Corporate governance of listed companies
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Corporate governance of listed companies
Corporate governance of listed companies
Bond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies works at: http://epublications.bond.edu.au/blrthis Article is brought to you by the Faculty of Law at ePublicKionsiSbond. It bis been accepted for inclusion in Bond Law Review by an authorued administrator of ePublicationstỉbond. For more information, ptease contact Bond Vninrrsity s Repository Coo Corporate governance of listed companies rdinator.Corporate Governance of Listed Companies in VietnamAbstractThe framework for corporate governance in Vietnam, especially for listed companiesCorporate governance of listed companies
, is in the early stages of development. This study examines the corporate governance of Vietnamese listed companies. Some case studies of the corporaBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies transparency, investor protection and effective management in order to ensure better development of the securities market.This article is available in Bond Law Review: http://epublicationx.bon<ỉ-edu.au,''blr,',vol20/ÌM2/6CORPORATE GOVERNANCE OF LISTED COMPANIES IN VIETNAMToan Le Minh* and Gordon Wal Corporate governance of listed companies ker**Abstract:The framework for corporate governance in Vietnam, especially for listed companies, is in the early stages of development. This study exCorporate governance of listed companies
amines the corporate governance of Vietnamese listed companies. Some case studies of the corporate governance of listed companies are provided. The stBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies ment in order to ensure better development of the securities market.IntroductionCorporate governance refers to the structures and processes for the direction and control of companies. It defines the role of the management, board of directors, controlling shareholders, minority shareholders and other Corporate governance of listed companies stakeholders. Effective corporate governance enhances the performance of companies, increases access to outside capital and contributes to sustainablCorporate governance of listed companies
e economic development.* 1For emerging market countries, the enhancement of corporate governance can serve a number of important public policy objectiBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies e cost of capital, and leads to capital market development. In contrast, weak corporate governance reduces investor confidence and discourages outside investment. Also, as pension funds continue to invest more in equity markets, good corporate governance is crucial for preserving retirement savings. Corporate governance of listed companies 2 Over recent years, the importance of corporate governance has been highlighted by* Toan Le MinhfPhD student); ** Gordon Walker (Professor), La TrobeCorporate governance of listed companies
University, School of Law.1See further. World Bank Representative in Vietnam (WBVN), ‘Corporate Governance Country Assessment: Vietnam' (2006) 1-5; OBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies operation and Development (OECD), 'White Paper on Corporate Governance in Asia' (2003) 5-10.2Ibid.academic research which links good corporate governance practices to significant increases in a firm's EVA (economic value added), as well as higher productivity and a lower risk of systemic financial f Corporate governance of listed companies ailures?I he framework for corporate governance in Vietnam, especially for listed companies, is in the early stages of development. A high degree of iCorporate governance of listed companies
nformality still exists in the corporate sector, rhe unofficial securities market is significantly larger than the formal market and there remains a lBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies imited capacity and resources. Among other key issues: investor protection is inadequate, related-party transaidions are pervasive, compliance with accounting standards is insufficient and disclosures of quality information are limited.This study examines the corporate governance of listed companies Corporate governance of listed companies . This study proceeds in three parts. Part I provides a background to the corporate governance. Part II outlines the current legal framework relatingCorporate governance of listed companies
to the corporate governance of listed companies. Part III assesses the corporate governance of listed companies in the light of the implementation priBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies se studies of the corporate governance of listed companies are provided. The study concludes that listed companies need to improve their corporate governance to ensure market transparency, investor protection and effective management in order to ensure better development of the securities market.I.e Corporate governance of listed companies gal Background to Corporate Governance1. t he development of a legal framework for corporate governance in VietnamUnder the Doi Moi policy, a multi-seCorporate governance of listed companies
ctored market economy (nen kinh te thi truong nhiêu thanh phan) and business freedom rights (quyen tu do kinh doanh) were two objectives in the ConstiBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies etnam), the Company I azo 1990 (l.uat cong tif), the Private Enterprise I.azo 1990 (l.uat3Seo furlhor generally, Thomas Clarke (od), theories of Corporate. Governance: the Philosophical foundation of Corporate Governance (2004); Jeffrey N Cordon and Mark J Roe (ods), Corvergence and Persistence in C Corporate governance of listed companies orporate. Governance (2004), Joan Jacques du Plessis, James McConvill and Mirko Bagaric, Principles of Contemporary Corporate Governance (2005); JohnCorporate governance of listed companies
Farrar, Corporate Gozwnance: theories. Principles, and Practice (2 ed, 2005); John Farrar (od), Comparative Corporate Governance (2003); John Farrar, Bond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies 15, 16, 21, 25, 27, and 58 of the Constitution 1992.doanh nghiep tu nhan), the Law on Encouragement of Domestic Investment 1994 (Luat Khuyen khich Dau tu trong nuoc), the State-Owned Enterprises Law 1996 (Luat doanh nghiep Nha nuoc) and the Law on Cooperatives 1996 (Luat Hop tac xa). These provided Corporate governance of listed companies domestic and foreign investors with the right to operate a business under various forms such as limited liability companies, shareholding companies,Corporate governance of listed companies
proprietors, private enterprises, partnerships, cooperatives, and joint-venture companies.5 6In 1999, the Enterprises Law 1999 (Luat doanh nghiep) wasBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies orate legal rules from Western jurisdictions, especially Anglo-American law, the Enterprises Law 1999 provided for the formation of various types of business associations. Besides the two company types provided for by the Company Law 1990 (the LLC and the SC), the Enterprises Law 1999 provided for t Corporate governance of listed companies wo additional business association forms: (i) one-organization owned LLCs (cong ty trach nhiem hull han mot thanh vien la to chuc) and (ii) partnershiCorporate governance of listed companies
ps (cong ty hop danh). In contrast to the Company Law 1990, the compulsory governance structure of a multiple shareholder LLC was required to have: (iBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies ii) the managing director (Giam doc or Tong giam doc) (MD); and a board of supervisors (Ban kiem soat) (where there are more than 11 shareholders)? This Law provided that a sc must have (i) a shareholders' meeting (Dai hoi dong co dong) which comprised all shareholders who have voting rights; (ii) a Corporate governance of listed companies board of management (Hoi dong yuan tri) led by a chairperson; (iii) a CEO(Gt7wn doc or Tong giant doc); and (iv) a board of supervisors5The Company LCorporate governance of listed companies
aw 1990 provided for two popular entities: limited liability companies (LLC) and shareholding companies (SC). The governance structure of a sc consistBond Law ReviewVolume 201 Issue 2Article 62008Corporate Governance of Listed Companies in VietnamToan l.e MinhGordon WalkerFollow this and additional Corporate governance of listed companies board of a sc selected the managing director (giant doc or tong giant doc) of the company. According to this Law, an LLC with more than 11 shareholders must have an internal governance structure like a SC. For other LLCs, governance structures were much simpler, requiring only a managing director wi Corporate governance of listed companies th neither a shareholders' meeting nor a management board. Although the Company Law 1990 had shortcomings (for example, an irrational focus on adminisCorporate governance of listed companies
tration, a lack of business freedom, and 'poor' corporate governance rules), it was significant as it saw the re-emergence of company law and businessGọi ngay
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