From January 01, 2021, What Information is the Audit Committee Authorized to Provide?

From January 01, 2021, what information is the Supervisory Board entitled to provide? - Illustrative image

According to the provisions of Article 171 of the Enterprise Law 2020, the Controllers are entitled to provide documents and information at the same time and in the same manner as the members of the Board of Directors, specifically including:

- Meeting invitations, ballots soliciting opinions from members of the Board of Directors and accompanying documents;

- Resolutions, decisions, and minutes of the General Meeting of Shareholders, Board of Directors;

- Reports from the Director or General Director submitted to the Board of Directors or other documents issued by the company.

In addition, the Controllers have the right to access the company's records and documents kept at the head office, branches, and other locations; they have the right to visit the workplace of the company's managers and employees during working hours.

The Board of Directors, members of the Board of Directors, the Director or General Director, and other managers must fully, accurately, and promptly provide information and documents about the management, administration, and business activities of the company as requested by the Controllers or the Supervisory Board.

Moreover, according to clauses 1 and 2 of Article 172 of the Enterprise Law 2020, the Controllers are entitled to salaries, remuneration, bonuses, and other benefits as decided by the General Meeting of Shareholders. They are entitled to reimbursement for meals, accommodation, travel expenses, and the costs of using independent consulting services at a reasonable level. The total amount of remuneration and these expenses shall not exceed the total annual operating budget of the Supervisory Board approved by the General Meeting of Shareholders.

For detailed regulations, refer to the Enterprise Law 2020, issued on June 17, 2020.

Le Vy

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