VPL is the sister company of PPL and licenses music videos when they are played in public or broadcast on TV. Its Board oversees all aspects of VPL’s music video licensing business and comprises seven directors, made up of representatives from major and independent rightsholders.
The election to the VPL Board of Lloyd-Gilchrist, who is Polydor’s Senior Manager of Legal & Business Affairs, followed the decision by Board member and fellow Universal Music Group executive Julian French not to stand again after the completion of his three-year term.
Smith, who is Sony Music UK’s EVP Legal & Business Affairs, has been an active board member of VPL and PPL for more than ten years. He was up for re-election after retiring by rotation as required by VPL’s Articles of Association following the conclusion of his latest three-year term.
The AGM, which was held virtually, included a licensing update by VPL Chief Licensing Officer Jez Bell and closing remarks by VPL Chief Executive Officer Peter Leathem, while Legal & Business Affairs Executive Richard Booth handled the formal business and voting results.
The formal business included the re-election and election of directors to the VPL Board and the presentation of VPL’s accounts for the year ended 31 December 2020, together with the directors’ report and auditors’ report on those accounts.
VPL’s Annual Transparency Report for the year ending 31 December 2020 was formally approved at the AGM. The report is a requirement under the UK regulations implementing the Collectives Rights Management (CRM) Directive. It includes VPL’s revenues, costs and distributions, alongside information such as details of VPL’s legal and governance structure. A resolution was also approved to re-appoint PricewaterhouseCoopers as VPL’s auditors.
Peter Leathem, Chief Executive Officer at VPL, said:
“2020 was a difficult year for many, including many of the businesses we license. However, we are cautiously optimistic that 2021 collections will increase as many of those businesses are now able to re-open fully again. We remain committed to providing the highest level of service to our members and licensees and are hopeful for more positive results next year.
I would like to congratulate Jules Lloyd-Gilchrist for her election to the VPL Board and Michael Smith for being re-elected. I also wish to thank Julian French for his invaluable contributions to VPL following his retirement by rotation.”
