The short answer is yes. See section 72 of the act.
However the burden of proof is on the owners corporation, and the act does not specify the actions of lack of actions that qualify the strata manager to be terminated.
BTW the termination is by an order of the court.
My information is that terminating a strata manager is very difficult, and can take a long time and be quite expensive.
From my experience, to minimise the losses of the owners corporation the committee can do the work the strata manager should be doing. I know you are paying a strata manager but doing something yourself is better than doing nothing by the strata manager. Also by the way the act is written, even if the strata manager does nothing the ultimate responsibility is for all acts of the OC is borne by the OC.
Your committee should consider meeting the principal of the strata management company and voice forcefully what your expectations are.