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PVI: Results of Annual General Meeting of Shareholders 2009
Petrovietnam Insurance has disclosed the results of its Annual General Meeting of Shareholders. The following resolutions were approved:
1. Report of Operating result of 2008
- Revenue: VND 2,694 bil.
- Profit before tax: VND 171.7 bil.
- Dividend payout ratio: 10%
2. Plan in 2009
- Revenue: VND 3,006 bil.
- Profit before tax: VND 218 bil.
- Corporate income tax: 12.5% (to be exempted and supplemented the Investment and Development fund)
- Dividend payout ratio: 10%
- Reward and welfare fund: 12% of the profit after tax
3. Report of Supervisory Board’s activities
4. Audited financial statement 2008 and profit distribution plan:
- Profit before tax: VND 171.7 bil.
- Reduced tax used to supplement the Investment and Development Fund: VND 48 bil.
- Profit for distribution: VND 123.625 bil.
- Financial reserve fund: VND 6.181 bil.
- Reward and welfare fund: VND 12.362 bil.
- Dividend payment 2008 (10%):
+ First round: 7% paid dividend in cash worth VND 72.485 bil.
+ Second round: 3% in cash worth VND 31.05 bil.
- Remuneration for Management Board and Supervisory Board:
+ Director: VND 4 mil./person/month
+ Member of Supervisory Board: VND 3 mil./person/month
5. Auditing company in 2009
- Deloitte auditing company
6. Change in the Board of Directors:
- Mr. Le Van Hung will not hold Director
- Mr. Christan De Ruty will not hold Director
- Temasia and Red River Holding proposed Mr. Jean – Eric Jacquemin to be Director, however General meeting of shareholders did not approve.
All the content of the resolution were approved by AGM 2009, however, Temasia and Red River Holding reserves its proposal to General meeting of shareholders that they have a representative in PVI Board of Directors.
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