What Is a Condominium Annual General Meeting? Can You Skip It?

When you decide to purchase and live in a condominium, one important event that every co-owner should expect each year is the Annual General Meeting (AGM). The condominium juristic person is responsible for scheduling the meeting and notifying all co-owners in advance, allowing them sufficient time to prepare and make arrangements to attend.

In this article, we'll explain what an Annual General Meeting is, why it is important, and whether it is possible to miss the meeting if you are unable to attend. Every condominium owner should understand the role this meeting plays in the management of their property.

What Is a Condominium Annual General Meeting?

An Annual General Meeting (AGM) is the yearly meeting of the co-owners of a condominium project, organized by the condominium juristic person. Its primary purpose is to provide co-owners with official updates on matters relating to the management and operation of the property.

During the meeting, the juristic person presents important information such as the annual budget, financial statements and expenses incurred during the previous year, community rules and regulations, proposed improvements to common areas, building maintenance plans, and any other matters relevant to the agenda.

In essence, the Annual General Meeting serves as a forum where condominium co-owners come together to receive information, express their opinions, discuss important issues affecting the community, and exercise their voting rights on matters that require approval.

What Types of Condominium Meetings Are There?

Condominium meetings can generally be divided into three types, each serving a different purpose:

1. The First Annual General Meeting

The First Annual General Meeting is the initial meeting held for condominium co-owners after the project begins transferring ownership. Its primary purpose is to introduce the project's rules, regulations, and management framework so that all residents understand the standards that will govern the community.

Typical agenda items include:

• Rules governing visitor access.
• Parking regulations.
• Operating hours for common facilities.
• Appointment or confirmation of the condominium juristic manager and committee members.
• Presentation of the project's initial operational report.
• Approval of financial institution reports or other matters considered appropriate.

This meeting must be held within 180 days (six months) from the date the first condominium unit is transferred to a purchaser. Holding the meeting within this period helps establish transparent governance and effective property management from the outset.

2. Annual General Meeting (AGM)

The Annual General Meeting (AGM)—also referred to as the Annual General Meeting of the Condominium Juristic Person—is held each year to consider and approve important operational and financial matters.

Typical agenda items include:

• Approval of the annual financial statements.
• Appointment of an external auditor.
• Presentation of the annual operating report.
• Other matters as appropriate.

The AGM must be held within 120 days after the end of the accounting period.

To constitute a valid meeting, co-owners representing at least one-quarter (25%) of the total voting rights must be present or otherwise represented, allowing the meeting to proceed in accordance with the applicable legal requirements.

3. Extraordinary General Meeting (EGM)

An Extraordinary General Meeting (EGM) is convened to address urgent matters that cannot reasonably wait until the next Annual General Meeting.

Such a meeting may be called when:

• More than half of the condominium juristic manager and committee members approve convening the meeting; or
• Co-owners representing at least 20% of the voting rights jointly submit a written request asking the committee to convene an extraordinary meeting.

The purpose of an EGM is to discuss and resolve urgent issues requiring prompt decisions.

What Is the Difference Between an Annual General Meeting and an Extraordinary General Meeting?

Based on the explanations above, the distinction between an Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM) becomes much clearer.

An Annual General Meeting is a mandatory meeting held every year within 120 days after the end of the accounting period. Its primary purpose is to review and approve the annual financial statements, present the annual operating report, and consider other routine matters related to the management of the condominium. To proceed, the meeting must satisfy the required quorum, with co-owners representing at least one-quarter (25%) of the voting rights participating or being represented.

An Extraordinary General Meeting, on the other hand, is convened only when urgent issues arise that require prompt consideration and cannot wait until the next AGM. Such a meeting requires approval from more than half of the condominium juristic manager and committee members, or a written request signed by co-owners representing at least 20% of the voting rights, requesting that the meeting be convened.

What Are the Benefits of a Condominium Meeting?

