ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
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Evaluation by the Independent members regarding the activities of the BOD and the BOM
The executive members of the BOD regularly attended both periodic and extraordinary meetings of the BOM to address arising issues within the Company. Key decisions of the BOM were analyzed, reviewed, and consulted with the BOD to ensure the Company's best interests. Supervision results regarding the financial statements, financial positions, and business activities of the Company. The Company's separate and consolidated financial statements were prepared in accordance with Vietnamese accounting standards and current legal regulations, reflecting the Company's financial position truthfully and reasonably in 2024. The Finance and Supporting division provided annual, quarterly, and monthly financial reports promptly and comprehensively. The Company's financial health remained robust and secure, characterized by a low debt ratio. The Company continued to focus on its core businesses and maintained effective cost control. The Company proactively strengthened its Internal Audit and Compliance departments by adding dedicated personnel. It enhanced internal control activities through the implementation of the SAP S/4HANA system, while continuing to update, refine, and improve operational processes across the Group, particularly policies and risk management procedures. The BOD regularly monitored, evaluated, and approved transactions with key related parties arising in 2024, in strict compliance with legal regulations and within the scope of the Company’s ordinary business activities. The related-party transactions in 2024 were of small value compared to the total asset value of the Company as reported in the most recent financial statements.
The BOD members attended all 13 out of 13 meetings to discuss and approve matters within the BOD’s authority. The BOD's Resolutions from these meetings were all passed based on the majority principle, and the minutes of the meetings were thoroughly documented and signed by the attending BOD members. The approval rate for the BOD's meeting agenda consistently reached 100%. The BOD effectively fulfilled its role in implementing the plans, policies, and strategic orientations previously outlined by the GMS. The BOD complied with legal regulations and corporate governance rules, convening regular and extraordinary meetings to address arising issues promptly, as well as approving decisions aligned with actual conditions to safeguard the interests of the Company and shareholders. In 2024, the BOD effectively fulfilled its roles and responsibilities in directing, supporting, and supervising the BOM in implementing the resolutions approved by the GMS and the BOD. This ensured compliance with legal regulations while balancing the interests of the Company and Shareholders. The Company ensured a clear segregation of responsibilities between the Chairman of the BOD and the General Director, adhering to current legal requirements for corporate governance. In 2024, the General Director diligently executed her obligations to report, clarify, and disclose business operations comprehensively and transparently. Additionally, the General Director consistently presented and sought approval for matters under the jurisdiction of the BOD.
Overall, despite facing significant challenges from headwinds in the domestic market as well as global geopolitical situations, the Company successfully navigated these difficulties and ensured sustainable development. This success was credited to the decisive leadership and management of the BOD and the BOM, demonstrating a strong sense of responsibility, unity, and collaboration to protect the long-term and lawful interests of the Company and its Shareholders.
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