Cẩm nang quản trị công ty

7/30/2019 Cm nang qun tr cng ty

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CCGIAODCH

TRNGYU

TRONGDOANH

NGHIP

NGHACA

CHNGKHON

TRONGQUN

TRCNGTY

CTC

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GII

THIUV

QUYNCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

NG

QU

NTR

TILIUNIB

VQUNTR

CNGTY

CCUCHUNG

TRONGQUN

TRCNGTY

GIITHIU

V

QUNTR

C

NGTY

QUN TR CNG TY L G

Hp tc vi:Chng trnh T vn ca IFC ti ng - Thi Bnh Dng

Y BAN

CHNG KHON

NH NC

CM NANGQUN TR CNG TY


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H Ni, Thng 10 nm 2010

CM NANGQUN TR CNG TY


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Xun bn ln th nht: 800 cun

In ti H Ni, Vit Nam

ISBN: 978-92-990029-6-4

2010 chc i chnh Quc t (IFC) gi bn quyn

2121 Pennsylvania Ave. NW, Washington, DC 20433, Hoa K

Tnh vin ca Nhm Ngn hng T gii

Bn quyn tc phm c bo h. C th s dng trch dn ngn t n phm ny vi iu kin phighi r ngun thng tin.


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Khuyn co chc i chnh Quc t (IFC), thnh vin ca Nhm Ngn hng T gii, lt chc pht trin ton cu ln nht tp trung h tr khu vc kinh t t nhnti cc nc ang pht trin. Chng ti to ra c hi cho mi ngi dn thotkhi i ngho v ci thin cuc sng. Chng ti thc hin s mnh thngqua vic h tr ti chnh gip cc doanh nghip to ra thm nhiu vic lm vcung cp cc dch v thit yu, huy ng vn t nhiu ngun khc nhau, vcung cp cc dch v t vn nhm m bo s pht trin bn vng.

U ban Chng khon Nh nc Vit Nam (UBCKNN ) l mt c quan trcthuc B i chnh, c thnh lp vi mc ch h tr pht trin th trngvn, trc tip qun l, gim st hot ng chng khon, cp php cho cc itng tham gia th trng v m bo vic thc thi php lut.Cun Cm nang Qun tr Cng ty ti Vit Nam c phi hp xut bn biIFC v UBCKNN l mt hot ng ca D n Qun tr cng ty ti Vit Namdo IFC trin khai k t nm 2008.Vi vic pht hnh cun Cm nang ny, cc tc gi cng nh cc t chc, qucgia m h i din v nh xut bn khng c nh a ra nhng kin t vnv ti chnh hay lut php. Cc ni dung trnh by trong cun Cm nang chnhm mc ch cung cp nhng ch dn chung v chng ti khng chu trchnhim vi bt c thit hi hoc chi ph c th xy ra do vic da vo cc thngtin trong cun Cm nang ny.Cun Cm nang ny khng th v khng c kh nng cp c tt c ccvn c lin quan. Mc d chng ti ht sc n lc trong vic hon thnhcun Cm nang ny, n khng nn c xem l c s cho vic a ra cc quytnh kinh doanh. Vi cc vn v ti chnh, cn c s tham vn t cc k tonvin, kim ton vin hoc cc chuyn gia ti chnh khc. Cc vn v mt lutphp nn c tham vn t pha lut s. Do cc b lut v cc vn bn php lca nc Cng ho X hi Ch ngha Vit Nam cn ang c tip tc iuchnh, cc quy nh php lut c tham chiu trong cun Cm nang ny c

th ht hiu lc hoc c thay th bi cc quy nh khc ti thi im cunCm nang ny c pht hnh. Cc vn bn php lut v cc quy nh khcc tham chiu trong cun Cm nang ny l nhng vn bn ang c hiuCc kt lun v nhn nh a ra trong cun Cm nang ny khng th hinquan im ca UBCKNN, ca IFC v Hi ng Qun tr ca IFC, ca Ngnhng T gii v cc gim c iu hnh ca Ngn hng T gii, cng nhca cc quc gia m cc t chc ny i din. UBCKNN, IFC v Ngn hngT gii khng m bo tnh chnh xc ca cc d liu c s dng trongcun Cm nang ny v khng chu trch nhim i vi cc hu qu do vic sdng cc d liu ny gy ra.

Cun Cm nang ny khng c cho thu, bn li hoc c pht hnh chomc ch thng mi m khng c s chp thun trc ca IFC.


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LI TA

D n Qun tr cng ty ti Vit Nam c thc hin bi chc i chnhQuc t (IFC) vi s hp tc ca Phn Lan, Ai len, H Lan, New Zealand vTy S.Cc hot ng ca D n c bt u thc hin t thng 9 nm 2009 vi mctiu tr gip cc cng ty v cc ngn hng ti Vit Nam ci thin cht lng

Qun tr cng ty.i sao Qun tr cng ty li quan trng? Qun tr cng ty tt s gip cho cngty to c li nhun vng chc, tng cng kh nng pht trin v huy ngtt hn cc ngun vn t bn ngoi, t th trng trong nc v quc t, tkhu vc Nh nc v t nhn. Mt yu t then cht trong quyt nh u tvo mt doanh nghip l lng tin. Lng tin c phn nh thng qua mt hthng Qun tr cng ty tt. Nu khng to dng c lng tin, s rt kh thuht c cc nh u t. iu ny ngy cng tr nn ng hn bao gi ht,c bit l t sau cuc khng hong ti chnh ton cu gn y nht nm 2008.Bn cnh , ngi lao ng cng mun c m bo chc chn rng h sc hng mt phn li nhun t cng sc lao ng v nng lc m h b

ra. Vic qun tr cng ty tt s gip cc cng ty to dng uy tn, thu ht ci ng lao ng tt v gn b h vi cng ty.D n Qun tr cng ty ca IFC ti Vit Nam nhm mc ch gip cc cng tytng cng lng tin gia cng ty v cc bn c lin quan trong cng ty. Chngti tr gip cc cng ty v cc bn c lin quan to ra mt mi trng da trnnn tng ca trch nhim v tnh gii trnh, ci m, minh bch, da trn vicnh gi nng lc v cc cam kt thc s,v da trn c s cc chun mcQun tr cng ty c cng nhn.D n c mc tiu tr gip cho cc nh lp php trong vic son tho cc vnbn lut mi v sa i, b sung cc vn bn php lut hin hnh. Mc ch

ca D n cng nhm tr gip cc c quan chc nng xy dng cc quy tcQun tr cng ty v gip cc trng i hc a b mn Qun tr cng ty vochng trnh ging dy ca h.Vi vic xut bn cun Cm nang Qun tr Cng ty ny, IFC mong munc ng gp vo vic tng cng v ci thin cht lng hot ng Quntr cng ty ti Vit Nam. Chng ti hy vng rng cun Cm nang ny khngch c s dng bi cc hc gi v sinh vin m cn c s dng bi ccc ng, thnh vin Hi ng qun tr, thnh vin Ban gim c iu hnhv cc i tng quan tm n ch ny nhm gip h hiu c trchnhim ca mnh v lm tt cng tc Qun tr cng ty.

Juan Carlos Fernandez ZaraGim c D nD n Qun tr cng ty ca IFC ti Vit Nam


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Qua 10 nm hot ng, th trng chng khon Vit Nam c c nhngbc tin ln, vng vng vi vai tr l mt knh huy ng vn trung v dihn cho vic pht trin kinh t t nc. uy vy, vic qun l v iu tit mtth trng chng khon mi ni t ra nhiu thch thc i vi UBCKNN vit cch l c quan qun l v chng khon ti Vit Nam. T trng chng

khon Vit Nam c nh gi l pht trin n nh, hnh lang php l angdn c kin ton theo cc tiu chun qun l gim st th trng chngkhon tin tin trn th gii. uy nhin, to iu kin huy ng vn cho doanhnghip cn phi i km vi vic hng dn doanh nghip thc hin ng vy cc quy nh php lut m bo tnh cng khai, minh bch gip thtrng i vo hot ng n nh v c hiu qu hn.Vn rt c quan tm trong cng tc xy dng v pht trin th trngchng khon l cht lng hng ha trn th trng. Nh c chnh schv c phn ha ca Nh nc cng vi s pht trin ca th trng chng

khon trong vi nm qua, s lng cc cng ty i chng v cc cng ty nimyt trn th trng tng r rt. Nhng s lng cc doanh nghip chuyni qu nhanh theo kp l trnh c phn ha, cng vi khi lng c phnpht hnh thm huy ng vn cho pht trin doanh nghip qua th trngchng khon ang tng mnh khin cht lng Qun tr cng ty ti cc cngty i chng, cng ty nim yt cha c Ban lnh o v Hi ng qun trca cc cng ty ch trng.rong vai tr l mt c quan xy dng v qun l, gim st th trng chngkhon hng ti cc chun quc t v cc thng l tt nht v Qun tr cng

ty, UBCKNN ch ng v tch cc hp tc quc t nhm c c s t vnv h tr t cc t chc quc t cho vn Qun tr cng ty, gip th trngchng khon hot ng minh bch v hiu qu hn na, nng cao cht lnghng ha trn th trng. rong n lc ny, UBCKNN cng vi IFC xut bncun Cm nang Qun tr Cng ty vi mc tiu a ra nhng kin thc, kinhnghim quc t v cc thng l tt nht v Qun tr cng ty, so snh vi thc t Vit Nam gip cho cc cng ty i chng c nh hng, nng cao hiu bitv ci thin tnh hnh Qun tr cng ty ca mnh. Cun Cm nang Qun trCng ty ny cng l mt sn phm cho mng l k nim 10 nm th trng

chng khon Vit Nam i vo hot ng.

STATE SECURITIES

COMMISSION

OF VIETNAM


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Cun Cm nang ny cung cp nhng kin thc y v cp nht v c l

lun v thc tin in hnh c c rt t kinh nghim khu vc v quc t.Hy vng cun Cm nang s gip ch cho cc cng ty c phn i chng, cbit l cc cng ty i chng nim yt nhng kin thc v kinh nghim nhmnng cao tnh chuyn nghip trong t chc, vn hnh cng ty v nng cao gitr doanh nghip trn th trng chng khon. Nng cao kh nng thc hinv p dng cc nguyn tc Qun tr cng ty gp phn gip c qun qun lNh nc v chng khon tng cng p dng cc chun mc quc t v ccthng l tt nht v Qun tr cng ty m bo tnh minh bch, cng bng,v cng khai trn th trng chng khon, t nng cao cht lng chng

khon giao dch trn th trng v thu ht thm cc ngun vn vo knhhuy ng vn ny.UBCKNN ng h sng kin xut bn cun Cm nang Qun tr Cng ty nyv hy vng rng cun Cm nang ny s c coi l ti liu qu, nh kim chnam v nguyn tc iu hnh qun l cho cc cng ty p dng vo thc tinnhm nng cao hiu qu hot ng v tn dng ti a cc ngun lc trong iuhnh qun l doanh nghip. Cc cng ty i chng v nim yt nn tham khonhng kin thc v kinh nghim c kt trong cun Cm nang ny l nhngm hnh mu cho vic t chc v vn hnh cng ty.

V BngCh tch y ban Chng khon Nh nc


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LI TAK t nm 2000 n nay, khu vc kinh t t nhn Vit Nam pht trin htsc nng ng. S lng cc cng ty, c bit l cc cng ty c phn i chng gia tng nhanh chng. Hng trm cng ty m rng quy m v phm vikinh doanh, mt s cng ty pht trin v tr thnh cc cng ty khu vc vton cu. ng thi, nn kinh t Vit Nam cng hi nhp ton din vimc lin kt ngy cng su vi kinh t khu vc v th gii.

rong qu trnh , p lc cnh tranh i vi cc cng ty ngy cng gay gt hn.Yu cu hon thin v nng cao hiu lc qun tr cng ty, m bo va phitun th ng cc quy nh ca quc gia, va phi ph hp vi cc nguyn tc,tp qun v thng l tt nht ca quc t, tr nn ht sc cp thit. CunCm nang Qun tr Cng ty c vai tr quan trng trong vic nh hng chokhu vc kinh t t nhn Vit Nam hng ti cc chun mc Qun tr cng tytt nht. nh hu ch ca cun Cm nang th hin trn mt s im sau y:Mt l, Cm nang tp hp v phn tch mt cch c h thng, y vton din cc quy nh php lut hin hnh v Qun tr cng ty nc tahin nay (bao gm cc vn bn lut, Ngh nh ca Chnh ph v cc Tng

t hng dn, Quyt nh c lin quan ca B ti chnh cng nh cc c quanban nghnh khc).Hai l, Cm nang gii thiu c chn lc cc thc tin, thng l tt trn thgii v Qun tr cng ty; phn tch so snh thc tin nc ta vi thc tin timt s quc gia c hon cnh tng t.Ba l, Cm nang gii thiu nhng gii php, thng l tt nht c th p dng hon thin cng tc Qun tr cng ty trong iu kin v khun kh phplut hin nay nc ta.Ngoi ra, cun Cm nang ny cng s ti liu tham kho hu ch cho cc c

quan Nh nc c lin quan trong vic hon thin khung php l v Quntr cng ty Vit Nam, vn dng tt cc nguyn tc v thng l quc t trongvic gii quyt cc vn c th ca cc cng ty Vit Nam. N cng l ti liurt hu ch i vi cc nh nghin cu, cc nghin cu sinh, sinh vin mongmun m rng, nng cao nhn thc v hiu bit ca mnh v lnh vc Quntr cng ty.S ra i ng lc ca cun Cm nang ny s to thm ng lc cho cngng cc doanh nghip trong nc trn con ng hng ti cc chun mctt nht v Qun tr cng ty.

