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We recently had an assessment imposed in out Coop of about 380 shareholders. While it is apparent work needs to get done, a few shareholders requested in writing access to financial records. There was a letter sent to the Property manager by am attorney, and he seems to have gone crazy. It is important to mention that the Property manager is kind of the gate keeper. There is no way we can speak with the Board and when we asked for the records in a meeting, the president said "No". In the last 14 years has been no quorum, therefore, the Board Members have remained by default in their position. Please share best practices on how to get shareholders to participate so when November comes we are prepared for a new board. None wants the actual Board, but the property manager seems to intimidate people and they are scared to act.
Can we create a Facebook group? or any other platforms we can utilize?
Don’t you have an annual meeting? Speak up during that time. Inform the Board that they need to give a full explanation on the financials and not just from the auditor. Board members are shareholders and nothing more they should be accessible to the shareholders. The Board answers to the shareholders not the other way around. You need to speak to your property manager that he works for you….your’re the client!!! One way to change things up on the Board is have term limits. I think if the shareholders vote (2/3) you can implement that rule. Speak to your co-op attorney. So just have folks on the Board no more then 10 years or less and that’s a way of changing it up on the Board. Shareholders need to work together to knock on doors to get some to run or at least attend the meetings.
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Facebook group is a good way to involve shareholders in the coop but if you have had 14 years without getting enough votes for quorum you have an issue with shareholder apathy.
Do you have mostly residents who are shareholders or are many apartments being sublet.?
Does the coop still have unsold shares?
I am a shareholder in coop that 2 years ago started a Facebook group that was able to influence shareholders to get more involved and was able to make changes in the board in the 2022 coop election.
In the 2023 election it was harder to reach quorum.
Both elections used online voting plus the standard paper voting proxies.
Roy
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