ABSTRACT:
Separation of management and supervisory roles are kèo nhà cái w88 principle of corporate governance, particularly State-ownedenterprise (SOE) governance. This particular factor comes from kèo nhà cái w88 complexity of kèo nhà cái w88 agent issue and kèo nhà cái w88 risk of having more serious consequence than kèo nhà cái w88 private sector. Transparent supervision in SOE governance benefits kèo nhà cái w88 pablie. Moreover, by ensuring accurate and timely information that kèo nhà cái w88 State can become more effective. kèo nhà cái w88 people kèo nhà cái w88 real owners also can exercise easily their supervisory powers over their capital in SOEs.
Keywords: State-ownedenterprise, corporate governance, management
Prior to kèo nhà cái w88 establishment of kèo nhà cái w88 Enterprise Law in 2014, kèo nhà cái w88 transparency and monitoring requirements of SOEs were relatively low. There is no law regulating SOE governancing, which explicitly regulates kèo nhà cái w88 disclosure of information as well as kèo nhà cái w88 regime for monitoring kèo nhà cái w88 quality of information disclosed. We only have found a number of regulations scattered in other sub-law documents, such as: Decree No. 101/2009/ND-CP dated 5 November 2009 of kèo nhà cái w88 Government on kèo nhà cái w88 pilot establishment operation and management of state economic groups; Decree No. 25/2010/ND-CP dated March 19, 2010 of kèo nhà cái w88 Government on converting state companies into one-member limited liability companies and managing one-member limited liability companies owned by kèo nhà cái w88 State... However, kèo nhà cái w88 provisions in kèo nhà cái w88 above documents are not strict enough and not compatible with international practice.
kèo nhà cái w88 2014 Enterprise Law set up a separate chapter for SOEs with regulations on organizational structure of management and operation such as SOEs organized in kèo nhà cái w88 form of one-member limited liability companies and decided by representative of owner offices; kèo nhà cái w88 management apparatus of kèo nhà cái w88 SOEs shall be composed of: kèo nhà cái w88 chairman of kèo nhà cái w88 company or kèo nhà cái w88 members' council, kèo nhà cái w88 director or general director, controllers... In addition, kèo nhà cái w88 completely new regulations on transparency of information in this chapter is expected to contribute to a strong breakthrough in SOE governance in particular as well as to kèo nhà cái w88 overall evolution of SOEs.
At present, Enterprise Law 2014 has been three applied for 3 years, it is undeniable kèo nhà cái w88 efforts of enterprises as well as state management agencies in kèo nhà cái w88 implementation of good governance mechanism including transparency and supervision obligations in SOEs. It is also necessary to take into account kèo nhà cái w88 fruits of kèo nhà cái w88 determination to build a modern corporate governance system in line with international business governance standards through kèo nhà cái w88 introduction of kèo nhà cái w88 "Voting Guidelines" for representatives of kèo nhà cái w88 State and "Code of Corporate Governance" applied at State-owned companies of SCIC in kèo nhà cái w88 past.
However, objectively, kèo nhà cái w88 transparency and monitoring requirements for SOEs remain weak, with few signs of improvement showing kèo nhà cái w88 expected changing. One of kèo nhà cái w88 most pressing issues facing SOEs management today is kèo nhà cái w88 lack of transparency and transparency of kèo nhà cái w88 most basic information such as financial status, asset amount or cash flow in kèo nhà cái w88 past to kèo nhà cái w88 information. It is intended, kèo nhà cái w88 future development plan of kèo nhà cái w88 business, kèo nhà cái w88 specific information about kèo nhà cái w88 benefits of kèo nhà cái w88 manager. Ownership, regulatory authorities, and investors are almost unaware of this type of information, even if it is necessary for them to assess and analyze kèo nhà cái w88 situation. Business according to its actual value. Consequently, having or receiving information that is accurate or not directly related to enterprise monitoring, is particularly important for SOEs.
One of kèo nhà cái w88 most pressing issues facing SOEs management today is kèo nhà cái w88 lack of transparency of kèo nhà cái w88 most basic information such as financial status, asset amount or cash flow in kèo nhà cái w88 past to kèo nhà cái w88 future development plan of kèo nhà cái w88 business, kèo nhà cái w88 specific information about kèo nhà cái w88 benefits of kèo nhà cái w88 manager. Ownership, regulatory authorities, and investors are almost unaware of this type of information, even it is necessary for them to assess and analyze kèo nhà cái w88 situation of business to its actual values. Consequently, having or receiving accurate information related directly to enterprise monitoring, is particularly for SOEs.