in s Nguyn nh CungPh Vin trngVin Nghin cu v Qun l Kinh t rung ng


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IFC, thnh vin ca Nhm Ngn hng T gii, l t chc pht trin ton cu lnnht tp trung h tr khu vc t nhn ti cc nc ang pht trin. Chng ti tora c hi cho mi ngi dn thot khi i ngho v ci thin cuc sng. Chngti thc hin s mnh thng qua vic h tr ti chnh gip cc doanh nghipto ra thm nhiu vic lm v cung cp cc dch v thit yu, huy ng vn tnhiu ngun khc nhau, v cung cp cc dch v t vn nhm m bo s phttrin bn vng. rong bi cnh kinh t th gii c nhiu bt n, tng u t mitrong nm ti chnh 2010 ca chng ti vn tng ln mc k lc 18 t la M. bit thm thng tin chi tit, xin vui lng truy cp trang web: www.ifc.orgChng trnh vn ca IFC ti Khu vc Mekongi cc nc Campuchia, Lo v Vit Nam thuc khu vc Mekong, IFC t vncho cc chnh ph, cc doanh nghip t nhn v cc ngnh cng nghip ccgii php pht trin doanh nghip mt cch bn vng v to ra mi trngu t lnh mnh. Cc hot ng t vn tp trung vo cc bin php ci thinmi trng u t, m rng kh nng tip cn ti cc dch v ti chnh cho ccdoanh nghip, pht trin c s h tng v nng cao cc tiu chun mi trngv x hi. i khu vc Mekong, chng trnh t vn ca chng ti c h tr

bi Lin minh Chu u, Phn Lan, Ailen, H Lan, New Zealand v Ty S.Cc chng trnh t vn tp trung vo nm lnh vc:Mi trng u t: lm vic vi cc chnh ph, cc t chc x hi dn s vcc cng ty t nhn ci thin iu kin pht trin khu vc kinh t t nhn.Nng cao kh nng tip cn ti chnh: lm vic vi cc t chc ti chnh v ccc quan qun l nh nc m rng kh nng tip cn ca h ti cc doanhnghip nh. vn pht trin doanh nghip bn vng: IFC h tr pht trin doanhnghip bn vng to iu kin cho mi thnh phn kinh t x hi. IFC xy

dng nn b tiu chun hot ng v mi trng v x hi, chng ti khuynkhch cc thng l kinh doanh mang tnh pht trin bn vng ti mi nghnhngh nh c s h tng, cng nghip khai khong, sn xut, nng nghip vdch v. Chng trnh ca IFC h tr y mnh vic p dng cc thng l ttnht trn th gii trong qun tr cng ty v tng cng nhn thc ca cc itng c lin quan trong cng ty cng nh trch nhim ca ban lnh o.ip cn c s h tng: lm vic vi chnh ph v cc doanh nghip t nhn pht trin h tng c s tt hn trong khu vc nhm thc y tng trng

V D n Qun tr cng ty:D n nhm tr gip cc cng ty v cc qu u t thc hin cc thng l ttv Qun tr cng ty, h tr cc c quan qun l Nh nc trong vic xy dngcc m hnh Qun tr cng ty c hiu qu, h tr tng cng nng lc o toca cc t chc o to v nng cao nhn thc ca cng chng v cc vn Qun tr cng ty.

V IFC


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Mc ch v i tng ca Cm nang

Cun Cm nang ny cung cp cho cc ch th qun tr, cc c ng ca cccng ty i chng Vit Nam nhng kin thc y v c cu Qun tr cng tyv thc tin ti Vit Nam. Cun Cm nang cng l mt cng c hu hiu nhmmc ch a cc thng l tt v Qun tr cng ty vo thc tin. Cun Cm nangmang n cho c gi:

ng quan v cc yu cu php l c lin quan n Qun tr cng ty vcc nguyn tc qun tr c chp nhn rng ri trn th gii.

Cc khuyn ngh trong vic thc hin cc ngha v v qun tr ca cccng ty i chng v cng ty nim yt.

Cc v d thc tin v vic thc hin cc chun mc v Qun trcng ty v cc hng dn cho Ban Gim c v thnh vin Hing qun tr trong vic p ng cc ngha v c lin quan ncng tc Qun tr cng ty.

ng quan v thm quyn, ngha v v th tc hot ng ca cc chth qun tr trong cc cng ty i chng v cc cng ty nim yt.

Cun Cm nang ny cng cung cp cho cc thnh vin chnh ph, cc luts, thm phn, nh u t v cc i tng khc mt c s nn tng trongvic nh gi thc tin Qun tr cng ty ca cc doanh nghip Vit Nam.Cui cng, cun Cm nang c th c dng lm ti liu tham kho chocc t chc o to trong vic o to cc th h cc thnh vin Hi ngqun tr, Ban gim c, Ban kim sot, cc nh u t v cc nh lp php

ca Vit Nam v cc thng l tt trong Qun tr cng ty.


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Cm nang Qun tr cng ty bao gm 14 chng:

Chng 1: Gii thiu v Qun tr cng tyChng 2: C cu chung trong Qun tr cng tyChng 3: i liu ni b v Qun tr cng ty

Chng 4: Hi ng qun trChng 5: B my iu hnhChng 6: Vai tr ca T k cng tyChng 7: Gii thiu v quyn ca c ngChng 8: i hi ng c ngChng 9: ngha ca vn iu l trong Qun tr cng tyChng 10: C tcChng 11: ngha ca chng khon trong Qun tr cng tyChng 12: Cc giao dch trng yu trong doanh nghip

Chng 13: Cng b thng tinChng 14: Cc quy trnh kim ton v kim sot

Mi bn chng ca cun Cm nang tp trung vo cc vn then chttrong Qun tr cng ty. t c cc vn c xem xt mt cch chi tit trnc s cc quy nh php lut ca Vit Nam v trong tng trng hp c th,trn c s cc thng l tt c tha nhn trn th gii. Qu v c gi nnc ton b cun Cm nang ny c c s hiu bit y v c cu Quntr cng ty Vit Nam. uy nhin, qu v c gi cng khng nht thit phic tt c cc chng theo th t. Qu v c gi nn bt u t ch m

qu v yu thch v c ti cc chng khc trn c s cc ng dn v ccch thch.Cc v d minh ha v danh mc cc vn cn lu c a ra gip chocun Cm nang tr nn r rng v hu ch. Cc ni dung di y s xut hin nhiu ch khc nhau trong cun Cm nang ny:

DanhmcccvnChtchHingquntrcnlunhmmcch

gip cho Ch tch Hi ng qun tr xc nh c v hng cc cuc tholun ca Hi ng qun tr vo cc vn v Qun tr cng ty m cc cngty thng gp phi

Hng dn s dng Cm nang

Cc vn Ch tch HQT cn lu :


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CcthngltttmttccnguyntcQuntrcngtycaOECDcngnh cc chun mc Qun tr cng ty hng u t cc quc gia khc

Tng l ti cc quc gia khc cho thy cch thc cc quc gia khc tip cnvi cc vn v Qun tr cng ty lin quan nh th no. Mc ny nu btcc vn c th b lm dng trong Qun tr cng ty cng nh cc thng ltt trong Qun tr cng ty c th c p dng.

Cc tnh hung minh ha cho cc khi nim tru tng v ch ra cc vn m cc cng ty c th gp phi trong thc t.

Cc s liu, bng biu v cc minh ha khc c s dng minh ha chocc khi nim quan trng.

Cc dn chiu chi tit ti lut v cc quy nh khc nhm gip c gi tham

chiu ti cc vn bn gc.

Thng l ti cc quc gia khc:

Cc thng l tt:

Tnh hung:

Tnh hung 1


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Danh mc ti liu tham kho

B lut dn s B lut dn s s 33/2005/QH11 ca Quc hinc cng ha x hi ch ngha Vit Nam ra ngy14/6/2005.

B lut hnh s Lut sa i, b sung mt s iu ca B lut hnhs s 37/2009/QH12 c Quc hi thng quangy 19/6/2009.

B lut lao ng B lut lao ng ca Quc hi thng qua ngy 23thng 6 nm 1994, sa i ngy 2/4/2002; ngy29/11/2006 v ngy 1/4/2007.

D tho Lut Kim ton c lp thng 3/2010.

Lut cnh tranh Lut cnh tranh s 27/2004/QH11 c Quc hi

thng qua ngy 3/12/2004.

Lut cc t chc tn dng Lut cc t chc tn dng c Quc hi thngqua ngy 12/12/1997, c sa i b sung ngy15/6/2004 v c thay th bi Lut cc t chctn dng mi s 47/2010/QH12 c Quc hithng qua ngy 16/6/2010, c hiu lc k t ngy1/1/2011.

Lut chng khon Lut chng khon s 70/2006/QH11 c Quc

hi thng qua ngy 29/6/2006.Lut cng ty Lut cng ty c Quc hi thng qua ngy

21/12/1990.

Lut doanh nghip Lut Doanh nghip s 60/2005/QH11 c Quchi thng qua ngy 29/11/2005, c sa i bsung bi Lut sa i b sung mt s iu ca cclut lin quan n u t xy dng c bn ra ngy19/6/2009.

Lut doanh nghip Nh nc Lut doanh nghip Nh nc c Quc hi thngqua ngy 20/4/1995.


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Lut doanh nghip t nhn Lut doanh nghip t nhn c Quc hi thng

qua ngy 21/12/1990.Lut u t Lut u t s 59/2005/QH11 c Quc hi thng

qua ngy 29/11/2005.

Lut u t nc ngoi Lut u t nc ngoi c Quc hi thng quangy 29/12/1987.

Lut kinh doanh bo him Lut kinh doanh bo him c Quc hi thngqua ngy 9/12/2000.

Lut kinh doanh bt ng sn Lut kinh doanh bt ng sn s 63/2006/QH11c Quc hi thng qua ngy 29/6/2006.

Lut ngn hng Nh nc Lut ngn hng Nh nc s 01/1997/QH10 cQuc hi thng qua ngy 12/12/1997, c sai ngy 17/6/2003 v c thay th bi Lut ngnhng Nh nc mi s 46/2010/QH12 c Quchi thng qua ngy 16/6/2010, c hiu lc k tngy 1/1/2011.

Lut ph sn Lut ph sn s 21/2004/QH11 c Quc hithng qua ngy 15/6/ 2004.

Ngh nh s 01/2010/N-CP Ngh nh s 01/2010/N-CP ngy 4/1/2010 caChnh ph v cho bn c phn ring l.

Ngh nh s 14/2007/N-CP Ngh nh s 14/2007/N-CP ngy 19/1/2007 caChnh ph quy nh chi tit thi hnh mt s iuca Lut Chng khon.

Ngh nh s 27/2007/N-CP Ngh nh s 27/2007/N-CP ngy 23/2/2007 ca

Chnh ph v giao dch in t trong hot ng tichnh.

Ngh nh s 30/2009/N-CP Ngh nh s 30/2009/N-CP ngy 30/3/2009 caChnh ph v vic sa i, b sung mt s iu caNgh nh s 105/2004/N-CP ngy 30/3/2004ca Chnh ph v kim ton c lp.

Ngh nh s 43/2010/N-CP Ngh nh s 43/2010/N-CP ngy 15/4/2010 caChnh ph v ng k doanh nghip (thay th Ngh

dnh s 88/2006/N-CP ngy 9/8/2006).


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Chnh ph quy nh chi tit thi hnh mt s iuca Lut Kinh doanh bo him.

Ngh nh s 46/2007/N-CP Ngh nh s 46/2007/N-CP ngy 27/3/2007 caChnh ph quy nh ch ti chnh i vi doanhnghip bo him.

Ngh nh s 52/2006/N-CP Ngh nh s 52/2006/N-CP ngy 28/12/2006 caChnh ph v pht hnh tri phiu doanh nghip.


Chnh ph v pht hnh tri phiu quc t.

Ngh nh s 59/2009/N-CP Ngh nh s 59/2009/N-CP ngy 16/7/2009 caChnh ph v t chc v hot ng ca ngn hngthng mi.

Ngh nh s 84/2010/N-CP Ngh nh s 84/2010/N-CP ngy 2/8/2010 caChnh ph sa i, b sung mt s iu ca Nghnh s 14/2007/N-CP ngy 19 thng 01 nm2007 ca Chnh ph quy nh chi tit thi hnh mt

s iu ca Lut Chng khon.Ngh nh s 85/2010/N-CP Ngh nh s 85/2010/N-CP ngy 2/8/2010 ca

Chnh ph v x pht vi phm hnh chnh tronglnh vc chng khon v th trng chng khon(thay th Ngh nh s 36/2007/N-CP ngy3/3/2007).

Ngh nh s 105/2004/N-CP Ngh nh s 105/2004/N-CP ngy 30/3/2004ca Chnh ph v kim ton c lp.

Ngh nh s 109/2007/N-CP Ngh nh s 109/2007/N-CP ngy 26/6/2007ca Chnh ph v vic chuyn doanh nghip 100%

vn nh nc thnh cng ty c phn.

Ngh nh s 120/2005/N-CP Ngh nh s 120/2005/N-CP ngy 30/9/2005ca Chnh ph quy nh v x l vi phm php luttrong lnh vc cnh tranh.

Ngh nh s 129/2004/N-CP Ngh nh s 129/2004/N-CP ngy 31/5/2004ca Chnh ph quy nh chi tit v hng dn thi

hnh mt s iu ca lut k ton p dng tronghot ng kinh doanh.


