- Do Cao Bao speaking at the meeting (far right)
Mr. Do Cao Bao, Head of the Equitization Committee, opened the meeting and reported on the equitization process of FPT Information System Company Limited.
Mr. Duong Dzung Trieu, Head of the Regulation Preparation Board, presented the Draft of Regulation of FPT Information System Joint Stock Corporation. On the basis of regulations set by the Company and recommendations by shareholders, the meeting approved the Official Regulations of FPT Information System Corporation.
Accordingly, the English name of the company was decided to be changed. The former “FPT Information System Joint Stock Company” would be changed into “FPT Information System Corporation” and the relevant acronyms are “FPT IS JSC” and “FIS CORP.”, respectively.
The foundation of “The Fund for Science and Technology Development” mentioned in the Regulations was also approved by the meeting. This Fund is extracted from the company’s profit- before-tax with the maximum ratio of 10% if its taxable income is 50 million Dong, of 5% if from 50 to 100 million Dong, of 2.5% if above 100 million Dong or of another ratio under the supervision of the current applicable law. This extraction would be carried out until the Fund is equal to 10% of the Charter capital of the Company.
In addition, the Meeting agreed that “the members of the Board of Management are not allowed to transfer their shares during their term of office otherwise approved by the Board”. The purpose of this regulation is to gain the confidence of the shareholders and raise the responsibilities of each member of the Board of Management.
The meeting voted in the Board of Management and the Supervisory Board of FPT Information System Corporation. The Board of Management includes Mr. Do Cao Bao, Mr. Truong Gia Binh, Mr. Bui Quang Ngoc, Mr. Duong Dzung Trieu and Mr. Nguyen Diep Tung. The Supervisory Board includes Mr. Hoang Huu Chien, Mr. Nguyen Quoc Hung and Mr. Doan Thanh Vinh.
The Meeting also approved the concurrence of the Chairman and General Director of FPT Information System Corporation. The reason is that the Company has been freshly equitized and its current CEO, Mr. Do Cao Bao, is concentrating on the transformation of the company, steering it on track. The authority transfer and the distinction between the Board of Management and Board of Directors would be carried out once the corporation runs smoothly.
Right after the meeting, the Board of Management met and voted Mr. Do Cao Bao to be the Chairman. The Advisory Board also selected Mr. Doan Thanh Vinh to be its head.
All tasks relating to the transformation are basically completed. 119 decisions on the organizational establishment and staffing of the Corporation have been signed. Accordingly, FPT Information System Corporation will officially operate on 1st September 2009.