DEMAIL 6/17: July 16th Is Deadline to Vote On Proposed Bylaws Change; DEMA Seeks Potential Candidates for 2011 Board of Directors; $20 Billion for Oil Spill; Dive Stores Encouraged to Post on Recently Launched www.GulfStateDiving.com
Deadline to vote is 5:00 pm Pacific Time on July 16, 2010
The proposed change would affect Article XIV Section 5. Any individual that had recently served on the DEMA Board of Directors for two consecutive elected terms would be prevented from volunteering or being considered for further service on the DEMA Board until they had vacated the Board for a minimum of one year.
The proposed article reads: ARTICLE XIV. BOARD OF DIRECTORS Section 5. Term. Except as otherwise provided in section 1 of this article XIV, Directors shall be elected to office for three-year terms, may be re-elected to serve no more than one (1) consecutive full three-year term and no more than seven (7) consecutive years in office, and may be re-elected to office following a minimum continuous break in service of one (1) year. The terms of the elected Directors begin, they shall be installed, and their terms end at the commencement of the first meeting of the Board of Directors after the annual election of Directors, which meeting shall be held within the first calendar quarter following each such election.
The current article reads: ARTICLE XIV. BOARD OF DIRECTORS Section 5. Term. Except as otherwise provided in section 1 of this article XIV, Directors shall be elected to office for three-year terms. The terms of the elected Directors begin, they shall be installed, and their terms end at the commencement of the first meeting of the Board of Directors after the annual election of Directors, which meeting shall be held within the first calendar quarter following each such election.
To review the DEMA Bylaws in their entirety, log on to www.dema.org.
Date of Record: Only regular (Category A) DEMA memberships renewed or in force for 2010 on June 18, 2010 by 5:00 pm Pacific Time will be eligible to vote in this election. Contact us at firstname.lastname@example.org or (858) 616-6408 x105 for more information or to renew your 2010 DEMA membership.
Quorum: As described in the DEMA Bylaws, a quorum must vote in this election in order for the results to be valid. A quorum is defined as one-third of the total voting power of the association at the date of record for this election.
In order to be valid your company's vote must be received no later than 5:00 pm Pacific Time, July 16, 2010.
YOU ARE ADVISED TO RESEARCH THE PROS AND CONS OF BOARD TERM LIMITS PRIOR TO VOTING
Deadline for DEMA Members to Submit Nominations is June 30, 2010
Potential candidates are now being sought for the upcoming DEMA Board elections. The Board election will include five Board seats, one from each membership group. The term begins in early 2011.
The official voting representative from any DEMA member company in good standing is eligible to recommend candidates for any open Board seat. Eligible candidates must also be regular (category A) DEMA members in good standing and work within the sector represented by the seat for which he or she is seeking election, as well as being the voting representative for their company.
If elected, candidates must be able to attend quarterly DEMA Board of Directors meetings, be willing to participate in various standing or ad hoc committees, abide by the DEMA By-Laws, and work toward the best interest and growth of the diving industry. DEMA's goal is to unify the diving industry, and Board members are an integral part of meeting the challenges of the industry and the DEMA organization in preparing for the future.
The following Board seats are open for election to the Board in 2011 (one seat in each category):
Following a meeting with the President of the United States, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.
Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:
BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.
While the fund is building, BP's commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.
The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility (ICF) referred to below, or by a court, or as agreed by BP.
The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims.
Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP.
The fund does not represent a cap on BP liabilities, but will be available to satisfy legitimate claims. Further and more detailed terms regarding the establishment and operation of the claims fund and the ICF will be finalized and announced as soon as possible.
As a consequence of this agreement, the BP Board has reviewed its dividend policy. Notwithstanding BP's strong financial and asset position, the current circumstances require the Board to be prudent and it has therefore decided to cancel the previously declared first quarter dividend scheduled for payment on 21st June, and that no interim dividends will be declared in respect of the second and third quarters of 2010.
The Board remains strongly committed to the payment of future dividends and delivering long term value to shareholders. The Board will consider resumption of dividend payments in 2011 at the time of issuance of the fourth quarter 2010 results, by which time it expects to have a clearer picture of the longer term impact of the Deepwater Horizon incident.
The Board believes that it is right and prudent to take a conservative financial position given the current uncertainty over the extent and timing of costs and liabilities relating to the spill. BP's businesses continue to perform well, with cash flows from operations expected to exceed $30bn in 2010 at current prices and margins before taking into consideration costs related to the Deepwater Horizon spill. BP's gearing level remains at the bottom of its targeted band of 20-30 per cent. In addition, the Company has over $10bn of committed banking facilities. To further increase the Company's available cash resources, the Board intends to implement a significant reduction in organic capital spending and to increase planned divestments to approximately $10bn over the next twelve months.
Chairman Carl-Henric Svanberg said: "We appreciated the constructive meeting conducted by the President and his senior advisers and are confident that the agreement announced today will provide greater comfort to the citizens of the Gulf coast and greater clarity to BP and its shareholders. We welcome the administration's statements acknowledging that BP is a strong company and that the administration has no interest in undermining the financial stability of BP. This agreement is a very significant step in clarifying and confirming our commitment to meet our obligations. We regret the cancellation and suspension of the dividends, but we concluded it was in the best interests of the Company and its shareholders."
Chief Executive Tony Hayward said: "From the outset we have said that we fully accepted our obligations as a responsible party. This agreement reaffirms our commitment to do the right thing. The President made it clear and we agree that our top priority is to contain the spill, clean up the oil and mitigate the damage to the Gulf coast community. We will not rest until the job is done."
Dive Stores in the Region are Encouraged to Frequently Update Forum Postings on www.GulfStateDiving.com to Show Customers That Dive Sites Are Still Open and Free From Oil
Our sympathies and concerns go out to all diving businesses and families impacted by the BP Oil
Spill. The entire industry is impacted by this environmental tragedy. DEMA will continue providing helpful information to affected businesses. Previously released information can be found at www.dema.org.
It is important to balance the media-made misperception that all hotels, resorts and diving operations in the impacted states are closed. DEMA has launched www.gulfstatediving.com to help compile positive, first-hand information from dive businesses in the Gulf State region. The website is being promoted to the industry, tourist boards and to the various tourist-related media to help clarify and remove these incorrect perceptions about current diving operations and activities.
Your Positive Diving Information Needed
Your help is needed in getting positive information out as quickly as possible. As your business continues to operate, please visit the www.gulfstatediving.com forum and post information promoting your operation and describing your recent dives, trips, etc.. We encourage frequent posting by dive stores to continually show customers that divers are still active and dive sites are still open and free from oil. The website can be used to post links to videos, store websites, the latest dive site information and more. Positive information posted by retailers from these areas should help balance the negative information being circulated in the media.
Industry Support Requested
Companies with retail customers in these areas are asked to pass along this information and encourage retail and diver operator participation in the forum at www.gulfstatediving.com. We have been in contact with a number of affiliated tourist boards who are ready and waiting to spread the positive news about diving in these areas, where appropriate, when this website is populated. Please help keep these businesses operating and serving the diving community during this difficult time.