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Should the board send to shareholders the buiding's architect report? We had our nyc facade inspection. There will be an assessment for the required work. Board is split on whether to send the report. On one side the view is to keep shareholders informed and to let them see exactly the scope of work. On the other hand, these reports are for management and the board to review. If shareholders want to see every bit of information passing through management and the board, they should run for a seat on the board.
My six years on the board has shown me that shareholders want to micro manage the board, they loosely toss around the term " transparency" and they want to see documents that fall outside of what non- board members have a right to see - at every annual meeting the same people "make many demands" but never run for a seat on the board.
It seems board has to spoon feed every detail of its decisions and activity. Where and when does the board say "no" to every request.
Absolute "transparency" whether some might think that word is tossed around or not. Every shareholder is the Corporation, they are the one to vote for representation, if those feel they are too important to represent or be "transparent" then possibly they should think of themselves as a shareholder first and not with a full head of control.
Two things happen- board gets a small group that needs the report explained to them, in fact, they need each word defined and explained. Then, they discuss the many reasons to stagger the work or not do the work at all. Thus group drove the building into great debt and always postponed work. To summit up, they don't trust the board - probably because they don't trust themselves.
Micro managing the board to this degree is nit helpful. Especially, when the majority of the building can read and express ideas but also acknowledge the board is being responsible ad transparent.
I have to agree with Luna that every shareholder is the Corporation. The board should communicate whatever is relevant to the shareholder in terms of how this will or will not make an assessment necessary, if that is what the concern is. The board is there to represent the interests of all the shareholders, not just the ones they don't find annoying. This is a bad case of the board vs everyone else, not a happy community.
Let the actual company do the "engineering" and examinagion of your facade. all the arthictect and engineering fees are unesesaty and they also go on year after year and add tens of thousands to your project.
Also you should get several companies to examine your facade - as part of the proposals.
The entire facade thing is a real scam in NY. You have to take off your blinders and be open to understand you may be getting ripped off no matter what your managing agent says.
Why is giving info to the rest of the shareholders "spoon-feeding"? Is it that difficult to communicate the relevant info? That is part of the job of the board - to do the work of the shareholders on everyone's behalf and the clarity of that should not be burdensome. If so, maybe it is time for someone else to do that job. Information that affects every shareholder should be disseminated so at least an informed choice may be made. If someone chooses not to use it that is their option. But the board is already "spoon-feeding" and, frankly, being derelict in its duty by not being forthcoming with info that has a great impact- an assessment - on all shareholders.
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You need not spoon feed. Just set the plates of information at the shareholders table and let those who are hungry pony up to the bar. If there's nothing to hide why try? Excuse for privileged vs. underprivileged? Information is power, share it!
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