MACP successfully concluded its EGM and AGM on 18 June 2008. The turnout this year was one of the highest recorded in the history of MACP’s AGM. This augurs well for MACP as it reflects members’ interest in the development and activities of the Company. Amongst those present were founder Chairman, Freddie Fernandez, M Nasir, S Atan, S Amin Shahab, Fauzi Marzuki, Saari Amri, Johan Nawawi, Amran Omar, Aidit Alfian, Edri Hashim, Nerves Pretty Ugly, Eddie Hamid, Keon and many others.
The EGM was held to consider several amendments to the Articles of Association of the Company. All except one proposed amendments were approved at the meeting. Details of the amendments will be incorporated into the Company’s Articles of Association and made available at MACP’s website after the necessary filings with SSM.
Following the EGM, the AGM was held to adopt the audited financial statements for the year ended 31 December 2007 and the reports of the Directors’ & Auditors. Pn Habsah Hassan, Chairman gave an overview of the financial performance of the company. MACP recorded a Gross Income of RM26.5 million reflecting an 11% increase over the previous year. Expenses grew marginally by 5% to RM3.0 million which was 11% of the Gross Revenue. Excess income after tax was RM23.2 million, a 12% increase from year 2006.
Messrs Enrst & Young was reappointed as the Company’s Auditors. The proposed increases in the Directors’ meeting allowances were also approved to reflect the directors’ duties and responsibilities to the Company.
The polling for the elections of directors was held and new directors appointed were Baiduri (representing local publisher, Kelarai Sakti Publishing Sdn Bhd) and lyricist, Ad Samad. Pn Habsah Hassan was also re-elected onto the Board. They will serve for a two-year term. They join publisher directors, Vice-Chairman, Ms Carol Chan (Warner Chappell Music (Malaysia) Sdn Bhd), Yap Sook Han (EMI Music Publishing Malaysia Sdn Bhd), Serena Wong (Indie Works Sdn Bhd) and Janice Foong (Sony Music Publishing Sdn Bhd) and writer representatives, Ahmad Izham Omar, Bob Lokman and Tan Tiou Chong on the Board. The Chairman also recorded the Board’s appreciation towards Johari Teh who retired from the Board.
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