Chương IV Nghị định 87/2015/NĐ-CP: Giám sát tài chính đối với doanh nghiệp có vốn nhà nước

Chapter IV

FINANCIAL SUPERVISION OVER STATE-INVESTED ENTEPRISES

Article 32. Supervisory body

1. The representative agency shall perform its supervisory function through the representative person over joint stock companies, multiple-member limited liability companies in which state capital is invested.

2. The financial institution:

a) Annually, the Ministry of Finance shall gather financial supervision reports of representative agencies to compile an aggregate report for submission to the Government on effectiveness in operations and performance of assigned public duties of enterprises of which more than 50% of the charter capital is held by the State; on the effectiveness in state capital invested in enterprises of which less than 50% of the charter capital is held by the State;

b) The Department of Finance of cities or provinces shall act as the focal point which assists the provincial People's Committee in aggregating reports on supervision over state-invested enterprises under the authority of the provincial People's Committee.

Article 33. Supervisory contents

1. As for enterprises of which more than 50% of the charter capital is held by the State

a) Supervise the state capital conservation and development in enterprises.

b) Supervise utilization and management of state-owned capital and assets invested in enterprises according to the following issues:

- Capital and asset investment in enterprises and outward capital investment (mobilized capital along with investment projects, progress of investment project execution and progress of invested capital disbursement);

- The current state of mobilization of capital and utilization of mobilized capital; issue of bonds;

- The current state of asset management, debt management at enterprises, the enterprise’s solvency and debt-to-equity ratio;

- The current state of currency flows in enterprises.

c) Supervise an enterprise's business operations:

- Operating results: Revenue, profit, return on equity, return on asset;

- Fulfillment of obligations to the state budget.

d) Supervise execution of the plan for state capital divestment, recovery, and collection of profits and distributed dividends.

2. As for enterprises of which less than 50% of the charter capital is held by the State

a) Supervise the state capital conservation and development in enterprises;

b) Supervise the current state of capital mobilization and mobilized capital utilization;

c) Supervise an enterprise's business operations: Operating results: Revenue, profit, return on equity, return on asset;

d) Supervise execution of the plan for state capital divestment, recovery, and collection of profits and distributed dividends.

3. The Ministry of Finance shall specify reporting forms and templates and indicators stipulated in Clause 1 and 2 of this Article.

Article 34. Supervisory method

1. As for enterprises of which more than 50% of the charter capital is held by the State: Financial supervision shall be carried out through periodic, ad-hoc or reports requested by the representative agency and shall reported by the representative person in enterprises. Where any sign of violation against laws on corporate financial supervision has been found, the representative agency shall direct the representative person in enterprises to request the Control Board of enterprises to carry out examination of the compliance with laws on utilization, management, conservation and development of capital invested in enterprises.

The representative agency shall bear ultimate responsibility for corporate supervision. The representative person in enterprises shall be considered as the individual assigned the task of corporate supervision and shall only bear responsibility for tasks assigned by the representative agency.

2. As for enterprises of which less than 50% of the charter capital is held by the State: Financial supervision, assessment of effectiveness in utilization of state capital in enterprises shall be carried out through periodic reports made by the representative person in enterprises.

Article 35. Financial supervisory reporting regime

1. As for enterprises of which more than 50% of the charter capital is held by the State

a) Financial supervisory report

On 6-month and annual basis, the representative person in enterprises shall prepare a financial supervisory report according to contents stipulated in Clause 1 Article 33 hereof and send it to the representative agency and the same-level financial institution (the Ministry of Finance in case of enterprises which have been equitized, transformed from economic groups, state-owned incorporations, or Ministry-controlled equitized or transformed enterprises; the Department of Finance in case of enterprises equitized or transformed from enterprises affiliated to the provincial People's Committee).

The permitted period of submission of financial supervisory reports is restricted to six (06) months and governed under regulations of the representative agency on annual basis.

b) Report on financial supervisory results

- Based on supervisory reports of the representative person in enterprises, the specialized Ministry shall carry out financial supervision over joint stock companies and limited liability companies transformed from state enterprises which are parent companies, limited liability companies established under the Ministry’s decision or assigned under their authority and the specialized Ministry shall integrate results of supervision over state-invested companies into reports on financial supervisory results of the Ministry for submission to the Ministry of Finance before July 31 of the reporting year in case of 6-month reports and before May 31 of the following year in case of annual reports.

- Based on supervisory reports of the representative person in enterprises, the provincial People’s Committee shall carry out financial supervision over enterprises transformed or equitized from state enterprises established under the decision of the provincial People’s Committee and assign the Department of Finance to gather financial supervisory results for submission to the Ministry of Finance before July 31 of the reporting year in case of 6-month reports and before May 31 of the following year in case of annual reports.

- The Ministry of Finance shall gather reports on supervisory results made by the specialized Ministry and the provincial People’s Committee to report to the Government before September 30 of the reporting year in cased of 6-month reports and before July 31 of the following year in case of annual reports. Supervisory contents shall include contents of performance assessment and performance of assigned public tasks in case of enterprises of which more than 50% of the charter capital is held by the State across the nation.

2. As for enterprises of which less than 50% of the charter capital is held by the State

a) Financial supervisory report

On annual basis, the representative person shall prepare a financial supervisory report according to contents stipulated in Clause 2 Article 33 and send it to the representative agency. Time limit for submission of reports shall be governed under regulations laid down by the representative agency.

b) Report on financial supervisory results

Based on the supervisory report of the representative person in enterprises, the representative agency shall aggregate the report on financial supervisory results and submit it to the Ministry of Finance before May 31 of the successive year in order for the Ministry of Finance to send a final report to the Government on effectiveness in utilization of state capital in nationwide enterprises.

Article 36. Assessment of operating results of state-invested enterprises

The representative agency shall refer to criteria for assessing performance of state enterprises in order to research and set criteria for assessing effectiveness in state capital investment in state-invested enterprises which are categorized into two groups:  Enterprises of which more than 50% of the charter capital is held by the State and enterprises of which less than 50% of the charter capital is held by the State. The representative agency shall consult the result of assessment of effectiveness in state capital investment in enterprises and the result of state-invested enterprises to consider ongoing investment, expansion or divestment of state capital in these enterprises; concurrently, consider such results as the basis for evaluating and rewarding the representative person in enterprises and for developing the plan and assignment of tasks to the representative person in enterprises in the successive years.