I attend a lot of annual meetings. When the re-elected or newly elected board of directors has its first meeting, there is a very large expectation gap between what many directors believe their job functions are and what they actually should be. If you look at the bylaws, it’s pretty clear. In many instances, the people who get elected never ran a business before, nor have they ever run a real estate company. My first question: “Do you understand what you’re supposed to do?” Often, the response is: “I’m not being compensated, and we have a managing agent. We also hired you as an accountant, we have an attorney, and we have engineers. I just monitor what’s going on.”    Read the article………………