PUBLIC COMPANIES MUST SHOW THE SALARY OF THE DIRECTORS
The Decree No. 71/2017/ND-CP guiding the corporate governance of public companies issued by the Government on June 06, 2017, takes effect on August 01, 2017.
The Decree has issued strict regulations on reporting and information publishing. In particular, a public company must publish regularly, accurately and promptly the information influencing share price and decisions made by shareholders and investors. The salary of the director (general director) and other enterprise managers must be shown separately in the annual financial statements of the company and reported at the annual meeting of general assembly of shareholders.
Besides, a public company must report to the State Securities Commission and the local stock exchange and publish the information on organizational structure of the management and operation of the company. In the event that the public company changes its operating model, it must report to the State Securities Commission and the local stock exchange and publish information in 24 hours after the decision to change the model is made by the general assembly of shareholders. Particularly, a public company must have at least one employee in charge of publishing information. Such employee of a public company must publish the company's information publicly in compliance with regulations of law and the company’s charter; publicize his or her names and phone numbers for shareholders to contact.
This Decree annuls the Circular No. 121/2012/TT-BTC dated July 26, 2012.
