It's only been about a week since Ontario's Order in Council permitting virtual Annual General Meetings (AGMs) for condominium corporations was announced. Since then we’ve seen a dramatic increase in demand for our new Hosted Virtual AGM Service. With this new service, meetings can be held exclusively online, allowing condo corporations to conduct critical business without having to meet in-person.
While our service is in high demand, so too are bookings for popular time slots during the evenings. This has made it a challenge for some corporations to book their first-choice time slot. We’ve been hearing from smaller corporations that prices for prime evening time slots are challenging for them. We want to meet the needs of all our customers, regardless of size, and offer flexibility in our pricing.
That’s why we’re so excited to introduce our newest offering: Hosted Daytime Annual General Meetings, or "DayGMs".
What are DayGMs?
Daytime AGMs offer all the same benefits as our full-serve Hosted Virtual AGMs service, except it's held during off-peak hours. And, more importantly, DayGMs come at a reduced price, similar to hydro time-of-use rates.
How do DayGMs work?
- GetQuorum provides the same Virtual AGM service such as webcast hosting, real-time electronic voting, etc.
- However, the meeting time is set on a weekday between 9:00 a.m. EST and 3:00 p.m. EST.
The aim of a DayGM is to allow a corporation to swiftly transact all of the business needed to comply with their legal requirements. These include:
- Approving previous year's AGM minutes
- Reviewing financial statements and approving auditors
- Reviewing board reports
- Electing new directors and voting on bylaws
However, any Q&A period and/or new business should be limited to a short period and moved to separate town-hall style meetings.
Moving Q&A and Other Business to town-hall meetings
While conducting many virtual AGMs, we have found that a large portion of the meeting, often times one to two hours, is devoted to "other business" and Q&A from the audience. These types of items can easily be moved into a virtual town-hall meeting separate from the AGM. In fact, many condos have already been utilizing free online meeting software like Zoom, Skype, and Google Meet to conduct regular town halls. During the course of the virtual AGM, questions can be gathered from the audience and addressed at a future date. Many lawyers and industry experts recommend town halls be held regularly as a best practice to facilitate better communication between boards and owners.
Why choose DayGMs?
There are three main reasons to choose a Daytime AGM:
- Conduct required business and meet the legal requirements associated with AGMs.
- Save on meeting costs thanks to our reduced pricing for off-peak hours.
- Save time with a streamlined, results-focused AGM.
Who should use DayGMs?
Almost all corporations could experience the time and cost savings offered by Daytime AGMs. That being said, this new service is especially beneficial to smaller condominium corporations who are looking to cut costs and conduct a meeting swiftly, and have the flexibility for daytime meetings.
Bookings for Daytime AGMs are available now. To get started on running a faster, less expensive meeting, contact us today.