Tp ch Khoa hc HQGHN, Lut hc 25 (2009) 87-93

Mt s so snh v cng ty c phn theo Lut cng ty Nht Bn v Lut doanh nghip Vit Nam
Nguyn Th Lan Hng**
Khoa Lut, i hc Quc gia H Ni, 144 Xun Thy, Cu Giy, H Ni, Vit Nam
Nhn ngy 05 thng 6 nm 2009

Tm tt. Lut cng ty (LCT) Nht Bn v Lut doanh nghip (LDN) Vit Nam u c nhng qui nh tng ng v quyn ca c ng nh quyn hng li tc c phn, quyn biu quyt, quyn t do chuyn nhng c phn, quyn xem xt trch lc cc thng tin, v.v v qui nh v t chc ni b cng ty c phn (CTCP) bao gm i hi ng c ng (HC), Hi ng qun tr (HQT) v Ban kim sot (BKS). Bo v c ng ca CTCP v xy dng m hnh t chc ni b ph hp l nhng vn trung tm trong LCT Nht Bn v LDN Vit Nam. CTCP Vit Nam c s tham gia ca c ng nh nc trong c cu c ng, mc d t c mc ch duy tr quyn chi phi trong cng ty nhng trong nhiu cng ty, v th ca c ng nh nc b lm dng dn ti lm thit hi cho c ng ni chung. Nht Bn nhm khc phc tnh trng hnh thc ha ca HQT, BKS xy dng m hnh t chc ni b mi trong thnh lp cc y ban trc thuc HQT trong c y ban gim st lm nhim v gim st thng xuyn hot ng qun l iu hnh cng ty thay cho BKS ca m hnh c. T s so snh i chiu cho thy rng, to ra t chc ni b ph hp nhm kim sot thng xuyn trong c quan thng trc qun l gim st hot ng kinh doanh l HQT. S du nhp m hnh t chc ni b mi Nht Bn to ra s phn quyn v gim st ln nhau trong HQT trong thc hin hot ng qun l, iu hnh kinh doanh v gim st. y c th tr thnh bi hc kinh nghim cho Vit Nam cho hon thin php lut cng ty bo v c ng v xy dng m hnh t chc ni b ph hp.

1. Tnh hnh nghin cu so snh php lut v cng ty c phn Nht Bn v Vit Nam * Hin nay nc ta, c nhiu nghin cu ca cc hc gi kinh t v php lut v CTCP trong nc nh nghin cu CTCP gn vi th trng chng khon, nghin cu v qun l ca CTCP v quyn v ngha v ca c ng trong

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T: 84-4-37548516. E-mail: huongng70@hotmail.com

CTCP c mt s nghin cu so snh LDN Vit Nam v cc nc [1]. V nghin cu php lut CTCP Nht Bn v Vit Nam, c mt s bi vit nh ch s hu c phn, v quan h php l gia cng ty m v cng ty con [2]; v quyn i din t tng ca c ng [3]. Ngoi ra, c mt s Lun vn thc s v Lun n tin s lut hc c cp n m hnh t chc ni b CTCP ca Nht Bn. Cc nghin cu ny t nhiu cp n thc trng php lut ca Nht Bn v so snh, i chiu vi nhng vn php l lin quan 87

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theo LDN Vit Nam nhm a ra mt s kin ngh gp phn hon thin cc qui nh ca LDN Vit Nam. Do ngun t liu hn hp nn vic nghin cu v LCT ca Nht Bn cha nhiu. Nhn chung, phng php i chiu php lut vn dng l ph hp nhm tm ra s tng ng v khc bit gia cc ch nh LDN Vit Nam so vi LCT Nht Bn. Vic s dng phng php so snh lut hc cn hn ch do thiu cc ngun thng tin cn thit nh gi cc qui nh sa i t trong bi cnh kinh t x hi ca Nht Bn. 2. Mt s so snh v quyn ca c ng v t chc ni b theo Lut cng ty Nht Bn v Lut doanh nghip Vit Nam Trong phn ny, tc gi tp trung lm r mt s vn v quyn ca c ng v t chc ni b CTCP t gc so snh, i chiu LCT Nht Bn v LDN Vit Nam. 2.1. Cng ty c phn trong Lut cng ty Nht Bn v Lut doanh nghip Vit Nam CTCP l loi hnh cng ty c th huy ng vn t nhiu t chc v c nhn bng cch pht hnh v cho bn c phn. Vit Nam, LCT nm 1990 cng nhn hnh thc CTCP, t nm 1995, loi hnh cng ty ny tr thnh ph bin cng vi tin trnh c phn ha doanh nghip nh nc (DNNN). Hin nay, CTCP l loi hnh doanh nghip c kh nng m rng qui m vn thng qua th trng chng khon. Nht Bn, CTCP c coi l tr ct ca nn kinh t. Lut thng mi (LTM) Nht Bn vi b dy lch s hng trm nm cng nhn s tn ti ca loi hnh cng ty ny. Qua nhiu ln sa i, LTM hon thin iu chnh ph hp vi thc t pht sinh. Nm 2005, LCT c hin i ha v ngn ng, c tch ra khi LTM tr thnh mt o lut c lp. Vit Nam, LDN 2005 l sn phm ca kinh nghim lp php 15 nm. T nhng iu khon s khai v CTCP v cng ty trch nhim

