Representatives
of State shareholdings in enterprises and leaders of State financial management
agencies will be put under supervision, the Ministry of Finance has suggested.
Under the prevalent regulation, financial
supervision is only applied to State-owned enterprises or enterprises with
State capital, such as single-member limited liability companies, joint stock
companies and limited liability companies with more than two members.
However, the management and evaluation of
State capital in such enterprises as well as their business efficiency is still
full of shortcomings, even causing financial risks, said the finance ministry’s
corporate finance department.
For instance, the State-run Vietnam
Shipbuilding Industry Group (Vinashin) and Electricity of Vietnam (EVN) have
recently fallen into serious financial imbalances.
The finance ministry has thus compiled a more
comprehensive financial supervision regulation to replace the current one.
According to the new regulation draft,
individuals and organizations appointed by the Government as representatives of
State stakes in enterprises will be supervised, together with the State
management agencies in charge of corporate finance monitoring.
The addition of such entities in the
regulation is aimed to specify the responsibilities of relevant parties, to
avoid cases similar to EVN in which representatives of EVN capital in other
enterprises do not transfer the remuneration paid by the enterprises to EVN as
regulated. Moreover, they do not carry out their responsibilities for business
performance of such enterprises.
Sanctions will be imposed on business leaders,
owners and State management agencies that violate the regulation or fail to
fulfill their task of corporate finance supervision.
The new regulation requires financial
management agencies to strictly supervise businesses and their owners,
accelerating the disclosure of financial data of enterprises, especially public
companies.
The regulation stipulates different levels of
supervision for each type of businesses, but ensures that no unnecessary
procedure will be added.
Tuoi Tre
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