Why does the Annual Election need a quorum of shares?
NGC is a co-operative housing property (co-op). This is the legal term for the type of real estate that is owned and controlled by the individuals who buy shares and occupancy rights. Co-ops are based on collective ownership. We’re called shareholders because we own shares in NGC, not individual apartment units. We pay maintenance to support the entire property.
Our co-op is a nonprofit corporation. Most corporations in America require a quorum to hold an election of their board of directors.
Why is it important to have a quorum and vote at the 2024 Annual Election?
Shareholders have the right to contribute to the decision-making at NGC. Each shareholder gets a vote in the Annual Election for the Board of Directors – but only if we actually hold an election. Without a quorum, there cannot be an election, and the current Board members just stay in place. This happened both in 2022 and 2023. Your best opportunity to make your voice heard by the Board is to contribute to the quorum for the Annual Election and vote. That way, you can choose Board members to represent you.
What qualities should we look for in Board members?
A co-op runs on the same principles of democracy as our society. We want to elect Board members who will be accountable to the shareholders. We want Board members who are transparent with shareholders about their standards and conduct, and who will maintain good two-way communications.
Do I have to attend the Annual Meeting in person to be part of the quorum and vote?
You do not have attend or vote in person. Just as in a regular election, you can send in a proxy ballot (absentee ballot) in advance of the Annual Meeting. Your proxy ballot must be received at the Management Office by the deadline (which will be set in the fall) for it to be counted.
Are there benefits to attending the Annual Meeting?
Yes, at the meeting you can ask questions of the Board, Management (FirstService Residential), financial auditors, and attorney. You can offer ideas to improve life at NGC. You can meet other shareholders, hear their thoughts and ideas, and feel part of the community.
When is the Annual Meeting and Election?
NGC holds its Annual Meeting and Election each year in November. Election materials usually are sent to shareholders by email and/or U.S. mail in October, so be sure to look for those. Some years, the Board also holds a “Meet the Candidates” night and informational meeting in late October or early November. The Quorum Committee urges you to attend if possible.