OMC DIRECTOR'S & OFFICER'S ROLE

The success of the OMC is mainly dependent on the input of its directors who act as representatives of the full spectrum of owners/residents. Many new OMC directors have had no previous experience of serving on a company board. As voluntary members who hold governance roles on an OMC board it requires a knowledge of the relevant legislation and regulations to properly fulfil their duties as well as devoting time to working on behalf of the entire group of owners.

Since the passing of the MUDs Act 2011 and the Companies Act 2014 the level of regulation and the responsibilities of directors has increased substantially, and this has in recent years led to a reluctance by many owners to offer themselves for electon to the OMC board.

The managing Agent provides help and guidance to the board/directors in compliance matters. However, this is outside the scope of the Property Services Agreement whose main focus is on the day-to-day management of the development and administering the finances and service charge.

OCAS provides a vital additional source of regulatory and compliance advice to the directors as well as providing induction and familiarisation courses for new directors, both online and in person. The service is designed to give directors confidence and assurance by having a ready and easily accessible source to seek informa􀆟on and guidance from, thus allowing them to serve effectively and productively on the board.

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Some of the legislation which has been introduced over recent years include:

• The Multi-Unit Developments Act 2011

• The General Data Protection Regulation (EU 2018)

• Beneficial Ownership Registration (SI 110/2019)

• The Companies Act 2014

• Data Protection Act 2018

• Health & Safety (various Regs)

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