Seminars in Hanoi and HCMC discuss report from KPMG and ACCA Vietnam on corporate governance requirements.
More than 200 C-suite business leaders, corporate governance professionals, and regulators attended a seminar held in Hanoi on January 22 that focused on a recent joint study published by KPMG and ACCA entitled "Balancing Rules & Flexibility". The report analyses corporate governance requirements in terms of clarity, degree of enforceability, and number and type of instruments used across 25 different markets, including Vietnam.
This is the first round of seminars launched under the recently announced KPMG-RMIT Centre for Governance. A similar seminar was held in Ho Chi Minh City on January 20.
"Adequate and effective corporate governance is critical in supporting boards and management to navigate through changing market conditions," KPMG in Vietnam's Head of Advisory, Mr. John Ditty, said in his keynote address. "While the scores suggest that Vietnam has performed relatively well in some of the key areas of director independence, roles of the board and shareholder rights, there are still areas we could look to improve. These include board diversity, risk governance, and assurance."
"We hope this study can contribute to raising the standard of corporate governance requirements, not just globally, but particularly right here in Vietnam," Ms. Lucia Real Martin, Director, Emerging Markets for ACCA, told the gathering. "With ASEAN nations coming together in a single market in 2015, Vietnam can strive to take a much more active role to improve corporate governance."
In a topic closely aligned to corporate governance, Professor Brendan O'Connell from RMIT University shared the importance of International Financial Reporting Standards (IFRS) reforms in accounting, governance, and regulatory standards to enhance the future quality of financial reporting in Vietnam.
The seminar also brought some practical advice and experience on improving corporate governance development in Vietnam, presented by Mr. Nguyen Vu Quang Trung, Deputy CEO of the Hanoi Stock Exchange.