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  1. CAC PHl/ONG P H A P O A N H GlA C H A T LLTONG Q U A N TRj DOANH NGHieP TR^N TH^ Gl(5l VA K H A N A N G A P DUNG • CHO CAC DOANH NGHlEP V I E T NAM H o a n g V a n Hai* T r a n Thi H o n g L i e n * * Quan tri to't dffgc coi la tieu chuan 1. Mpt so phifofng p h a p d a n h g i a quan trgng cua doanh nghiep d ede nffde c h a t lufgfng q u a n tri d o a n h n g h i e p ed n i n kinh te thi trffdng da lau eung nhff d a n g dt^gfc sxi d u n g p h o b i e n t r e n t h e tai ede nffde dang trong qud trinh ehuyen gidi hi^n n a y ddi n i n kinh te. Theo nghien effu eua PhffOng phdp sff dung Chi sd^ quan tri h a n g tff van McKinsey tien h a n h vdi hon doanh nghiep (CGI - Corporate 200 nha d i u tff d 31 nffde thi ed tdi % so' Governance Index) nha d i u tff s i n sang chi phi t h e m de cd dffgc bg may dilu h a n h chat lffgng hieu Chi so' CGI la chi so ddnh gid diem qua. Tap doan Credit Lyonnais Securities manh, diem yeu va c h i t lffgng tdng the Asia (CLSA) ddng tru sd d Hdng Kong cua viee thffe thi q u i n tri doanh nghiep eung cho r i n g , md^i quan tam ldn n h a t cua hgi ddng quan tri mgt cong ty. cua gidi d i u tff doi vdi mgt doanh nghiep Trong khi ed nhilu bg tieu chuin, quy la chat lffgng quan tri. dinh vl quan tri doanh nghiep khac nhau, dang tdn tai mgt xu hffdng hffdng chung (j Viet Nam, vdi xu hffdng phat trien toan d u , theo dd, nam chu dl quan tri cua cdc doanh nghiep g i n vdi huy dgng doanh nghiep dffgc quan tam n h a t theo vo'n thong qua thi trffdng chffng khodn thi dieu tra eua Trung tam nghien effu Nha van dl n a n g eao chat lffgng quan tri d i u tff Td chffc (ISS - Institutional doanh nghiep lai cang co y nghia quan Shareholders Services) va Cong ty Chi so' trgng. Tuy nhien, sff dung tieu chi nao do FTSE (FTSE - The Index Company) bao Iffdng c h i t lffgng quan tri doanh nghiep gdm (xem Hinh 1): lai la van de r a t mdi. Trong bdi viet nay, tdc gia se d l cap den nhffng phffgng phap ddnh gid chat lffgng quan tri doanh nghiep dffgc sff dung phd bien tren the * Hoang Van Hai, Phd giao sU, Tien si, Trudng Dai hoc Kinh te - Dai hoc Quoc gia Ha Noi. gidi va d l x u l t nhffng ggi y vl kha nang ** Tran Thi Hong Lien, Thac si kinh te, Trudng Dai dp dung cho cdc doanh nghiep Viet Nam hoc Dai Nam. So 33 (6/2010) QUAN LY KINH TE K
  2. [TOI NGHIEN CUU - TRAO DOI CAC PHLfONG PHAP OANH GIA CHAT LL/ONG QUAN TRI DOANH NGHIEP.. H i n h 1: N a m c h u d e q u a n t r i d o a n h n g h i d p dxidc q u a n t a m n h a t t o a n c a u Quyen sd hffu cd p h a n cua quan tri vien va ngffdi khong la quan tri vien (9%) He tho'ng thu lao cho t h a n h Sff doc lap va vien hgi dong minh bach cua quy t r i n h k i e m quan tri dieu h a n h 5 chu de toan (9%) va khong dieu h a n h (17%) quan tri doanh V nghiep Cdu true va Cau triic vdn sff doc lap cua chu sd hffu t h a n h vien hoi (21%) dong quan tri (44%) Nguon: Marianne Huve AUard (2005). T r e n cff sd n g h i e n effu n a y , F T S E va I S S Cdc chi so edu thdnh •• da p h d t t r i e n Chi so' q u a n t r i d o a n h n g h i e p Cdc n h d m ehi s d b a o g d m : h g i d d n g CGI la ke't qua t d n g h g p cua cdc tieu e h u i n q u a n t r i , d u t r u e vo'n chu sd hffu, k i e m dffgc liet k e chi t i e t t r o n g B a n g 1. t o d n , mffe t h u lao v a sd hffu ed p h i n . B a n g 1. C a c t i e u c h u a n c a u t h a n h c h i sd^ CGI STT Nhom chi tieu Chi tieu 1 Sg tach biet giffa chu tich hoi dong quan tri va CEO 2 Thanh phan hoi dong quan tri 3 Cau triic hoi dong quan tri n n Q A I KINH TE UN Y So 33 (6/2010)