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Ngh nh s 102/2010/N-CP Ngh nh s 102/2010/N-CP ngy 1/10/2010

ca Chnh ph hng dn chi tit thi hnh mt siu ca Lut kinh doanh bo him (thay th Nghnh 139/2007/N-CP ngy 5/9/2007).

Ngh nh s 146/2005/N-CP Ngh nh s 146/2005/N-CP ngy 23/11/2005ca Chnh ph v ch ti chnh i vi cc tchc tn dng.

Tng t s 06/2010/-NHNN Tng t s 06/2010/-NHNN ngy 26/2/2010ca NHNN hng dn v t chc, qun l, iu

hnh, vn iu l, chuyn nhng c phn, bsung, sa i Giy php, iu l ca ngn hngthng mi (thay th Quyt nh s 383/2002/Q-NHNN v Quyt nh s 1087/2001/Q-NHNN).

Tng t s 09/2010/-BC Tng t s 09/2010/-BC ngy 15/1/2010 caB i chnh hng dn v vic cng b thng tintrn th trng chng khon (thay th Tng t s38/2007/-BC).

Tng t s 17/2007/-BC Tng t s 17/2007/-BC ngy 13/3/2007 ca

B i chnh hng dn H s ng k cho bnchng khon ra cng chng.

Tng t s 18/2007/-BC Tng t s 18/2007/-BC ngy 13/3/2007 caB i chnh hng dn vic mua, bn li c phiu

v mt s trng hp pht hnh thm c phiu cacng ty i chng.

Tng t s 19/2003/-BC Tng t s 19/2003/-BC ngy 20/3/2003 caB i chnh hng dn iu chnh tng gim vn

iu l v qun l c phiu qu trong cng ty cphn.

Tng t s 50/2009/-BC Tng t s 50/2009/-BC ngy 16/3/2009 caB i chnh hng dn giao dch in t trn thtrng chng khon.

Tng t s 60/2004/-BC Tng t s 60/2004/-BC ngy 18/6/2004 caB i chnh hng dn vic pht hnh c phiu racng chng.

Tng t s 62/2009/-BC Tng t s 62/2009/-BC ngy 27/3/2009 caB i chnh hng dn sa i, b sung Tng


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t s 84/2008/-BC ngy 30/9/2008 ca B i

chnh hng dn thi hnh mt s iu ca LutTu thu nhp c nhn v hng dn thi hnhNgh nh s 100/2008/N-CP ngy 08/9/2008ca Chnh ph quy nh chi tit mt s iu caLut Tu thu nhp c nhn.

Tng t s 64/2004/-BC Tng t s 64/2004/-BC ngy 29/6/2004 caB i chnh hng dn thc hin mt s iu caNgh nh s 105/2004/N-CP ngy 30/3/2004ca Chnh ph v kim ton c lp.

Tng t s 84/2008/-BC Tng t s 84/2008/-BC ngy 30/9/2008 caB i chnh hng dn thi hnh mt s iu caLut Tu thu nhp c nhn v hng dn thi hnhNgh nh s 100/2008/N-CP ngy 08/9/2008ca Chnh ph quy nh chi tit mt s iu caLut Tu thu nhp c nhn.

Tng t s 86/2009/-BC Tng t s 86/2009/-BC ngy 28/4/2009 caB i chnh a i, b sung mt s im ca

Tng t s 155/2007/-BC ngy 20/12/2007ca B i chnh hng dn thi hnh Ngh nhs 45/2007/N-CP ngy 27 thng 3 nm 2007ca Chnh ph quy nh chi tit thi hnh mt siu ca Lut Kinh doanh bo him v Tng ts 156/2007/-BC ngy 20/12/2007 hng dnthc hin Ngh nh s 46/2007/N-CP ngy 27thng 3 nm 2007 ca Chnh ph quy nh ch ti chnh i vi doanh nghip bo him v doanhnghip mi gii bo him.

Tng t s 155/2007/-BC Tng t s 155/2007/-BC ngy 20/12/2007ca B i chnh hng dn thi hnh Ngh nhs 45/2007/N-CP ngy 27/3/2007 ca Chnh phquy nh chi tit thi hnh mt s iu ca LutKinh doanh bo him, c sa i theo Tng ts 86/2009/-BC ngy 28/4/2009.

Tng t s 156/2007/-BC Tng t s 156/2007/-BC ngy 20/12/2007hng dn thc hin Ngh nh s 46/2007/N-CP ngy 27/3/2007 ca Chnh ph quy nh ch ti chnh i vi doanh nghip bo him v doanhnghip mi gii bo him.


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Tng t s 194/2009/-BC Tng t s 194/2009/-BC ngy 2/10/2009 ca

B i chnh hng dn vic cho mua cng khaic phiu ca cng ty i chng, chng ch qu caqu u t i chng dng ng.

Quyt nh s 01/2009/Q-g Quyt nh s 01/2009/Q-g ngy 2/1/2009 caT tng Chnh ph v vic thnh lp S GDCKH Ni.

Quyt nh s 12/2007/Q-BC Quyt nh s 12/2007/Q-BC ngy 13/3/2007ca B i chnh v vic ban hnh Quy ch Qun

tr cng ty p dng cho cc cng ty nim yt trn SGiao dch Chng khon.

Quyt nh s 13/2007/Q-BC Quyt nh s 13/2007/Q-BC ngy 13/3/2007ca B i chnh Ban hnh Mu bn co bchtrong H s ng k cho bn chng khon ra cngchng v H s ng k nim yt chng khon tiS giao dch chng khon.

Quyt nh s 15/2007/Q-BC Quyt nh s 13/2007/Q-BC ngy 19/3/2007ca B i chnh v vic ban hnh iu l mu p

dng cho cc cng ty nim yt trn S Giao dchChng khon.

Quyt nh s 15/Q-LK Quyt nh s 15/Q-LK ngy 2/4/2008 v vicban hnh Quy ch thc hin quyn cho ngi shu chng khon.

Quyt nh s 24/2007/Q-NHNN Quyt nh s 24/2007/Q-NHNN ngy 7/6/2007ca Ngn hng Nh nc Ban hnh Quy ch cpgiy php thnh lp v hot ng ngn hng thng

mi c phn.Quyt nh s 27/2007/Q-BC Quyt nh s 27/2007/Q-BC ngy 24/4/2007

ca B i chnh v vic ban hnh Quy ch t chcv hot ng ca cng ty chng khon, c sai theo Quyt nh s 126/2008/Q-BC ngy26/12/2008.

Quyt nh s 36/2006/Q-NHNN Quyt nh s 36/2006/Q-NHNN ngy 1/8/2006ca Tng c Ngn hng Nh nc ban hnh

Quy ch kim tra, kim sot ni b ca t chc tndng.


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Quyt nh s 37/2006/Q-NHNN Quyt nh s 37/2006/Q-NHNN ngy 1/8/2006

ca Tng c Ngn hng Nh nc v vic banhnh Quy ch kim ton ni b ca t chc tndng.

Quyt nh s 87/2007/Q-BC Quyt nh s 87/2007/Q-BC ngy 22/10/2007ca B i chnh v vic ban hnh Quy ch ngk, lu k, b tr v thanh ton chng khon.

Quyt nh s 112/2009/Q-g Quyt nh s 112/2009/Q-g ngy 11/9/2009ca T tng Chnh ph quy nh chc nng,

nhim v, quyn hn v c cu t chc ca U banChng khon Nh nc trc thuc B i chnh.

Quyt nh s 168/Q-SGDHCM Quyt nh s 168/Q-SGDHCM ngy 7/12/2007ca Gim c SGDCK thnh ph H Ch Minh

v vic ban hnh Quy ch nim yt chng khonti S Giao dch Chng khon Tnh ph H ChMinh.

Quyt nh s 234/2003/Q-BC Quyt nh s 234/2003/Q-BC ngy 30/9/2003ca B i chnh v vic ban hnh v cng b su

(06) chun mc k ton Vit Nam (t 3).

Quyt nh s 324/Q-SGDHN Quyt nh s 324/Q-SGDHN ngy 4/6/2010 caGim c SGDCK H Ni ban hnh Quy ch nimyt chng khon ti S GDCK H Ni (thay thQuyt nh s 420/Q-GDCKHN)

Quyt nh s 832-C/Q/CK Quyt nh s 832-C/Q/CK ngy28/10/1997 v vic ban hnh quy ch kim tonni b.

Cc nguyn tc Qun tr cng ty ca OECD (2004)

Cm nang Qun tr Cng ty ca Serbia do IFC ti bn ln th 2 nm 2008


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BG Ban gim c iu hnh

CMKVN (VAS) Chun mc k ton Vit Nam

iu l Mu iu l mu quy nh i vi cc cng ty nim yt banhnh km theo Quyt nh s 15/2007/Q-BC.

EU Cng ng Chu u (European Union)

FIE Doanh nghip u t nc ngoi

GMS/HC i hi ng c ng (General Meeting of Shareholders)

HQ Hi ng qun tr

IAS Chun mc k ton quc t (International AccountingStandard)

IFRS Chun mc bo co ti chnh quc t (InternationalFinancial Reporting Standards)

IPO Pht hnh c phiu ln u ra cng chng (Initial PublicOering)

LCK Lut chng khon

LC Lut cnh tranh

LDN Lut doanh nghip

L Lut u t

LHS Lut hnh s

LK Lut k ton

Lut NHNN Lut Ngn hng Nh nc Vit Nam

Lut CD Lut cc t chc tn dng

NGOs Cc t chc phi chnh ph

OECD chc Hp tc v Pht trin Kinh t (OECD)

QC Qun tr cng ty

Danh sch cc t vit tt


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Quy ch Qun tr cng ty Quyt nh 12/2007/Q-BC

SGDCK S Giao dch chng khon

SGDHCM S Giao dch chng khon Tnh ph H Ch Minh

SGDHN S Giao dch chng khon H Ni

SEC y ban chng khon M (Securities ExchangeCommission)

LKCK rung tm lu k chng khon Vit Nam

UBCKNN y ban Chng khon Nh nc Vit Nam

VAFI Hip hi cc nh u t ti chnh Vit Nam

VAS Chun mc k ton Vit Nam

WO chc thng mi th gii (World rade Organization)


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Li cm n

Cun Cm nang Qun tr Cng ty ti Vit Nam bng ting Vit c dcht bn ting Anh, the Corporate Governance Manual Vietnam, c binson da trn cun Cm nang Qun tr Cng ty do Chng trnh Qun trcng ty ca IFC ti Nam u xut bn cho Sebia.Cun Cm nang Qun tr Cng ty ti Vit Nam l mt sn phm ca D nQun tr cng ty ti Vit Nam ca IFC trong khun kh hp tc vi y banChng khon Nh nc Vit Nam (UBCKNN).B Nguyn Nguyt Anh, Chuyn gia Chng trnh l ngi chu trch nhimchnh trong qu trnh xy dng, bin son v xut bn cun Cm nang cngvi UBCKNN, di s ch o trc tip ca ng Juan Carlos Fernandez Zara,Gim c D n Qun tr cng ty ti Vit Nam ca IFC. Chng ti xin trntrng cm n cc c nhn sau y tch cc ng gp v h tr qu trnh binson, thng dch v xut bn cun Cm nang ny:

T vn:B Nguyn Tanh NgnB Hong T Tanh Tyng Simon Droughtng Nguyn nh Cung, Ph Vin trng Vin Nghin cu v Qun l Kinht rung ng

UBCKNN:

ng V Bng, Ch tchB V T Kim Lin, Ph Ch tch

ng Nguyn Ngc Cnh, V trng V Hp tc quc tng Nguyn T T, V trng V Qun l pht hnhng Bi Hong Hi, Ph V trng V Qun l pht hnhng V Ch Dng, Ph V trng V Hp tc quc tB Nguyn T Tu Ty, Chuyn vin V Hp tc quc t

IFC:

ng Simon Andrews Gim c Khu vc M kngB Cerstin Sander Gim c b phn t vn SBA ca khu vc ng TiBnh Dng

ng Charles ravis Caneld Chuyn gia Qun tr cng ty cao cpng Nguyn Vn Ln Gim c D n Mi trng u tB Phm Lin Anh Chuyn gia Chng trnhB Chu Vn Anh Cn b truyn thng


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Mc lc

Cm nang Qun tr cng tyKHUYN CO III

LI TA Juan Carlos Fernandez Zara, IFC V

LI TA V Bng, UBCKNN VI-VII

LI TA Nguyn nh Cung, CIEM VIII

V IFC IX

MC CH V I TNG CA CM NANG X

HNG DN S DNG CM NANG XI-XII

DANH MC TI LIU THAM KHO XIII - XIX

DANH MC CC T VIT TT XX -XXI

LI CM N XXII

Chng 1: Cm nang Qun tr cng ty 1

A. QUN TR CNG TY L G?6

1. nh ngha v Qun tr cng ty 62. Vai tr ca cc bn c quyn li lin quan 93. S lc v lch s Qun tr cng ty 94. Phm vi quc t ca Qun tr cng ty hiu qu 135. Phn bit khi nim Qun tr cng ty 15

B. VAI TR V LI CH CA QUN TR CNG TY HIU QU 161. Thc y hot ng v nng cao hiu qu kinh doanh 172. Nng cao kh nng tip cn th trng vn 183. Gim chi ph vn v tng gi tr ti sn 194. Nng cao uy tn 21

C. CHI PH CHO QUN TR CNG TY 23

D. KHUN KH QUN TR CNG TY TI VIT NAM 25


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1. Nhng c trng ca Qun tr cng ty ti Vit Nam 25

