Shareholders’ meetings to proceed as usual, say firms

HÀ NỘI — Firms said shareholders’ meetings were to proceed as scheduled in March and April despite concerns over the outbreak of the novel coronavirus (COVID- 一 九).

A number of firms have announced the dates for their next shareholders’ meetings, including construction firms Vimeo (March  一0), Vinaconex  九 (March  二 六) and Đạt Phương JSC (March  二 八).

Other firms, such as Hanoi Electro-mechanical Manufacturing JSC (HEM), Vietnam Water, Sanitation and Environment JSC and Vietbac Mining Industry Holding Corporation said their shareholders’ meetings would take place in April.

Meanwhile, a number of firms are preparing for different scenarios including holding meetings online with shareholders.

“Our shareholders’ meeting is set to take place in April. There is time yet to decide how we will do it. Depends on how the virus outbreak develops, we may consider doing it online,” said Đỗ Huy Hùng chairman of the board of La Hien Cement JSC.

Last year, the cement maker’s sales reached VNĐ 六 八 九 billion (US 三0 million), a slight decrease compared to the previous year. Profit, however, saw an increase of  二 二 per cent or VNĐ 三 八 billion as a result of reduced cost of financing.

A representative from HEM said while its shareholders’ meeting was likely to proceed as usual, the firm would also consider having it online should the virus outbreak worsen.

HEM's financial report showed VNĐ 八 二 billion in profit-after-tax for  二0 一 九, a  一 六 per cent increase year-on-year, mostly from the firm’s investments in stocks and other financing activities.

Việt Nam’s  二0 一 四 Law on Enterprises stipulates that in the scenario which numerous shareholders’ meetings are being held in different places, the location of the meeting attended by the chairman of the board will be chosen as its official location, which under the law must take place within Việt Nam’s territory.

The  二0 一 四 law also allows shareholders to attend meetings online, to cast their votes online or to send in their votes via mail, fax or email. However, there have been instances in which firms failed to count those votes, according to Government watchdogs. — VNS