September 29, 2017 – Proxies, coveted by many when a decisive co-ownership vote is foreseen, are a formidable tool during general meetings. Their validity of is often challenged, along with many attempts to render them ineffective. What should you know?
The director plays a leading role in a co-ownership. As a mandatary of the syndicate of co-owners, he ensures the smooth running of the immovable’s day to day business, which implies a working knowledge of the tasks related to this key function. As such, directors must act with prudence, diligence, honesty and loyalty, and never lose sight of the co-owners community interests.
The civil liability of the directors with regard to the tasks incumbent upon them is largely ignored. Thousands of Quebeckers who sit annually on a board of directors, maybe including yourself, are unaware of this state of affairs.
Every co-owner should participate to all general meetings to ensure the general meeting can reach a quorum and therefore deliberate and take decisions. If you are unable to attend, or if you do not wish to participate, it is better to appoint a mandatary. He may thus represent you at the general meeting, by the means of a proxy you will give him. Remember that a proxy represents the ideal compromise to exercise your voting right.