2. Khun kh php l 273. Quy ch Qun tr cng ty p dng cho cc cng ty nim yt ti Vit Nam 314. Khun kh th ch 32

Chng 2 : C cu chung trong Qun tr cng ty 37

A. TH NO L MT CNG TY C PHN? 41

1. nh ngha v cng ty c phn 412. Cng ty i chng v cng ty c phn t nhn 423. Nhng li th v bt li ca cng ty i chng so vi cc loi hnh cng ty khc 454. Nhng khc bit mang tnh lut php lin quan n quyn li v vn s hu 47

B. C CU QUN TR CA MT CNG TY C PHN 511. i hi ng c ng 53

2. Hi ng qun tr 533. Ban gim c iu hnh 554. Cc y ban trc thuc Hi ng qun tr 565. Kim ton c lp 566. Ban kim sot 577. Kim ton ni b 57

8. Th k cng ty 58

Chng 3: Ti liu ni b v Qun tr cng ty 61

A. IU L CNG TY 66

1. Cc quy nh trong iu l cng ty 66

2. iu l Mu 67

3. Khi no th cn sa i b sung iu l cng ty? 68

4. Ai l ngi c quyn sa i b sung iu l cng ty? 68


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5. Sa i b sung iu l cng ty nh th no? 69

6. Phn i cc iu khon b sung iu l cng ty. 70

7. ng k cc ni dung sa i b sung iu l cng ty 71

8. Khi no th nhng thay i trong iu l cng ty c hiu lc? 71

9. Cng khai iu l cng ty 72

B. QUY CH NI B CA CNG TY 73

1. Cc loi quy ch ni b 732. Thng qua v sa i b sung quy ch ni b nh th no? 74

C. QUY TC QUN TR CNG TY 75

1. Quy tc Qun tr cng ty l g? 75

2. Quy tc Qun tr cng ty Vit Nam 77

D. QUY TC O C KINH DOANH TRONG CNG TY 79

1. Quy tc o c kinh doanh (Code of Ethics) l g? 79

2. Ti sao cng ty li cn phi c quy tc o c kinh doanh? 79

3. Thc hin quy tc o c kinh doanh nh th no? 80

4. Quy tc o c kinh doanh Vit Nam 81

Chng 4: Hi ng qun tr 83

A. THM QUYN CA HI NG QUN TR 931. Khi no cn thnh lp Hi ng qun tr? 932. S lc v thm quyn ca Hi ng qun tr 933. Thm quyn ca Hi ng qun tr trong vic gim st v kim sot chin lc 954. Thm quyn ca Hi ng qun tr lin quan ti quyn li ca c ng 102

5.Thm quyn ca Hi ng qun tr lin quan ti ti sn v vn iu l 102


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6. Thm quyn ca Hi ng qun tr trong vic kim sot,

cng b v minh bch ha thng tin 103

B. BU CHN V MIN NHIM THNH VIN HI NG QUN TR 1061. Bu chn thnh vin Hi ng qun tr v nhim k ca thnh vin Hi ng qun tr 1062. c ng vin vo Hi ng qun tr 1073. Thng tin v nhng ngi c c vo Hi ng qun tr 1084. Bu chn thnh vin Hi ng qun tr 110

5. Min nhim, bi nhim thnh vin Hi ng qun tr 113

C. THNH PHN CA HI NG QUN TR 1141. S lng thnh vin Hi ng qun tr 1142. Ai c th tr thnh thnh vin Hi ng qun tr? 1153. Phm cht, nng lc ca thnh vin Hi ng qun tr 1184. Cc dng thnh vin Hi ng qun tr 121

D. C CU V CC Y BAN TRC THUC HI NG QUN TR 1301. Ch tch 1302. Cc y ban trc thuc Hi ng qun tr 1323. Ch tch mt y ban trc thuc Hi ng qun tr 138

E. CC QUY TRNH LM VIC CA HI NG QUN TR 1391. Ch tch Hi ng qun tr v cc cuc hp ca Hi ng qun tr 139

2. Hp Hi ng qun tr 1403. Cuc hp u tin ca Hi ng qun tr 1414. Lch hp ca Hi ng qun tr? 1425. Ai c quyn triu tp mt cuc hp ca Hi ng qun tr 1426. Thng bo v cuc hp ca Hi ng qun tr 1437. S i biu quy nh cho cuc hp ca Hi ng qun tr 1448. Thnh vin Hi ng qun tr c th tham d cc cuc hp ca

Hi ng qun tr bng cch no 1449. Xem xt cc kin bng vn bn (L phiu vng mt) 146


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10. Quyt nh ca Hi ng qun tr 147

11. Bin bn hp Hi ng qun tr 14712. Th k cng ty v cc cuc hp ca Hi ng qun tr 149

F. BN PHN V NGHA V PHP L CA THNH VIN HI NG QUN TR 1501. Bn phn chm lo 1502. Bn phn trung thnh 1513. Quyn tip cn thng tin ca thnh vin Hi ng qun tr 155

4. Ngha v php l ca thnh vin Hi ng qun tr 1565. Khi no thnh vin Hi ng qun tr c min tr ngha v php l? 1566. Ai c quyn khiu kin thnh vin Hi ng qun tr? 1577. Bin bn hp Hi ng qun tr v ngha v php l ca thnh vin Hi ng qun tr 1588. Bo v thnh vin Hi ng qun tr trc ngha v php l 158

G. NH GI V O TO THNH VIN HI NG QUN TR 1591. Thnh vin Hi ng qun tr t nh gi 159

2. Tp hun v o to 160

H. CH LNG THNG CA THNH VIN HI NG QUN TR 162

I. TM TT CC VN CN LU KHI XC NHHIU QU CA HI NG QUN TR 166

Chng 5: B my iu hnh 169

A. B MY IU HNH V THM QUYN CA B MY IU HNH 1751.Thm quyn ca Ban gim c 1762.Thm quyn v yu cu nng lc ca Gim c thu ngoi 177

B. THNH PHN CA B MY IU HNH 1801. Ai c th tr thnh Tng gim c hoc thnh vin Ban gim c? 1802. Phm cht nng lc ca Tng gim c v thnh vin Ban gim c 1813. Thnh phn ca Ban gim c 182


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C. THNH LP V BI NHIM B MY IU HNH 1841. Bu chn v nhim k ca thnh vin Ban gim c 1842. Thm quyn ca Quyn Tng gim c 1873. Chm dt thm quyn ca B my iu hnh 187

D. QUY TRNH HOT NG CA B MY IU HNH 1881. Ngi lnh o Ban gim c 188

2. Cc cuc hp ca Ban gim c 1883. Quyn triu tp cuc hp Ban gim c 1894. Thng bo hp 1895. S lng i biu ti thiu cho cc cuc hp ca Ban gim c 1906. Biu quyt trong cc cuc hp ca Ban gim c 1907. Bin bn cc cuc hp ca Ban gim c 191

E. NGHA V V TRCH NHIM CA THNH VIN B MY IU HNH 193

F. NH GI NNG LC HOT NG 193

G. CH LNG THNG V TH LAO I CHO B MY IU HNH 1941.Chnh sch lng thng 1952.Hp ng lao ng vi thnh vin B my iu hnh 1973.Tr cp thi vic cho thnh vin B my iu hnh 199

Chng 6: Vai tr ca th k trong cng ty 201

A. VAI TR CA TH K CNG TY 2061. S cn thit v tm quan trng ca Th k cng ty 2062. Nhng yu cu i vi mt Th k cng ty 2083. Tnh c lp ca Th k cng ty 2104. Th tc b nhim Th k cng ty 211

B. THM QUYN CA TH K CNG TY 215


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QUNTR

CNGTY1. Nhng quy nh chung 215

2. Xy dng chnh sch v thng l Qun tr cng ty 2163. H tr Hi ng qun tr v mt php l v t chc 2164. Bo v quyn li ca cc c ng 2195. Tr gip vic cng b thng tin minh bch 221

C. HIP HI NGH NGHIP CA TH K CNG TY 224

Chng 7: Gii thiu v quyn ca c ng 227

A. NHNG VN CHUNG V QUYN CA C NG 2331. L do tr thnh c ng 2332. Cc loi c phn 2333. Cc loi quyn ca c ng 237

B. CC QUYN C TH CA C NG 242

1. Quyn biu quyt 2422. Quyn yu cu hy b quyt nh ca i hi ng c ng 2483. Quyn c nhn cc thng tin v cng ty 2494. Quyn t do chuyn nhng c phn 2515. Quyn c u tin mua chng khon 2526. Quyn yu cu cng ty mua li c phn 2547. Quyn ca c ng khi thanh l cng ty 2558. Quyn c xem xt, tra cu danh sch c ng 256

9. Quyn khi kin nhn danh cng ty 25710. Quyn c nhn c tc 25811. Quyn triu tp hp i hi ng c ng 25912. Quyn c ngi vo Hi ng qun tr v Ban Kim sot 25913. Cc hn ch i vi c ng sng lp 260

C. NH NC VI T CCH L MT C NG 261

1. Nh nc vi t cch l mt c ng thng thng 2612. Nh nc vi t cch l c ng nm gi cc c quyn 261


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3. Thc hin cc quyn ca Nh nc vi t cch l mt c ng 263

D. S NG K C NG 2651. S ng k c ng ca cng ty 2652. ng k vi Trung tm lu k chng khon Vit Nam 2663. ng k vi c quan ng k kinh doanh 268

E. BO V CC QUYN CA C NG 269

1. Bo m bi Lut doanh nghip 2692. Bo v bi h thng lut php 2703. Bo v bi y ban Chng khon Nh nc 2714. Cc t chc phi chnh ph trong vic bo v quyn ca c ng 2725. iu l cng ty v Quy ch ni b 2736. Hot ng ca c ng v hnh ng tp th 2747. Tha c c ng 275

F. NGHA V CA C NG 2771. Ngha v thanh ton y cc c phn ng k mua 2772. Ngha v i vi cc khon n v cc ngha v khc ca Cng ty 2773. Cc ngha v khc 277

Chng 8: i hi ng c ng 281

A. NHNG VN CHUNG 2881. Phn loi i hi ng c ng 2882. Thm quyn ca i hi ng c ng 289

B. CHUN B HP I HI NG C NG THNG NIN 2961. D tho chng trnh v ni dung cuc hp 2972. a ra cc quyt nh s b 2973. Lp danh sch c ng 300

4. Thng bo mi hp i hi ng c ng 303


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C

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IHINGC

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GIITHIUV

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5. Thng qua chng trnh v ni dung cuc hp Quyn ca c ng trong vic

thay i chng trnh v ni dung cuc hp 3116. D tho Ngh quyt i hi ng c ng 318

C. T CHC HP I HI NG C NG 3201. Quyn d hp i hi ng c ng 3222. ng k d hp i hi ng c ng 3233. Kim tra v cng b t l c ng tham d ti thiu 3254. Khai mc cuc hp i hi ng c ng 3275. Bu Ban kim phiu 3286. Khch mi tham d cuc hp 3297. Cng b chng trnh v th l cuc hp 3298. Tho lun cc vn trong chng trnh ngh s 3309. Biu quyt 33110. Kim phiu v ghi li kt qu biu quyt 33411. Cng b kt qu kim phiu v Quyt nh ca i hi ng c ng 334

12. B mc cuc hp i hi ng c ng 33513. Lu phiu biu quyt 33514. Lp Bin bn hp i hi ng c ng 33515. Ti liu hp i hi ng c ng 336

D. TNG QUAN V I HI NG C NG BT THNG 3391. Khi no cuc hp i hi ng c ng bt thng c t chc? 3392. Chun b hp i hi ng c ng bt thng 340

3. T chc hp i hi ng c ng bt thng thng qua vic ly kin bng vn bn 342E. NGH QUYT I HI NG C NG 3461. Cc quyt nh phi c thng qua bi a s phiu biu quyt 3462. Cc quyt nh phi c thng qua bi i a s phiu biu quyt 3463. Cc quyt nh phi c thng qua theo nguyn tc nht tr 3474. kin phn i 347


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Chng 9: ngha ca vn iu l trong Qun tr cng ty 351

A. MT S KHI NIM CHUNG V VN IU L 3561. nh ngha v Vn iu l 3562. Vn php nh hay Vn iu l ti thiu 3563. Vn iu l v s c phn c quyn pht hnh 3574. Thanh ton y vn c phn 3595. Gp vn iu l 361

B. TNG VN IU L 3631. Cc phng thc tng Vn iu l 3632. Cc hnh thc pht hnh c phn 3663. Tng Vn iu l t cc ngun vn ch s hu 3664. Bo v quyn s hu khi tng Vn iu l 3675. Th tc tng Vn iu l 368

C. BO M VN IU L 375

1. Tng quan v gim Vn iu l 3762. Mua li c phn 3813. S hu cho 387

D. QU D PHNG BT BUC V T NGUYN 3881. Qu d phng bt buc 3882. Cc qu khc 3883. Thng d vn 389

Chng 10: C tc 391

A. NHNG VN CHUNG V C TC 3951. Khi nim c tc 3952. Li nhun c th phn phi 3953. Quyn c nhn c tc 396

4. Cc loi c tc 3975. Phng thc thanh ton c tc 398


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CT

C

NGHACA

VNIUL

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IHINGC

NG

GIITHIUV

QUY

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6. Thm quyn quyt nh c tc 399

7. Gi tr c tc 3998. Tm quan trng ca chnh sch c tc n nh 401

B. TH TC CNG B V CHI TR C TC 4021. C tc c cng b nh th no? 4022. Danh sch c ng c nhn c tc 4043. Khi no c tc cng b c chi tr? 4054. Khi no cng ty khng th cng b chia c tc? 4065. Khi no cng ty khng th chi tr c tc cng b? 407

