Saigon Shipping (SGS) is a company that was privatized from a state-owned enterprise, with a charter capital of 144 billion VND - Photo: Company website.
Saigon Shipping Corporation (SGS) has just released the minutes of its 2024 annual general shareholders' meeting.
Minutes reveal that SGS recently held a general meeting with many dramatic developments. One of the key issues discussed at this year's meeting was personnel matters.
Ahead of the general meeting, a number of SGS leaders resigned, including Mr. Le Minh - Chairman of the Board of Directors; Mr. Pham Van Huong and Ms. Huynh Thi Nhu Y - two members of the Board of Directors.
Notably, there is the case of Ms. Duong Thi Kim Kieu, a member of the supervisory board, who has submitted her resignation from her current position three times.
However, according to the minutes, only the proposal to dismiss Mr. Le Minh from the board of directors for the 2021-2026 term was approved with a 99.82% majority.
Meanwhile, the proposal to dismiss board member Huynh Thi Nhu Y was not approved because the total number of votes in favor accounted for only over 41.7% of the total votes of shareholders present at the meeting.
Similarly, the proposals to dismiss board members Pham Van Huong and Nguyen Van Long were also not approved, with the total number of votes in favor accounting for only 41.67% and 58.7% respectively.
Similarly, the proposal to dismiss Ms. Duong Thi Kim Kieu from the Supervisory Board also received only 58.7% of the votes in favor, based on the total number of votes cast by shareholders present at the meeting.
Therefore, the dismissal of Ms. Kieu at this congress meeting was also "not approved".
According to the voting rules, a resolution of the general shareholders' meeting is adopted when at least 65% of the total voting shares of all shareholders present at the meeting approve it.
Therefore, based on the results of the vote to dismiss Mr. Le Minh from the board of directors, the SGS general meeting proceeded to elect one additional member to the board of directors.
However, the subsequent events were quite dramatic when Mr. Pham Hoai Huan, head of the vote counting committee, announced to the assembly that Mr. Nguyen Quang Viet, a member of the committee, was not present in the meeting room.
With only two members left on the vote counting committee, Mr. Huan proposed electing additional members to ensure the required quorum. However, the general meeting subsequently elected Mr. Ho Duy Hung to the vote counting committee, but this was not approved by the shareholders.
Subsequently, Mr. Nguyen Van Long, a member of the presiding committee, proposed suspending the congress before all three members of the vote counting committee were present.
As a result, after many dramatic developments due to several important items not being passed, the vote counting committee being understaffed, and even the minutes of the congress not being approved.
Is it even difficult for a Saigon shipping company's 'boss' to resign and return to his hometown?
In her resignation letter submitted before this year's general meeting, Ms. Duong Thi Kim Kieu - a member of the Supervisory Board at SGS - stated that she had previously submitted a resignation letter from her position as a member of the Supervisory Board for consideration by the 2022 Annual General Meeting of Shareholders.
However, at the annual meeting held on May 26, 2022, the general shareholders' meeting did not approve it.
Subsequently, Ms. Kieu submitted her resignation letter again at the next shareholders' general meeting. This time, the shareholders' general meeting voted to approve her dismissal.
However, Ms. Kieu stated that on September 29, 2023, the court annulled the resolution of the SGS shareholders' general meeting. Therefore, prior to the 2024 annual shareholders' meeting, Ms. Kieu continued to submit her resignation.
In her resignation letter, Ms. Kieu did not clearly state the reasons why resigning was so difficult. She said that due to family circumstances and her health no longer being sufficient to continue the job, she had to return to her hometown to settle down.
Regarding business performance, the Q1 2024 financial report shows that SGS's revenue reached 49 billion VND, a slight decrease compared to nearly 51 billion VND in the same period last year.
Due to increased cost of goods sold and business management expenses, the company's after-tax profit decreased by 35%, to 7.6 billion VND.
According to its 2023 annual report, Saigon Shipping Company has a registered capital of over 144 billion VND and its headquarters are located in District 1, Ho Chi Minh City.
Saigon Transport Mechanical Corporation (Samco) is the largest shareholder, holding 51% of SGS's capital. The second largest shareholder, holding 37.42% of the capital, is Global Logistics Services Co., Ltd.
Source: https://tuoitre.vn/loat-sep-van-tai-bien-sai-gon-xin-nghi-khong-duoc-co-nguoi-nop-don-3-lan-van-bo-tay-20240714152032687.htm
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