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POV: Annual General Mandate 2018
On 17 Apr 2018, Vung Ang Petroleum Joint Stock Company announced the Annual General Mandate 2018 as follows:
Article 1: Approve the 2017 operational report of Board of Directors and the operational plan for 2018
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved the 2017 operational report of Board of Directors and the operational plan for 2018, in which, some main targets as follows:
1. The production and business results in 2017:
| No. |
Target |
Unit |
Performance in 2017 |
The 2017 plan |
% completion |
| 1 |
Petroleum output |
M3 |
157,572 |
146,000 |
108% |
| 2 |
Revenue |
Billion dongs |
1,734 |
1,198.8 |
145% |
| 3 |
Profit before tax |
Billion dongs |
8.58 |
7 |
123% |
| 4 |
Profit after tax |
Billion dongs |
7.89 |
|
|
| 5 |
The average income of employees |
Million dongs/ person/ month |
11.6 |
Equivalent to 115% of those ones in 2016 |
2. The production and business plan for 2018
| No. |
Target |
Unit |
The plan in 2018 |
| 1 |
Petroleum output |
M3 |
150,000 |
| 2 |
Revenue |
Billion dongs |
1,484.9 |
| 3 |
Profit before tax |
Billion dongs |
7.0 |
| 4 |
Capital for investment construction and equipment purchase |
Billion dongs |
31.8 |
| 5 |
Number of new petroleum stations |
Station |
3 |
Approval rate: 100% of total number of voting shares at the meeting.
Article 2: Approve the Company’s financial statement 2017, which was audited by AASC Auditing Firm Co., Ltd
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved the Company’s financial statement 2017, which was audited by AASC Auditing Firm Co., Ltd. Main indicators as follows:
Unit: VND
| No. |
Indicators |
Amount |
| 1 |
Total assets |
327,067,710,727 |
| - |
Short-term assets |
116,080,206,282 |
| - |
Long-term assets |
210,987,504,445 |
| 2 |
Total capital |
327,067,710,727 |
| - |
Payable debts |
169,819,423,375 |
| - |
Owner’s equity |
157,248,287,352 |
| 3 |
Net revenue from merchandises and service supply |
1,734,158,115,733 |
| 4 |
Profit before tax |
8,584,108,872 |
| 5 |
Profit after tax |
7,898,810,743 |
Approval rate: 100% of total number of voting shares at the meeting.
Article 3: Approve the 2017 operational report of Supervisory Board and plan for 2018
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved the 2017 operational report of Supervisory Board and plan for 2018.
Approval rate: 100% of total number of voting shares at the meeting.
Article 4: Approve report on self-assessment on operation results of Supervisory Board and members of Supervisory Board
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved report on self-assessment on operation results of Supervisory Board and members of Supervisory Board
Approval rate: 100% of total number of voting shares at the meeting.
Article 5: Approve selecting auditing company to audit the financial statements in 2018
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved selecting one of the following auditing companies to audit the financial statements in 2018 of the Company:
1. AASC Auditing Firm Co., Ltd
2. BDO Auditing Co., Ltd
3. Deloitte Vietnam Co., Ltd
4. An Viet Auditing Co., Ltd
General Meeting of Shareholders authorized Board of Directors to select one of the above auditing companies to audit the financial statements in 2018 of the Company in accordance with current regulations.
Approval rate: 100% of total number of voting shares at the meeting.
Article 6: Approve measure of profit distribution in 2017 and plan of profit distribution for 2018
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved the measure of profit distribution in 2017 and plan of profit distribution for 2018 as follows:
1. The 2017 profit distribution measure
According to Vung Ang Petroleum Joint Stock Company’s financial statement 2017, which was audited by AASC Auditing Firm Co., Ltd, the Company’s production and business activities got interest. Therefore, the Company will distribute profit, deduct profit for funds and use funds in 2017 as follows:
| No. |
Indicators |
Rate |
Amount (VND) |
| 1 |
Total profit after tax in 2017 |
|
7,898,810,743 |
| 2 |
Remuneration for non-executive members of Board of Directors and Supervisory Board |
|
84,000,000 |
| 3 |
Profit after tax before deduction for funds (3 = 1- 2) |
100% |
7,814,810,743 |
| 4 |
Deduction for funds |
36.02% |
2,814,810,743 |
| - |
Investment and Development fund |
- |
- |
| - |
Bonus Fund |
3.84% |
300,000,000 |
| - |
Welfare fund |
27.83% |
2,174,810,743 |
| - |
Fund of rewards for managers |
4.35% |
340,000,000 |
| 5 |
Total profit after tax after deduction for funds (5 = 3 – 4) |
63.98% |
5,000,000,000 |
| 6 |
Dividend payment (5% of Charter capital) |
63.98% |
5,000,000,000 |
For retained profit until the end of 2016:
General Meeting of Shareholders authorized Board of Directors to make the plan of Charter capital increase and submit to General Meeting of Shareholders to get approval in the next meeting in accordance with regulations.
