Manny – In so far as a decision of an Executive Committee (E/C) is taken to be one of the Owners Corporation (O/C) its decisions do have consequences, however in your example the E/C is not itself making the decision to remove the lift’s key-operated security but is rather putting that to the vote at an Extraordinary General Meeting (EGM) where all Owners will decide one way or the other.
In normal circumstances I’d be inclined to let such a small change to the Common Property be put (on the Agenda) and be decided at the EGM by a simply majority vote, but due to the impacts that removal of the lift security would have, if you’re in NSW I recommend that you advise your E/C Secretary that under the provisions of Sect 65(A) of the Strata Schemes Management Act the Motion should be put as a Special Resolution.
The impacts of that are that in order for the Motion to then pass a minimum 75% of those Owners in attendance at the Meeting both personally and by proxy, as determined from the units of entitlement of the Lots, would need to vote in favour.
Clearly a collective decision in favour in accordance with the above would not give you or any other Owner grounds to seek compensation, but as with all democratic processes lobbying is permitted, so start getting any like-minded Owners on-side and to either attend the EGM or to give you their proxies; you only need a minimum 25% vote against and to thereby defeat the Motion.