Conditions to Become a Controller in State-owned Enterprises from January 01, 2021

Conditions to become an Inspector in SOEs from January 01, 2021 - Illustrative image.

To be specific: Clause 3, Article 103 of the Enterprise Law 2020 stipulates that Inspectors, Heads of the Supervisory Board must meet the following standards and conditions:

- Hold a university degree or higher in one of the fields of economics, finance, accounting, auditing, law, business administration, or a field relevant to the business activities of the enterprise and have at least 3 years of work experience; the Head of the Supervisory Board must have at least 5 years of work experience;

- Must not be a manager of the company or a manager at another enterprise; must not be an Inspector at an enterprise that is not a state-owned enterprise; must not be an employee of the company;

- Must not have family relations with the head, deputy head of the representative agency of the company; member of the Members' Council of the company; Chairman of the company; Director or General Director; Deputy Director or Deputy General Director, Chief Accountant; other Inspectors of the company;

- Other standards and conditions as stipulated in the company's Charter.

Additionally, Clause 1, Article 103 of the Enterprise Law 2020 also stipulates that based on the scale of the company, the representative agency of the owner decides the establishment of a Supervisory Board consisting of 01 to 05 Inspectors, including the Head of the Supervisory Board. The term of office of an Inspector is not more than 05 years and can be reappointed but not for more than 02 consecutive terms at the same company. In case the Supervisory Board has only 01 Inspector, that Inspector simultaneously serves as the Head of the Supervisory Board and must meet the standards of the Head of the Supervisory Board.

Notably, an individual can simultaneously be appointed as the Head of the Supervisory Board, Inspector of not more than 04 state-owned enterprises.

Details can be found in the Enterprise Law 2020 issued on June 17, 2020.

Le Vy

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