  3. CAC PHLTONG P H A P D A N H GIA C H A T L J O N G Q U A N TRI DOANH NGHlEP., NGHIEN CUU - TRAO DPI [ ^ ' i l i l 4 Uy ban de cff •> 5 Uy ban thu lao 6 Cac hildtng d i n cho hoi dong quan tri 7 Dap ffng cac de xua't cua co dong Hoi dong quan tri 8 Giao dich vdi ben lien quan co quan he vdi Giam doc dieu hanh (CEO) 9 Gidi han tu each thanh vien hoi dong quan tri ben ngoai 10 Quy mo hoi dong quan tri 11 Thcli gian phuc vu (nhiem ky) cua thanh vien hoi dong quan tri 12 CguCEO 13 Thay doi quy mo hoi dong quan tri 14 Trinh do cua thanh vien hoi dong quan tri 15 Cupc hop cua thanh vien hoi dong quan tri ben ngoai 16 Danh gid ket qua hoat dong cua hoi dong quan tri 17 Ke hoach CEO ke nhiem 18 Cac nha til van ben ngoai cho hoi dong quan tri 19 Thanh vien hoi dong quan tri tff chffc khi cong viec thay doi 20 Tudi nghi hilu cho thanh vien hoi dong quan tri 21 Tham dg hop hoi dong quan tri 22 Uy ban quan tri 23 Quyen bo phieu cong don 24 Co cau voh 25 Dac diem cua "Lieu thuo'c doc" la bien phap chdng thon tinh Cau true vdn chu trong d6 cong ty sff dung mot chien liigc lam tang kha nang sd hflu nhan diigc cac ket qua tieu cgc ddi vdi ben dang no lgc thon tinh cong ty 80 33(6/2010) QUAN LY KINH TE
  4. [TOI NGHIEN CUU - TRAO DOI 1 CAC PHLfONG PHAP OANH GlA CHAT LLTONG QUAN TRI DOANH NGHlEP... B a n g 1. Cac t i e u c h u a n c a u t h a n h chi sd^ CGI STT Nhom chi tieu Chi t i e u 26 Cac dieu khoan ve thon tinh co the dp dung dffdi luat 27 Yeu cau vdi viec bo phieu | 28 Thay ddi hoi dong quan tri | 29 Sg dong y b i n g vSn ban 30 Cuoc hpp dac biet 31 Kiem toan vien luan phien Kiem toan 32 Quyet dinh Iga chpn kiem toan 33 Chi phi kiem toan 34 Uy ban kiem toan 35 Uy ban ve thu lao dan xen (Thanh vien uy ban thii lao la mpt quan tri vien hoac nhan vien cua cong ty, cac cong ty t h a n h vien; la thanh vien ciia hpi dong quan tri hay uy ban thu lao cua mpt cong ty khac cd quan chffc dieu hanh la t h a n h vien hpi dong quan tri cua cong ty dang dugc de cap ) 36 Thu lao Thu lao cho thanh vien hpi dong quan tri 37 Sg thong qua cua cd dong vdi cac ke hoach quyen chon 1 38 Ty le quyen chpn "nguy hiem - to! da" 39 Chi tieu cho quyen chpn 40 Ke hoach hUu tri cho thdnh vien hpi dong quan tri khong co hop dong lao dpng 41 Lga chpn tai dinh gia 42 Khoan cho vay cua cong ty cho thanh vien hpi dong quan tri dieu hanh 43 Chi phi cho cac ke hoach quyen chon 44 Sd hffu cua thanh vien hpi dong quan tri m QUAN LY KINH TE So 33 (6/2010)
  5. CAC PHLTONG P H A P D A N H GlA C H A T LLTONG Q U A N TRI DOANH NGHI$P... NGHIEN Clhl - T A DPI RO [ ^ H Sdhffu C phan O 45 Hudng ddn sd hffu cd phan cua thdnh vien hpi dong quan tri 46 Hiidng dSn sd hffu co phan cua quan tri vien 47 Sd hull C phan cua quan tri vien va thanh vien hpi dong quan O tri Nguon: Japan Corporate Governance Research Institute (JCGR) (2003). Bang 1 dffa ra danh muc cdc chi so' du Cdc ehi so' CGI da dffgc phdt trien t h a n h phd bien. Tuy nhien, sd^ lffgng chi rieng cho tffng nffde phdt trien, bao gdm sd^ d u t h a n h tham gia vao tinh todn ehi Euro CGI, Europe CGI, US CGI, CGI so' thay ddi theo tffng ehi sd rieng eho cdc Nhat B i n va CGI Anh Qudc. qud'c gia va khu vffe. - Phuang phdp sd dung G-Index Phuang phdp tinh diem CGI Chi so' G-Index do nhdm nhien effu P. Phffgng phdp tinh diem CGI eung dffgc Gompers., J. Ishii vd A. Metriek phdt van dung theo n h i l u