C. CNG B THNG TIN V C TC 408

D. CHNH SCH C TC 409

Chng 11: ngha ca chng khon trong Qun tr cng ty 413

A. TNG QUAN V CHNG KHON DOANH NGHIP 4181. Cc loi chng khon c bn C phiu v Tri phiu 4182. Chng khon di dng giy t v phi giy t 4213. Pht hnh chng khon trn th trng quc t 421

B. CC LOI CHNG KHON 4231. C phiu 423

2. Tri phiu 425

C. PHT HNH CHNG KHON 4311. Quyt nh pht hnh chng khon 4352. ng k quyt nh pht hnh chng khon 4363. Cp giy chng nhn cho bn chng khon ra cng chng 4374. Cho bn chng khon ra cng chng 441

D. CHUYN I CHNG KHON 446


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E. CHNG KHON PHI SINH 447

F. HUY NG VN TRN TH TRNG QUC T 449

Chng 12: Cc giao dch trng yu trong doanh nghip 455

A. GIAO DCH BT THNG 4601. nh ngha 4602. Xc nh gi tr ti sn trong cc giao dch bt thng 462

3. Th tc ph duyt cc giao dch bt thng 4634. C ng ph quyt cc giao dch bt thng nh th no? 4655. Yu cu v cng b thng tin 466

B. GIAO DCH VI CC BN LIN QUAN 4691. nh ngha 4692. Ph duyt giao dch vi bn lin quan 4743. Nhn bit giao dch vi bn lin quan 4774. Yu cu v cng b thng tin 4785. Giao dch vi bn lin quan b v hiu 4806. Trch nhim khi vi phm cc quy nh 481

Chng 13: Cng b thng tin 483

A. GII THIU V CNG TC CNG B THNG TIN 488

1. nh ngha v c s 4882. Cc nguyn tc cng b thng tin 4893. Thng tin b mt (B mt kinh doanh) 4904. Thng tin ni b v giao dch ni b 4915. Cng b thng tin ti cc cng ty nim yt v cc cng ty i chng 4936. Cng b thng tin v tnh minh bch 4947. Trch nhim bi thng c nhn trong trng hp khng thc hincng b thng tin 495

B. CC NI DUNG THNG TIN CNG B 497


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CHNGKHON

TRONGQUN

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CT

C

NGHACA

VNIUL

TRONGQUNTR

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IHINGC

NG

GIITHIUV

QUY

NCAC

NG

VAITRCA

THKCNGTY

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VQUNTR

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CCUCHUNG

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HNH

1. Cc kt qu ti chnh v hot ng kinh doanh 499

2. Cc mc tiu ca cng ty 5073. C cu s hu ca c ng ln v quyn biu quyt 5084. Thng tin v thnh vin Hi ng qun tr v Ban gim c iu hnh 5125. Cc yu t ri ro trng yu c th d on trc 5156. Ngi lao ng v cc bn c quyn li lin quan 5157. C cu v chnh sch Qun tr cng ty 5168. Cng b thng tin khi pht hnh chng khon Bn co bch 519

C. CNG B THNG TIN T NGUYN 5201. Trang thng tin in t (website) ca cng ty 5202. Cc phng tin thng tin i chng 521

Chng 14: Cc quy trnh Kim ton v Kim sot 525

A. BAN KIM SOT 5341. Thnh phn v yu cu i vi thnh vin Ban kim sot 5342. Thm quyn ca Ban kim sot 5363. c thnh vin Ban kim sot 5384. B nhim v min nhim thnh vin Ban kim sot 5395. Hp ng vi thnh vin Ban kim sot 5406. Th lao cho thnh vin Ban kim sot 5407. Quy trnh hot ng ca Ban kim sot 5418. Bo co ca Ban kim sot 543

B. KIM TON C LP 5441. Khi no cn kim ton hng nm? 5442. Quyn v ngha v ca kim ton c lp 5453. Quyn v ngha v ca cng ty 5464. B nhim kim ton c lp 5475. Tr ph dch v kim ton 5536. Bo co kim ton 553

7. Trch nhim ca kim ton c lp 554


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C. Y BAN KIM TON TRC THUC HI NG QUN TR 556

1. Chc nng ca y ban kim ton 5572. Thnh phn ca y ban kim ton 5593. Hp hnh ca y ban kim ton 5594. Tip cn thng tin v cc ngun lc 560

D. CHC NNG KIM SOT NI B 5611. Cc nguyn tc kim sot ni b 5622. Thnh phn ca h thng kim sot ni b 5633. Cc ch th v c nhn chu trch nhim v h thng kim sot ni b 5664. Kim ton ni b 569


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43/617

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QUN TR CNG TY

Chng


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1 Gii thiu v Qun tr cng ty


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CHNGKHON

TRONGQUN

TRCNGTY

CTC

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GII

THIUV

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NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

NG

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CCUCHUNG

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GIITHIU

V

QUNTR

C

NGTY

A. QUN TR CNG TY L G? 61. nh ngha v Qun tr cng ty 62. Vai tr ca cc bn c quyn li lin quan 9

3. S lc v lch s Qun tr cng ty 94. Phm vi quc t ca Qun tr cng ty hiu qu 135. Phn bit khi nim Qun tr cng ty 15

B. VAI TR V LI CH CA QUN TR CNG TY HIU QU 161. Thc y hot ng v nng cao hiu qu kinh doanh 172. Nng cao kh nng tip cn th trng vn 183. Gim chi ph vn v tng gi tr ti sn 19

4. Nng cao uy tn 21

C. CHI PH CHO QUN TR CNG TY 23

D. KHUN KH QUN TR CNG TY TI VIT NAM 251. Nhng c trng ca Qun tr cng ty ti Vit Nam 252. Khun kh php l 273. Quy ch Qun tr cng ty p dng cho cc cng ty nim yt ti Vit Nam 31

4. Khun kh th ch 32

Mc lc


46/617

1. Nhng vn Ch tch HQT cn lu

Cc thnh vin Hi ng qun tr v cc cn b qun l chcht c hiu r v Qun tr cng ty v tm quan trng ca ni vi cng ty v i vi cc c ng hay khng?

Hi ng Qun tr xy dng c mt chnh sch r rngv Qun tr cng ty v c mt k hoch ci thin nhngcch thc Qun tr cng ty hay cha? Cng ty trin khaicc bc thc hin k hoch ny hay cha?

Cng ty chnh thc b nhim mt c nhn no , chnghn Th k Cng ty, hoc thnh lp mt y ban trc thucHQT, hay mt b phn tng ng chu trch nhim gimst vic thi hnh chnh sch v cc bin php Qun tr cngty hay cha?

Cc cn b ch cht trong cng ty c hiu r v Cc Nguyntc Qun tr cng ty ca OECD, khun kh php l v Qun trcng ty ti Vit Nam v Quy ch Qun tr cng ty1 p dngcho cc cng ty nim yt ti Vit Nam hay khng? Cng tyc p ng cc yu cu trong Quy ch Qun tr cng ty vcng b y thng tin theo quy nh cho cc c ng vcc bn c quyn li lin quan trong bo co thng ninca mnh hay khng? Cng ty xy dng c cc Quy tcQun tr cng ty ring cho mnh hay cha? Trong cc bo coti chnh ca mnh, cng ty c cp n c cu v cc cch

thc Qun tr cng ty hay khng?

Liu cng ty c nm r cc t chc v th ch no ang hotng trong lnh vc Qun tr cng ty khng? Cng ty thamkho nhng ngun lc bn ngoi no cho vic p dng mth thng Qun tr hiu qu trong cng ty cha?

Nhng vn Ch tch HQT cn lu

1 Quyt nh 12/2007/Q-BC ca B i chnh ra ngy 13/03/2007 ban hnh cc Quy ch qun tr cngty p dng cho cc cng ty nim yt (Quy ch Qun tr cng ty)


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CHNGKHON

TRONGQUN

TRCNGTY

CTC

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GII

THIUV

QUYNCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

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NHNG VN CH TCH HQT CN LU

Qun tr cng ty c bit n nh mt thut ng quen thuc v

ngy cng tr nn thng dng ti Vit Nam. Cng vi s ra i ca Lut doanhnghip2 vo nm 1999, vai tr ca khu vc t nhn trong s pht trin kinht v to cng n vic lm bt u c nng cao. rong sut mt thp ninsau , sn xut trong nc c y mnh, doanh nghip t nhn pht trinnhanh v nng lc cnh tranh trn th trng quc t c ci thin. Bn cnhs pht trin , cng xut hin mt s v b bi trong cc tp on, cngty. Mc d mt s t chc trong nc v quc t vi n lc ca mnh gpphn nng cao nhn thc v ph bin khi nim Qun tr cng ty trong cngng kinh doanh, nhng vn c rt t cc cng ty ca Vit Nam thc s hiur chiu su v tnh phc tp trong ni hm ca khi nim ny.

rong thc t, nhng bc ci cch trong Qun tr cng ty thngch c thc hin mt cch hi ht v c s dng nh l mt chiu biqung b ch khng phi c s dng nh l mt cng c p dng ccc cu v cc quy trnh ni b nhm gip cng ty to dng nim tin ca ccc ng, nng cao kh nng tip cn ngun vn v gim thiu nguy c b tcng bi cc cuc khng hong ti chnh. Nhng p dng thnh cng ccc cu v quy trnh ny, cc cng ty cn phi tun th mt cch y v lin

tc nhng nguyn tc v s cng bng, tnh minh bch, tnh gii trnh v tnhtrch nhim.

Chng ny s lm r khi nim Qun tr cng ty, nu bt vai tr caQun tr cng ty, v im qua cc khun kh php l v th ch trong Qun trcng ty ti Vit Nam hin nay.

2 Lut doanh nghip (LDN) c Quc hi Vit Nam thng qua ngy 12/06/1999, c thay th bngLDN do Quc hi Vit Nam thng qua ngy 29/11/2005, v c sa i b sung trong mt s iu linquan ti c cu vn nm 2009.


48/617

1. Gii thiu v Qun tr cng ty

A. Qun tr cng ty l g?

1. nh ngha v Qun tr cng tyKhng c mt nh ngha duy nht v Qun tr cng ty (corporate

governance) c th p dng cho mi trng hp v mi th ch. Nhng nhngha khc nhau v Qun tr cng ty hin hu phn nhiu ph thuc vo cc

tc gi, th ch cng nh quc gia hay truyn thng php l.Teo IFC, Qun tr cng ty l nhng c cu v nhng qu trnh nh hng v kim sot cng ty. Vo nm 1999, chc Hp tc v Pht trinKinh t (OECD - Organization for Economic Cooperation and Development) xut bn mt ti liu mang tn Cc Nguyn tc Qun tr Cng ty (OECDPrinciples of Corporate Governance), trong a ra mt nh ngha chi tithn v Qun tr cng ty nh sau:

Nhn chung, phn ln cc nh ngha ly bn thn cng ty lm trungtm (gc nhn t bn trong) u c mt s im chung v c th c tmlc li nh sau:

Qun tr cng ty l mt h thng cc mi quan h, c xc nh

bi cc c cu v cc quy trnh: Chng hn, mi quan h gia cc cng v Ban gim c bao gm vic cc c ng cung cp vn cho Ban

Qun tr cng ty l nhng bin php ni b iu hnh v kim

sot cng ty [], lin quan ti cc mi quan h gia Ban gim c,Hi ng qun tr v cc c ng ca mt cng ty vi cc bn cquyn li lin quan. Qun tr cng ty cng to ra mt c cu ra cc mc tiu ca cng ty, v xc nh cc phng tin t cnhng mc tiu , cng nh gim st kt qu hot ng ca cngty. Qun tr cng ty ch c cho l c hiu qu khi khch l c Bangim c v Hi ng qun tr theo ui cc mc tiu v li ch cacng ty v ca cc c ng, cng nh phi to iu kin thun li chovic gim st hot ng ca cng ty mt cch hiu qu, t khuyn

khch cng ty s dng cc ngun lc mt cch tt hn.3

3 Cc Nguyn tc Qun tr Cng ty ca OECD (xem thm trang web: www.oecd.org).


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CHNGKHON

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CTC

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GII

THIUV

QUYNCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

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TILIUNIB

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CCUCHUNG

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GIITHIU

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NGTY

QUN TR CNG TY L G

gim c thu c li sut mong mun t khon u t (c phn)

ca mnh. V phn mnh, Ban gim c c trch nhim cung cp chocc c ng cc bo co ti chnh v cc bo co hot ng thng kmt cch minh bch. Cc c ng cng bu ra mt th ch gim st,thng c gi l Hi ng qun tr hoc Ban kim sot i dincho quyn li ca mnh. rch nhim chnh ca th ch ny l a ranh hng chin lc cho Ban gim c v gim st h. Ban gim cchu trch nhim trc th ch ny, v th ch ny li chu trch nhimtrc cc c ng thng qua i hi ng c ng (GMS GeneralMeeting of Shareholders). Cc c cu v cc quy trnh xc nh nhngmi quan h ny thng xoay quanh cc c ch qun l nng lc hotng v cc c ch bo co khc nhau.

Nhng mi quan h ny nhiu khi lin quan ti cc bn c cc li ch

khc nhau, i khi l nhng li ch xung t: S khc bit v li ch cth tn ti ngay gia cc b phn qun tr chnh ca cng ty, tc l giai hi ng c ng, Hi ng qun tr, v/hoc ng gim c (hoccc b phn iu hnh khc). in hnh nht l nhng xung t li chgia cc ch s hu v cc thnh vin Ban gim c, thng c gi l

vn ng ch-Ngi lm thu4 (Principal-Agent Problem). Xung t lich cng c th tn ti ngay trong mi b phn qun tr, chng hn giacc c ng (a s v thiu s, kim sot v khng kim sot, c nhn vt chc) v cc thnh vin Hi ng qun tr (iu hnh v khng iuhnh, bn trong v bn ngoi, c lp v ph thuc). Cc cng ty cn phixem xt v m bo s cn bng gia nhng li ch xung t ny.

