In the morning of November 7, 2017, FIT Group held the first extraordinary General Meeting of Shareholders in 2017 at the company headquarter – 5th floor, Times Tower, 35 Le Van Luong, Thanh Xuan, Hanoi.
At the Meeting, the Board of Directors (BOD) and the shareholders have agreed to adopt the new Charter replacing the current Charter on the basis of the Model Charter issued together with Circular No. 95/2017/TT-BTC, approving the Internal regulations on corporate governance; To approve and authorize the Board of Directors to decide on revenue-generating transactions with related parties; To approve the issuance of ESOP shares to employees; To approve the election of two additional members to the Board of Directors, including one independent member; and other matters under the authority of the General Meeting of Shareholders.
Adoption of the new charter based on the Model Charter issued under Circular 95/2017/TT-BTC and internal management regulations at this meeting will help FIT reach the best governance standards. The internal management rules and regulations are based on the actual needs, current characteristics of operation, governance and management, which will serve as a basis for shareholders to more deeply appreciate the company’s corporate governance and thereby increasing transparency, ensuring legal rights and interests for shareholders, as well as following the international standards and practices of corporate governance.
To strengthen the corporate governance, to follow the law of the number of independent members, during the Meeting, the Board of Directors and shareholders agreed on the appointment of two new BOD members, including one independent member. An independent board member who has the expertise and practical experience not only supports the Board in planning future plans and strategies but with the presence of independent directors, BOD also makes decisions that are unbiased, which will protect the maximum benefit of the shareholders of the company.
In addition, the General Meeting of Shareholders also approved the issuance of ESOP shares to its employees to encourage the spirit of work and the attachment of the key personnels who together have been in the development stages of the company. With the issuance of ESOP shares, FIT Group is committed to sharing its ownership with the employees in order to move towards great value with strong growth in the future.
2017 may be said to be one year that FIT conducts consolidation of the entire internal governance system from parent to member companies to ensure a good governance foundation, contributing to the sustainable development of the corporation in the future. Currently, FIT and its affiliates are working hard to restructure, invest heavily in machinery, technical facilities, sales, marketing and product development. Especially, Cuu Long Pharmaceutical Joint Stock Company (DCL) is on the way to show itself as the leading pharmaceutical brand in Vietnam.
The construction of the third capsule factory is underway and is scheduled to increase the scarce capital supply in the domestic market, while the cancer drug project is in the process of finding suitable technology transfer partners who are all prestigious partners in the world. DCL is also in the process of finishing formal licensing procedures to officially distribute cancer drugs in Vietnam.
For the beverage industry, the complete development of the Corporate Governance Regulations provides a solid foundation for Vikoda – FIT Beverage to gradually meet its expectations by increasing the coverage of the product on the market, enhancing customer loyalty for products and so on, and make it the growth momentum to continue to expand markets, conquer new and potential markets. In the cosmetic industry, the consumer products provided by FIT Cosmetics are diversified, specialized and outstanding, taking the motto towards the health and to meet the needs of consumers as the foundation for development, so far the brands of FIT Cosmetics such as Dr. Clean, Tero dishwashers, Tero washers, etc. have gradually become trusted companions of every Vietnamese family.
As for the agricultural products, Westfood Foodstuff Processing and Export Joint Stock Company has invested in the development of new cucumber material area for the development of new canned cucumber product, meeting the increasing demand in the market and thus increasing profit and revenue for the company. In addition to developing its own material areas, Westfood also pays close attention to the complete infrastructure and modern machinery and equipment. This is one of the reasons that the partners in South Korea, Japan, Europe, USA… believe in selecting Westfood as a reliable partner for long-term cooperation.
Strategic investments and the process of restructuring and finalizing the governance system are ongoing at FIT and its affiliates. Building a solid business foundation in this stage is the group’s biggest goal. For the entire FIT system, long-term value creation cannot be the job of a few months, it needs a trade-off in short-term goals. And the current changes bring the FIT Group forward to respecting honesty in shareholders’ information and right to know and thereby maximizing the interests of shareholders and investors.
