Produced by The Housing Agency and Chartered Accountants Ireland, Owners’ Management Companies – A Concise Guide for Directors identifies ten considerations for directors of the bodies that manage the shared spaces and services of multi-unit developments such as apartments and housing estates.
Residents of multi-unit developments rely on common areas, or shared amenities and services. Under Irish law, an owners’ management company (OMC) is required to legally own the common areas and be responsible for their upkeep on behalf of its members, who may be owner-occupiers or landlords.
Owners’ Management Companies – A Concise Guide for Directors identifies good practice in ten key areas which the directors of OMCs should follow:
- 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
- Annual general meeting
- Dispute resolution