Tt c cc bn u lin quan ti vic nh hng v kim sotcng ty: i hi ng c ng, i din cho cc c ng, a ra ccquyt nh quan trng, v d v vic phn chia li l. Hi ng quntr chu trch nhim ch o v gim st chung, ra chin lc vgim st Ban gim c. Cui cng, Ban gim c iu hnh nhng

4 Vn ng ch-Ngi lm thu c t in Kinh t hc Oxford nh ngha nh sau: Vn lin quanti cch m mt c nhn A khuyn khch mt c nhn B hnh ng v li ch ca c nhn A ch khng phiv li ch ca c nhn B.rong mi trng cng ty, c nhn A y l cc c ng (ng ch) v c nhnB l cc thnh vin Ban gim c (Ngi lm thu). i khi cc thnh vin Ban gim c c th theo uinhng mc tiu khc vi mc tiu ca cc c ng (v d to nn nhng ch ti chnh thay v to ragi tr cho cc c ng), hnh ng mt cch thiu trung thc, v thm ch i khi thiu nng lc. iu nys to ra ba loi chi ph tc nhn: (i) cc chi ph phn tn (tc l cc cn b qun l khng ti a ha ca cica cc c ng); (ii) cc chi ph gim st (cc c ng phi xy dng v thc hin nhng c cu kim sot),

bao gm c cc chi ph thay th; v (iii) cc chi ph khuyn khch (chi ph pht sinh khi cng chng u tphi tr tin thng khch l cc cn b qun l). Vai tr ct li ca mt h thng qun tr cng ty l phigim thiu tng chi ph tc nhn, t ti a ha gi tr ca cng ty cho cc c ng.


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1. Gii thiu v Qun tr cng tyhot ng hng ngy, chng hn nh thc hin chin lc ra,

ln cc k hoch kinh doanh, qun tr nhn s, xy dng chin lcmarketing, bn hng v qun l ti sn.

Tt c nhng iu ny u nhm phn chia quyn li v trchnhim mt cch ph hp - v qua lm gia tng gi tr lu dica cc c ng. Chng hn nh lm th no cc c ng nh lbn ngoi c th ngn chn vic mt c ng kim sot no tli thng qua cc giao dch vi cc bn lin quan, giao dch ngmhay cc th on tng t.5

H thng qun tr cng ty c bn v cc mi quan h gia nhngth ch qun tr trong cng ty c m t trong Hnh 1.

Ngun: IFC, thng Ba nm 2004

Mt khc, t gic bn ngoi, Qun tr cng ty tp trung vo nhngmi quan h gia cng ty vi cc bn c quyn li lin quan. Cc bn c quyn li

lin quan l nhng c nhn hay t chc c cc quyn li trong cng ty; cc quynli y c th xut pht t nhng quy nh ca lut php, ca hp ng, hay xutpht t cc mi quan h x hi hay a l. Cc bn c quyn li lin quan khngch c cc nh u t m cn bao gm cc nhn vin, cc ch n, cc nh cungcp, cc khch hng, cc c quan php lut, cc c quan chc nng ca nh nc,v cc cng ng a phng ni cng ty hot ng. Mt s ngi cn a c vn mi trng vo danh sch cc bn c quyn li lin quan quan trng.

5 Qun tr cng ty: Khun kh thc hin, Ngn hng T gii (Corporate Governance: A Framework forImplementation, the World Bank). Xem thm: http://www-wds.worldbank.org/external/default/main?pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000094946_00082605593465.

Hnh 1: H thng Qun tr cng ty

Cc c ng (i hi ng c ng)

Cc thnh vin HQT (Hi ng qun tr)

Cc thnh vin BG (Ban gim c )

B nhim v min nhimi din v bo co

B nhim, min nhim, ch o v gim stBo co v tr li

Bocom

tcchminhbch

Cpv

n


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Mt kha cnh quan trng ca qun tr cng ty lin quan ti vic m bo dng chyca ngun vn t bn ngoi vo cng ty. Qun tr cng ty cng lin quan ti vic tm ranhng cch thc khuyn khch cc bn c quyn li lin quan tham gia u t vongun vn con ngi v c s vt cht ca cng ty cc cp c th em li hiu quv mt x hi. Nng lc cnh tranh v thnh cng ca mt cng ty l kt qu ca vicchung tay chung sc v s ng gp t pha cc i tng cung cp ngun lc baogm cc nh u t, ngi lao ng, cc ch n v cc nh cung cp. Cc cng ty cnnhn thc r rng s ng gp ca cc bn c quyn li lin quan to nn mt ngunlc c gi tr xy dng nn nhng cng ty c kh nng cnh tranh v c kh nngem li li nhun. Do , m bo li ch lu di, cc cng ty cn phi khuyn khchs hp tc lm-ra-ca-ci gia cc bn c quyn li lin quan. C cu t chc Qun trcng ty phi bo m rng li ch ca cng ty c thc hin thng qua vic cng nhnquyn li ca cc bn lin quan v s ng gp ca h cho li ch lu di ca cng ty. Vvy, cng ty cn phi quan tm ti vic khuyn khch s hp tc c li gia cc bn cquyn li lin quan, v xy dng mt c cu t chc qun tr cng ty c tnh n nhngquyn li , cng nh cng nhn tm quan trng ca nhng quyn li i vi sthnh cng lu di ca cng ty.

Cc thng l tt:

2. Vai tr ca cc bn c quyn li lin quanNhiu b quy tc v Qun tr quc t, k c Cc Nguyn tc Qun tr

cng ty ca OEDC, tho lun v vai tr ca cc bn c quyn li lin quantrong quy trnh Qun tr cng ty. Vai tr ca cc bn c quyn li lin quan trongQun tr cng ty c bn n nhiu t trc ti nay. Mt s ngi cho rngcc bn c quyn li lin quan khng c quyn i hi i vi cng ty gingnh nhng i tng c quy nh r trong lut hoc trong hp ng. Mt sngi khc li cho rng cc cng ty thc hin mt chc nng x hi quan trng,c nh hng ln i vi x hi, v v vy phi hot ng v li ch chung ca x

hi. Quan im ny tha nhn rng cc cng ty i khi cn phi t gt li chca cc c ng sang mt bn. iu th v l ngi ta u nht tr cho rng cccng ty ngy nay khng th hot ng mt cch c hiu qu nu b qua li chca cc nhm c quyn li lin quan. uy nhin, ngi ta cng nht tr cho rngnhng cng ty lun t li ch ca cc bn c quyn li lin quan ln trn li chca cc c ng khng th duy tr c kh nng cnh tranh v lu di.

3. S lc v lch s Qun tr cng tyCc h thng Qun tr cng ty pht trin qua nhiu th k, thngl bt ngun t nhng tht bi ca cc cng ty hay nhng cuc khng hong


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1. Gii thiu v Qun tr cng tymang tnh h thng. Tt bi u tin trong Qun tr cng ty c ghi li

chnh l Bong bng Nam hi (South Sea Bubble) trong th k 18, mt s kinto nn cuc cch mng trong vic xy dng lut doanh nghip v cch thckinh doanh Anh quc. ng t, phn ln nhng quy nh v th trngchng khon M c a ra sau s sp ca th trng chng khon vonm 1929. tng c v s cc cuc khng hong t trc ti nay, chng hnnh cuc khng hong h thng ngn hng th cp Anh quc vo nhngnm 1970, cuc khng hong ca cc t chc cho vay v tit kim M vonhng nm 1980, cuc khng hong ti chnh Nga vo nm 1998, cuckhng hong ti chnh chu trong giai on 1997-1998 (c bit l In--n-xia, Hn quc v Ti lan,) v cuc khng hong ti chnh ton cuhin nay, bt u t nm 2008 v vn cha c du hiu kt thc hon ton khicun sch ny c in ra.

Lch s Qun tr cng ty cng c im xuyt bng mt lot nhngtht bi m ai cng bit n ca nhiu cng ty. Nhng nm u thp nin 1990th gii phi chng kin vic tp on Maxwell chim qu lng hu catp on bo ch Mirror v s sp ca ngn hng Barings. ng t, th kmi ny c m u bng s sp ngon mc ca cng ty Enron ca M,vic i ti b vc ph sn ca cng ty Vivendi Universal ca Php, v b bi ticng ty Parmalat ca , v gian ln ti ngn hng Socit Gnrale, v gn y

nht l v la o hng t la ca Mado, mt v la o khin cho cc v lao khc t trc ti nay tr nn m nht. Nhng tht bi ny thng l huqu ca s thiu nng lc hay s la o trng trn nhanh chng dn n sra i ca nhng khun kh v lut l Qun tr cng ty mi, ng ch nht lnhng o lut v Qun tr cng ty ca nhiu quc gia, o lut Sarbanes-Oxleyv xu hng hin nay trong vic p t cc quy nh cht ch hn trong vicgim st cc hot ng ti chnh v ngn hng nhiu quc gia.

C th ni rng, cho d vn cn nhiu vn cn phi c ci thin,khun kh php l v Qun tr cng ty c nhiu thay i v c cithin mt cch ng k trong nhng nm gn y Vit Nam. Vic thngqua (i) Lut u t nc ngoi6 nm 1987, nhng sa i b sung ca lut nynm 2000 v s hp nht ca lut ny vi Lut doanh nghip v Lut u t7 nm 2005, (ii) Lut doanh nghip nm 1999, v nhng sa i b sung calut ny nm 2005, (iii) Lut Ngn hng Nh nc8 nm 1997 v Lut cc tchc tn dng9 nm 1997; cng nhng chnh sa b sung ca hai b lut nytng ng vo cc nm 2003 v 2004; v thay th mi ca c hai b lut ny

6 Lut v u t nc ngoi c Quc hi Vit Nam thng qua ngy 29/12/1987.7 Lut u t c Quc hi Vit Nam thng qua ngy 29/11/2005(L).8 Lut Ngn hng Nh nc Vit Nam c Quc hi thng qua ngy 12/12/1997, c chnh sa b sung

ngy 17/06/2003, v c thay th bng mt b lut mi c Quc hi thng qua ngy 16/06/2010, c hiulc k t ngy 01/01/2011 (Lut NHNN).9 Lut cc t chc tn dng c Quc hi thng qua ngy 12/12/1997, c chnh sa b sung ngy15/06/2004, v c thay th bng mt b lut mi c Quc hi thng qua ngy 16/06/2010, c hiu lck t ngy 01/01/2011 (Lut CD).


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Hnh 2: S lc v lch s qun tr cng tyTh k 17: Cng ty ng n p dng m hnh Hi ng qun tr, phn bit gia

quyn s hu vi vai tr kim sot (Anh quc, H Lan)

1776: Adam Smith trong tc phm Ca ci ca cc Quc gia - Wealth ofNations cnh bo v s kim sot yu km v xut nhng binphp khuyn khch i vi cc cn b qun l (Anh quc)

1844: o lut u tin v cc cng ty c phn (Anh quc)

1931: Berrle v Means xut bn mt tc phm c nh hng ln mang tnCc cng ty thi nay v ca ci t nhn - The Modern Corporation and

Private Property (M)1933/34: o lut chng khon nm 1933 l o lut u tin iu chnh th

trng chng khon, ng ch l vic cng b thng tin ng k.o lut nm 1934 giao trch nhim thc thi cho SEC ( y ban chngkhon M)

1968: EU thng qua hng dn thi hnh lut cng ty u tin ca mnh (EU)

1987: y banTreadway bo co v nhng gian ln trong cc bo co tichnh, khng nh vai tr v v th ca cc ban kim ton, v xy dngmt khun kh cho kim ton ni b, c gi l COSO, xut bnnm 1992 (M)

1987: Quc hi Vit Nam thng qua Lut u t nc ngoi1990: Quc hi Vit Nam thng qua Lut cng ty13 v Lut doanh nghip

t nhn14

u nhng nm 1990:

Cc tp on kinh t ln nh Polly Peck (thua l 1,3 t bng Anh),BCCI v Maxwell (thua l 480 triu bng Anh) sp , i hi phi cnhng bc ci thin trong cc thng l qun tr cng ty bo vcc nh u t (Anh quc).

10 Lut kinh doanh bo him c Quc hi thng qua ngy 09/12/2000.11 Lut cnh tranh c Quc hi thng qua ngy 03/12/2004 (LC).12 Lut chng khon c Quc hi thng qua ngy 29/06/2006 (LCK).13 Lut cng ty c Quc hi thng qua ngy 21/12/1990.14 Lut cc doanh nghip t nhn c Quc hi thng qua ngy 21/12/1990.

vo nm 2010, (iv) Lut kinh doanh bo him10 vo nm 2000, (v) Lut cnh

tranh11 vo nm 2004, v (vi) Lut chng khon12 vo nm 2006 l mt vi vd v nhng thay i tch cc trong khun kh php l. Vic p dng b Quych Qun tr cng ty, d khng nng v chi tit, chc chn vn c xem nhl mt bc tin tch cc ca Vit Nam trong lnh vc Qun tr cng ty. y ltp hp nhng hng dn u tin v Qun tr cng ty dnh cho cc cng ty Vit Nam ni chung v cc cng ty i chng nim yt ni ring.

Hnh 2 minh ha mt s s kin quan trng trong lch s pht trinca Qun tr cng ty, ch yu cc nc phng ty v Vit Nam.


