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PVI: Board Resolution
Petrovietnam Insurance announces the Board Resolution approved on 16/03/2009 as follows:
1. Audited operating results, profit allocation, dividend payment of 2008:
- Total revenue: VND 2,694 billion
- Profit before tax: VND 171.7 billion
- Profit allocation is as follows:
+ Exempted income tax (supplemented to investment and development fund): VND 48,076 million (28%)
+ Allocated profit: VND 123,625 million
+ Setting up compulsory reserve fund: VND 6,181 million (5%)
+ Dividend payment (10% of the charter capital):
Paid for the first round 7%: VND 72,485 million in cash
Unpaid amount 3%: VND 31,050 in cash
+ Setting up bonus and welfare fund 10%: VND 12,362 million decreased 2% over the plan (bonus fund: 3.5% and welfare fund: 6.5%)
+ Remained profit: VND 1,531 million
2. 2009 Plan:
- Revenue: VND 3,006 billion
- Profit before tax: VND 218 billion
- Dividend payout ratio: 10%
3. Report of Board of Directors 2008 to get approval of annual general meeting of the sharehodlers 2009 (AGM)
4. Report of Supervisory Board 2008 to get approval of annual general meeting of the sharehodlers 2009.
5. Deloitte auditing company will be selected to audit the finance statement of the company.
6. Mr. Christan Ruty resigned from director. The proposal of voting Mr. Jean Eric for director in place of Mr. Christan given by Temasia will be considered after reference to the founding sharholder – PetroVietnam.
7. Mr. Bui Van Thuan, PVI General Manager, will hold director (representative of PetroVietnam’s equity) in place of Mr. Le Van Hung. Mr. Nguyen Dinh Lam will hold director in place of Mr. Nguyen Tien Dung (representative of PVFC’s equity). These changes will be approved by AGM.
8. Approve in principle main content of Financial investment procedures.
9. Mr. Nguyen Anh Tuan was elected to Chairman of the Board in place of Mr. Le Van Hung with effect since 1/4/2009 and Mr. Ton Thien Viet, standing director, will hold Vice Chairman of the Board with effect since 14/3/2009.
10. AGM will be held on 16/4/2009.
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