Trustees of sectional title properties are individuals/owners who are ordinary members of the body corporate. They are elected by the owners of the body corporate to act in the best interests of the body corporate and its members, without conflict and prejudice. The trustees elect a chairperson from amongst them for the purposes of managing and guiding all the other trustees in carrying out their duties.
It is very important that owners think carefully before appointing trustees as this role is a very important role to the wellbeing and success of the body corporate. It is important that they understand whether the owners that have been chosen have the necessary time, skills and objectivity to conduct the duties and responsibilities of being a body corporate trustee.
Some of the matters that trustees will be responsible for –
- Finances of the body corporate
- Choosing service providers to carry out the necessary services within the body corporate (garden service, refuse removal etc)
- Maintaining the common property
- Addressing the day to day queries that may arise
- Managing any staff, if there are staff appointed
- Holding service providers and staff accountable for their duties and responsibilities
- Very importantly, ensuring peace and stability within the body corporate by enforcing the rules of the body corporate
- Ensuring that sufficient levels of insurance are in place
- Collection of arrear and outstanding levies
A trustee carries a lot of responsibility and must ensure that at all times that they act in good faith and objectively with only the body corporate owners interests in mind and not their own.
Think carefully and make the right choice. For more info regarding body corporates, contact LMS Financial Coaching for a consultation.