What are regulations on salary, allowance, bonus and other benefits of Vietnam National Chemical Group's representative?

What are regulations on salary, allowance, bonus and other benefits of Vietnam National Chemical Group's representative?

According to Article 80 of the Organization and Operation Charter of Vietnam National Chemical Group, issued together with Decree 20/2018/ND-CP, the salary, allowance, bonus and other benefits of Vietnam National Chemical Group's representative are regulated as follows:

1. Full-time representatives in the executive board of a joint-stock company, limited liability company with two or more members are entitled to salary, responsibility allowance, bonus and other benefits paid by the joint-stock company, limited liability company with two or more members.

2. Non-full-time representatives at a joint-stock company, limited liability company with two or more members are entitled to salary, allowance, bonus and other benefits as follows:

a) Salary, responsibility allowance, bonus and other benefits paid by Vietnam National Chemical Group.

b) In case of being paid remuneration, salary, allowance, bonus, responsibility allowance by the joint-stock company, limited liability company with two or more members, the non-full-time representative is responsible for paying all the above remuneration to Vietnam National Chemical Group in accordance with the law.

3. When the representative is entitled to purchase additional shares, convertible bonds under the decision of the joint-stock company (except in cases where they are purchased under the rights of existing shareholders), they must report in writing to Vietnam National Chemical Group. Vietnam National Chemical Group decides in writing on the number of shares that the representative is entitled to purchase based on the level of contribution and the results of the representative's duties. The remaining part belongs to the purchase right of Vietnam National Chemical Group.

In case the representative is appointed as a representative of Vietnam National Chemical Group's capital at many units, they are given priority in exercising the purchase right at one unit. The representative is responsible for reporting and transferring the remaining share purchase right to Vietnam National Chemical Group.

In case the representative does not report on the right to purchase shares, convertible bonds at the joint-stock company, they will be considered for dismissal of the representative status at the enterprise and must transfer back to Vietnam National Chemical Group the number of shares, bonds already purchased at the price purchased at the time the enterprise issued. In case the representative at the enterprise has sold these shares, they must pay back to Vietnam National Chemical Group the difference between the selling price of the shares at the market price at the time of sale and the purchase price and costs (if any).

What are regulations on salary, allowance, bonus and other benefits of Vietnam National Chemical Group's representative? - Source: Internet

What are regulations on contracts and transactions between Vietnam National Chemical Group?

According to Clause 1 of Article 85 of the Organization and Operation Charter of Vietnam National Chemical Group, issued together with Decree 20/2018/ND-CP, contracts and transactions between Vietnam National Chemical Group and the following subjects must be as follows:

Contracts and transactions between Vietnam National Chemical Group and the following subjects must be considered and decided by the Board of Members, the General Director and the Supervisory Board, each with one vote; persons with vested interests do not have voting rights.

a) Members of the Board of Members, the General Director and the Supervisory Board of Vietnam National Chemical Group;

b) Related persons of those specified in point a of this clause;

The person signing the contract must inform the Board of Members, the General Director and the Supervisory Board of the related persons for that contract or transaction (together with the draft contract or the main content of the transaction). The Board of Members, the General Director and the Supervisory Board must decide on the approval of the contract or transaction within 10 days, from the date of receipt of the notification.

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