PART IV EXHIBITS AND SCHEDULES
Item 13. Exhibits and Reports on SEC Form 17-C (a) Exhibit
4. Annual Stockholders’ meeting held on 20 October 2018:
a. Minutes of the Annual Meeting held on 21 October 2017;
b.. Academic Report of the President for the academic year 2017-2018;
c. Annual Report covering the operations for the fiscal year 2017-2018;
d. Approval, ratification and confirmation of the acts and resolutions of the Board of Trustees, Board Management Committees, and Management and other officers of Far Eastern University taken or adopted since the Annual Meeting of Stockholders last 21 October 2017 until 20 October 2018;
e. Election of members of the Board of Trustees including independent trustees for the fiscal year 2018-2019;
f. Authorization to elect and fill the vacant seat of an Independent Trustee, vice the late Mr. Robert F. Kuan.
g. Re-Appointment of Punongbayan and Araullo, Certified Public Accountants and the Philippine member firm of Grant Thornton as External Auditor for the fiscal year 2018-2019; and
Report received on 23 October 2018
5. Organizational Meeting of the Board of Trustees held on 20 October 2018:
a. Election of Corporate Officers and University Officials for the term year 2018-2019:
b. Composition of the Executive Committee;
c. Composition of the Audit Committee;
d. Composition of the Corporate Governance Committee;
e. Composition of the Nomination Committee;
f. Composition of the Risk Management Committee; and g. Composition of the Talent Management Committee Report received on 23 October 2018
6. On 05 November 2018:
Acquisition by FERN Realty Corporation of 31 FEU shares and lodged them with PCD Nominee Corporation (Filipino).
Report received on 06 November 2018
7. Board of Trustees’ meeting held on 20 November 2018:
Appointment of Dr. Paulino Y. Tan as Member of the Audit Committee for the remaining period of the term 2018-2019, or until his successor is duly appointed and qualified.
Report received on 22 November 2018
8. Board of Trustees’ meeting held on 19 February 2019:
Declaration of ₱8.00/share cash dividend on record as of 06 March 2019, payable on 20 March 2019.
Report received on 20 February 2019
9. On 07 March 2019:
Deed of Absolute Sale between Far Eastern University, Inc. and CAPP Industries Incorporated for the sale of FEU’s 43,659 shares of the capital stock of Juliana Management Company, Inc. was signed and notarized on 07 March 2019 for the total purchase price of One Hundred Forty Seven Million Pesos (₱147,000,000.00).
Report received on 08 March 2019
10. Board of Trustees’ meeting held on 12 April 2019:
Election of Mr. Jose Tan Sio as Member of the Board of Trustees of Far Eastern University effective 12 April 2019 until his successor is elected and qualified.
Report received on 15 April 2019
11. Board of Trustees’ meeting held on 12 April 2019:
Appointment of Mr. Victorino T. Tolosa II as Chief Information Officer effective 16 May 2019.
Report received on 15 April 2019
12. Board of Trustees’ meeting held on 12 April 2019:
Approval of the establishment of a new corporation, to be jointly owned by FEU and the Technological Institute of the Philippines (T.I.P.) for the purpose of establishing and operating a school which shall offer, among others, a senior high school program.
Authorization for any two (2) of the following officers:
Dr. Michael M. Alba - President
Mr. Juan Miguel R. Montinola- Chief Finance Officer Ms. Romelia I. Neri - Finance Manager,
Far Eastern College-Silang, Inc.
to be FEU’s duly authorized representatives for purposes of the Project, granting such persons the power and authority to do any of the following for and on behalf of FEU:
1. To negotiate the terms of, and execute such agreements with T.I.P. in connection with the Project (the “Agreements”);
2. to take such steps and perform such acts and things as such representative shall deem necessary or advisable to pursue and proceed with the Project and effect the Agreements, including but not limited to the making of any and all payments, the execution of any necessary or advisable instruments, certificates, or other documents in connection therewith, and to do any and all acts and things which the representatives shall deem necessary, advisable or appropriate in order to carry out the intent and purpose of these resolutions.
Report received on 15 April 2019
(c) Quarterly Reports:
Ended August 31, 2018 –Received October 15, 2018 Ended November 30, 2018 –Received January 14, 2019 Ended February 28, 2019 –Received April 12, 2019
Business and General Information I. Industry Profile
The following are the dominant characteristics of the education industry:
- The business of higher education in the country is in the hands of the private sector.
- There is an uneven distribution of colleges and universities across the regions. This connotes a problem of unequal access to higher education. This is evidenced by the high concentration of state and private colleges and universities in the National Capital Region and Southern Tagalog Regions.
- Statistics show a high mismatch between education and occupation.
- The number of graduates in fields like commerce and business administration continues to increase even if unemployment among these graduates is on the rise.
- Far Eastern University’s market is made up of the working class and the middle income group. FEU is situated in Manila, particularly in the area popularly known as the University Belt. It has a new campus in the heart of Makati. To be competitive, the university must continuously improve its products and at the same time maintain reasonable tuition fees.
II. Group of related services which contribute 10% or more to revenues
1. Institute of Arts and Sciences 34%
2. Institute of Accounts, Business and Finance 29%
3. Institute of Tourism and Hotel Management 15%
4. Institute of Architecture and Fine Arts 12%
III. Teaching services are rendered to students who come and enroll.
IV. No patents, trademarks, copyrights, licenses, franchises, concessions, and royalty agreements are held by the company.
V. All courses offered are with CHED recognition.
VI. Standard set by CHED encourages the University to continuously improve its quality of teaching and its facilities.
Operational and Financial Information
Dividend payments are normally restricted by reserves and appropriations made by the company, and by the amount needed to ensure smooth and unhampered operations during the year.
Control and Compensation Information
No warrants or options are given by the corporation.
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