Article 103. Controllers and the Board of Controllers

1. The state ownership representative body shall decide the establishment of a Board of Controllers, which has 01 – 05 Controllers including a Chief Controller. The term of office of a Controller shall not exceed 05 years. A Controller must not be designated more than 02 consecutive terms. In case the Board of Controllers has only 01 Controller, he/she shall be the Chief Controller and has to satisfy corresponding requirements.

2. An individual may concurrently hold the position of Chief Controller or Controller of up to 04 state-owned enterprises.

3. A Controller or Chief Controller shall satisfy the following requirements:

a) He/she has a bachelor’s degree or higher in economics, finance, accounting, audit, law, business administration or a major that is relevant to the enterprise’s business operation and at least 03 years’ experience (05 years for Chief Controller);

b) He/she is not executive of the company or any other enterprise; not a Controller of enterprises other than state-owned enterprises; not a company’s employee.

c) He/she is not a relative of the head or deputies of the state ownership representative body; any of the members of the Board of members, the Director/General Director, any of the Deputy Directors/General Directors, the chief accountant or any other Controllers of the company;

d) He/she satisfies other requirements specified in the company’s charter.

4. The Government shall elaborate this Article.

Vinascgroup

Article 104. Obligations of the Board of Controllers

1. The Board of Controllers has the following obligations:

a) Supervise the implementation of the company’s business plans and development strategy;

b) Supervise and evaluate the company’s business performance and finance;

c) Supervise and evaluate the performance of the Board of Members and its members, the company’s President and Director/General Director;

d) Supervise and evaluate the compliance to the company’s internal audit, risk management, reporting regulations and other rules and regulations;

dd) Supervise the legitimacy, systematic organization and honesty of accounting tasks, accounting records, financial statements, their annexes and relevant documents;

e) Supervise the company’s contracts and transactions with relevant parties;

g) Supervise execution of major projects; sales and purchases; other large-scale contracts and transactions; unusual contracts and transactions of the company;

h) Prepare and send evaluation reports and proposals of the matters specified in Points a, b, c, d, dd, e and g of this Clause to the state ownership representative body and the Board of Members;

i) Perform other obligations demanded by the state ownership representative body, prescribed by the company’s charter.

2. The state ownership representative body shall decide and pay the Controllers’ salaries, bonuses and other benefits.

3. The Government shall elaborate this Article.

Request Consultation