Good morning and welcome to the 32^nd Delegates Annual General Meeting (DAGM) of Koperasi Doktor Malaysia Berhad (KDM). The Chairman thanked the Board members, IAC members and the staff for the good support that they had given him for the last 15 months. The Chairman also thanked Dato’ Dr. Lim Boon Sho for all the kind words. The Board can only function as good as the support it gets from its members. The Chairman thanked all the Delegates for their support.

The reality for the year 2020 is that Covid-19 Pandemic has caused a lot of havoc for the people and especially the Doctors around the world. In view of this, it was decided that payments be made to all eligible members from the Welfare / Critical Illness Funds. The Chairman further explained that when the Covid-19 emergency was declared, he had to come to KDM’s office, wrote a letter for KDM’s Staff and the Exco members to hold an emergency meeting.

The Chairman had to bring along his APC to face the various police roadblocks to reach the KDM’s Office during the lockdown time and it wasn’t easy. The emergency Exco meeting was only attended by The Treasurer – Dr. Chui Kwong Yan, Miss Harinder, Mr. Kow Chee Kiong and myself. The Chairman said that he had to go through all the funds that KDM has, especially in the Fixed Deposit before RM5,306,000.00 was given out to those who are eligible under the Critical Illness Welfare Fund.

In addition KDM had declared a 90% dividend for the financial year 2019, but instead on the 17th of August 2020, SKM had only approved 70%. SKM agreed to allow KDM to pay out the dividends early, after KDM has paid the Statutory Education and Development Funds of 1% and 2% (RM385,511.49). Upon maturity of the Fixed Deposits, the 50% dividend was paid out on the 1^st September 2020 and the balance of 20% will be paid later.

The reality is why SKM approved only 70% instead of 90%? The Chairman discussed this matter with Dr. Tan Ang Hong from Perak South area and was briefed about the liabilities and Assets of KDM. The Statutory Reserve funds should be 50% of all the liabilities of KDM. SKM said KDM can issue Bonus Shares using the Statutory Reserve Fund. By issuing the Bonus Shares, KDM’s liabilities would be increased by another RM5 million.

The Chairman said that the Bonus Shares have been suspended in order not to further increase KDM’s liabilities.

On a cautionary note KDM has to worry about the member’s health, whereby 90% of the KDM members are above the age of 60 years old. We have to worry on how to carry out the Area Annual General Meetings and the Delegates Annual General Meeting as the Covid-19 is going to be around for the next few years. Therefore the Chairman said that we have to be more cautious and this will be discussed further on how to take the necessary measures practice SMS that is social distancing, mandatory of wearing mask, use of soaps/sanitizers.

Thank you.