So who exactly is the board of WVH? For a long time I was sure it was 7 people–5 elected and 2 appointed by the investor at the June shareholder meeting. I felt even surer of this after I had been elected as one of the 7 in June 2010. Imagine my surprise one autumn morning when I saw a letter on the bulletin board in the lobby purporting to be from the board of WVH. The letter was in response to a lawsuit that had recently been filed against the board for election fraud and it was signed, “The Board of WVH.” How could a letter be signed like that if I was a board member and I had never seen it before?
It turns out that there was at least one other board member who had never seen the letter prior to the posting in the lobbies. How was this possible? How was this legal? Since no answers were forthcoming, I referred to the by-laws and couldn’t believe my eyes. You’ll remember that in a previous post I referred to the board (myself included) as an oligarchical elite. Well, it turns out that there is an elite within the elite. It turns out that the officers of the board (4 people) have the full power of the board (7 people) and total say over the entire corporation (roughly 315 households). This is all completely legal and was completely spelled out in the black book, which I read when we converted without understanding the full weight until last fall.