|
Summary of Proceedings
EMA Board of Directors Meeting
October 21, 2008 - Glenview, Illinois
The EMA Board of Directors discussed the following agenda topics and took the indicated actions at its October 21, 2008 meeting, held in Glenview, Illinois.
1.Board Members
It was announced that John Furton (Family Video) and Ben Riggsby (Movie Gallery/Hollywood Video) would join the Board of Directors. It was announced that Wal-Mart has joined the Association and accepted an invitation to name an individual to serve as a Director.
2.Membership
The Board voted unanimously to accept the 8 membership applications received between June 1 and October 1, 2008. The Association currently has 357 members.
3.Home Entertainment Events Issues
The Board reviewed concepts for strengthening the Home Media Expo and showcasing video game and digital products at the Expo. The Board directed staff to continue developing several options for the 2009 Expo that appear to present the best opportunities for a convention that both serves the needs of the industry and is profitable.
4.Packaging Study
The Board was informed of the results of a joint EMA/CDSA study on consumer retention of DVD and video game packaging. The study, conducted by The NPD Group, found that the overwhelming majority of consumers keep and store their DVDs and video games in their original plastic cases, rather than disposing of them.
5.Presentation
Ric Hirsch, Senior Vice President for Intellectual Property Enforcement, Entertainment Software Association (ESA), made a presentation to the Board on piracy of video and computer games and the ESA's anti-piracy activities.
6.Financial Report
The Board reviewed the Association's preliminary financial performance for the year through August. It was noted that net income for the year to date was below both budget and the prior year. The major factor in the negative variances was the unrealized losses in the Association's investment portfolio, which reflect the overall market conditions. Trade show and dues income also were both worse than budget.
7.Budget
The Board approved the 2009 budget for the Association. As approved, the budget projects a decline in revenues and expenses from previous years, Revenues will be derived primarily from dues, trade shows, and interest from investments. It was noted that the budget assumes that industry trends and general market conditions will result in a reduction in trade show income, compared to 2008. The major program expense categories are government affairs and meetings and committees. The major infrastructure expense categories are payroll and lease and office expenses. Expenses in the 2009 budget are approximately 8% below the projected expenses for 2008.
8.Ratification of Minutes
The Board unanimously ratified the minutes of its June 23, 2008 meetings.
9.Other Issues
The Board approved a change in the Association's 401(k) plan provider. It also discussed federal anti-piracy legislation and litigation, First Sale issues, and the activities of the Association's Loss Prevention, Operations, and Video Game Operations Committees, Digital Council, and Benefit/Denial Technology Working Group.
###
|
