This week, the NSW Retirement Village Residents Association discusses the Annual Management Meeting (AMM) and why it’s important for village residents to get involved.
The Operator of a retirement village is required to organise and hold an Annual Management Meeting (AMM) in all villages within 4 months after the end of the financial year (Retirement Villages Act 1999: s72A).
This meeting is not to be confused with the Residents Annual General Meeting (AGM), which is usually run by the Residents Committee to receive reports of village activities and elect the next year’s Residents Committee.
The village’s audited accounts are provided to residents within four months of the end of the financial year (s 119), and these are then ready for discussion at the AMM along with other reports and plans that the Operator might have for the future of the village.
The auditor might be invited to attend and answer questions on the audited accounts. There is an extensive list of items which must be included on the agenda, including safety issues, proposed changes to services, and proposed maintenance plans (Retirement Villages Regulation 2017: Reg 31).
The AMM is chaired by management, and at least 14 days’ notice (with the agenda) must be given to residents (s 72A (4)). Residents can submit written questions before the meeting, but can’t ask questions of a personal nature or questions which do not relate to the operation of the village.
Many Residents Committees arrange to put together a list of questions for management and ask residents to contribute to it. These questions should be submitted to management at least one to two weeks prior to the meeting so that management has a chance to give meaningful replies.
This is the opportunity for residents to raise questions about the village and how it is managed. Brief answers to the questions could later be posted on the village noticeboard.
With a little thought, the AMM can become a very fruitful meeting, giving residents a chance to bring management’s attention to a variety of problems and to gain insight into plans management might have for the future of the village.
