Any questions regarding the information contained herein should be directed directly to the Corporate Information Officer of the disclosing party. Pursuant to the provisions of Sections VII and VIII of the Bylaws of Far Eastern University, Inc. Endorsement and confirmation of the actions of the board of directors and officers in furtherance of the matters covered in the annual report.
The appointment of a proxy does not affect your right to vote in the event that you decide to attend the meeting. None of the members of the board of directors or senior management has a material interest in the matters to be considered, other than the election to office. The aforementioned candidates were submitted to the Nomination Committee of the Far Eastern University by a shareholder, Mrs.
Tinio, 50, Filipino: Senior Vice President for Academic Affairs, Far Eastern University, Inc. June 2011 to Present) Affairs, Far Eastern University, Inc. She obtained a Master's degree in Public Administration from the John F. Kennedy School of Government at Harvard University, U.S.A. Serapio, 58, Filipino: Vice President of Human Resource Development, Far Eastern University, Inc. October 2015 to today). Far Eastern University, Inc. Other affiliations: Accredited Fellow in People Management of the Society of Fellows in People Management of the People Management Association of the Philippines, a Certified Executive Coach of AIMS International and a Board Member of the Society of Fellows in People Management.
Facilities and Technical Services, Far Eastern University, Inc. March 2010 to present) Other business affiliations: International Member, National Fire Protection Association (NFPA), American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE); International member of the International Code Council (USA). He is also a member of the executive boards of Far Eastern University, Inc. and Far Eastern College Silang, Inc. Montinola was Chief Executive Officer and Country Director of Lafarge Cementi SA, Italy, from 2006 to 2008, and President and CEO of Republic Cement Corporation from 1996 to 2006. Rosanna Esguerra-Salcedo, 51, Filipina: Treasurer of Far Eastern University, Inc. Other Business Connections: Treasurer of FEU Alabang, Inc., Vice President of Finance Roosevelt College, Inc. since May 26, 2016) and a member of the Credit Management Association of the Philippines.
Compensation of Trustees and Executive Officers
The external auditor, Punongbayan & Araullo, audited the Company's financial statements for the fiscal year ended March 31, 2016. The same accounting firm is recommended for re-appointment at the Annual Shareholders' Meeting for almost the same remuneration as in the previous year. Apart from the external auditor's fees mentioned above, there are no other fees (tax fees, all other fees) for services performed by the external auditors.
The approval by the Audit Committee of the policies and procedures related to the examination of FEU's financial statements for the financial year ended March 31, 2016, including other services, is described in the minutes of the Audit Committee meeting of June 16, 2016.
Item 8: Compensation Plans
ISSUANCE AND EXCHANGE OF SECURITIES
There are no matters or actions to be taken with respect to authorization or issuance of securities. There are no matters or actions to be taken for the amendment of any class of the Company's securities or the issuance or authorization for issuance of one class of the Company's securities in exchange for outstanding securities of another class. The audited financial statements as of March 31, 2016, Management's Discussion and Analysis, Market Price of Shares and Dividends and other data relating to the Company's financial information are attached hereto as Appendix H.
There is no business or action to be taken at the annual meeting of stockholders in connection with the merger, consolidation, acquisition by sale or liquidation of the Company.
Item 13: Acquisition or Disposition of Property
Item 14: Restatement of Accounts
Authorization to effect a change in its fiscal year in that period, and the date of the annual meeting of shareholders until such date, as may be determined by the Board of Directors of the Corporation;. Authorizing the Corporation to effect a change in its fiscal year for such period, and the date of its annual meeting of stockholders up to such date, as may be later determined by the Corporation's Board of Directors;. That the above matters be included in the agenda of the annual meeting of shareholders to be distributed to the shareholders.
Nuesa, independent trustee, as chairman of the nomination committee for the fiscal year 2015-2016 vice-Mr. University, Inc. be authorized to make a change in its financial year after such period, and date of its annual shareholders. meeting until such date as may be determined by the Board of Trustees of the Corporation;.