In general, condominium meetings serve many of the same purposes as housing estate juristic person meetings or annual general meetings of housing estates. They provide an opportunity for homeowners to participate in the management of their community, receive important updates from the condominium juristic person, and contribute to decisions that affect everyone in the building.

The key benefits of attending a condominium meeting include:

• Receiving important information relevant to all homeowners, including financial reports, community rules and regulations, and other matters covered in the meeting agenda.
• Resolving urgent issues more efficiently by allowing homeowners to discuss problems collectively and reach decisions that enable the juristic person to take timely action.
• Exercising your voting rights by expressing your opinions and participating in important decisions, including the appointment or removal of the juristic person, as well as the approval of budgets and other significant matters.
• Raising concerns and reporting issues affecting the condominium so that both fellow homeowners and the juristic person are informed, allowing the matter to be discussed and resolved through the proper decision-making process.

Tips for Preparing Before Attending a Condominium Meeting

For co-owners planning to attend any type of condominium meeting, preparing in advance can make your participation much more meaningful—especially if you intend to raise concerns, express opinions, or propose additional agenda items. Being well prepared allows you to present your views more effectively and contribute constructively to the discussion.

Here are some practical tips to help you prepare:

• Gather the information and supporting details for any issues you wish to discuss or any matters you would like to bring to the attention of the meeting.
• Plan your schedule in advance to ensure you can attend the meeting and avoid missing the opportunity to exercise your rights as a co-owner.
• Review the agenda and any supporting documents before the meeting, particularly for items that require voting, so you can make informed decisions that benefit both yourself and the condominium community as a whole.

What Happens If You Do Not Attend the Meeting?

One of the responsibilities of a condominium co-owner is to participate in meetings when they are convened by the condominium juristic person. Although, in practice, a meeting may still proceed without your attendance if the required quorum is met or the necessary approvals have been obtained, choosing not to attend can have several important consequences, including:

• Losing your right to vote, express your opinion, or participate in important decisions, such as amendments to the condominium's rules and regulations, approval of the annual operating budget, or funding for improvements to common areas.
• Giving up the opportunity to review and approve important financial matters, including expenditures, assets, liabilities, and the condominium's financial statements.
• Forfeiting your right to participate in the appointment or removal of the condominium juristic manager and committee members.
• Potentially inconveniencing other homeowners, particularly when a higher voting threshold is required for certain resolutions. If insufficient co-owners attend, meetings may need to be postponed, causing those who made the effort to attend to lose time. It may also result in unnecessary costs for the juristic person, including expenses for meeting materials, venue arrangements, and administrative preparation.

Regardless of the type of meeting, the Annual General Meeting plays an important role in the governance of a condominium. As a co-owner, it is advisable to plan ahead and attend whenever possible. By participating, you can exercise your voting rights, review important information, approve key decisions, and contribute your views on matters that affect both your investment and the quality of life within the community.

To help address the common issue of low homeowner participation, juristic persons can choose to hold meetings online by using Silverman's electronic meeting platform. This allows all homeowners to attend the meeting remotely, review meeting materials, express their opinions, and cast votes on proposed resolutions in full compliance with applicable legal requirements, even if they are unable to be physically present at the condominium.

Silverman's electronic meeting solution also features a unified voting system that securely consolidates votes submitted through multiple channels. The platform ensures that every eligible vote is counted fairly, prevents duplicate voting, provides a fully auditable voting record, and delivers results immediately after voting closes.

As an integrated property management solution, Silverman also includes a comprehensive resident application with a wide range of features designed to simplify day-to-day operations. These include AI-powered payment slip verification, reducing the administrative workload for juristic staff, automatic accrual-based income calculations, automated debt collection and payment reminder systems, and many other tools that help make property management more efficient, accurate, and convenient.

If you would like to learn more about Silverman's solutions, you are welcome to contact our team for a free consultation. Our specialists will be happy to discuss your requirements and recommend the most suitable solution for your property—at no cost or obligation.