(a) Exhibit
The exhibits are not applicable to the company nor require any answer.
(b) Report on SEC Form 17-C
1. The regular Board of Trustees’ Meeting scheduled on June 15, 2011 was cancelled due to lack of quorum.
Report received on June 8, 2010.
2. Resolution approved at the Board of Trustees’ meeting held on July 6, 2010:
Declaration of P15.00/share cash dividend on record as of July 20, 2010, payable on July 30, 2010.
Report received on July 6, 2010.
3. Resolutions approved at the Board of Trustees’ meeting held on August 17, 2010:
a. The issuance of shares in electronic or scripless form in accordance with Section 43 of the Securities Regulation Code provided that the use of un-certificated or scripless securities shall be without prejudice to the rights of the shareholder, investor or to require the Corporation to issue a certificate with respect to the shares electronically recorded in his/its name;
b.. Its transfer agent, Arsel Development Corporation, to take the necessary steps and adjustments to comply with the requirements of establishing a scripless system in accordance with Section 43 of the Securities Regulation Code.
Report received on August 18, 2010.
4. Resolutions approved at the Annual Stockholders’ meeting held on August 28, 2010:
a. Minutes of the Annual Meeting on August 22, 2009;
b. Academic Report of the President and Annual Report of the Chairman for fiscal year 2009-2010;
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c. Ratification and confirmation of the acts of the officers and trustees in the furtherance of the matters covered by the annual report for fiscal year 2009-2010;
d. Elected trustees and independent trustees for the fiscal year 2010-2011;
e. Re-Appointment of Punongbayan and Araullo as External Auditor for the fiscal year 2010-2011; and
f. Vote of appreciation to the Board of Trustees, the officials, faculty and staff.
Report received on September 1, 2010.
5. Resolutions approved at the Annual Stockholders’ meeting held on August 28, 2010:
a. Ms. Sherisa P. Nuesa was elected Independent Trustee of the Corporation at the Annual Stockholders’ meeting held on August 28, 2010; and
b. Ms. Sherisa P. Nuesa owns one share of stock of the corporation effective August 5, 2010.
Report received on September 1, 2010.
6. Resolutions approved at the Organizational Meeting of the Board of Trustees held on September 21, 2010:
a. Elected Corporate and University Officials for the fiscal year 2010-2011;
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; and g. Composition of the Compensation Committee
Report received on September 23, 2010.
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7. Resolution approved at the Board of Trustees’ meeting held on December 14, 2010:
Declaration of P15.00/share cash dividend on record as of January 3, 2011, payable on January 17, 2011.
Report received on December 15, 2010.
8. Resolution approved at the Board of Trustees’ meeting held on January 18, 2011:
The resignation of Dr. Elizabeth P. Melchor as Vice President for Planning and Development is hereby accepted.
Report received on January 20, 2011.
9. Resolutions approved at the Board of Trustees’ meeting held on February 15, 2011:
a. Far Eastern University, Inc. (FEU) shall increase its subscription in Far Eastern College-Silang, Inc. (FEC) to P51,000,000.00; and
b. FEU’s cash advance to FEC amounting to P22,199,500.00 shall be capitalized. Thus, FEU’s paid up
capital in FEC shall be increased from P6,269,100.00 to P28,448,600.00.
Report received on February 17, 2011.
10. Resolutions approved at the Board of Trustees’ meeting held on March 15, 2011:
a. The University’s Board of Trustees is authorized to declare cash dividends annually. No stockholder approval is required. Stock dividend declarations require the further approval of stockholders representing not less than two- thirds (2/3) of all stock then outstanding and entitled to vote. Such stockholders’ approval may be given at a general or special meeting called for the purpose; and b. That the current policy is to declare and pay dividends,
taking into consideration the interests of the shareholders, as well as the earnings, cash flow, capital expenditure requirements and financial condition of the University.
Report received on March 17, 2011.
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(c) Quarterly Reports:
Ended June 30, 2010
Received August 16, 2010 Ended September 30, 2010
Received November 12, 2010
Ended December 31, 2010 Received February 14, 2011 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. 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 Accounts, Business and Finance 39.20%
2. Institute of Arts and Sciences 18.67%
3. Institute of Nursing 30.39%
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.
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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.