occurred at the annual meeting, my co-op does not limit who attends. You may even have management and legal counsel who attend but might be excluded if a strict policy “shareholder only” is adopted.
I view transparency as trust building. There will always be the disgruntled few who seek remedy for real and imagined slights. However, if they are hearing what everyone else is hearing, and this is consistent with what they see is occurring throughout the year; those together should build trust and lessen the possibility of what occurred to you.
Good luck!
Steve-I cannot agree with you more. Aside from the fact that the annual meeting in our building is the only sanctioned opportunity for our small 12-unit "community "to get together with the board, it is not a time in which anything Board- only is handled- and transparency & trust are fostered here. I am sorry that Frank had a bad experience but being gun-shy is no reason to become cloistered. Indeed it just builds walls instead of bridges. It should not be an adversarial relationship. Aside from the fact that non-shareholders who become spouses may then become shareholders as well. It benefits all to be open, as long as proprietary boundaries are respected.
Haven't been on boardtalk for awhile, just saw this. While others' sentiments are reflective of most buildings, I would say the answer depends on your building. Are there other reasons besides confidentiality for not wanting the non-shareholders present? Are they disruptive or abusive? Kind of sounds like it, if one went to the trouble of filing a case that had no merit. I would say go w/ your gut, but be prepared for lots of pushback from the spouses of the non-shareholders.
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Just to clarify, this isn't Habitat writer Frank Lovece asking.
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