cdeh thffe da dang trien vao nam 2003. Chi so' nay dffgc d u tai moi quo'c gia. Thong thffdng, cdc tieu t h a n h bdi 24 n h a n to' theo dff lieu eua ehuin se n h a n dffgc mffe trgng sd^ tffgng Trung tam Nghien effu trdeh nhiem cua ffng vdi t a n s u i t xua't hien cua nd trong nhd diu tff (IRRC - Investor cdc quan sdt, sau do dffgc tinh ra mgt mffe Responsibility Research Center) (Dai hge diem tdng. Vi du, vdi ehi sd CGI Hoa Ky, Wharton, Hoa Ky). diem eho moi nhom tieu chuan trong CGI Cdc chi sd cdu thdnh Chi sd G-Index ed gid tri tff 1 den 5: Cdc chi so' d u thdnh ehu yeu bao gdm Diem 5: Cha't lffgng quan tri doanh ca'u true vd boat dgng cua hgi ddng qudn nghiep tot nha't tri eung nhffng eong cu ma hgi ddng cd Diem 1: Chat lffgng qudn tri doanh the dung de cho'ng lai sff thon tinh va xff nghiep tha'p n h i t ly tinh huong bi thon tinh (xem Bang 2). Bang 2. 24 chi sd cau thanh G-Index Ten chi sd cau thanh Giai thich 1.Chong "Thu xanh" (hanh dpng nham true lgi b i n g viec mua mot lugng ldn co Cam cdc co dong ldn tff bd viec co' gang kiem soat mpt cong ty phieu tff mpt cong ty vdi bang viec trao doi de cd dugc quyen ban lai cd phieu vdi mffe muc tieu bupc cong ty dd gia cao, trff phi tat ca cac cd dong dugc chao mdi cac co hpi mua lai lugng cd phieu dd d gidng nhau mffe gia cao hon nhieu de tranh nguy co bi thon tinh) $633(6/2010) QUAN LY KINH TE ^
  6. l i l i ' i l i l NGHIEN cUU - TRAP DPI CAC PHLTONG PHAP DANH GlA CHAT LliONG QUAN TR| DOANH NGH|£P,. B a n g 2. 24 chi s d c a u t h a n h G-Index Cong ty thUc hien nghia vu theo hgp dong theo dd chi tra cdc 2. Hgp dong boi thudng cho khoan an phi va cdc khoan khac theo sg phan quyet cua toa an thanh vien hpi dong quan trong cac phien toa tuyen bd nhUng khong chffng minh hanh tri dpng sai trdi 3. Bd phieu kin khong bi Cho phep ban quan tri gidm sdt phieu bau uy nhiem cua cac ca mat nhan Cho phep hpi dong quan tri quyen rpng rai trong viec xac dinh 4. Sec trang cdc quyen cua cd dong 5. Gia cong bang Gidi han cac quyen cua cd dong trong mua cd phan Ngudi mua lai khong the sff dung khoan thang du trong quy huu 6. "Nhffng chie'c 6" hUu tri tri de tai trg cho viec mua lai 7. Luat kinh doanh tong Dat ra sU hoan ng trong mua lai va sap nhap do'i vdi mpt cd hgp dong ldn NhCtng quy dinh trong hgp dong lao dpng vdi quan tri vien dffng dau va cap cao, theo dd, hp se nhan dugc nhufng khoan boi 8. "Chiee 6 vang" thudng rat hau hinh khi hp khong tiep tuc lam viec cho cong ty hoac cong ty dugc mua ban, sap nhap. 9. "Lieu thudc dpc" Cd dong cua cong ty bi mua lai muc tieu cd quyen mua co phan bd sung d mffe chiet khau cao Bupc ngudi mua lai tra mffe gia hien hanh cao nha't cho tat ca 10. Luat chi tien cac CO dong 11. Gidi han trong sffa ddi Loai bo hoac gidi ban quyen cua cd ddng hay hpi dong quan tri npi quy trong viec sffa ddi npi quy Dam bao cho cdc quan tri vien vi tri/thu lao khong bi anh 12. Cac thda thuan tri hoan hudng bdi sU thay ddi trong quyen kiem soat Cho phep chi tien cho nhffngquyen chpn hoac cdc khoan hoa 13. Ke'hoach dai ngp hong dugc thuc day trong trudng hgp thay ddi quyen kiem sodt. 14. Gidi ban trong sffa ddi Loai bd hoac gidi ban quyen cua cd dong hay hpi dong quan tri dieu le trong viec sffa doi dieu le . Mpt sd lugng ldn n gudi lao dpng (khong chi cdc lanh dao cap 15. "Nhung ehiec 6 bac" cao) thda man cac dieu kien dugc nhan nhffng khoan boi thudng hau hinh trong trUdng hgp thay ddi quyen kiem soat [ Q Q A LY KINH T UN E 5633(6/2010)