2. The profit distribution plan for 2018
| No. |
Content |
Explanation |
| 1 |
Profit after tax in 2018 |
PAT |
| 2 |
Profit after tax before deduction for funds |
|
| 3 |
Deduction for funds. Expected:
- Bonus Fund
- Welfare fund
- Investment and Development fund
- Fund of reward for managers
|
40% of profit after tax before deduction for funds |
| 4 |
The remaining profit after deduction for funds |
4 = 2 - 3 |
| 5 |
Undistributed profit from previous years |
|
| 6 |
Profit for the 2018 dividend payment |
6 = 4 + 5 |
| 7 |
Dividend payment rate in 2018 |
Follow the Annual General Mandate 2019 |
Approval rate: 100% of total number of voting shares at the meeting.
Article 7: Approve report on remuneration settlement of Board of Directors and Supervisory Board in 2017 and estimation of remuneration and wage of Board of Directors and Supervisory Board in 2018
General Meeting of Shareholders of Vung Ang Petroleum Joint Stock Company approved the report on remuneration settlement of Board of Directors and Supervisory Board in 2017 and estimation of remuneration and wage of Board of Directors and Supervisory Board in 2018 as follows:
1. Performance in 2017
Unit: VND
| No. |
Indicators |
Remuneration (VND/ person/ month) |
Quantity (person) |
Amount |
| |
Remuneration paid in 2017 |
|
|
84,000,000 |
| - |
Chairman of Board of Directors (Executive) |
0 |
1 |
0 |
| - |
Director, Vice Directors (Members of Board of Directors) |
0 |
2 |
0 |
| - |
Non-executive members of Board of Directors |
3,000,000 |
2 |
72,000,000 |
| - |
Head of Supervisory Board |
0 |
1 |
0 |
| - |
Non – executive members of Supervisory Board |
1,000,000 |
1 |
12,000,000 |
| - |
Members of Supervisory Board cum other positions |
0 |
1 |
0 |
| - |
Secretary of Board of Directors |
0 |
1 |
0 |
2. Estimated remuneration in 2018
On the basis of the business plan in 2018, the Company propose remuneration and wage of Board of Directors and Supervisory Board in 2018 as follows:
| No. |
Indicators |
Remuneration (VND/ person/ month) |
Quantity (person) |
Amount |
| 1 |
Expected remuneration fund in 2018 |
|
|
84,000,000 |
| 2 |
Expected payment of remuneration fund for 2018 |
|
|
84,000,000 |
| - |
Chairman of Board of Directors (Executive) |
0 |
1 |
0 |
| - |
Director, Vice Directors (Members of Board of Directors) |
0 |
2 |
0 |
| - |
Non-executive members of Board of Directors |
3,000,000 |
2 |
72,000,000 |
| - |
Head of Supervisory Board |
0 |
1 |
0 |
| - |
Non – executive members of Supervisory Board |
1,000,000 |
1 |
12,000,000 |
| - |
Members of Supervisory Board cum other positions |
0 |
1 |
0 |
| - |
Secretary of Board of Directors |
0 |
1 |
0 |
| 3 |
Remaining amount |
|
|
0 |
2.2 Estimation of wage of executive members of Board of Directors (Chairman of Board of Directors), Executive head of Supervisory Board and Management Board
| No. |
Full name |
Title |
Amount (VND) |
| 1 |
Dinh Hong Long |
Chairman of Board of Directors |
467,595,789 |
| 2 |
Nguyen Trung Kien |
Director |
444,356,842 |
| 3 |
Tran Tien Dai |
Vice Director |
397,878,947 |
| 4 |
Vu Hong Minh |
Vice Director |
374,640,000 |
| 5 |
Le Minh Chau |
Head of Supervisory Board |
374,640,000 |
| 6 |
Bui Duc Huy |
Chief Accountant |
374,640,000 |
| |
Total |
|
2,433,751,578 |
Note: Based on the production and business plan for 2018, PVOIL Vung Ang makes the wage fund for Chairman of Board of Directors, Management Board and Head of Supervisory Board as above data. However, those data will be settled under the actual production and business results in 2018 of the Company.
Approval rate: 87.6% of total number of voting shares at the meeting.
Article 8: Performance
General Meeting of Shareholders assigned Board of Directors, Supervisory Board and Management Board to responsible for performing this mandate.HNX
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