Epigram Books becomes non-profit Epigram Literary Foundation
The public company limited by guarantee, or CLG, was incorporated with the Accounting and Corporate Regulatory Authority (Acra) on May 1. This is the latest bid by Epigram to keep operations sustainable, after it collaborated with seven other Singapore indie booksellers to launch online bookstore Bookshop.sg.
A CLG differs from a private limited company, where maximising profit for shareholders is the goal of the company. For a CLG, any surplus is meant to be reinvested into the organisation, and they are generally seen to be more credible, requiring approval from Acra that it is serving some public or national interest - in this case, the promotion of the arts.
Founder Edmund Wee, 72, said he had been pondering the move for over a year, but had always been told by lawyers that the restructuring would be difficult until he received the right advice.
Profits have always been meagre, and he has not paid himself a dividend in the 14 years he has run Epigram - so not much would change in that respect, he told The Straits Times.
A CLG, if it encourages businesses aligned with its mission to contribute - possibly as part of their corporate social responsibility programmes - could create an endowment so that it generates significant enough money interest to aid cash flow.
Mr Wee said: "Publishing is getting harder and harder, and I can't borrow from the bank any more now that I'm past 70. I cannot go around to ask for $50,000 or $60,000 every year. I'm hoping for a bigger lump sum."
To bolster Epigram Literary Foundation's credibility and set donors' minds at ease, he has enlisted nine dignitaries to sit on an advisory council.
They are former diplomats Tommy Koh and Kishore Mahbubani; historian Wang Gungwu; former chief economist of GIC Yeoh Lam Keong; special research adviser at the Institute of Policy Studies Arun Mahizhnan; Mr Robert Tomlin, vice-chairman of the Asian arm of investment firm Lepercq de Neuflize; Dr Hong Hai, emeritus professor of business at Nanyang Technological University; former chairman of The Substation and consultant in philanthropy Chew Keng Chuan; and author Meira Chand.
Mr Wee said: "I'm hoping that they will give the non-profit more standing so that when I go see companies, they are more willing to donate. I had the choice to drastically reduce the outfit so Epigram publishes only three or four books a year, but I didn't want to do that. There's nobody in the ecosystem now publishing Singapore fiction like us. I find that terrible."
Epigram Books hosts the annual Epigram Fiction Books Prize, which awards the winner a $25,000 cash prize and a publishing contract. Three other finalists each receive $5,000 and a publishing contract. It is the richest pot dedicated to unpublished literary manuscripts in Singapore.
Mr Wee said he is also working with partners to start a regional book prize for Asean, with a long-term launch date for probably 2027 or later.
In theory, the change to a CLG structure should not affect the salaries of its 13 full-time and two part-time employees, but this will depend on how much can be raised, he added.
Epigram is Singapore's largest independent book publisher, publishing upwards of 50 titles a year. Notable titles in its stable include the Eisner-award winning The Art Of Charlie Chan Hock Chye (2015) by Sonny Liew, Jeremy Tiang's State Of Emergency (2017) and Meihan Boey's The Formidable Miss Cassidy (2021).
All three have secured releases in countries outside Singapore, boosting the Republic's global literary footprint.
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