  7. CAC PHLTONG P H A P OAKIH GlA C H A T LUONG Q U A N TRI DOANH NGHlEP.. NGHIEN CUU • TRAO DPI [^lA 16. Hgp dong boi thudng Dieu le va npi quy bupc cong ty phai tra an phi va thuc thi cac cho thanh vien hpi dong quyet dinh cua cdc phien toa giai quyet h a n h vi sai trai quan tri lai quan tri vien hoac thanh vien hpi dong quan tri 17. Gidi han vdi cac cupc Loai bd hoac gidi han kha nang cua cd dong trong viec trieu tap hpp dac biet mpt cupc hpp dac biet gom cac co ddng cua cong ty. 18. Trach nhiem cua thanh Loai bd hoac gidi han trdeh nhiem ca nhan cua thanh vien hpi vien hpi dong quan tri dong quan tri ddi vdi mpt sd hanh dpng nha't dinh. Gidi h a n kha nSng cua ban quan tri va hpi dong quan tri trong 19. Gidi han vdi bay td y viec dam phan mua ban va sap nhap trong ca c cupc hpp cd lich kie'n dong y bang van ban trinh thudng xuyen 20. Hpi dong quan tri so le Chi mpt phan ciia hpi dong quan tri dugc bau lai mSi nam 21. Bd phieu khong cong Cdc C dong dai han dugc trao nhieu quyen bd phieu han cac O bang ngudi mua mdi Cd dong bd phieu vdi da sd tuyet ddi la yeu cau bdt bupc vdi 22. Da sd tuyet ddi quyet dinh mua ban va sdp nhap 23. Trdeh nhiem cua thanh Cho phep hpi dong qudn tri xem xet y kien cua 'cac cd dong vien hpi dong quan tri khde de tff chdi sap nhap 24. Bd phieu khong cpng Gidi ban quyen bd phieu cua co' dong phdn ddi. Giam bdt sd don lugng cua thanh vien hpi dong quan tri dpc lap/phan ddi. Nguon: Japan Corporate Governance Research Institute (JCGR) (2003). Phuang phdp tinh diem Cohen va Allen Ferrell da tien hdnh hdi Moi trong so' 24 ehi so' d u thdnh n h a n quy lai mgt l l n nffa xem nhffng n h a n td gid tri 0 hodc 1: ndo thffe sff tdc dgng tdi c h i t lffgng quan - Nhan td^ n h a n gid tri 0: neu khong tri doanh nghiep. Hg nghien effu xem thoa m a n dieu kien toi thieu dffgc chap nhan td nao trong sd 24 n h a n td quan tri nhan. doanh nghiep theo dff lieu eua IRRC ed - Nhan to' n h a n gid tri 1: Neu thoa lien he vdi gid tri eong ty va lgi nhuan man dilu kien td^i thieu chap n h a n dffgc. cho C dong. Tren co sd nay, hg dffa ra O mgt ehi sd ed thu dffgc tinh todn t r e n eo Sau do, tdng cgng diem nhi phan eua ede ehi so' ca'u thdnh se thu dffgc diem G-Index. sd 6 n h a n to'. - Phuang phdp sd dung Chi sd Cd thu Cdc chi sd cdu thdnh (Entrenchment Index) - Bdn ehi sd d u t h a n h thuge nhom Tren cO sd nghien effu v l G-Index eua luat phdp ngdn chdn da sd cdc nha d i u tff nhdm GIM, Lueian Arye Bebchuk, Alma ndm quyin kiem sodt, bao gdm: 86 33(6/2010) QUAN L KINH TE Y
  8. I'l^l'llj^ NGHIEN CIJ^ • TRAO DPI CAC PHLTONG PHAP OANH GIA CHAT LLfONG Q U A N TRI DOANH NGHlgP.. + Hgi ddng quan tri so le; Chi sd Gov-Score do Lawrence D. + Gidi b a n do'i vdi viee cd dong cd the Brown va Marcus L. Caylor p h a t t r i e n va sffa ddi ngi quy; eong bd vao n d m 2006. Day la chi sd tong hgp eua 51 tieu chi cau t h a n h thuge 8 -I- Yeu d u bieu quyet vdi da so' tuyet nhom ehi so' theo ca sd dff lieu eua ISS. dd^i khi sap nhap; va Cdc tieu chuan nay dffgc quy dinh trong + Yeu d u bieu quyet vdi da so' tuyet tai lieu "Qudn tri cong ty - Thuat ngff va do'i khi sffa ddi dieu le. hffdng d i n sff dung cdc bien phdp thffe thi - Hai dilu k h o i n san sang eho sff thon tdt nha't ndm 2003". tinh (ma hgi ddng q u i n tri ddt ra de s i n Cdc ehi sd cdu thdnh chi so Gov-Score sang eho mgt sff thon tinh tho bao (khong Cdc nhdm ehi so' chu ye'u bao gdm: Hgi mong muo'n)), bao gdm: ddng quan tri, dieu le, t r i n h do cua t h a n h -I- "Liiu