Report of the Control Board
Following scenario 2 of the Resolution of the General Meeting of Shareholders:
The revenue target
121%
The profit before tax plan
103%
In 2020, the economy of Vietnam and the whole world was severely affected by the Covid-19 pandemic. However, with the Government's acumen in promulgating supportive policies as well as the efforts of the entire population, GDP growth still reached 2.91%. In that context, Gemadept Corporation has made great efforts to achieve business results according to the set goals through improving the role of governance, strengthening risk control, cutting costs, and restructuring the production and business activities.
ACTIVITIES OF THE CONTROL BOARD IN 2020
In 2020, the Control Board, consist of five (05) members elected at the 2018 General Meeting of Shareholders, have performed the functions and duties of the Control Board well and in accordance with the law and the Company's regulations.
In 2020, with the close coordination of the Board of Management and the Board of Directors, the Control Board has inspected and supervised the compliance with legal regulations and the Company's internal regulations on business activities and issuance of internal documents, the progress of the projects, as well as making recommendations to strengthen risk management and improve the quality of corporate governance.
The Control Board has carried out business trips and monitored the operation of subsidiaries and Branches to assess the progress of completing the plan, reminding them to comply with operating procedures, and evaluating achievements as well as proposing solutions to enhance production, business, and financial management of the Company.
Appraising the 2020 financial statements quarterly and annually, the Control Board agrees with the Company's 2020 financial statements which have been audited by A&C Auditing and Consulting Co., Ltd.
SUPERVISION OF IMPLEMENTATION OF RESOLUTIONS OF AGM 2020
In 2020, the Control Board focused on reviewing and evaluating the activities of the Board of Management related to the implementation of the financial and operational plan for 2020 approved at the General Meeting of Shareholders, monitoring the compliance with the provisions of the Law and the Company’s Regulations. The Company has implemented the Resolution of the General Meeting of Shareholders:
- Distribution of profits and setting up of funds in 2019: Done.
- Business results in 2020: Due to the impact of the COVID-19 pandemic disrupting the supply chains, the overall economic situation is very difficult. However, according to the financial report of 2020, with the efforts of the employees, Gemadept managed to achieve 121% of the revenue target and 103% of the profit before tax plan (following scenario 2 of the Resolution of the General Meeting of Shareholders).
OPERATION PLAN OF THE CONTROL BOARD IN 2021
With the Company increasingly expanding its scale and scope of operations, in 2021, the Control Board will continue to closely coordinate with the Internal Audit and Risk Management Departments to strengthen inspection of compliance the laws and internal regulations of the Company. Organizing the appraisal of financial statements quarterly and yearly. Coordinate with the Risk Management Department and Internal Audit to strengthen risk management. Members of the Control Board, on the basis of their assignment, will inspect and evaluate relevant departments to strengthen risk management for capital, assets, and resources.