Notice of Special General Meeting on 05 December 2022 – Notice, Resolutions, Annex, etc

Notice of Special General Meeting on 05 December 2022 – Notice, Resolutions, Annex, etc

NOTICE OF SPECIAL GENERAL MEETING (SGM)

A hybrid SGM will be held on Monday, 05 December 2022. Members may attend the SGM physically at the Padang Restaurant or by electronic means through the hybrid SGM platform to observe and listen to the proceedings of the meeting.

For full details, please click on the following:

 


The General Committee has also prepared the following FAQs for Members in view of the upcoming Hybrid SGM:

1. Why do we have to hold a Special General Meeting (SGM) now and could these resolutions not have waited until the next Annual General Meeting (AGM)?
These are important resolutions that deserve a full debate. The General Committee believes that this is best achieved through a distinct physical meeting.

2. When did we last increase monthly subscriptions and by how much?
Subscriptions were last increased in 2010. The increase was in line with the formula set out in the Club Rules and monthly subscriptions increased from S$100 to S$103.

3. Can you provide more details of how the Club’s costs have increased?
Payroll costs are up S$550,000 per annum over 2019.
Energy costs are up S$230,000 per annum over 2019.
Food costs vary significantly, but for major items, they have increased anywhere from 30% to 70%.

4. What percentage of our revenue comes from monthly subscriptions?
Currently, our main sources of revenue are approximately as follows:
• Food & Beverage – 50%
• Monthly Subscriptions – 30%
• Others – 20%

5. How do our monthly subscriptions compare to other clubs?
Other clubs have different policies on family memberships and so a direct comparison is complex. We compared ourselves to 10 similar clubs (excluding golf clubs) and broadly, our monthly subscriptions place us just below “mid-table”. The proposed increases, not being significant, would move us to just above “mid-table”.

6. What are the implications if we don’t increase monthly subscriptions?
• We will potentially incur operating losses approaching or in excess of seven figures on an annual basis.
• Food and beverage prices will have to rise to reflect the inflationary increases in input costs.
• Our ability to pay competitive salaries in a market with high demand for F&B staff, will be compromised. We may also be forced to review operating hours in certain outlets.
• Service levels and the quality of our members’ experience will be adversely affected.

7. Can you give an assurance the food and beverage prices will be frozen?
No, the subscription increase will help offset the effects of inflation. But the global situation is unstable, and we do not know how prices may change in future. It would be irresponsible and poor governance for the current General Committee to make commitments which bind a future General Committee.

8. Why is the subscription increase being proposed now?
Current levels of inflation are at a level which we have not experienced for a generation. Despite there being an increase formula in our Rules, the rationale for an increase in prior years was not as compelling. Increasing subscriptions in 2023 and 2024 will help defray these recent large increases. Allowing the General Committee to increase future subscriptions in line with future inflation will then ensure that the Club can operate in a financially sustainable manner.

 

Webpage last updated 28 November 2022.