On September 27, 2017, the Ministry of Finance issued
Circular No. 97/2017 / TT-BTC guiding the setting up and management of
salaries, remuneration and bonuses for the head of the Supervisory Board and
supervisors at A 100% state-owned one-member limited company, effective October
20, 2017.
Accordingly, before the 20th of every month, the
representative agency, the Ministry of Finance (for financial controllers at
state-owned economic corporations) will pay 80% of the salary and remuneration
to the Chairman. Control and Supervisor. The remaining 20% will be paid at
the end of the financial year if the task is completed, otherwise it will lose
this 20%.
In addition, for the annual bonus, it is only paid up
to 90%, the remaining 10% is temporarily held by the company to establish a
term bonus fund. Those who successfully complete the task are entitled to the
remaining 10%, if there is 1 year of not completing the task, then deducting
half of the remaining bonus, if there is from 2 years of failure to complete
the task, it is not enjoy this 10%.
The Circular does not apply to the Head of the
Supervisory Board, the Controller in a company with 100% state capital
established under the Law on Securities, the Law on Credit Institutions, the
Law on Deposit Insurance, and the Home Finance Fund. foreign budget, organize
the handling of state debt. These subjects comply with specific legal
documents.
By making specific provisions in the deduction and
management of salaries, remuneration, bonuses, the Circular has contributed to
improving the role, independence and effectiveness of the Supervisory Board in
home-based companies. The country holds 100% of charter capital.