Consequently, having or receiving accurate information that is directly related to enterprise monitoring, particularly important for SOEs.
At present, SOE monitoring is still heavily replied on publicly available financial statements that we almost bypass kèo nhà cái w88 authenticity of kèo nhà cái w88 information disclosed therein. In addition, a financial report usually focuses on statistical indicators and financial indicators; while issues related to kèo nhà cái w88 progress, future of projects, kèo nhà cái w88 representative of kèo nhà cái w88 owner, kèo nhà cái w88 situation of executing kèo nhà cái w88 decision, kèo nhà cái w88 performance of kèo nhà cái w88 state owners objectives... have not been mentioned or remain concerned meager. Therefore, if using such public information, kèo nhà cái w88 assessment and supervision is actually focused on state-owned enterprises, but not enough data to focus on monitoring SOEs in kèo nhà cái w88 process of implementing kèo nhà cái w88 functions of state as owners. State owner. In addition, kèo nhà cái w88 assignment of regulatory authorities (ministries) to oversee SOE operations in different professional areas can be considered as a relatively scientific assignment. However, many overlapping requirements are very easy to create a significant administrative burden on compliance obligations of SOEs, so that kèo nhà cái w88 ability to fully and accurately meet kèo nhà cái w88 reporting requirements of SOEs is reduced significantly. It does not take into account kèo nhà cái w88 problem that kèo nhà cái w88 ministries themselves have not coordinated or agreed on kèo nhà cái w88 clarity standard or regulations for kèo nhà cái w88 evaluation and supervision SOEs. This is also one of kèo nhà cái w88 important reasons for kèo nhà cái w88 financial lost from working in kèo nhà cái w88 high risk industry, investment outside key sectors, financial investment, real estate, banking... of kèo nhà cái w88 SOEs.
Thus, although kèo nhà cái w88 legal framework for transparency and basic monitoring has been much improved over kèo nhà cái w88 time before kèo nhà cái w88 Enterprise Law 2014 was applied, kèo nhà cái w88 real application has not met kèo nhà cái w88 expectations of kèo nhà cái w88 quality and frequency of information disclosure. This problem leads to difficulties and limitations on monitoring kèo nhà cái w88 effectiveness of management by agencies and SOE owners.
2. International experience on transparency and monitoring of SOE governance
Although there has been progress in establishing a legal framework for information disclosure and monitoring mechanisms, kèo nhà cái w88 achieved effectiveness is not significant because kèo nhà cái w88 transparency standard of both financial and non-financial information of our country is still low compared with other countries in kèo nhà cái w88 world.
Regarding to kèo nhà cái w88 transparency, in Korea, an open information system for SOEs was introduced on kèo nhà cái w88 Internet more than a decade ago. SOEs will have to "disclose" their business data in accordance to kèo nhà cái w88 standardized levels of kèo nhà cái w88 system, and of course, kèo nhà cái w88 public will be able to access these information. As kèo nhà cái w88 demand for information disclosure is expanding, in 2012, kèo nhà cái w88 Government of Korea requires kèo nhà cái w88 list of 33 categories of information that is needed to be transparent, including information on subsidiaries, number of current and former employees, kèo nhà cái w88 number of business units, kèo nhà cái w88 main activity index, kèo nhà cái w88 average wage for employees, remuneration, long-term and short-term debt, consumer satisfaction survey results…
Regarding to kèo nhà cái w88 surveillance, kèo nhà cái w88 South Korean government actively expressed kèo nhà cái w88 desire to strengthen kèo nhà cái w88 position of government in kèo nhà cái w88 business council of SOEs, and kèo nhà cái w88 appointed SOE President is a member of kèo nhà cái w88 board. In addition, Korean law obliges all commercial SOEs to set up independent audit committees.
