Who shall have power to establish Comptroller board of VINAPACO in Vietnam?

Who shall have power to establish Comptroller board of VINAPACO in Vietnam?

Pursuant to Article 23 of the Charter of Organization and Operation of VINAPACO issued together with the Decision 2760/QĐ-BCT in 2022 stipulating as follows:

Comptroller board, Comptrollers

1. The Comptroller board at VINAPACO is established by decision of the Minister of Industry and Trade according to the provisions of law.

2. The Ministry of Industry and Trade shall decide to appoint the Comptrollers and Heads of the Comptroller Board. The term of office for each appointed term of the Comptroller or Head of the Comptroller Board is 05 years and can be re-appointed but not exceeding 02 consecutive terms.

3. Salaries, remuneration, bonuses, working conditions, working cost norms and other operational expenses of the Supervisors, the Head of the Control Board shall be decided by the Ministry of Industry and Trade; salary of the Comptroller, the Head of the Comptroller Board according to current regulations, shall be included in the business expenses of the enterprise and made in a separate section in the annual financial statements of the enterprise. Supervisors, Heads of Comptroller Board are entitled to benefits, incentives and participate in social activities and mass organizations of enterprises such as officials, employees and employees of VINAPACO.

4. Criteria and conditions for controllers

Comptrollers must meet the standards and conditions specified in Article 169 of the Enterprise Law and other relevant regulations.

5. Standards and conditions for the Head of the Comptroller Board

a) Possessing a university degree or higher in one of the majors in finance, accounting, auditing, law, business administration or a major relevant to VINAPACO's business activities and having at least 05 ( years) years of work experience.

b) Not being a manager of VINAPACO and a manager at another enterprise.

c) Must not be a controller of an enterprise that is not a state-owned enterprise

d) Not an employee of VINAPACO.

dd) Not being a wife, husband, biological father, natural mother, adoptive father, adoptive mother, father-in-law, mother-in-law, father-in-law, mother-in-law, biological child, adopted child, son-in-law, daughter-in-law, brother-in-law, biological sister , biological brother, brother-in-law, brother-in-law, sister-in-law, brother-in-law, brother-in-law of husband, biological brother of wife, biological sister of husband, biological sister of the following subjects :

- The head and deputy head of the owner's representative agency;

- Member of the Members' Council of VINAPACO;

- General Director of VINAPACO;

- Deputy General Manager;

- Chief accountant of VINAPACO;

- Other Comptroller.

e) Other standards and conditions as prescribed by law.

As regulations above, the Comptroller board at VINAPACO is established by decision of the Minister of Industry and Trade according to the provisions of law.

What are obligations of Comptroller board of VINAPACO in Vietnam?

Pursuant to Article 24 of the Charter of Organization and Operation of VINAPACO issued together with the Decision 2760/QĐ-BCT in 2022 stipulating obligations of Comptroller board of VINAPACO in Vietnam as follows:

The Comptroller Board has the following obligations:

1. Supervising the organization and implementation of development strategies, business plans, monitoring and evaluation of business operations and financial status of VINAPACO;

2. Supervising and evaluating the exercise of rights and obligations of members of the Members' Council and the Members' Council, the General Director of VINAPACO;

3. Monitoring and evaluating the effectiveness and compliance with internal control regulations, risk management and prevention regulations, reporting regulations and other internal governance regulations of VINAPACO;

4. Supervising the legality, systematicity and honesty in accounting work, accounting books, financial statements, appendices and related documents;

5. Supervising contracts and transactions of VINAPACO with related parties;

6. Supervising the implementation of large investment projects with a value greater than 30% of equity capital or greater than the capital of group B projects according to the classification specified in the Law on Public Investment, purchase transaction contracts, sale and business transactions with a value greater than 10% of equity or at the request of the Ministry of Industry and Trade; unusual business transactions of VINAPACO;

7. Making and sending evaluation reports and recommendations on the contents specified in Clauses 1, 2, 3, 4, 5, 6 of this Article to the Ministry of Industry and Trade and the Members' Council;

8. Developing annual work plans, submit them to the Ministry of Industry and Trade for approval and promulgate in the first quarter; according to the approved annual work plan. For cases where it is necessary to check and supervise unexpectedly in order to detect errors of enterprises early, the Supervisory Board and Supervisors take the initiative in implementing it, and at the same time report it to the Ministry of Industry and Trade according to regulations.

9. Performing other rights and obligations at the request of the Ministry of Industry and Trade or as prescribed in the VINAPACO Charter.

What are powers of Comptroller board of VINAPACO in Vietnam?

Pursuant to Article 25 of the Charter of Organization and Operation of VINAPACO issued together with the Decision 2760/QĐ-BCT in 2022 stipulating powers of Comptroller board of VINAPACO in Vietnam as follows:

1. Participating in meetings of the Members' Council, formal and informal consultations and exchanges between the owner's representative agency and the Members' Council; question the Board of Members, members of the Board of members and the General Director of VINAPACO about plans, projects or development investment programs and other decisions in management and administration of VINAPACO.

2. Reviewing the company's accounting books, reports, contracts, transactions and other documents; inspect the management and administration of the Members' Council, members of the Members' Council and the General Director when deeming it necessary or at the request of the agency representing the owner.

3. Requesting members of the Members' Council, General Director, Deputy General Director, Chief Accountant and other managers to report and provide information on anything within the scope of management and investment activities. investment and business of VINAPACO.

4. Requesting the manager of VINAPACO to report on the financial status, status and business results of the subsidiary when deeming it necessary to perform the tasks prescribed by law and the VINAPACO Charter.

5. Requesting the owner's representative agency to set up a unit to perform the task of concurrently advising and directly supporting the Control Board in exercising its assigned rights and obligations.

Best regards!