A useful and insightful guide for Directors or owners who are considering helping their community by volunteering to sit on the OMC board.
Developed collaboratively by The Housing Agency and Chartered Accountants Ireland, “Owners’ Management Companies – A Concise Guide for Directors” serves as a valuable resource pinpointing ten crucial considerations for directors overseeing the administration of shared spaces and services within multi-unit developments, encompassing apartments and housing estates.
In multi-unit developments, residents heavily rely on communal areas, shared amenities, and services. Irish law mandates that an owners’ management company (OMC) legally owns these common areas and is entrusted with their maintenance on behalf of its members, who can be either owner-occupiers or landlords.
This concise guide outlines best practices across ten key areas that directors of OMCs should prioritize:
- Directors’ duties
- Board effectiveness
- Performance versus conformance
- The company constitution and register of members
- Finances, cash, and debtors
- Company accounts and statutory audit
- The role of the company secretary
- Outsourcing
- Annual general meeting
- Dispute resolution
By delineating these considerations, the guide aims to provide directors with a clear framework for effective governance and optimal management of multi-unit developments, ensuring the well-being and satisfaction of residents.
Read Owners’ Management Companies – A Concise Guide for Directors here.
