PET: Resolution of 2014 Annual General Meeting

Petrovietnam General Services Corporation (PETROSETCO) announced the resolution of the 2014 annual general meeting as follows:

Article 1: Approving the report of the Board of Directors and the Board of Supervisors.

Article 2: Approving the change of the Board of Directors as follows: the resignation Mr. Tran Minh Hoang from a member of the Board of Supervisors and the appointment of Mr. Vu Tien Duong as a member of the Board of Directors.

Article 3: Approval for profit distribution plan for 2013:

By: VND

1	Profit distribution	155,207,512,818
2	In which:
	Investment and Development fund (10%)	15,520,751,282
	Financial reserve fund (5%)	7,760,375,641
	Bonus and welfare fund (6%)	9,312,450,770
3	Bonus fund for exceeding profit target: 15% of the exceeded profit.	2,461,019,181
4	The 2013 dividend payment by cash 17% (paid 10% according to the list record dated Sep 27, 2013)	118,731,400,000
5	Retained earnings	1,420,515,945

Article 4: Approval for 2013 audited financial statements and business plan for 2014:

Business plan for 2014

By: VND bil.

Income	9,500
Profit before tax	250
Profit after tax	180

Article 5: Approving the distribution plan for 2014:

-  Investment and Development fund (5%)

-  Bonus and welfare fund (6%)

-  Dividend (17%)

Article 6: Approving the list of auditing companies to audit for fiscal year 2014 as follows:

-  Deloitte Viet Nam Company Limited

-  Ernt & Young Viet Nam Company Limited

-  Price Waterhouse Cooper Viet Nam Company Limited

-  Assigning the Board of Directors to choose 01 auditing company in the list of auditing companies to audit for fiscal year 2014.

Article 7: Approving the remuneration of the Board of Directors, the Board of Supervisors in 2013 and payment remuneration plan for 2014:

-  Remuneration of the Board of Directors, the Board of Supervisors in 2013: VND 4,064,526,000

-  Remuneration of the Board of Directors, the Board of Supervisors in 2014: VND3,705,000,000

-  Bonus fund for exceeding profit target: 15% of the exceeded profit. 

Article 9: Amending the company’s regulation.

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