The 2020 annual shareholder meeting of the Vietnam Export Import Bank (Eximbank), which was scheduled for this morning, July 29, has been postponed for the second time because only 142 shareholders representing some 523.3 million shares or 42.57 percent of the total shares were present.
Tran Ngoc Dung, head of the shareholder checking board, stated that the attending shareholders must hold at least 65 percent of the total shares.
The meeting was postponed for the first time on June 30 after it failed to secure the required attendance as only 133 shareholders representing some 215.6 million shares or 17.54 percent of the total shares attended.
Before the meeting was postponed, a shareholder who holds some 1.9 million shares of Eximbank sent a letter to the governor of the State Bank of Vietnam and chair of the State Securities Commission saying the bank’s board of directors had violated the shareholder attendance right.
The shareholder also accused the board of directors of violating the information release regulation and disrespecting the right of Sumitomo Mitsui Banking Corporation (SMBC), a foreign shareholder that holds a 15 percent stake in Eximbank.
SMBC had requested the bank to reorganise the extraordinary shareholder meeting several times after it was postponed on June 30.
As per the prevailing regulations of Eximbank, if an extraordinary meeting is canceled, the bank has to reorganise it within 30 days. However, the bank has yet to reorganise the extraordinary shareholder meeting.
The appointment of high-level personnel had also been a pressing issue prior to Eximbank’s shareholder meetings.
On June 25, Cao Xuan Hinh resigned from the post of Eximbank chair due to personal reasons. Yasuhiro Saitoh, who was previously vice chair, took over the post. On July 25, the bank’s board of directors adopted a resolution removing Dang Anh Mai from the post of vice chair.