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1. Gii thiu v Qun tr cng ty1992: y ban Cadbury cho xut bn b quy tc u tin v qun tr

cng ty; v vo nm 1993, cc cng ty nim yt trn S giao dchchng khon ca Anh quc buc phi cng b thng tin v quntr cng ty trn c s tun th hoc gii trnh (Anh quc)

1994: Xut bn bo co King Report (Nam Phi)

1994,1995: Cc bo co Rutteman (v kim sot ni b v bo co ti chnh),Greenbury (v quy ch lng thng dnh cho Ban gim c),v Hampel (v qun tr cng ty) c xut bn (Anh quc)

1995: Xut bn bo co Vienot Report (Php)

1995: Quc hi Vit Nam thng qua Lut doanh nghip nh nc15

1996: Xut bn bo co Peters Report (H Lan)1996: Quc hi Vit Nam thng qua Lut u t nc ngoi mi, thay

th cho cho Lut u t nc ngoi nm 1987

1997: Quc hi Vit Nam thng qua Lut ngn hng nh nc vLut cc t chc tn dng

1998: Xut bn b Quy tc tng hp (Anh quc)

1999: OECD xut bn b quy chun quc t u tin mang tn CcNguyn tc Qun tr cng tyca OECD (Anh quc)

1999: Xut bn ti liu hng dn mang tn Turnbull v kim sot nib (Anh quc)

1999: Quc hi Vit Nam thng qua Lut doanh nghip, thay th Lutcng ty v Lut cc doanh nghip t nhn

2000: Quc hi Vit Nam sa i b sung Lut u t nc ngoic thng qua nm 1996

2000: Quc hi Vit Nam thng qua Lut kinh doanh bo him

2001: Tp on Enron, mt cng ty nim yt ln th by trn th trngchng khon M thi by gi, tuyn b ph sn (M)

2001: Bo co Lamfalussy v Cc quy nh i vi th trng chngkhon chu u c xut bn (EU)

2002: Vn phng Chnh ph Vit Nam ban hnh bn iu l mu utin dnh cho cc cng ty nim yt16

2002: Xut bn b Quy tc qun trcng ty ca c (c)

2002: Tp on Enron sp v cc v b bi ti nhiu cng ty khc dnn s ra i ca o lut Sarbanes-Oxley (M); bo co Winterv vn ci t lut cng ty ti chu u c xut bn (EU)

2003: Bo co Higgs v cc thnh vin khng iu hnh ca Hi ng

qun tr c xut bn (Anh quc)15 Lut cc doanh nghip nh nc c Quc hi thng qua ngy 20/04/1995.16 Quyt nh 07/2002/VPCP, p dng cho cc cng ty nim yt, c hiu lc t ngy 01/01/2003.


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17 Vic thay th Lut doanh nghip Nh nc b hon li cho ti ngy 01/07/2010 c thi gian c phn hatt c cc doanh nghip nh nc. Xem thm iu 166 ca LDN.

18 iu l Mu p dng cho cc cng ty nim yt c ban hnh cng Quyt nh 15/2007/Q-BC (iul Mu) ca B i chnh ra ngy 19/03/2007.

19 tm hiu y v cc b quy tc v qun tr cng ty ca cc quc gia, xem trn trang web ca VinQun tr Cng ty Chu u www.ecgi.org.

20 Nhng b quy chun c phm vi ng dng quc t bao gm Cc Nguyn tc Qun tr cng ty ca OECD(www.oecd.org), Tuyn b v Nguyn tc Qun tr cng ty Ton cu ca Mng li Qun tr Cng ty Quct (ICGN www.icgn.org), v Hip hi Qun tr cng ty ca Khi thnh vng chung (CACG www.commonwealthfoundation.com)

4. Phm vi quc t ca cc m hnh tt v Qun tr cng tyHng lot nhng b quy tc v cc thng l v cc nguyn tc Qun

tr cng ty tt c xy dng trong sut mt thp k qua. rn th gii, chn 200 b quy ch Qun tr cng ty c xy dng cho hn 72 quc gia vvng lnh th.19 Phn ln nhng b quy tc ny tp trung vo vai tr ca Bankim sot hoc Hi ng Qun tr ca cng ty. Mt s b quy chun v ccthng l qun tr tt c phm vi p dng mang tnh quc t.20

rong s nhng b quy tc ny, ch c Cc Nguyn tc Qun tr cngty ca OECD l c hng dn cho c cc nh hoch nh chnh sch ln ccdoanh nghip, v cp mt cch kh y cc lnh vc trong phm vi Quntr cng ty (quyn ca cc c ng, cc bn c quyn li lin quan, vic cng b

2003: Quc hi Vit Nam thng qua Lut cc doanh nghip nh nc mi

thay th Lut cc doanh nghip nh nc nm 19952004: V b bi ti cng ty Parmalat lm chn ng nc , c nguy c gy nh

hng ti c chu u (EU)

2004: Quc hi Vit Nam thng qua Lut cnh tranh

2004: Quc hi Vit Nam chnh sa b sung Lut Ngn hng Nh nc nm1997 v Lut cc t chc tn dng nm 1997

2005: Quc hi Vit Nam thng qua Lut doanh nghip mi v Lut u t,thay th cho (i) Lut u t nc ngoi, (ii) Lut doanh nghip nm 1999,v (iii) Lut doanh nghip nh nc 17

2006: Quc hi Vit Nam thng qua Lut chng khon2007: B Ti chnh Vit Nam thng qua b Quy ch qun tr cng ty v iu

l mu18

2010: B Ti chnh Vit Nam thng qua Thng t 09/2010-TT-BTC Hng dnv vic cng b thng tin trn th trng chng khon

2010: Quc hi Vit Nam thng qua hai b lut mi l Lut Ngn hng Nhnc v Lut cc t chc tn dng


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1. Gii thiu v Qun tr cng tythng tin v cc thng l trong hot ng ca HQ). Cc Nguyn tc Qun

tr cng ty ca OECD c chp nhn rng ri trn th gii nh l mtkhun kh chun mc v mt ti liu tham kho chun trong lnh vc Quntr cng ty. c xut bn ln u vo nm 1999 v c chnh sa vo nm2004, b quy chun ny c xy dng nhm mc ch a ra nhng ch dnc tnh nguyn tc trong vic xy dng cc thng l Qun tr cng ty tt.

Khun kh Qun tr cng ty ca OEDC c xy dng da trn bn gi trct li:

S cng bng: Khun kh Qun tr cng ty phi bo v quyn li ca cc c

ng v m bo s i x cng bng i vi mi c ng, k c cc c ngnh l v cc c ng nc ngoi. t c cc c ng u phi c m boc hi bo v quyn li ca mnh nu quyn li ca h b xm phm.

Tnh trch nhim: Khun kh Qun tr cng ty cn phi cng nhn nhngquyn li ca cc bn c quyn li lin quan theo quy nh ca php lut,v khuyn khch s hp tc tch cc gia cc cng ty v cc bn c quyn lilin quan trong vic to ra ca ci, cng n vic lm, v m bo tnh bnvng v mt ti chnh ca cc cng ty.

Tnh minh bch: Khun kh Qun tr cng ty cn phi m bo rng vic

cng khai thng tin v cc vn quan trng lin quan ti cng ty, bao gmtnh hnh ti chnh, kt qu hot ng, quyn s hu, v c cu kim sotlun c thc hin mt cch kp thi v chnh xc.

Trch nhim gii trnh: Khun kh Qun tr cng ty cn phi m bo viccung cp nh hng chin lc cho cng ty, m bo vic gim st c hiuqu t pha HQ, v m bo trch nhim gii trnh ca HQ trccng ty v cc c ng.

Nhiu b quy tc Qun tr cng ty ca cc quc gia c xy dngda trn Cc Nguyn tc Qun tr cng ty ca OECD. B Quy ch Qun tr cng

ty ca Vit Nam cng c xy dng da trn cc nguyn tc ny ca OECD vvn dng nhng thng l quc t tt nht v Qun tr cng ty ph hp vi iukin ca Vit Nam. Chng hn, Quy ch Qun tr cng ty nu r (i) Quy ch nyc xy dng nhm m bo s pht trin bn vng ca th trng chngkhon v gp phn lnh mnh ho nn kinh t, (ii) Quy ch (ny) quy nhnhng nguyn tc c bn v Qun tr cng ty bo v quyn v li ch hpphp ca c ng, thit lp nhng chun mc v hnh vi, o c ngh nghipca cc thnh vin Hi ng qun tr, Ban gim c, Ban kim sot v cn bqun l ca cc cng ty nim yt, v (iii) Quy ch ny cng l c s nh gi

vic thc hin Qun tr cng ty ca cc cng ty nim yt.Mc d y l mt bc khi u ng hng, Quy ch Qun tr cng

ty vn cn tng i n gin so vi cc b quy ch Qun tr cng ty ca cc


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quc gia khc. Quy ch Qun tr cng ty c nhiu kh nng s c b sung dn

dn trong tng lai khi cc cng ty Vit Nam ngy cng coi trng vn Quntr cng ty hn. Cc Nguyn tc Qun tr cng ty ca OECD c th c xemnh l mt ti liu tham kho hu ch v cc thng l Qun tr cng ty quc t.Nhng ai mun tm hiu v nhng nguyn tc qun tr xy dng cc b quych quc gia nn tm c ti liu ny.

5. Phn bit khi nim Qun tr cng tyKhng nn nhm ln gia khi nim Qun tr cng ty vi khi nim

Qun l cng ty. Qun tr cng ty tp trung vo cc c cu v cc quy trnh cacng ty nhm m bo s cng bng, tnh minh bch, tnh trch nhim v tnhgii trnh. rong khi , qun l cng ty tp trung vo cc cng c cn thit iu hnh doanh nghip. Qun tr cng ty c t mt tm cao hn nhmm bo rng cng ty s c qun l theo mt cch sao cho n phc v lich ca cc c ng. C mt mng chung gia hai lnh vc ny l mng chinlc, mt vn c xem xt c cp Qun tr cng ty ln cp qun lcng ty. Hnh 3 minh ha s khc bit gia Qun tr cng ty v qun l cng ty.

Hnh 3: So snh cc hot ng trong Qun tr cng ty vi cc hot ng trong qun l cng ty

Ngun: Robert I. Tricker, Qun tr Cng ty, 1984

Gii trnh vGim st

Qun l iu hnh

Quyt nh v Kim sotQun l hot ng

Qun tr cng ty

Qun tr chin lc

Qun l cng ty

Cng khng nn nhm ln gia Qun tr cng ty vi qun tr cng, vn lmt lnh vc lin quan ti cc c cu v cc h thng qun tr thuc khu vc cng.Cng cn phn bit Qun tr cng ty vi bn phn i vi quc gia ca cng ty,trch nhim x hi ca cng ty v o c kinh doanh. Qun tr cng ty hiu quchc chn s c tc ng tch cc ti cc lnh vc ny. Nhng cho d nhng cng

ty khng gy nhim mi trng, u t vo cc d n mang tnh x hi cao hayng gp nhiu cho cc qu t thin thng to dng c danh ting v uy tncao trong con mt cng chng v c hng li t , Qun tr cng ty vn lmt khi nim tch ri vi nhng khi nim m chng ta va cp ti.


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1. Gii thiu v Qun tr cng ty

B. Vai tr v li ch ca Qun tr cng ty hiu quQun tr cng ty c hiu qu ng mt vai tr quan trng nhiu cp

. cp cng ty, nhng cng ty thc hin tt vic Qun tr cng ty thngc kh nng tip cn d dng hn ti cc ngun vn gi r, v thng t chiu qu hot ng cao hn so vi cc cng ty khc. Nhng cng ty kin trtheo ui cc tiu chun cao trong Qun tr cng ty s gim thiu nhiu ri rolin quan ti cc khon u t trong cng ty. Nhng cng ty tch cc thc hincc bin php Qun tr cng ty lnh mnh cn phi c mt i ng nhn vin

ch cht nhit tnh v c nng lc xy dng v thc thi cc chnh sch Quntr cng ty hiu qu. Nhng cng ty ny thng nh gi cao cng sc canhng nhn vin v b p xng ng cho h, tri vi nhiu cng ty khcthng khng nhn thc r hoc pht l li ch ca cc chnh sch v nhngbin php Qun tr cng ty. Cc cng ty thc hin nhng bin php Qun trcng ty hiu qu nh vy thng hp dn hn trong con mt ca cc nh ut, nhng ngi sn sng cung cp vn cho cng ty vi chi ph thp hn .

Ni chung, nhng cng ty thc hin tt vic Qun tr cng ty s nggp nhiu hn cho nn kinh t quc dn v cho x hi. Nhng cng ty ny

thng l nhng cng ty vng mnh c th to ra ca ci vt cht v cc gi trkhc cho cc c ng, ngi lao ng, cng ng v quc gia; tri li, nhngcng ty c h thng Qun tr cng ty yu km s dn n vic ngi lao ngb mt cng n vic lm, mt tin tr cp v thm ch c th cn lm gim nimtin trn th trng chng khon.

Mt vi cp v li ch c th ca Qun tr cng ty hiu qu c thhin v s c tip tc tho lun chi tit trong Hnh 4 di y.