thude dge" (chdng thon tinh); va vien hgi ddng quan tri, thu lao dieu h a n h -I- "Nhffng chiee 6 vang". va thu lao cho t h a n h vien hgi ddng quan - Phuang phdp sd dung Chi sd tri, sd hffu, nhffng sff thffe thi d p tien va Gov-Score tinh t r a n g sap n h a p (xem Bang 3). Bang 3. Cac chi sd^ ca'u t h a n h ciia chi sd Gov-Score Nhom chi sd^ Sd Tieu c h u a n cau thanh thff tu" Uy ban kiem toan chi bao gom cdc thanh vien hpi dong qudn 1 tri dpc lap ben ngoai Cac kiem toan vien dupc phe chuan trong cupc hpp thudng 2 nien gan n h a t • KIEM TOAN Chi phi tu van trd cho kiem todn vien nhd hon chi phi kiem 3 toan tra cho kiem toan vien 4 Cong ty cd chinh sdch chinh thffe ve luan phien kiem todn vien Cac thanh vien liDQT tra ldi nhufng de xuat cua co ddng trong 5 vdng 12 thang sau dai hpi cd dong CEO khong lam viec cho them qua hai hpi dong quan tri cua 6 cdc cdng ty dai chiing khac Tat ca cdc thanh vien hpi dong quan tri tham dff tdi thieu 75% 7 cupc hpp hpi dong quan tri hoac ed ly do chinh ddng eho sU vang mat Quy mo cua hpi dong quan tri tdi thieu la 6 la khong cd qud 15 8 thanh vien 3 QUAN LY KINH TE So 33 (6/2010)
  9. CAC PHLTONG P H A P D A N H GlA C H A T LLTONG Q U A N TRI DOANH NGHlEP.. NGHIEN CUU - TRAO DPI [j^\ 9 Khdng cd cUu CEO nao lam viec cho hpi dong quan tri HOI DONG CEO khdng bi coi la cd mpt "giao dich vdi ben lien quan" trong 10 QUAN TRI tuyen bd' uy nhiem Hpi dong quan tri bao gom tren 50% thanh vien dpc lap ben 11 ngoai Uy ban thu lao chi bao gom cac thanh vien hpi dong quan tri 12 dpc lap ben ngoai Chffc danh CEO va chu tich tach biet vdi nhau hoac thanh 13 vien hpi dong quan tri dan dau dugc dinh rd Cac C dong bau chpn thanh vien hpi dong quan tri de lap cdc O 14 vi tri trdng 15 Cac thanh vien hpi dong quan tri dupe bau hang nam Su thong qua ciia cd' ddng la dieu bat bupc khi thay doi quy mo 16 hpi dong quan tri tJy ban de cff chi bao gom cdc thanh vien hpi dong quan tri dpc 17 lap 18 Uy ban quan tri hpp it nhat mpt lan mdi nam Co ddng cd quyen bd phieu cpng don khi lUa chpn thanh vien 19 hpi dong quan tri Cdc hudng dSn cho hpi dong quan tri nam trong mdi tuyen 20 bd' uy quyen Chinh sdch hien tai ddi hdi cac t h a n h vien hpi dong quan tri 21 ben ngoai khong dam nhan vi tri thanh vien hpi dong quan tri cho qua 5 hpi dong quan tri khac Bieu quye't theo da so' gian don la bat bupc de thdng qua mot 22 vu sap nhap (khdng can qua 2/3 - da sd tuyet ddi ) Cdng ty hoac khong cd bien phap cho'ng thdn tinh ( liiu thud'c DIEU LE 23 dpc - poison pill) hoac mpt "lieu thud'c" (pill) dupe co ddng thdng qua 24 Cac cd ddng dupe phep trieu tap cdc cudc hpp dac biet So 33 (6/2010) QUAN LY KINH TE
  10. [OT1 NGHIEN CUU - TRAP DPI CAC PHLTONG PHAP DANH GlA CHAT LLTONG QUAN TRI DOANH NGHIEP... Nhom chi s d Sd r^..> , x- l i e u chuan cau thanh thu" tff Viec bd phieu theo da sd tuyet dd'i la b i t bupc de sffa ddi 25 DIEU LE dieu le Cdc cd ddng cd the hanh dpng bang sU dong y bang van bdn, 26 vd sU dong y khdng phai la ta't cd moi ngUdi deu dong y . . • ] Cdng ty khdng dugc uy quyen de phdt hanh cd phieu Uu dai 27 khdng ghi danh Hpi dong quan tri khdng the sffa ddi dieu le ma khdng cd sg 28 chap thuan ciia co ddng hoac chi cd the lam viec dd trong mpt sd' trudng hgp gidi ban TRINH DO CUA THANH Cd it nha't mdt thanh vien cua hpi dong qudn tri tham gia vao VEEN HOI 29 chuang trinh dao tao thanh vien hdi dong qudn tri dUpc cdng DONG QUAN nhan TRI THU LAO Khdng cd thanh vien hdi dong quan tri nam trong uy ban thii 