General Members’ Meeting May 15th 2024

During the General Members’ Meeting on May 15 in Amsterdam-Noord, we discussed several topics of significance to you. We would like to give you a brief overview of the key subjects.

Marcel Gelauff, our interim CEO, provided an update on BumaStemra, highlighting several key points:

• Collection and Payment: Both higher in 2023 than previously realised.
• BSN Requirement: The tax authority (Belastingdienst) has mandated that BumaStemra collect BSN numbers from our composers and authors, with a submission deadline of August 31, 2024. It is emphasized that everyone must take personal responsibility for this.
• Social Issues: BumaStemra is developing policies on CO2 emissions, energy use, procurement, employment conditions, HRM, and investments, and is actively involved with the Taskforce GO! Through its Rise Up initiative, BumaStemra contributes to improving the position of women in the music sector.
• AI: In discussions with some BumaStemra members, the topic of AI was addressed. A poll among the attending members requested BumaStemra to conduct exploratory research on AI.
• IT Developments: Updates on IT developments included the digital vault (MyMusicSafe) and the progress of replacing our IT system.
• Strategy Review: BumaStemra is revising the strategy developed in 2020 (“To the Beat of the Drum”). We are currently investigating whether new developments require us to adjust our course.

Marleen Kloppers, our CFO, updated us on:

• The results for 2023: In 2023, we also saw record amounts for the members; €282 million was collected and €251 million was paid out. 2023 was the first year without Covid-19 measures; the growth in collections was mainly due to higher income from live events. Although there was an increase in costs, mainly caused by higher personnel costs due to the growth in the number of employees, expenses remained within the 2023 budget. Investment returns were a positive €15 million. For more details, we kindly refer you to our digital annual report at https://jaarverslag.bumastemra.nl/en/2023/budget/.
• The budget and the most recent expectations for 2024.
• The income from and expenditures of Socu funds.

Various decisions were made during the General Members’ Meeting. Here is an overview of the most important resolutions:

• Approval of 2023 Financial Statements: The 2023 annual accounts of Buma and Stemra, including the transparency report, have been approved. Discharge has also been granted for the Board of Directors and the Supervisory Board. With this, the meeting has approved the manner in which the Board of Directors and the Supervisory Board performed their duties in 2023.
• Distribution of Funds: Stemra members approved the disbursement of funds from the ‘Provisions for Temporary Cost Coverage Differences’ that exceed the upper limit as of December 31, 2023. As this was the case for Stemra, it was decided to disburse €1.6 million. The Council of Members has been mandated to advise the Board of Directors on how to execute this disbursement.
• Investment Policy Continuation: The General Members’ Meeting agreed to continue the current investment policy. A brief explanation can be found here.
• Elections: Elections were held for various bodies within and around BumaStemra:
  • Board of Directors: CFO Marleen Kloppers and acting CEO Marcel Gelauff were reappointed.
  • New Appointments to the Supervisory Board:
    • Jitze de Raaff
    • Meindert van Duijvenbode
  • New Appointment to the Council of Members:
    • Brian Dessaur
  • New Appointment to Buma Cultuur:
    • Hans Bakker
  • New Appointments to the Dispute Committee:
    • Manon Ruijpers – Chair
    • Ploon Wamstekers – Deputy Chair
    • Anne Parlevliet – Member
  • We welcome the new Board members. Click below for an overview of the Boards:
    • Supervisory Board
    • Council of Members
    • Board of Directors

• Membership Fee Changes: The meeting agreed to abolish entrance fees and the annual contribution for the first year of membership. In this first year, participants will not receive a basic payment. From the second year, an annual contribution will be required. This change in membership terms will take effect on January 1, 2025.
• Extension of Council of Members Mandate: The mandate of the Council of Members has been extended under the same conditions as before. For more information, see https://bumastemra.nl/en/about/governance/. The General Members’ Meeting also approved allowing authors to join BumaStemra via a foreign capital company, which was previously only possible through a Dutch Authors BV/NV, posing difficulties for authors. The amendments to the statutes and regulations were approved and will take effect once formally validated by a notary.