Hnh 4: Cc cp v li ch tim nng ca Qun tr cng ty hiu qu

Bn cp trong Qun tr cng ty Li ch tim nng

Nng cao hiu qu hot ngkinh doanhCp 4:

Xp hng tinphong v QTCT

Cp 3: H thngQTCT tin tin

Cp 2: Thc hin cc bckhi u trong ci tin QTCT

Cp 1: Tun th php lut v cc quy nh di lut

Nng cao kh nng tip cnth trng vn

Gim chi ph vn

Nng cao uy tn ca cng ty,Ban gim c v Hi ng qun tr

Ngun:IFC, thng Ba nm 2004


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17VAI TR V LI CH CA QUN TR CNG TY HIU QU

CCQUYTRNH

KIMT

ONV

KIMS

OT

CNGB

THNGTIN

CCGIAODCH

TRNGYU

TRONGDOANH

NGHIP

NGHACA

CHNGKHON

TRONGQUN

TRCNGTY

CT

C

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GIITHIUV

QUY

NCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

NG

QU

NTR

TILIUNIB

VQUNTR

CNGTY

CCUCHUNG

TRONGQUN

TRCNGTY

GI

ITHIU

V

QUNTR

CNGTY1. Thc y hot ng v nng cao hiu qu kinh doanh

Qun tr cng ty hiu qu c th ci thin nng cao hiu qu hotng kinh doanh ca cng ty di nhiu gc , nh c minh ha trongHnh 5 di y.

Vic ci tin cc cch thc Qun tr cng ty s mang li mt h thnggii trnh tt hn, gim thiu ri ro lin quan n cc v gian ln hoc ccgiao dch nhm mc ch v li ca cc cn b qun l. inh thn trch nhim

cao kt hp vi vic qun tr ri ro v kim sot ni b hiu qu c th gipcho cng ty sm pht hin cc vn trc khi chng pht sinh v dn nmt cuc khng hong. Qun tr cng ty s gip ci thin hiu qu cng vicqun l v gim st Ban gim c iu hnh, chng hn bng cch xy dngh thng lng thng da trn cc kt qu ti chnh ca cng ty. iu ny sto iu kin thun li khng ch cho vic xy dng quy hoch b nhim cnb v k tha mt cch hiu qu, m cn cho vic duy tr kh nng pht trinv lu di ca cng ty.

Vic p dng nhng cch thc Qun tr cng ty hiu qu cng s gpphn ci thin qu trnh ra quyt nh. Chng hn cc thnh vin Ban gimc, cc thnh vin Hi ng qun tr v cc c ng s c th a ra nhngquyt nh chnh xc, kp thi v c y thng tin hn khi c cu Qun trcng ty cho php h hiu r vai tr v trch nhim ca mnh, cng nh khi ccqu trnh lin lc c iu chnh mt cch hiu qu. iu ny s gip hiuqu ca cc hot ng ti chnh v kinh doanh ca cng ty c nng cao mtcch ng k mi cp . Qun tr cng ty c hiu qu s gip t chc tthn ton b cc quy trnh kinh doanh ca cng ty, v iu ny s dn n hiu

sut hot ng tng cao hn v chi ph vn thp hn,21 v iu ny li s gp

Hnh 5: Nhng li ch ca Qun tr cng ty

Ngun:IFC, thng Ba nm 2004

Thc hin cng vic gim st v gii

trnh tt hnNng cao hiu qu ra quyt nh

Thc hin tt hn vic tun th vgim xung t li ch

Nng cao hiu qu kinh doanh vThc y hiu qu hot ng

21 Paul A.Gompers, Joy L. Ishii v Andrew Metrick, Qun tr Cng ty v Chi ph vn ch s hu, i liunghin cu s w8449 ca NBER, thng m nm 2001.


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1. Gii thiu v Qun tr cng typhn nng cao doanh s v li nhun cng vi s gim thiu trong chi ph v

nhu cu v vn.Mt h thng Qun tr cng ty hiu qu cn phi m bo vic tun

th php lut, cc tiu chun, cc quy ch, quyn li v ngha v ca tt c cci tng lin quan. Hn na, h thng qun tr hiu qu cn gip cng tytrnh pht sinh chi ph cao lin quan n nhng khiu kin ca cc c ng vnhng tranh chp khc bt ngun t s gian ln, xung t li ch, tham nhng,hi l v giao dch ni b. Mt h thng Qun tr cng ty hiu qu s to iukin thun li trong vic gii quyt nhng xung t lin quan ti cng ty, v d

xung t gia cc c ng nh l vi cc c ng nm quyn kim sot, giacc cn b qun l vi cc c ng, v gia cc c ng vi cc bn c quynli lin quan. ng thi bn thn cc cn b ca cng ty s c th gim thiuc ri ro lin quan n trch nhim n b ca tng c nhn.

2. Nng cao kh nng tip cn th trng vnCc cch thc Qun tr cng ty c th quyt nh vic cng ty d dng

tip cn cc ngun vn nhiu hay t. Nhng cng ty c qun tr tt thng

gy c cm tnh vi cc c ng v cc nh u t, to dng c nim tinln hn ca cng chng vo vic cng ty c kh nng sinh li m khng xmphm ti quyn li ca cc c ng.

Vic Qun tr cng ty mt cch c hiu qu phi da trn nhngnguyn tc v s minh bch, d tip cn, kp thi, y , v chnh xc cathng tin mi cp . Vi vic nng cao tnh minh bch trong cng ty, ccnh u t s c hng li khi h c c hi c cung cp thng tin vhot ng kinh doanh v cc s liu ti chnh ca cng ty. Tm ch d nhngthng tin c cng b mang tnh tiu cc i chng na, cc c ng cng sc hng li do h c c hi gim thiu ri ro.

Mt xu th mi xut hin gn y m ta c th quan st thy cc nhu t l h xem cc bin php Qun tr cng ty nh l mt tiu ch quantrng trong vic a ra quyt nh u t. C cu v cc cch thc Qun trcng ty cng hiu qu th ta cng c th tin chc rng cc ti sn ca cng ty sc s dng phc v cho li ch ca cc c ng ch khng phi phcv cho li ch ring ca cc cn b qun l. Hnh 6 minh ha vic cc cch thcQun tr cng ty c th ng vai tr c bit quan trng ti cc th trng mi

ni, ni m quyn li ca cc c ng khng phi lc no cng c bo vnh cc th trng pht trin.


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CCQUYTRNH

KIMT

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OT

CNGB

THNGTIN

CCGIAODCH

TRNGYU

TRONGDOANH

NGHIP

NGHACA

CHNGKHON

TRONGQUN

TRCNGTY

CT

C

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GIITHIUV

QUY

NCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

NG

QU

NTR

TILIUNIB

VQUNTR

CNGTY

CCUCHUNG

TRONGQUN

TRCNGTY

GI

ITHIU

V

QUNTR

CNGTY

Cui cng, mt lot nhng yu cu mi i vi cc cng ty nim yttrn rt nhiu th trng chng khon mi ni trn th gii i hi cc

cng ty phi tun th nhng tiu chun qun tr ngy cng nghim ngt hn.Nhng cng ty mun tip cn cc th trng vn c trong nc v quc t thcn phi tun th nhng tiu chun cao v Qun tr cng ty v phi theo yucu c th ca tng th trng.

3. Gim chi ph vn v tng gi tr ti snNhng cng ty cam kt p dng nhng tiu chun cao trong Qun tr

cng ty thng huy ng c nhng ngun vn gi r khi cn ngun ti chnh

cho cc hot ng ca mnh. Chi ph vn ph thuc vo mc ri ro ca cngty theo cm nhn ca cc nh u t: ri ro cng cao th chi ph vn cng cao.Nhng ri ro ny bao gm c ri ro lin quan n vic quyn li ca nh ut b xm phm. Nu quyn li ca nh u t c bo v mt cch thch hp,c chi ph vn ch s hu v chi ph vay u s gim. Cn phi lu rng nhngnh u t cung cp cc khon vay, tc l cc ch n, gn y c xu hng xemcc cch thc Qun tr cng ty (v d vic minh bch ha c cu ch s hu vbo co ti chnh y ) nh l mt tiu ch quan trng trong qu trnh ara quyt nh u t ca mnh. Chnh v vy, vic p dng mt h thng Quntr cng ty hiu qu cui cng s gip cng ty tr li sut thp hn v c cnhng khon tn dng c k hn di hn.

Ngun: McKinsey & Company, Kho st quan im ca cc nh u t ton cu, 07/2002

Hnh 6: Tm quan trng ca Qun tr cng ty so vi cc bo co ti chnhQun tr cng ty c cc nh u t nh gi quan trng nh th no so vi cc vn ti chnh, v d

kt qu li nhun v tim nng tng trng, trong vic la chn cng ty u t?

Ty u

Bc M

Khng quan trng bng

Quan trng nh nhau

Quan trng hn

Chu

Chu M Latinh

ng u/chu PhiT l nh gi ca cc nh u t

Qun tr cng ty ng mt vai tr quan trng so vi cc bo co ti chnh, c bit trong cc th trng mi ni


62/617

1. Gii thiu v Qun tr cng tyMc ri ro v chi ph vn cn ph thuc vo tnh hnh kinh t v

chnh tr ca mi quc gia, khun kh th ch, v cc c cu thc thi php lut.Vic qun tr mi mt cng ty c nh hng kh quan trng i vi cc nhu t trong cc th trng mi ni, bi v cc th trng ny thng khng cc mt h thng php l m bo quyn li ca nh u t mt cch c hiuqu nh ti cc quc gia pht trin khc.

iu ny c bit chnh xc Vit Nam, ni m khun kh php lcho vn qun tr cn tng i mi m v vn cn ang trong giai on thnghim, v ni m cc ta n thng khng phi lc no cng c th bo vc cc nh u t khi quyn li ca h b xm phm. iu ny c ngha lngay c mt s ci thin khim tn nht trong vn qun tr m cng ty pdng so vi cc i th khc cng c th to nn mt s khc bit to ln i vicc nh u t v nh gim bt chi ph vn.22 Hnh 7 di y minh ha mtcch r rng rng mt t l ln cc nh u t sn sng mua cc cng ty cqun tr mt cch hiu qu vi gi cao u i (chng hn, gi u i c th caohn ti 25% i vi cc cng ty ca rung Quc).

ng thi, c mt mi lin h mt thit gia cc cch thc qun trvi vic cc nh u t cm nhn v gi tr ti sn ca cng ty (chng hn tisn c nh, li th thng mi, ngun nhn lc, danh mc sn phm, cckhon phi thu, nghin cu v pht trin).

22 Leora F. Klapper, Inessa Love, Qun tr Cng ty, Bo v cng chng u t v Hiu qu hot ng ti ccth trng mi ni, i liu nghin cu chnh sch ca Ngn hng th gii, s hiu 2818, thng nm2002.

38

25

24

23

14

13

Ngun:McKinsey & Company, Kho st quan im cc nh u t ton cu, 07/2002

Hnh 7: Gi mua cao u i dnh cho vic Qun tr cng ty hiu qu

10% 20% 30% 40%

Trung Quc

Nga

Braxin

Ba lan

c

M


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CCQUYTRNH

KIMT

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CNGB

THNGTIN

CCGIAODCH

TRNGYU

TRONGDOANH

NGHIP

NGHACA

CHNGKHON

TRONGQUN

TRCNGTY

CT

C

NGHACA

VNIUL

TRONGQUNTR

CNGTY

IHINGC

NG

GIITHIUV

QUY

NCAC

NG

VAITRCA

THKCNGTY

BMYIU

HNH

HI

NG

QU

NTR

TILIUNIB

VQUNTR

CNGTY

CCUCHUNG

TRONGQUN

TRCNGTY

GI

ITHIU

V

QUNTR

CNGTY4. Nng cao uy tn

rong mi trng kinh doanh ngy nay, uy tn l mt phn quan trnglm nn gi tr thng hiu ca mt cng ty. Uy tn v hnh nh ca mt cng tyl mt ti sn v hnh khng th tch ri ca cng ty. Nhng bin php qun trcng ty hiu qu s gp phn lm nn v nng cao uy tn ca cng ty. Nh vy,nhng cng ty tn trng quyn li ca cc c ng v cc ch n v m botnh minh bch v ti chnh s c xem nh l mt ngi phc v nhit thnhcho cc li ch ca cng chng u t. Kt qu l nhng cng ty dnh cnim tin ln hn ca cng chng v t nng cao c gi tr thng hiu.

Nim tin ca cng chng v gi tr thng hiu c th khin ngi tatin tng hn vo cc sn phm ca cng ty, v iu ny s dn n vic nngcao doanh s, t dn n vic gia tng li nhun. Hnh nh tch cc v uytn ca mt cng ty ng vai tr quan trng trong vic nh gi cng ty. Gi trthng hiu di gc k ton l khon tin phi tr thm bn cnh gi trti sn thc t ca cng ty nu cng ty b thu tm. chnh l mt khon phph tri m mt cng ty ny phi tr khi mun mua mt cng ty khc.

Nhng nguyn tc sau y l cc hng dn nn tng quan trng trong vic xydng, qun l v nng cao cht lng ca h thng Qun tr cng ty:

1. Thc tin Qun tr cng ty phi thc s em li cho cc c ng c hith hng nhng quyn li ca mnh trong cng ty.

2. Thc tin Qun tr cng ty phi m bo vic i x cng bng i vi

tt c cc c ng. Cc c ng phi c bo v mt cch c hiu qutrong trng hp quyn li ca h b xm phm.

3. Thc tin Qun tr cng ty phi cho php Hi ng qun tr ch o vgim st Ban gim c, v ng thi Hi ng qun tr phi c trchnhim gii trnh trc cc c ng

4. Thc tin Qun tr cng ty phi cho php Hi ng qun tr ch o vgim st Ban gim c, v ng thi Hi ng qun tr phi c trchnhim gii trnh trc cc c ng.

5. Thc tin Qun tr cng ty phi m bo vic cung cp thng tin quan

trng m

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