In Sweden, kèo nhà cái w88 Guidelines for External Reporting apply to SOEs including: annual reports, interim reports, owner reports, internal monitoring reports and sustainability reports. kèo nhà cái w88 requirement for transparency of SOEs' information must be kèo nhà cái w88 same as that of other listed companies. In addition, SOE accountability is required if there are any incompatible or misleading issues in kèo nhà cái w88 reports. Under this guidance, sustainability reports must be publicly available on kèo nhà cái w88 company's website alongside annual reports.
For monitoring, senior SOE executive positions are recruited under kèo nhà cái w88 "Guidelines on Recruitment Terms for Senior Executives in SOEs." All matters related to recruitment as well as remuneration for CEO and senior CEO are detailed in kèo nhà cái w88 recruitment instructions of kèo nhà cái w88 Swedish Government. For any case or activity that is not compatible with kèo nhà cái w88 guidelines, kèo nhà cái w88 reporting responsibility belongs to kèo nhà cái w88 SOE board.
In Germany, kèo nhà cái w88 annual reporting on kèo nhà cái w88 holding and using of state capital is not only kèo nhà cái w88 responsibility of members of kèo nhà cái w88 federal regulator but also kèo nhà cái w88 managers of SOEs (members of kèo nhà cái w88 board of directors ) are also responsible for reporting to kèo nhà cái w88 parliamentary committee under kèo nhà cái w88 Federal Budget Act. In addition, kèo nhà cái w88 rules for supervisory board members are also more stringent than before to ensure these members are not affected by any benefits or conflicts of interest during kèo nhà cái w88 implementation process of monitoring activities.
Some other countries with transition economies, such as Poland and China, have also made some efforts in legislative reform to increase publicity and monitoring in kèo nhà cái w88 SOEs governance.
In Poland, kèo nhà cái w88 "National Owner Supervision System - kèo nhà cái w88 New Corporate Governance in State Companies" is kèo nhà cái w88 pre-eminent legal document for kèo nhà cái w88 establishment of kèo nhà cái w88 nomination committee, which has kèo nhà cái w88 duty to propose candidates for supervisory committees of a number of "big size" state-owned SOEs, and recommend kèo nhà cái w88 dismissal of supervisory board members when unwanted situation arises. kèo nhà cái w88 nomination committee will consist of 10 members appointed by kèo nhà cái w88 Prime Minister based on their knowledge and experience in areas such as economics, public finance, transport, media... and kèo nhà cái w88 President of kèo nhà cái w88 Office. Financial Monitoring. In addition, Polish law, instead of allowing kèo nhà cái w88 State to directly appoint managers in kèo nhà cái w88 important state-owned enterprises, is now required kèo nhà cái w88 selection must be approved by kèo nhà cái w88 Election Commission. This is considered to be a tightening of kèo nhà cái w88 law to strengthen kèo nhà cái w88 monitoring in SOE governance.
In China, kèo nhà cái w88 disclosure and transparency of information of 100% state-owned enterprises also occur a lot of difficulties when kèo nhà cái w88 number of SOEs that do not comply with kèo nhà cái w88 regime of disclosure information is quite significant, which also leads to restrictions on kèo nhà cái w88 supervision of SOEs. However, kèo nhà cái w88 efforts of kèo nhà cái w88 Chinese government to reform kèo nhà cái w88 law, and adjust kèo nhà cái w88 legal framework in order to enhance transparency and monitoring of kèo nhà cái w88 SOE system, are also valuable reference experiences. For example, China government promote kèo nhà cái w88 transparent disclosure of information and supervision by promulgating regulations mandating all SOEs to publish annual reports, encouraging SOEs to list on kèo nhà cái w88 stock market both inside and outside kèo nhà cái w88 country.
In Greece, kèo nhà cái w88 law required for internal auditing must be participated by at least one auditor designated by kèo nhà cái w88 owner of kèo nhà cái w88 State. Each internal auditor is responsible for reporting to both kèo nhà cái w88 accounting team and kèo nhà cái w88 owners. There are also regulations requiring departments and boards of SOEs to submit annual and mid-term business plans and long-term strategic plans to kèo nhà cái w88 Ministry of Finance. At kèo nhà cái w88 same time, kèo nhà cái w88 dissemination of SOE information is also established and coordinated under kèo nhà cái w88 commitment of kèo nhà cái w88 owners.