30 DIEU HANH lao va ngugc lai VA CHO THANH Nhffng ngudi khong phai lao ddng cua cdng ty khdng t h a m gia 31 VIEN HOI vao cac ke hoach luong hUu cua cdng ty DONG QUAN Lua chpn dinh gid lai khdng xdy ra trong vdng 3 n a m trd lai TRI 32 day Cdc ke hoach kich thich bang cd phieu dugc thuc thi vdi sU 33 chap thuan ciia co ddng Cac thanh vien hpi dong qudn tri nhan dugc ta't cd hoac mpt 34 phan thu lao cua hp bang cd phieu Cdng ty khdng cung ca'p ba't ki khoan ng nao cho cdc n h a quan 35 tri de thuc thi cdc lUa chpn Lan cud'i ciing cd ddng bd phieu thdng qua mpt ke hoach thu 36 lao, va mffe nay khdng bi cho la qua cao F H QUAN LY KINH TE So 33 (6/2010)
  11. CAC PHLTONG P H A P DANH GlA C H A T LLTONG Q U A N TRI DOANH NGHlEP.. NGHIEN CUU - TRAP DPI [ ^ 1 Cdc quyen chpn binh quan dUpc dua ra trong 3 nam trd lai day nhu la mpt phan tram ciia cd phan co ban hien cd khdng 37 I • vUgt qud 3% (ty le td'i da, ne'u vugt qua ty le nay tai chinh cdng ty se rdi vao t i n h trang nguy hiem) 38 Lua chpn tdi dinh gia bi cam Cdng ty lam dung quyen chpn co phieu (company expenses 39 stock options) Ta't ca cdc thdnh vien hdi dong quan tri cd tren mpt nam lam 40 viec cho hpi dong quan tri deu sd hffu co phieu Ty le sd huXi co phieu cua nha quan tri va thanh vien hpi dong 41 Quan tri it nha't la 1% nhUng khdng vugt qua 30% tong so' co SdHLfU phan hien cd 42 Cdc nha quan tri tuan thu cac hudng dan ve sd hffu cd phan 43 Cac thanh vien hpi dong quan tri tuan thu cac hudng dSn ve sd hffu cd phan Ton tai quy dinh ve dp tudi nghi hUu bat bupc do'i vdi thanh 44 vien hpi dong quan tri Ke't qua boat dpng cua thanh vien hpi dong quan tri dugc ddnh 45 gia thudng xuyen Ton tai mpt k e hoach CEO ke nhiem dugc hpi dong quan tri 46 NHUNG SU thong qua THUC THI 47 Hpi dong quan tri cd nhffng nha tU van ben ngoai CAP TIEN Cdc thanh vien hpi dong quan tri budc phai de trinh xin thdi 48 khi khi cd su thay ddi t inh trang cdng viec Cdc thanh vien hpi dong quan tri ben ngoai hpp ma khdng cd 49 sU xuat hien cua CEO va cdng bd' so lan hp hpp 50 Ton tai gidi han ve nhiem ky cua thanh vien hdi dong quan tri TINH TRANG Sdp nhap trong tinh trang khdng cd cac dieu khoan quy dinh 51 SAP NHAP ve cho'ng thdn tinh . ... . Nguon: L.D. Brown, Marcus L. Caylor (2006). S6 33 (6/2010) QUAN LY KINH TE ^
  12. CAC PHLTONG PHAP D A N H GlA CHAT LLTONG QUAN TRj DOANH NGHI6P.. I'ili'ilii NGHIEN ciiu - TRAO DPI Nhff vay, mgt dieu de n h a n tha'y la Bao h a m d yeu td ben trong va ben mdi chi sd sff dung nhffng nhdm n h a n td ngoai. khac nhau nhffng luon bao gdm nhom chi Nhd vay, Gov-Score la mgt chi so' tdng sd vl hgi ddng quan tri. Dieu nay chffng hgp ed t i m bao quat rgng hgn so vdi G- to hgi ddng quan tri ddng vai tro chu chdt Index. trong viee quyet dinh chat lffgng quan tri So vdi CGI hay CGQ, Gov-Score ciing doanh nghiep. Mgt sd van d l eu the dffa t r e n mgt eg sd dff lieu cua ISS nhffng thffdng dffgc quan t a m khi dl cap den hgi da C nhieu diem dffgc d i tie'n de trd nen O dong quan tri nhff d u true, quy mo, each ggn nhe va cd phffong phdp tinh todn don thffe hgp... gian hgn. Phuang phdp tinh diem Gov-Score Tom lai, Gov-Score la chi sd eo nhieu Tffgng tff nhff edch tinh todn Chi so' G- ffu diem vffgt t r g i so vdi cdc chi sd^ khac Index va Chi so' co' thu, Chi so' Gov-Score v l chat lffgng quan tri doanh nghiep. la tdng cgng gid tri nhi phan cua cae bien Lua chgn phuang phdp do ludng de thd de tao ra mgt do Iffdng tong hgp eho mgt nghiem eho doanh nghiep Viet