How do the Supervisory Board members inspect the General Director in the management and operation of business at the Vietnam National Chemical Group (VINACHEM)?

How do the Supervisory Board members inspect the General Director in the management and operation of business at the Vietnam National Chemical Group (VINACHEM)?

According to Clause 1 Article 50 of the Regulations on the Organization and Operation of the Vietnam National Chemical Group (VINACHEM) issued together with Decree 20/2018/NĐ-CP, the Supervisory Board members shall inspect the General Director in the management and operation of business at the VINACHEM on following aspects:

The Supervisory Board of the VINACHEM is responsible for overseeing the legality, honesty, and prudence of the Board of Members and the General Director in the exercise of the owner's rights and in the management and operation of the business at the VINACHEM. This includes the following contents:

a) Reorganization, ownership transfer, dissolution, and bankruptcy of theVINACHEM; establishment of a new one-member limited liability company; contribution, holding, increase, and decrease of capital of the VINACHEM in other companies; establishment, reorganization, dissolution of branches, representative offices, and other dependent accounting units; acceptance of enterprises voluntarily participating as subsidiaries or affiliated companies.

b) Implementation of the Charter of the VINACHEM.

c) Implementation of the objectives, tasks, and industries, businesses; strategy, production and business plans, and 5-year, annual investment development plans of the VINACHEM.

d) Increase of charter capital; transfer of part or all of the charter capital of the VINACHEM to other organizations or individuals.

dd) Preservation and development of capital of the VINACHEM.

e) Implementation of investment projects, purchase, sale, loan, lending, and other contracts of the VINACHEM.

g) Implementation of the financial regime, distribution of income, establishment and use of funds of the VINACHEM in accordance with the law.

h) Implementation of the salary and bonus regime in the VINACHEM.

i) Other contents prescribed by the owner.

How do the Supervisory Board members inspect the General Director in the management and operation of business at the Vietnam National Chemical Group (VINACHEM)? - Source: Internet

What are the other tasks of the Supervisory Board members of the Vietnam National Chemical Group (VINACHEM)?

According to Clause 2,3 and 4, Article 50 of the Regulations on the Organization and Operation of the Vietnam National Chemical Group (VINACHEM) issued together with Decree 20/2018/NĐ-CP, other tasks of the Supervisory Board members of the VINACHEM are as follows:

2. To appraise the financial statements, business reports, management evaluation reports, and other reports before they are submitted to the Representative Body of the Owner of the VINACHEM or the relevant government agencies; to submit the appraisal report to the Representative Body of the Owner of the VINACHEM.

The Financial Controller of the VINACHEM is responsible for leading and coordinating with the Professional Auditors to appraise the financial statements and control the contents specified in points d, đ, and g of Clause 1 of this Article.

3. To recommend to the Representative Body of the Owner of the VINACHEM solutions to improve the organizational structure for managing and operating the business of the VINACHEM.

4. Other tasks as specified in this Charter or as required by the decision of the Representative Body of the Owner of the VINACHEM.

What are regulations on the relationship between the Supervisory Board members of the Vietnam National Chemical Group (VINACHEM)?

According to Article 56 of the Regulations on the Organization and Operation of the Vietnam National Chemical Group (VINACHEM) issued together with Decree 20/2018/NĐ-CP, the relationship between the Supervisory Board members of the VINACHEM are as follows:

1. The auditor is directly responsible for the results of the work assigned by the Representative Body of the Owner, and at the same time, together with other auditors, is responsible for the overall results of the activities of the Supervisory Board at the VINACHEM.

2. The auditor who is appointed by the Representative Body of the Owner as the Chairman of the Supervisory Board is responsible for summarizing the opinions of other auditors in reports and work programs to send to the Representative Body of the Owner as prescribed.

Best regards!