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Corporate Governance Forum 2018 held

Released at: 10:30, 10/12/2018

Corporate Governance Forum 2018 held

Photo: Khanh Chi (VET)

Annual forum supports businesses in pursuing long-term sustainability via corporate governance best practice.

by Hong Nhung

The annual Corporate Governance Forum 2018 with the theme “Governing for Sustainability” was held on December 7 in Ho Chi Minh City and discussed how Boards of Directors (BODs) can support companies to pursue long-term sustainability in Vietnam’s fast-growing economy.

The forum was co-organized by the Vietnam Institute of Directors (VIOD) and the Vietnam Corporate Governance Initiative (VCGI), in partnership with the State Securities Commission of Vietnam (SSC), and the Ho Chi Minh (HSX) and Hanoi (HNX) stock exchanges, and supported by the International Finance Corporation (IFC), Switzerland’s State Secretariat for Economic Affairs (SECO), and the Government of Japan.

VIOD and VCGI also released the 2018 Vietnam Corporate Governance Country Report and VIOD’s corporate membership program for directors.

The forum was held against a backdrop of Vietnam’s goal of joining the group of higher middle-income countries through rapid and sustainable growth. To help achieve this target, businesses have a common interest in building a strategic vision for sustainable business, while balancing environmental and social factors. Ms. Ha Thu Thanh, Board Chairwoman of VIOD and Deloitte Vietnam, said BODs have a key role to play in creating such sustainable business development strategies.

With BODs in Vietnam facing increasingly complex challenges in building a strategic vision for sustainable business while balancing environmental and social factors, the forum helps board members and senior executives more profoundly realize global trends and good practices in sustainable development as well as create a valuable networking platform to connect and share experiences in corporate governance practices towards sustainable development for businesses.

“IFC has seen capital markets’ increased interest in how BODs respond to issues relating to environmental and social impacts,” said Mr. Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Laos. “Environmental, social and governance matters have become important factors in investors’ decisions. With clear links between good environmental and social performance and long-term profitability, boards that commit to sustainability best practices will be better positioned for greater investment and engagement from investors.”

A key factor contributing to a Board’s performance is its diversity, especially as corporate governance best practice encourages diversity in gender, nationality, experience, occupation and position. “The diversity of board members supports them in evaluating issues from a variety of perspectives before making decisions and to complement each other to increase the effectiveness of the BOD,” said Dr. Vu Bang, member of the Prime Minister’s Advisory Group and Chairman of VCGI.

The event was attended by more than 150 participants, including chairpersons and representatives from BODs, CEOs and senior executives from listed public companies on the HSX and HNX, regulators, and investment funds. The annual forum underlines VIOD’s efforts to improve the professionalism of BODs in Vietnam, with good corporate governance playing a pivotal role in the sustainable development of businesses.

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