What are the duties and rights of the Supervisory Board of the Science and Technology Development Fund in Vietnam?

What are the duties and powers of the Supervisory Board of the Science and Technology Development Fund in Vietnam? (illustrative image)

Specifically, in Article 9 of the sample Charter issued together with Circular 03/2015/TT-BKHCN, the organization of the Supervisory Board of the Science and Technology Development Fund in Vietnam is stipulated as follows:

- The Supervisory Board operates under concurrent or dedicated policies, consisting of 03 members. Members of the Supervisory Board are experts knowledgeable in finance, credit, investment, science and technology, and law, without any criminal records related to economic activities as prescribed by law. The term of the Supervisory Board is 05 years;

- Members of the Supervisory Board include the Head, Deputy Head, and 01 member appointed and dismissed by the Fund Management Council;

- Members of the Supervisory Board cannot be spouses, parents, children, or siblings of members of the Fund Management Council, the Director of the Fund, the Deputy Director of the Fund, and the Chief Accountant of the Fund.

The duties and powers of the Supervisory Board of the Science and Technology Development Fund include:

- Assisting the Fund Management Council in supervising the operation of the Fund's executive apparatus;

- Inspecting and reporting to the Fund Management Council on the Fund’s executive body’s compliance with the State's policies and laws, the Charter of the organization and operation of the Fund, and the Fund Management Council's resolutions;

- Checking financial activities, monitoring compliance with accounting policies, the operation of the internal control and inspection system; appraising the Fund's annual financial statements. Periodically on a monthly, quarterly, yearly basis, and as per tasks, the Supervisory Board is responsible for reporting in writing to the Fund Management Council the results of financial activities inspection and supervision of the Fund;

- Independently conducting work per the program approved by the Fund Management Council; having the right to use independent consultancy to execute assigned tasks; utilizing the Fund's internal control and inspection system;

- Reviewing and submitting to the Fund Management Council for resolution of complaints and denunciations from organizations and individuals related to the Fund's activities;

- Other duties and powers assigned by the Fund Management Council.

Note: The Head of the Supervisory Board or a member of the Supervisory Board authorized by the Head has the right to attend the Fund Management Council's meetings, expressing opinions on the matters discussed by the Council but without voting rights.

The operational expenses of the Supervisory Board are accounted into the Fund's management operating expenses.

For details, refer to Circular 03/2015/TT-BKHCN which comes into effect in Vietnam from April 23, 2015.

Ty Na

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