Vietnam: The General Meeting of Shareholders of a private intermediate professional school shall elect its Board of Controllers

Vietnam: The General Meeting of Shareholders of a private intermediate professional school shall elect its Board of Controllers (Illustration image)

According to Article 13 of the Regulations issued together with Circular 39/2012/TT-BGDDT, the Board of Controllers of private intermediate professional schools in Vietnam consists of 3 to 5 members elected by the General Meeting of Shareholders, in which at least one member must have expertise in accounting. Members of the Board of Controllers must be shareholders of the school, possess Vietnamese nationality, reside in Vietnam, and not be under criminal prosecution or involved in other legal violations.

Members of the Board of Controllers must not be members of the Board of Directors, the Principal, or the Chief Accountant; the parent, spouse, or child of members of the Board of Directors, the Principal, or the Chief Accountant of the school. The Board of Controllers elects one member as the Head; the term of the Board of Controllers is aligned with the term of the Board of Directors. The rights and responsibilities of the Board of Controllers include:

- Inspecting the rationality and legality of the management and operations of the school, the recording of accounting books, and financial statements;

- Appraising the annual financial statements of the school; checking specific issues related to the management and operation of the school;

- Regularly informing the Chairman of the Board of Directors about the results of their activities; consulting the Board of Directors on reports, conclusions, and recommendations before presenting to the General Meeting of Shareholders;

- Reporting at the General Meeting of Shareholders on the activities of the school;

- Proposing measures to supplement, amend, and improve the organizational structure and operation of the school;

- Performing other rights and responsibilities as specified in this Regulation and the school's Regulations on the organization and operation;

- Being accountable to the General Meeting of Shareholders, the Board of Directors, and all employees, teachers, and staff of the school concerning the contents of their reports and activities;

- Having the right to request the Board of Directors, its members, the Principal, and other management staff to promptly provide complete information and documents on the activities of the school while performing their duties;

- Inspecting as specified in points a and b of clause 5 of this Article must not hinder the activities of the Board of Directors or disrupt the school's operations;

- If the Board of Directors commits serious violations against the regulations in the school's regulations on organization and operation, the Board of Controllers has the right to notify the Board of Directors and convene an extraordinary General Meeting of Shareholders.

More details may be found in Circular 39/2012/TT-BGDDT effective from December 20, 2012.

Le Vy

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