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LCW: Annual General Mandate 2018
On 10 April 2018, Lai Chau Clean Water Joint Stock Company announced the Annual General Mandate 2018 as follows:
Article 1: General Meeting of Shareholders (GMOS) of Lai Chau Clean Water Joint Stock Company (“the Company”) voted with the approval rate of 99.07% of total number of voting shares in order to approve the following resolutions:
Resolution No. 1: Approve the report on evaluation on the production and business activities in 2017; the operational orientation and duties in 2018;
Resolution No. 2: Approve the production and business plan in 2018;
Resolution No. 3: Approve the audited financial statement 2017;
Resolution No. 4: The financial plan in 2018;
Resolution No. 5: The 2017 profit distribution measure; the 2018 profit distribution plan
5.1. The 2017 profit distribution measure
| No. |
Contents |
Unit |
Value |
| 1 |
Total revenue and income |
dong |
31,358,570,696 |
| 2 |
Total expenses |
dong |
30,958,276,408 |
| 3 |
Total profit before tax |
dong |
400,294,288 |
| 4 |
Corporate income tax |
dong |
89,768,311 |
| 5 |
Profit after tax |
dong |
310,525,977 |
| 7 |
Fund raising |
dong |
|
| |
- Investment and development fund (30%)
|
dong |
93,157,793 |
| |
- Bonus and welfare fund: 10%
|
dong |
31,052,598 |
| 8 |
Dividend payment (Payment rate: 8.6 dong per share; equivalent to 59.72% of profit after tax) |
dong |
185,644,020 |
| 9 |
Retained profit |
dong |
671,566 |
5.2. The 2018 profit distribution plan
| No. |
Content |
Unit |
Amount |
| 1 |
The undistributed profit after tax |
Dong |
350,000,000 |
| 2 |
Fund raising |
Dong |
|
| |
- Investment and development fund 30%
|
Dong |
105,000,000 |
| |
- Bonus and welfare fund 10%
|
Dong |
35,000,000 |
| 3 |
Dividend payment (60% of profit after tax) |
Dong |
210,000,000 |
Resolution No. 6: Settlement of remuneration of Board of Directors and Supervisory Board in 2017 as well as the 2018 remuneration payment plan
6.1 Settlement of remuneration of Board of Directors and Supervisory Board in 2017
- Remuneration for Board of Directors: 120,000,000 dongs
- Remuneration for Supervisory Board: 120,000,000 dongs
- Total remuneration of 6 persons: 240,000,000 dongs
6.2 The 2018 plan of remuneration payment
- For the Board of Directors’ full time members who are the representatives of the State capital: Implement in accordance with the regulations on management of wage, bonus and other policies to the representative of State capital;
- For the Board of Directors’ full time members who are not the representatives of the State capital: Implement in accordance with the regulations on management of wage, bonus and other policies to persons who are not the representatives of State capital;
- For part time members of Board of Directors and Supervisory Board: Based on the wage of the representatives of the State capital on the basis of increase of labor productivity of the Company, the estimated remuneration expense as follows:
| No. |
Title |
Quantity |
Number of months |
The average salary and remuneration per month |
Total wage and remuneration fund in 2018 |
| 1 |
Executive members of Board of Directors |
1 |
12 |
4,000,000 |
48,000,000 |
| 2 |
Non-executive members of Board of Directors |
2 |
12 |
3,000,000 |
72,000,000 |
| 3 |
Head of Supervisory Board |
1 |
12 |
4,000,000 |
48,000,000 |
| 4 |
Members of Supervisory Board |
2 |
12 |
3,000,000 |
72,000,000 |
| |
Total |
|
|
|
240,000,000 |
Resolution No. 7: Approve Board of Directors’ report on activities in 2017 and the operational orientations in 2018;
Resolution No. 8: Approve other issues belonging to the competence of General Meeting of Shareholders:
8.1. Authorize Board of Directors of Lai Chau Clean Water Joint Stock Company to select the independent auditing company which has full implementation capacity in accordance with current regulations;
Article 2: Term of enforcement
This Annual General Mandate was approved by General Meeting of Shareholders in the meeting.
The Mandate takes effect from April 10th, 2018.
Members of Board of Directors, Supervisory Board and Management Board take responsibilities for performing this mandate and deploying it in accordance with their functions suitably to current regulations of law and the Charter of Lai Chau Clean Water Joint Stock Company.HNX
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