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- Báo cáo khoa học
- Báo cáo Các phương pháp đánh giá chất lượng quản trị doang nghiệp trên thế giới và khả năng áp dụng cho các doanh nghiệp Việt Nam
Xem mẫu
- 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
- [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)
- 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
- [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)
- 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 ^
- 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)
- 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
- 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)
- 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
- [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)
- 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 ^
- 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)
- 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 ^
- |'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)
nguon tai.lieu . vn