3. Lessons and some recommendations
Based on kèo nhà cái w88 current situation of kèo nhà cái w88 law, applying kèo nhà cái w88 present law of Vietnam, and kèo nhà cái w88 study of kèo nhà cái w88 legal experience of developed, developing countries and nations with transition economies, this study proposes some lessons and recommendations for ensuring transparency and monitoring in SOEs governance in Vietnam include:
Firstly, building a common information portal to publicize kèo nhà cái w88 publicity information categories of all SOEs, requesting SOEs periodically provide timely and accurate information. Transparency can be started from kèo nhà cái w88 most basic categories and progressively increased kèo nhà cái w88 categories according to kèo nhà cái w88 roadmap to avoid overlapping and pressure on SOEs, thus affecting their operational efficiency as well as reporting progress. To implement this content, kèo nhà cái w88 law should establish a clear legal framework with specific regulations such as which agencies will directly take responsibility of kèo nhà cái w88 focal point instead of currently dividing kèo nhà cái w88 reporting and monitoring tasks for many agencies or regulating kèo nhà cái w88 responsibility of SOEs to synthesize information to kèo nhà cái w88 responsible parties.
Secondly, formulation, modification and supplementation of kèo nhà cái w88 current law provisions in kèo nhà cái w88 direction of unified management of information transparency and supervision of kèo nhà cái w88 SOEs governance. It is needed to avoid dispersal, scattered in various legal documents on SOE governance as it is now.
Third, developing kèo nhà cái w88 regulatory standards for kèo nhà cái w88 disclosure of financial and non-financial information. Standardization according to kèo nhà cái w88 particular form and methods and disclosure these information on kèo nhà cái w88 portal so that businesses are easy to find and implement them. At kèo nhà cái w88 same time, paying attention to simplifying kèo nhà cái w88 list and reporting methods to avoid reporting statistical, cumbersome and not focused information.
Fourth, for kèo nhà cái w88 manager of state-owned enterprises, there should be a close management for this position to avoid abuse of power and self-interest. For kèo nhà cái w88 non-compliance or improper compliance acts according to kèo nhà cái w88 law, regarding to kèo nhà cái w88 accuracy and timeliness of kèo nhà cái w88 public information of SOEs, it is necessary to strengthen rigid sanctions.
Fifth, kèo nhà cái w88 regulation on SOE governance should be redesigned, in which clarifying kèo nhà cái w88 role of kèo nhà cái w88 owner with kèo nhà cái w88 right to make decisions for kèo nhà cái w88 business. For public disclosure of SOEs, kèo nhà cái w88 purpose is making kèo nhà cái w88 public is able to participate in direct monitoring via comments sent to kèo nhà cái w88 portal. In addition, for monitoring, kèo nhà cái w88 responsibilities of kèo nhà cái w88 owner's representative, SOEs' leaders, prosecutors should be specific regulated for ensuring transparency of reporting information as well as in accountability, these positions should be responsible before kèo nhà cái w88 owner and kèo nhà cái w88 management agency.
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PHÁP LUẬT VỀ MINH BẠCH, GIÁM SÁT TRONG QUẢN TRỊ DOANH NGHIỆP NHÀ NƯỚC Ở VIỆT NAM VÀ KINH NGHIỆM QUỐC TẾ
ThS. LÊ NA
Khoa luật và Quan hệ quốc tế, Trường Đại học Kinh tế tài chính Thành phố Hồ Chí Minh
TÓM TẮT:
Tách biệt vai trò quản lý điều hành và giám sát thuộc về tính nguyên tắc trong quản trị doanh nghiệp và đặc biệt quan trọng đối với quản trị doanh nghiệp nhà nước. Yếu tố đặc biệt này xuất phát từ đặc thù của vấn đề đại diện phức tạp và nguy cơ để xảy ra hậu quả nghiêm trọng cao hơn so với các doanh nghiệp dân doanh. Minh bạch, giám sát trong quản trị doanh nghiệp nhà nước không chỉ là công khai “để biết”, mà thông qua việc đảm bảo thông tin chính xác, kịp thời, khiến Nhà nước có thể trở thành chủ sở hữu hiệu quả hơn và người dân - chủ sở hữu thực sự cũng dễ dàng thực hiện quyền giám sát của mình đối với đồng vốn của họ tại các doanh nghiệp nhà nước.
Từ khóa: Doanh nghiệp nhà nước, quản trị doanh nghiệp, quản lý điều hành.