Interest of Certain Persons in Matters to be Acted Upon
ANNEXES
ANNEX A
Call of meeting to order
Proof of notice and determination of quorum
Academic report of the President
Approval of the Annual Report
Ratification and confirmation of the Actions of the Board of Trustees and officers in the furtherance of the matters covered by the Annual Report
Election of trustees, including the independent trustees
Appointment of external auditor
Lourdes R. Montinola
Aurelio R. Montinola III
Michael M. Alba
Angelina Palanca Jose
Paulino Y. Tan
Antonio R. Montinola
Sherisa P. Nuesa
Edilberto C. de Jesus
Robert F. Kuan
ANNEX B
In the event that such proxy is returned without making an election on any or all of the above items, the undersigned authorizes the designated proxy to vote on his or her behalf, at such proxy's discretion, to approve or disapprove matters for any to act in the meeting. Furthermore, I grant discretionary powers to the aforementioned representative for matters related to the conduct of the meeting. A proxy executed by a shareholder of the corporation shall be in the form of a board resolution duly certified by the Secretary of the Corporation or in such form of proxy executed by a duly authorized officer of the corporation accompanied by a certificate of the secretary of the corporation citing the board resolution authorizing said officer of the corporation to execute the proxy.
ANNEX H
Number of Shareholders
Management’s Discussion and Analysis or Plan of Operation
- Test of Liquidity
- Test of Solvency
- Test of Profitability
- Product Standards
- Market Acceptability
- Liquidity
- Solvency
- Profitability
The consolidated equity of the group is composed of the equity attributable to the owners of the parent company and NCI, amounting to P6,569.20 million, respectively. and P1,651.58 million. The stability of the Group's financial position, both insolvency and liquidity, was largely attributed to the Group's consolidated net income each year for the past four years, which was always more than enough to provide for the usual annual dividend during the same period. Below is a four-year table showing the adequacy of the group's net income compared to the total cash dividends declared and paid.
As shown in Table 5, consolidated total equity as of March 31, 2016 represents 84.83% of the Group's consolidated total assets. The Group's operating results continue to improve as consolidated net profit after tax has remained solid over the past three financial years. The Group's income mainly relates to tuition and other school fees generated from educational services, being its core business.
The Group is fully aware of the importance of maintaining satisfactory enrollment levels and is committed to continuing to improve academic standards in its various schools. Liquidity refers to the Group's ability to pay its current liabilities as they fall due. Solvency refers to the Group's ability to pay all of its debts, whether these obligations are current or long-term.
It also refers to the Group's ability to earn a reasonable amount of income in relation to its total investment. Below is the trend of the University's first semester enrollment for the past five years. The Group and each of the constituent entities can easily meet all its obligations with its current reserves and expected earnings.
Since the first quarter is from April to June, the resulting income for the first quarter is the lowest among the four quarters of the fiscal year.
Corporate Governance
- PARENT CORPORATION FINANCIAL STATEMENTS
- CONSOLIDATED FINANCIAL STATEMENTS
- CORPORATE INFORMATION 1 Background of the University
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements of the Group have been prepared in accordance with Philippine Financial Reporting Standards (PFRS). Items included in the Group's consolidated financial statements are measured using its functional currency. The functional currency is the currency of the primary economic environment in which the Group operates.
The amendment clarifies that IFRS 3 does not apply to accounting for the formation of any joint arrangement under IFRS 11, Joint Arrangements, in the financial statements of the joint arrangement itself. The consolidated financial statements of the Group include the accounts of the University and its subsidiaries as listed in Note 1.1, after material elimination. In addition, the shares of the parent company held by the subsidiaries are recognized as treasury shares and are presented as deductions in the consolidated statement.
Any subsequent changes in the associate's share of equity are reflected in the carrying amount of the University's investment. Negative goodwill, being the positive difference between the Group's interest in the net fair value of acquired net identifiable assets and the acquisition cost, is charged directly to the income statement. Subsequent changes in the fair value of the contingent consideration that is considered an asset or a liability are recognized either in the consolidated income statement or as an expense in other comprehensive income in accordance with PAS 37.
Financial assets are recognized when the group becomes a party to the contractual terms of the financial instrument. The amount of the reversal is recognized in the result. ii) Transferred to fair value – AFS Financial Assets. Any gain or loss arising from derecognition of the asset (calculated as the difference between the net sales proceeds and the accounting value of the item) is included in the group's profit or loss in the year in which the item ceases.
Non-current liabilities account is recognized when the Group becomes a party to the contractual terms of the instrument. The difference between the carrying amount of the financial liability that has been derecognised and the consideration paid or payable is recognized in consolidated profit or loss. Rent received in advance is initially recorded as part of the deferred revenue account in the consolidated statements of financial position.
Leases in which almost all the risks and rewards of ownership of the asset are not transferred to the Group are classified as operating leases. Based on the content of the agreement, the group determines whether the agreement is a lease or contains a lease.
