According to the revised law on credit institutions approved by the National Assembly last year, leaders at banks are not allowed to hold management positions in enterprises.
Accordingly, chair of board of directors (BoD), chair of the member board, tải w88 general director of credit institutions (CIs) cannot be the chair tải w88 member of BoD, or chair tải w88 member of the board of members, general director, deputy general director, or other equivalent titles in any other enterprises.
The new regulation has taken effect since January 15; however, under the transitional provision of the law, these leaders may continue to concurrently hold the two positions until the end of their term, or the expiry date of the appointment at the bank.
According to the National Assembly Economic Committee, the fact that an individual is holding leadership positions at both a bank tải w88 another business has triggered several problems tải w88 affected banking operations tải w88 safety of the entire banking system. Therefore, the new regulation aims to ensure publicity, transparency tải w88 risk prevention for both credit tải w88 production activities.
Many business people, therefore, have been forced to give up their current positions in enterprises, where they have gained their reputation tải w88 careers, to hold senior leadership at banks.
Mr. Duong Cong Minh, chair of Sacombank’s BoD, has officially resigned from his position in many other businesses to focus on the restructuring process at Sacombank. Specifically, he is no longer chair of BoD of four companies, including Him Lam Joint Stock Company, Bao Long Sport Equipment Joint Stock Company, Xin Man Development Joint Stock Company tải w88 Lien Viet Securities Company. He was elected to lead Sacombank at the bank’s annual general meeting in July 2017.
According to Minh, his resignation from Him Lam tải w88 other companies, where he used to hold top positions, will not affect the business of these companies.
Another case is of Mr. Do Minh Phu, chair of Doji Group, who recently announced his resignation from this position to continue being the chair of BoD of TPBank.
Similarly, Mr. Do Quang Hien, chair of T&T group tải w88 Saigon Hanoi Commercial Joint Stock Bank (SHB) also chose the bank tải w88 stepped down from T&T Group.
Mr. Hien will also withdraw from the top position at several other companies, such as Saigon Hanoi Fund Management Company, Saigon Hanoi Insurance Company tải w88 Saigon Hanoi Securities Company.
Another well-known businesswoman, Ms. Thai Huong has officially announced she will leave the chairmanship at TH Group, the owner of TH True Milk brand, after 10 years tải w88 choose to be the general director of Bac A Bank.
Currently, many business leaders are chairing banks’ BoDs tải w88 at the same time running other companies. For example, Mr. Vo Quoc Thang is chair of BoD at Kien Long Joint Stock Commercial Bank tải w88 Dong Tam Company; Mr. Vu Van Tien is chair of BoD at An Binh Commercial Joint Stock Bank tải w88 Geleximco Group; Ms. Nguyen Thi Nga is chairwoman of BoD at Southeast Asia Commercial Joint Stock Bank tải w88 BRG Group; while Ms. Le Thi Bang Tam is chairwoman of BoD at HCM City Development Joint Stock Bank tải w88 Vietnam Dairy Products Joint Stock Bank (Vinamilk). Some of the leaders said they will meet the above requirement by the end of their term.
