Over the past two years, Vietnam Export Import Commercial Joint Stock Bank (HoSE: EIB) has had successive annual or extraordinary General Meeting of Shareholders. And usually about 10 days before the congress, fluctuations around senior leaders, especially in the position of Chairman of the Board of Directors, take place hot again.
This 2021 Annual General Meeting of Shareholders, and the whole term of the General Meeting of Shareholders to repay the old year 2020, which takes place on 2 consecutive April 26-27 of Eximbank in Hanoi, are also welcoming the pre-congress turmoil.
Specifically, on April 13, 2021, Eximbank consecutively had 2 Resolutions No. 156 and No. 157/2021 of the Board of Directors resigning and appointing the Chairman of the Board of Directors. In particular, the Resolution No. 156 of the Board of Directors (Board of Directors) of Eximbank approved the resignation of the Chairman of the Board of Directors for Mr. Yasuhiro Saitoh and the election of Mr. Nguyen Quang Thong – from the position of Vice Chairman of the Board of Directors. Temporarily hold the position of chairman of the Board of Directors until the Board of Directors elects personnel to hold the new position of Chairman of the Board of Directors. Eximbank’s Board of Directors also assigned Mr. Thong to sign on behalf of the Board of Directors a Resolution on dismissing Mr. Yasuhiro Saitoh from the position of Chairman of the Board of Directors according to the resignation letter of Mr. Yasuhiro Saitoh on April 6, 2021.
However, shortly thereafter, in Resolution 157, signed by Mr. Yasuhiro Saitoh – who has just been dismissed under Resolution No. 156 – Eximbank’s Board of Directors approved the election of Mr. Yasuhiro Saitoh to hold the position of Chairman of the Board of Eximbank.
These two conflicting Resolutions are known based on voting results at the Board meeting and are only 25 minutes apart.
More notably, according to the regulations on information publicity of listed enterprises, at SSC and HoSE, both resolutions are officially announced by the authorized person of Eximbank. This means that these two resolutions are actually implemented by the Board of Directors of the Bank and there is no fact that the BOD does not acknowledge because “either Resolution is invalid” as on several occasions has happened with the meeting of dismission and appointment of this position before.
Remember, in the “line” of dismission, appointing two former Chairman of Eximbank, Mr. Le Minh Quoc and Ms. Luong Thi Cam Tu, the BOD Resolutions were ed and issued by the Board of Directors, which were pointed out by the parties to many invalid issues to prove improper and not recognized. Similarly, Mr. Cao Xuan Ninh, when he was appointed chairman of the Board of Directors, was also rejected by shareholders at the 2019 AGM, ernning that the appointment was not “official”.
The dizzying change left the results like never before a meeting with 2 Board resolutions on the highest title at Eximbank this period, once again showing predictions about a possibility of mediating and finding a voice. General and agreed to groups of shareholders, even if it is only temporarily to pass the prescribed General Meeting of Shareholders, this time has not yet come true. Moreover, the role of Mr. Yasuhiro Saitoh for some mysterious group of shareholders, since he stopped being SMBC’s representative, must still be very important. This may be the decisive factor of the group of shareholders at Eximbank.
Another notable point, Eximbank wants to adjust the proportion of shareholders attending the meeting to the total number of er edable shares reduced from 65% to 50%. And the adjustment rate will be reversed with scenarios: If the 1st meeting is not eligible to proceed, the percentage of shareholders attending the meeting to be able to conduct the second shareholders’ meeting is reduced from 51% to 33%; if the 2nd meeting is ins not eligible to proceed, the 3rd meeting will be conducted without depending on the percentage of shareholders attending the meeting.
This desire of the bank, if implemented, will also have direct significance to decide the path to success of at least one meeting in order to facilitate a public voice, or “repay” shareholders according to duty. Accordingly, Eximbank can avoid failure at least once, not be blank to open the flag, spend a lot of costs to organize the General Meeting of Shareholders but cannot continue until the end. Of course, in addition to the factor adjusting the percentage of shareholders attending the meeting, it also depends on the specific developments at the General Meeting of Shareholders with other unexpected factors. Until now, Eximbank has always been a potential bank to break out unpredictable information.
A bright spot that can comfort leaders and employees, especially small shareholder of Eximbank, is the bank proposing to pay dividends after 7 years of non-division. In the waves of ownership disputes, Eximbank’s Board of Directors has remained active and the bank has achieved results with the end of March 2021 having paid off all VAMC bonds. Accordingly, the Bank proposes the State Bank to allow share dividends in 2021. If approved, the Board of Directors will submit specific plans to shareholders. It is expected that the profit divided after deducting the bonus and welfare fund in 2018, 2019, and 2020 is nearly 2,214 billion dong. After deducting treasury shares that Eximbank is holding, the expected dividend is VND 1,800 per share.
Besides, Eximbank also plans to submit pre-tax profit to shareholders to increase 60% year-on-year to VND 2,150 billion. This is a bold number, but not impossible, especially if Eximbank can consolidate its shareholders.
However, with the scenario of adjusting the expected percentage of shareholders attending the meeting, it is somewhat predictable that the lack of optimism about the desire to cooperate at Eximbank at this time.
Source: enternews.vn – Translated by fintel.vn