The Purpose of Biannual Meetings: Trading Info, Not Making Decisions

"For the last three years, we were doing either three or four [shareholder] meetings per year," reports Ronald Arnero, board president at University Towers, a three-building co-op in Brooklyn. "We call them our quality-of-life meetings, and to me,

they are very fruitful. It's normally very positive. We provide a little food, and we bring people up to date on all the projects that are going on around our development, and we find out things as a result of having the meetings."

"It works very well," admits Lorry Bogarsky, board president of a 68-unit cooperative in Hewlett in Nassau County. "Shareholders know that they have the ability to see the board and to see the property manager, and that's a good thing. It keeps communication lines open."

Indeed, these gatherings are useful tools for the board members, helping them keep informed about the concerns of the residents. Keith Werny, president of the City Line division of FirstService Residential, says there may be issues that come up at the biannual meetings that indicate an issue is more widespread than the board had realized. "At University Towers," he recalls, "there were complaints regarding the consistent level of heat that was provided within the buildings. We identified this is an issue in multiple buildings that needed further investigation."