Outline of Responsibilities for the Board of Directors
- Duty to act honestly and in good faith.
- Duty to disclose conflicts of interests.
- Effect compliance with provisions of Act, Declaration, By-laws and Rules.
- Operate Condominium as a business.
- Ensure adequate reserve fund.
- Ensure status certificates are issued timely.
- Employ professionals when necessary (solicitors, engineers, auditors, insurance agents, etc.).
- Ensure adequate insurance on property including Directors' liability insurance.
- Become familiar with contents of the Act and more importantly the Declarations, By-laws and Rules of your Corporation.
- Maintain accurate records and minutes of meetings.
- Ensure continuing maintenance and repair of common elements.
- Employ reasonable security measures throughout complex.
- Educate yourself, (i.e. take courses, subscribe to industry newsletters, magazines, etc.).
- Attend Board meetings regularly.
- Establish procedures and policies.
- Maintain confidentiality.
- Make decisions as a board, not individually.
- Investigate suspicions and irregularities.
- Communicate with Manager and Unit Owners.
- Find out the facts before acting.
- Do not vote unless you fully understand the subject of the vote. (If you vote against an action make sure your negative note is recorded in the minutes of the meeting).
- Know your duties and obligations.
Note: Prepared for general information only. This is not intended to be an exhaustive, precise or definitive list of the duties and obligations of directors and is not a legally binding document.