A series of Saigon Shipping 'bosses' asked to resign but were not allowed, some applied 3 times but still 'gave up'?

Saigon Shipping (SGS) is a company that was equitized from a state-owned enterprise, with a charter capital of 144 billion VND - Photo: DN Website

Saigon Shipping Joint Stock Company (SGS) has just announced the minutes of the 2024 annual general meeting of shareholders.

The minutes revealed that SGS had just gone through a congress with many exciting developments. One of the issues of interest at this year's congress was personnel issues.

Before the congress, a series of SGS leaders resigned, such as Mr. Le Minh - Chairman of the Board of Directors; Mr. Pham Van Huong, Ms. Huynh Thi Nhu Y - two members of the Board of Directors.

There is a special case of Ms. Duong Thi Kim Kieu - a member of the board of supervisors - who 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 rate of 99.82%.

Meanwhile, the proposal to dismiss Ms. Huynh Thi Nhu Y from the board of directors was not approved because the total number of votes in favor only accounted for more than 41.7% of the total votes of shareholders attending the meeting.

Similarly, the proposal to dismiss board members Pham Van Huong and Nguyen Van Long was also not approved when the total number of votes in favor was only 41.67% and 58.7%, respectively.

In the same situation, the proposal to dismiss Ms. Duong Thi Kim Kieu from the board of supervisors also only received 58.7% of the total votes of shareholders attending the meeting.

Therefore, the dismissal of Ms. Kieu in this congress session was also "not approved".

According to voting rules, a resolution of the general meeting of shareholders is passed when approved by shareholders representing at least 65% of the total votes of all shareholders attending the meeting.

Thus, based on the voting results to dismiss Mr. Le Minh from the board of directors, the SGS congress elected an additional member of the board of directors.

However, the developments that followed were quite dramatic when Mr. Pham Hoai Huan - head of the vote counting committee - informed the congress that vote counting committee member Mr. Nguyen Quang Viet was not present in the meeting room.

The counting committee had only two members left, Mr. Huan proposed to elect additional members to ensure the required ratio. However, the congress later elected Mr. Ho Duy Hung to the counting committee, but this was not approved by shareholders.

Then, Mr. Nguyen Van Long - a member of the presidium - proposed to stop the congress before there were enough 3 members of the vote counting committee.

As a result, after many dramatic developments, many important contents were not passed, the ballot counting committee was short of people, and even the congress minutes were not passed.

Is it difficult for a Saigon Shipping 'boss' to ask for leave to return to his hometown?

In her resignation letter submitted before this year's congress, Ms. Duong Thi Kim Kieu - a member of the board of supervisors at SGS - said that she had submitted a resignation letter from her position as a member of the board of supervisors for consideration at the 2022 annual general meeting of shareholders.

However, at the annual meeting held on May 26, 2022, the shareholders' meeting did not approve it.

Ms. Kieu then continued to submit her resignation to the next general meeting of shareholders. This time, the general meeting of shareholders voted to dismiss her.

However, Ms. Kieu said that on September 29, 2023, the court annulled the resolution of the SGS shareholders' meeting. Therefore, before the 2024 annual shareholders' meeting, Ms. Kieu continued to submit her resignation.

In the application, Ms. Kieu did not clearly share the reason why her resignation was so difficult. She said that due to her family circumstances and health, she was no longer able to take on the job and had to return to her hometown to stabilize her life.

Regarding business situation, the financial report for the first quarter of 2024 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 capital and business management costs, the company's after-tax profit decreased by 35% to VND7.6 billion.

According to the 2023 annual report, Saigon Shipping Company has a charter capital of more than 144 billion VND, headquartered in District 1, Ho Chi Minh City.

Saigon Transport Mechanical Corporation (Samco) is the major shareholder, holding 51% of SGS's capital. The second largest shareholder holding 37.42% of capital is Global Logistics Services Company Limited.

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