B¸Oc¸O Thî ®Ióm Qu¶N Trþ C«Ng Ty
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B¸o c¸o ThÎ ®iÓm Qu¶n trÞ C«ng ty (Thùc hiÖn n¨m 2011 dùa trªn d÷ liÖu 2010) Corporate Governance Scorecard (Conducted in 2011 based on 2010 available data) . liên hệ: Juan Carlos Fernandez liên hệ: Nguyễn Nguyệt Anh Chuyên gia Cao cấp Cán bộ Chương trình Dự án Quản trị Công ty, Dự án Quản trị Công ty, Việt Nam Khu vực Ðông Á Thái Bình Dương CORPORATE GOVERNANCE SCORECARD REPORT (This review was conducted in 2011 based on available data from 2010) International Finance Corporation and The Global Corporate Governance Forum in collaboration with The State Securities Commission of Vietnam Copyright@2011 International Finance Corporation 2121 Pennsylvania Ave. NW, Washington, DC 20433 United States of America A Member of the World Bank Group All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. Vietnam Scorecard Project - 2011 Report IMPORTANT NOTE IFC, a member of the World Bank Group, is the largest global development institution focused ex- clusively on the private sector. We help developing countries achieve sustainable growth by financ- ing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. This Corporate Governance Scorecard report was commis- sioned by IFC and the Global Corporate Governance Forum (GCGF) in collaboration with the State Securities Commission of Vietnam. The conclusions and judgments contained in this report should not be attributed to, and do not neces- sarily represent the views of GCGF, the State Securities Commission of Vietnam, IFC or its Board of Directors or the World Bank or its Executive Directors, or the countries they represent. IFC, GCGF and the World Bank and the State Securities Commission of Vietnam do not guarantee the accuracy of the data in this publication and accept no responsibility for any consequences of their use. International Finance Corporation 3 Vietnam Scorecard Project - 2011 Report 4 International Finance Corporation Vietnam Scorecard Project - 2011 Report Table of Contents Acknowledgements....................................................................................................................... 7 Abbreviations................................................................................................................................ 8 . A Introduction.......................................................................................................................... 9 . a Background............................................................................................................... 9 b. Objectives................................................................................................................. 10 B. Executive Summary............................................................................................................. 11 C. Research Methodology......................................................................................................... 23 a. Background to Scorecard assessment....................................................................... 23 b. Industry classification and companies reviewed...................................................... 25 c. Basis of review.......................................................................................................... 25 d. Scorecard instrument development.......................................................................... 26 e. Data and data collection............................................................................................ 27 f. Evaluation methods................................................................................................... 27 . D Analysis................................................................................................................................. 30 a. Overall results........................................................................................................... 30 b. Comparison of corporate governance performance in 2009 and 2010.................... 32 c. Corporate governance and profitability.................................................................... 35 d. Corporate governance performance by industry...................................................... 36 e. Corporate governance performance by firm size..................................................... 37 f. Corporate governance performance by ownership – foreign or state...................... 38 g. Corporate governance and board characteristics – board composition.................... 40 h. Corporate governance and board characteristics - board size.................................. 41 i. Corporate governance and board characteristics - proportion of non-executive directors.................................................................................................................... 42 j. Corporate governance and board characteristics – proportion of female directors.. 42 k. Corporate governance performance by exchange.................................................... 43 l. Top 10 companies with better CG scores versus bottom 10 companies 44 E. Specific Findings.................................................................................................................. 46 a. Rights of Shareholders.............................................................................................. 46 b. Equitable Treatment of Shareholders....................................................................... 54 c. Role of Stakeholders................................................................................................. 62 d. Disclosure and Transparency.................................................................................... 64 e. Responsibilities of the Board (including Supervisory Board)................................. 76 F. Conclusions and Recommendations................................................................................... 88 G. Appendices............................................................................................................................ 93 International Finance Corporation 5 Vietnam Scorecard Project - 2011 Report a. List of companies surveyed...................................................................................... 93 b. List of companies surveyed in both 2009 and 2010................................................ 96 c. Industry grouping...................................................................................................... 98 d. List of documents assessed....................................................................................... 100 e. Research Rating Team.............................................................................................. 100 f. Scorecard questionnaires.......................................................................................... 101 6 International Finance Corporation Vietnam Scorecard Project - 2011 Report Acknowledgments The Corporate Governance Scorecard is part of IFC’s Corporate Governance Program in Vietnam that is assisting regulators, companies and organizations to develop corporate governance stan- dards. The Corporate Governance Scorecard is a review and report on the corporate governance practices of the 100 largest listed companies in Vietnam. Its development has greatly benefited from the sup- port of the Global Corporate Governance Forum (GCGF), which promotes regional and local initia- tives to improve corporate governance in middle and low-income countries in the context of broader national or regional economic reform programs. The preparation and publication of the Scorecard involved the participation and efforts of a signifi- cant number of dedicated people. The Scorecard’s content was collaboratively developed by Anne Molyneux the Project Advisor, Dr Nguyen Thu Hien the Project Team Leader and Tran Duy Thanh the Project Supervisor, with advice from the State Securities Commission of Vietnam (SSC) and IFC. The Scorecard project was under direct supervision of Eugene A Spiro, Senior Projects Officer, GCGF and Juan Carlos Fernandez Zara, Senior Operations Officer, IFC Corporate Governance for East Asia Pacific. Overall support was provided by Philip Armstrong, Head of GCGF and Simon Andrews, IFC Regional Manager – Vietnam, Cambodia, Lao PDR & Thailand. This publication would not have been possible without the active participation and support of SSC officials, in particular Chairman Vu Bang and Vice Chairwoman Vu Thi Kim Lien. Furthermore, the SSC corporate governance team provided constant support and Bui Hoang Hai, Deputy Direc- tor of the Securities Issuance Department and his team gave valuable guidance and feedback on the questionnaire and report. Special support for the project was provided through the generosity of the Government of Japan. Particular thanks also go to our donor partners including Finland, Ireland, Japan, the Netherlands, New Zealand and Switzerland for their generous support of the corporate governance activities IFC and GCGF are delivering in Vietnam. The project team and author are particularly grateful to Philip Armstrong, Head, Global Corporate Governance Forum, Eugene A Spiro, Senior Projects Officer, GCGF and Juan Carlos Fernandez Zara, Senior Operations Officer, IFC Corporate Governance for East Asia Pacific for their wise counsel and advice throughout the project. Special thanks is also due to Pham Lien Anh, Opera- tions Officer, IFC and Nguyen Nguyet Anh, Associate Operations Officer, IFC