Vietnam: From January 01, 2021, what information does the Board of Controllers have the right to provide?

Vietnam: From January 01, 2021, what information does the Board of Controllers have the right to provide? - Illustrative image

According to the provisions of Article 171 of the Enterprise Law 2020, documents and information shall be sent to Controllers in the same manner as those being sent to members of the Board of Directors in Vietnam, including:

- Meeting invitations, questionnaires and enclosed documents;

- Resolutions, decisions and minutes of meetings of the Board of Directors and the GMS;

- Reports of the Director/General Director to the Board of Directors or other documents issued by the company.

In addition, Controllers are entitled to access the company’s documents at the headquarters, branches and other locations; enter the executives’ and employees’ workplace during working hours.

The Board of Directors, members of the Board of Directors, the Director/General Director and other executives shall fully and promptly provide information and documents about the company’s administration as requested by Controllers or the Board of Controllers.

Moreover, according to clauses 1 and 2 of Article 172 of the Enterprise Law 2020, controllers’ salaries, bonuses, other benefits and operating budget shall be decided by the GMS. Reasonable costs of food, stay, travel, independent counseling services of Controllers shall be reimbursed. The total salaries and costs must not exceed the annual operating budget of the Board of Controllers which has been approved by the GMS, unless otherwise prescribed by the GMS.

Further details may be found in Enterprise Law 2020 issued on June 17, 2020.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE