This year’s AGM was successfully held to pass the following resolutions :

1. Approve the audited financial statements ended 31 December 2008 and the auditors’ report thereon;
2. Reappointment of Ahmad Izham Omar and Tan Tiou Chong as writer directors and Carol Chan Choy Fong and Serena Wong Chin May as publisher directors. Three new directors were also appointed, namely Johan Nawawi (writer) and Jack Teo Chen Shin and Lydia Ong Soh Chen.
3. Reappointment of Messrs Ernst & Young as the company’s auditors and to authorize the Board of Directors to fix their remuneration.

Pn Habsah Hassan, MACP Chairperson extended her thanks and sincere appreciation to retiring directors, En Mohd Hakim Lokman and Ms Janice Foong Wai Heng for their invaluable contribution and support during their term as directors.

Before the Chairperson put forth the motion on the first agenda, she briefed the meeting on the Company’s development and financial performance. The following salient points were highlighted:

a) The total income of the Company for the financial year ended 31 December 2008 touched RM30.0 million, an increase of 14% over the preceding year.

b) The broadcasting and general licensing sectors had contributed RM8.3 million and RM20.7 million respectively of the overall total income.

The publishers and the Company together with the recording companies had concluded the Memorandum of Understanding (“MOU”) for the usage of the digital music at the end of last year. In view thereof, the new media income of the Company would continue to increase in the following years and members will receive royalties from ring tones with effect from next year.

The total expenditure inclusive of the membership expenses showed a nominal increase of RM100,000.00 compared to the RM3.7 million growth in the Company’s revenue. Hence, the cost-revenue percentage for year 2008 had reduced to 10% from 11% in year 2007.

The Income before Tax of the Company rose by 15% or RM3.5 million as compared to preceding year.

The Company had distributed RM23.0 million royalties in the year 2008 which was RM2.8 million higher than year 2007. Of the RM23.0 million, 75% was distributed to local writer and to publisher members and the balance to overseas societies.