Member of the Members' Council of SCIC Dismissed under Which Circumstances?

23:47, 11/07/2024

Decree 148/2017/ND-CP was issued by the Government of Vietnam on December 25, 2017, to regulate the charter on the organization and operation of the State Capital Investment Corporation.

TRANSLATION

The Board of Members (BOM) of SCIC shall consist of no more than 07 members. The term of a BOM member shall not exceed 05 years and may be reappointed but for no more than 02 terms.

However, the Chairman and other members of the Board of Members shall be dismissed in the following cases:

- No longer meeting the standards and conditions specified in Article 28 of the Charter issued together with Decree 148;- Submitting a resignation letter and obtaining written approval from the Prime Minister (for the Chairman of the Board of Members) and written approval from the Ministry of Finance (for other members of the Board of Members);- Receiving a decision on reassignment, job reallocation, or retirement;- Lacking the capacity or qualifications to perform assigned tasks; losing or having limited civil act capacity;- Lacking the health or no longer having the credibility to hold the position of BOM member;- Other cases of dismissal according to relevant laws.

Furthermore, the Chairman and other members of the Board of Members shall be dismissed in the following circumstances:

- SCIC fails to meet the targets and business plan indicators for 02 consecutive years; fails to preserve and develop investment capital as required by the Prime Minister, Ministry of Finance without providing objective reasons or providing explanations that are not accepted by the Prime Minister, Ministry of Finance;- Being prosecuted and found guilty by a court;- Being dishonest in the execution of rights and duties or abusing position, title, and using SCIC's assets for personal gain or to serve the interests of other organizations or individuals; falsely reporting financial status and business results of SCIC.

Within 60 days from the date of the dismissal or removal decision, the Board of Members of SCIC must convene to recommend to the Ministry of Finance to consider and decide on the appointment of a replacement BOM member or submit to the Prime Minister for consideration and decision on the appointment of a replacement Chairman of the Board of Members of SCIC.

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- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
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