Nam cong ty n h a t dinh. Quan diem lUa chgn phuang phdp 2. Lii^a c h o n phufofng p h a p d a n h gia Trong bo'i d n h rieng cua quan tri c h a t lu^gfng q u a n tri d o a n h n g h i $ p doanh nghiep tai Viet Nam, mgt phffong p h u hgfp vdfi Vi^t N a m phap dffgc Iffa chgn de ddnh gid chat - So sdnh cdc phuang phdp ddnh gid lffgng cua quan tri doanh nghiep d n thda ehat lugng qudn tri doanh nghiep m a n ede dilu kien sau day: De Iffa chgn dffgc phffgng phdp ddnh - Phu hgp vdi t r a n g t h a i chffa hoan gia phu hgp, trffdc h e t d n p h a n tieh vl thien eua thi trffdng tai chinh cua Viet ffu diem va nhffgc diem eua tffng phffffng Nam; phdp. - Cd the thu t h a p dffgc dff lieu du do Ca hai chi sd^ G-Index va chi so' ed^ thu tin eay de phue vu viec p h a n tieh; va deu dffa vao ede tieu chuan cua IRRC, - Cap n h a t vdi xu hffdng p h a n tieh tren nhffng tieu chuan v l bien phdp chd^ng the gidi. thon tinh, tap trung vao quan tri yeu to' Nhff vay, can cff vao cdc tieu chuan ben ngodi. nay: Trong khi do, Gov-Score vdi 51 chi sd Chi sd G-Index khong phu hgp vdi viee d u t h a n h dai dien cho d ede yeu to p h a n tich vi thi trffdng mua bdn va sdp q u i n tri doanh nghiep ben trong va ben n h a p (hay thdn tinh doanh nghiep) h i u ngoai. Gov-Score quyet dinh hoan toan nhff chffa phdt t r i e n tai Viet Nam, va quan he giffa quan tri doanh nghiep va chffa gay dp Iffe bffe thie't len quan tri gid tri cong ty. doanh nghiep. Nhff vay, so vdi G-Index, Gov-Seore ed Tinh t r a n g tffgng tff cung dffgc dp dung ba ffu diem sau day: vdi Chi sd ed thu (Entrenchment Index). P h a m vi quan tri doanh nghiep rgng Theo p h a n tich d t r e n , Gov-Score vffgt hgn; trgi CGI d phffgng phdp tinh todn don Ndng dgng hon, p h a n dnh nhffng thay gian mac du eung dffa t r e n mgt eg sd dff ddi trong moi trffdng quan tri doanh lieu. nghiep; va Nhff vay, Gov-Score la phffgng phdp Wi QUAN LY KINH TE So 33 (6/2010)
  13. CAC PHL/ONG PHAP D A N H GlA CHAT LLTONG Q U A N TRI DOANH NGH|£P... NGHIEN CUU - TRAP DOI [OTI d d n h gid cd t i n h k h d t h i nha't vdi ede d o a n h n g h i e p n e n sff d u n g chi so' Gov- doanh nghiep Viet N a m h i e n nay. Score. T r e n d a y la nhffng y k i e n cd t i n h c h a t t r a o ddi, va d n p h a i tie'p t u e 3 . Sxi d u n g G o v - S c o r e t r o n g d a n h n g h i e n effu c h u y e n sau h o n . g i a c h a t lu'gfng q u a n t r i d o a n h n g h i d p Gov-Score sau k h i t i n h t o d n co t h e dffgc d u n g p h a n tich sff b i e n d g n g t h e o TAI LIEU THAM KHAO t h d i g i a n b o d e so s d n h gid t r i n a y cua ede . Ada Demb, F. Friedrich Neubauer (1992), eong ty k h d e n h a u . The Corporate Board Confronting the Paradoxes, Oxford University Press, M g t phffong p h d p p h d b i e n nha't v a eo Oxford. t i i m n d n g d d n h gid td^t nha't c h i t lffgng . Bd Tai Chinh (2007), Quy chi Qudn tri cong eua q u a n t r i d o a n h n g h i e p dd la t d c d g n g ty dp dung cho cdc cong ty niem yit tren Sd eua n o tdi h i e u qua k i n h d o a n h cua d o a n h Giao dich Chdng khodn/Trung tdm Giao n g h i e p . Phffgng p h d p n a y sff d u n g cdc ehi dich ChUng khodn. Ha Npi. so' sau: • Chiraphol New Chiyachantana, Pornsit Chi so' bieu t h i c h a t lffgng q u a n t r i Jiraporn (2005), "Capital Structure and d o a n h n g h i e p : Gov-Seore Corporate Governance Quality", Journal of Economics 128 (2), pp. 101-145. C h i so' bieu t h i h i e u qua k i n h d o a n h : Lgi sua't