3 Benefits of Scheme Executive Training
The role of trustees within a body corporate is an important one, and one that is beneficial to the wellbeing of the scheme. A good board of trustees will be able to ensure that the scheme yields positive financials whilst at the same time runs effectively and smoothly keeping tenants and owners happy.
To perform their functions or duties, it is advised that Scheme Executives invest in training and you can expect the following 3 benefits from training.
Knowledge is power
To manage a scheme effectively and legally, the trustees need to be familiar with the Sectional Titles Schemes Management Act (“the STSM Act”), as well as the scheme’s Management and Conduct Rules. Additionally, you need to know the provisions in the Community Schemes Ombud Service Act regarding dispute resolution, the Community Schemes Ombud Service “the CSOS” levy and the CSOS regulations on duties of scheme executives and fidelity insurance.
There are a host of other legislation you need to know about, some of it in detail, such as the local municipal by-laws, and occupational health and safety and labour legislation.
Scheme Executive Training will ensure that new Scheme Executives are educated in these matters.
When you are elected as a Scheme Executive, you might not have all the knowledge about your role and responsibilities. Scheme Executive Training will cover all the elements of what your new role entails and as such increase your confidence to effectively manage your scheme.
Managing your investment effectively
Training is important to make sure the board has the skills, knowledge and understanding to run the scheme properly. New trustees must have the relevant knowledge and understanding to perform their role as soon as possible after their appointment.