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Points Owners at Summit Watch [Annual Meeting]

Carlsbadguy

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In the annual meeting notice I just received there was a paragraph about Destination Points ownership. It mentioned that Owners in the Marriott Vacation Club Destinations Ownership Program now owns approximately 8% of the total unit weeks but their votes represent nearly 20% of all votes cast as legacy owners do not cast their votes.

I found it interesting that such a small percentage of owners have converted to the Destination Points system. I think it is because people use their ski weeks and a lot of the summer owners are local who also use their weeks.
 
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Fasttr

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I think that 8% is how many unit weeks at that resort are owned by the Trust and has nothing to do with how many Legacy owners convert to points.
 

SueDonJ

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I think that 8% is how many unit weeks at that resort are owned by the Trust and has nothing to do with how many Legacy owners convert to points.

That's right, the 8% relates to how many Weeks have been conveyed to the DC Trust. There's no telling how many have enrolled their Weeks and of those, how many may convert them to Points in any given year.

So what is the math to figure out what percentage of Weeks Owners are/not voting, if the 8% conveyed to the Trust represents nearly 20% of the total vote?

It doesn't matter the resort, doesn't matter what little you think your vote will matter! Weeks Owners, including those who are DC-enrolled, VOTE YOUR PROXY! You owe it to your fellow Owners, and it's the only way MVW has of knowing how many Weeks Owners are actually interested in the resort governance.

But even if you think your vote is futile as far as governance in the face of the Big Bad Marriott Machine, your vote still has an impact on MF's. MVW is required to hold an Annual Meeting for each resort. It costs real money to have an Annual Meeting. When the required quorum for an Annual Meeting isn't met, MVW is required to THEN AGAIN set up a re-scheduled Annual Meeting which entails new printing/mailing costs for the proxies as well as attendance costs for the required attendees. Depending on state regulations, then maybe again and again ... THESE COSTS ARE THE RESPONSIBILITY OF OWNERS.

There's today's PSA. I'm sorry if you think you're being yelled at but it's important. :)
 

BocaBoy

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I think I am right that the terms of the program provide that DC points owners automatically give the Trustee (MVCI) the right to cast all the Trust's votes. Points owners do not vote by proxy like weeks owners do. Thus the voting percentages are not surprising. I do not own points and do not have first hand experience, so please correct me if I am wrong about this.
 

SueDonJ

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I think I am right that the terms of the program provide that DC points owners automatically give the Trustee (MVCI) the right to cast all the Trust's votes. Points owners do not vote by proxy like weeks owners do. Thus the voting percentages are not surprising. I do not own points and do not have first hand experience, so please correct me if I am wrong about this.

That's my belief, too, that the Trustee has the vote for each Week conveyed to the Trust at each individual resort, and the voting rights for those Weeks governance do not extend to each Points Owner/Trust Member. I don't know if there's anything in any of the Weeks governing documents that restricts or limits the number of interests (Weeks) that can be voted on by any one Owner, which might limit the Trustee's voting rights up to only that certain number of Weeks. It's not a restriction that I expect to be in the docs, just wondering if it's there.

Trust Members do at least get Annual Meeting/budget information related to the Trust but again like you, I don't know what if any voting powers they get related to Trust governance.
 

Fasttr

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So what is the math to figure out what percentage of Weeks Owners are/not voting, if the 8% conveyed to the Trust represents nearly 20% of the total vote?

I feel like I am taking the SAT's again. :D But I think this is right.

8 is 20% of what? 8 divided by 0.2 = 40

So if the total voting is 40 and 8 are Trust votes, then 32 are Legacy votes.

If 100% is the total and 8% are Trust, then 92% are Legacy.

So 32 Legacy votes divided by 92 total possible Legacy votes = 34.7% of Legacy weeks vote, meaning 65.3% do not vote.
 

MALC9990

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That's my belief, too, that the Trustee has the vote for each Week conveyed to the Trust at each individual resort, and the voting rights for those Weeks governance do not extend to each Points Owner/Trust Member. I don't know if there's anything in any of the Weeks governing documents that restricts or limits the number of interests (Weeks) that can be voted on by any one Owner, which might limit the Trustee's voting rights up to only that certain number of Weeks. It's not a restriction that I expect to be in the docs, just wondering if it's there.

Trust Members do at least get Annual Meeting/budget information related to the Trust but again like you, I don't know what if any voting powers they get related to Trust governance.

I always vote at each of my resorts and each year I put my name forward for the board at one of my resorts. So far never been successful but I will keep trying.
 
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