t r e n t a i s i n (ROA), Lgi sua't t r e n • J a p a n Corporate Governance Research Institute (JCGR) (2003), Report on the 2003 v d n ehu sd hffu (ROE), Lgi nhuanA^'d^n Corporate Governance Index Survey, Tokyo. chu, T d n g trffdng d o a n h t h u , h e sd^ Gia cd p h i e u / T h u n h a p tff cd p h i e u (P/E). . Lai C. Chugh, Joseph W. Meador (2008), "An Analysis Of The Levels And Patterns De p h a n tieh, t a t i e n h d n h h o i quy cdc Of Shareholder Rights: 1990 - 2006", ehi sd^ h i e u qua k i n h d o a n h t h e o Gov- Journal of Business & Economics Researc 6 Seore (5), pp. 19-29. Ne'u ed m g t m a u g d m n h i l u eong ty: . L.D. Brown, Marcus L. Caylor (2006), h d i quy h i e u q u i k i n h d o a n h cua cdc eong Corporate Governance and Firm Valuation, Journal of Accounting and Public Policy", ty t h e o Gov-Seore. 25, 409-434. N e u d d n h gid m g t cong t y r i e n g l e : t h u • Lueian A. Bebchuk, Alma Cohen (2005), t h a p dff lieu v l Gov-Seore eho tffng giai "The costs of entrenched boards", Journal of d o a n ( n d m , quy) vd h d i quy h i e u qua k i n h FinancialEconomics 78, 409-433. d o a n h t h e o Gov-Score cua cdc giai d o a n . • Lueian A. Bebchuk, Alma Cohen, Allen Kit ludn Ferrell. (2005), "What matters in corporate governance?", Working paper, Harvard Law C h a t lffgng q u a n t r i d o a n h n g h i e p , x e t School. eho cung, p h i i d d p ffng n h u d u cua . Marianne Huve Allard (2005), "FTSE - ISS nhffng ngffdi t h u hffdng. Vi v a y , nd p h d i Corporate Governance Indices: A new meas- dffgc p h a n d n h qua sff gia t d n g gid t r i eua ure for investors and companies", Madrid d o a n h n g h i e p . Tuy n h i e n , de ehu d g n g Corporate Reputation Conference. t r o n g viee duy t r i c h a t lffgng q u a n t r i . Mthuli Ncube (2006), "Corporate d o a n h n g h i e p t h i nha't t h i e t p h a i h i n h Governance, Firm Valuation and t h a n h h e t h d n g t i e u ehi d d n h gid e h u n g . Performance", Summary record of Qua x e m x e t ede t i e u chi d d n h gid c h a t Conference on "Can Africa Claim the 21st lffgng q u d n t r i d o a n h n g h i e p dffgc sff d u n g Century?", Tunis. p h d b i e n , cd t h e n h a n t h a y r i n g , t r o n g . M.S. Weisbach (1988), "Outsider Directors 'dilu k i e n h i e n n a y eiia V i e t N a m , ede and CEO Turnover", Journal of Financial So 33 (6/2010) QUAN LY KINH TE ^
  14. |'j:||'j|jj NGHIEN CUU - TRAO DPI CAC PHLTONG PHAP DANH GlA CHAT LLTONG QUAN TRI DOANH NGHlfP.. Economics 20, pp. 431-460. York. OECD (2004), "OECD Principles of Rozina Shaheen, Dr. Mohammed Nishat Corporate Governance", Paris. (2004), Corporate Governance and Firm OECD (2006), "Methodology for Assessing Performance- An Exploratory Analysis, the implementation d the OECD principles Karachi. on corporate governance", Paris. Sanjai Bhagat, B r i a n Bolton (2007), Paul A. Gompers, Joy L. Ishii, Andrew "Corporate Governance and Firm Metriek, (2003), "Corporate Governance and Performance", Journal of Financial Equity Prices", Quarterly Journal of Economics 112, 319-350. Economics 118 (1), pp. 107-155. Stephen R. Foerster, Brian C. Huen (2004), Ram Charan (1998), Boards At Work: How "Does Corporate Governance Matter to Corporate Boards Create Competitive Caadian Investors", Canadian Investment Advantage, John Wiley & Sons Inc., New Review 119, pp. 14-20. QUAN LY KINH TE So 33 (6/2010)
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