In 2023, Homeowners' Associations (HOAs) in South Africa are witnessing a significant shift in their Annual General Meeting (AGM) practices which reflects a more inclusive and modern approach.
According to Lumi's recent report on HOA AGM trends, data collected from various provinces in South Africa reveals key themes and challenges faced by HOAs, offering valuable insights on running effective AGMs now and in the future.
Hybrid & Virtual AGMs
The major themes that emerged from the data include the growing adoption of virtual and hybrid meetings and the increasing use of independent meeting facilitators.
Out of the HOAs surveyed, 52% are planning to implement virtual or hybrid AGMs, surpassing traditional in-person gatherings. This shift towards modern formats highlights a desire for enhanced accessibility and engagement among members. Furthermore, 44.4% of HOAs are considering engaging independent facilitators to ensure unbiased and well-managed proceedings, underscoring the importance of transparent governance practices.
Resolving Pain Points
Despite the move towards inclusive AGM formats, HOAs still face challenges when conducting their meetings. The survey revealed four main pain points, including difficulties with technology adoption (20%), managing member proxies (18%), reaching quorum requirements (18%), and dealing with disruptive members during the meetings (20%). These pain points indicate the need for more streamlined processes and improved technology integration to enhance the overall AGM experience.
To streamline AGM practices, leveraging the right technology is essential. Lumi’s HOA AGM trends report emphasises the importance of using reliable technology partners that comply with legal requirements, enabling smooth registration, Q&A sessions, and other essential aspects of the meeting. This not only enhances efficiency but also improves the overall experience for all participants.
AGM Safety & Inclusivity
Security and accessibility are paramount in ensuring a disruption-free AGM. Adequate planning and a secure meeting platform that accommodates all members, regardless of their location, are critical factors in fostering a positive and productive AGM environment.
In this regard, Lumi offers an impartial third-party tool that supports effective collaboration between HOA members and the board. Their meeting platform is designed to create a seamless experience for both in-room and virtual attendees, ensuring that all voices are heard and contributing to the progress and evolution of HOAs in South Africa.
South African HOAs are embracing change and adopting more inclusive and modern AGM formats in 2023. By addressing key challenges and leveraging technology, HOAs can create a more engaging and efficient AGM experience, ultimately enhancing governance and member satisfaction. Lumi's platform stands ready to support HOAs in this transformative journey, facilitating their progress and success in the years to come
Read more in our report here.
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