Further to our previous Question of the Week regarding the Trustee report at the AGM – Some Trustees refuse to do a report and are of the opinion that the Trustee report that is part of the Audited Financial Statements are sufficient to be used in this regard. Is this acceptable?
No, it is not.
The Trustee report in the financials is done by the Auditor – it is a generic report that is not specific to a specific scheme.
The STSM Act states the following:
- PMR 17(6) The order of business at general meetings is as follows:
(j)if the meeting is an annual general meeting —
- receive reports of the activities and decisions of trustees since the previous general meeting, including reports of committees;
And also
- PMR 26(1) A body corporate must— (f) prepare a report adopted by the trustees reviewing the affairs of the body corporate during the financial year for presentation at the annual general meeting.
So, it is clear that the report should be written by the Trustees not the Auditor