A common question of unit owners is the need for each director of the Corporation to provide a signed CODE OF ETHICS disclosure statement.
These signed statements from each director of the Corporation, certainly assists in providing some assurance to unit owners regarding the conduct of their Board members. There should be an acknowledgment of their receipt recorded in the minutes of a General meeting. They should also be made available for viewing by unit owners upon request. This document includes suggested provisions provided by the Canadian Condominium Institute and is commonly used by many condominium associations across Canada.
Provision of this statement by board members will assist in addressing the questions and concerns that unit owners may have regarding the conduct of directors including conflict of interest issues. It is very unusual and very questionable for directors of any Corporation to refuse to provide this disclosure. Refusal to do so, will of course only validate the reason for the questions and concerns of unit owners. Should this be the case, then it is obviously necessary for a director to, as an alternative, submit a written notice of resignation.