hu hn trong LCT 1990, nhng ch nh php lut c c th bng nhiu iu khon trong LDN 1999, y chnh l nn tng cho ra i LDN 2005. LDN hin hnh vi 172 iu khon, trong c 54 iu khon qui nh ring v CTCP. LDN Vit Nam v LCT Nht Bn c cc qui nh tng ng v CTCP, nh qui nh v vn iu l, c phn, quyn ca c ng, chuyn nhng c phn, t chc ni b, v.v 2.2. Quyn ca c ng trong cng ty c phn Theo LDN Vit Nam, c ng c hiu l ngi s hu c phn pht hnh bi CTCP, c ng chu trch nhim hu hn trong phm vi s vn gp ca cng ty (LDN iu 77, Khon 1 im c). Vi v tr ny, c ng c nhng quyn ca ngi gp vn bao gm: quyn d hp HC, quyn biu quyt, quyn c thnh vin HQT, BKS, quyn tip cn thng tin, quyn c hng c tc, quyn u tin mua c phn mi, quyn chuyn nhng c phn, quyn yu cu cng ty mua li c phn, quyn nhn ti sn cn li khi cng ty ph sn. Quyn ca c ng c phn loi ph thuc vo c phn nm gi. C Vit Nam v Nht Bn u qui nh c ng ph thng v c ng u i. C ng ph thng l ngi s hu c phn ph thng trong CTCP, v chim a s trong CTCP. C ng u i l ngi s hu c phn u i trong CTCP. C ng u i c quyn v li ch c bit m c ng ph thng khng c nh quyn u i biu quyt, quyn u i c tc, quyn u i hon li. Vit Nam, c cu c ng ca CTCP khc vi Nht Bn ch c s tham gia ca c ng nh nc trong cc CTCP. C ng nh nc c th s hu a s c phn gi vai tr chi phi trong CTCP. LDN qui nh hnh thc php l thc hin quyn s hu ca c ng nh nc. C th l: DNNN l doanh nghip trong Nh nc s hu trn 50% vn iu l

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(iu 4 Khon 22). Phn vn gp ca s hu nh nc l phn vn gp c u t t ngun vn NSNN v ngun vn khc ca Nh nc do mt c quan nh nc hoc t chc kinh t lm i din ch s hu (iu 14, khon 8). Khng phi trong tt c CTCP, nh nc u s hu c phn, i vi mt s CTCP c hnh thnh c phn ha DNNN hot ng trong lnh vc nh nc cn gi vai tr chi phi nh bo him, ngn hng, xy dng, v.v th t l s hu c duy tr trn 50%. Cn trong nhiu CTCP hot ng trong lnh vc m Nh nc khng cn nm c phn chi phi th c phn do nh nc c th c bn ty thuc vo ch trng ca Chnh ph v c quan qun l vn nh nc trc tip. Vit Nam, s bt cp trong thc hin quyn ca c ng ch: phin hp HC ca CTCP thng b chi phi bi nhm c ng chi phi, c ng thiu s thng khng c ting ni trong HC. Bn cnh , trong cc CTCP hnh thnh t c phn ha DNNN th cng on tr thnh mt ch th s hu c phn bng ngun vn u t t ngun qu hp php (ca cng on) ti doanh nghip c phn ha (khng huy ng, vay vn) mua c phn nhng khng qu 3% vn iu l. S c phn ny do Cng on nm gi nhng khng c chuyn nhng. B Ti chnh v Tng Lin on Lao ng Vit Nam hng dn vic s dng ngun qu hp php mua c phn trn nguyn tc m bo quyn li ngi lao ng ti doanh nghip. Mc d Cng on l mt ch th c bit s hu c phn nhng LDN khng qui nh ring v thc hin quyn s hu ca ch th ny, bi vy, ch c th hiu t chc Cng on ch l mt nh u t - c ng ph thng. Vi mc s hu 3%, cng on khng c quyn c ngi ng c vo HQT, bi vy nm 2007, Th tng Chnh ph chp thun nng t l s hu c phn ca cng on t 3% ln 5%. Tuy nhin, khng phi trong mi CTCP, cng on u s hu ngun kinh ph ln tham gia vo HQT, s kt hp gia mc ch bo v quyn li ca ngi lao ng v tham gia vo HQT tham gia qun l

iu hnh CTCP ch c th c thc hin tt nu kt hp gia cc li ch ca ngi lao ng, li ch ca cng ty v li ch ca c ng. Nht Bn nhiu CTCP cho ngi lao ng nm c phn nhm to ra c cu c ng n nh. Hi nm c phn ca ngi lao ng mua c phn v phn phi cho ngi lao ng, c phn ny khng c phn phi cho ngi bn ngoi, v khi ngi lao ng thi vic th bn li cho Hi nm c phn. 3. S khc bit trong t chc ni b cng ty c phn Nht Bn v Vit Nam 3.1. M hnh t chc ni b cng ty c phn truyn thng Nht Bn v so snh vi Vit Nam M hnh t chc ni b truyn thng trong CTCP c thit lp HC, HQT v BKS u c php lut Nht Bn v Vit Nam cng nhn. C ng gp vn vo CTCP, thng qua HC quyt nh phng hng kinh doanh v nhng vn quan trng ca cng ty nh bu v bi min thnh vin HQT. Theo LDN Vit Nam, c ng thc hin quyn biu quyt v gy nh hng bng thc hin biu quyt trong cc vn quyt nh ti HC c thng qua khi t l biu quyt trn 65% v 75% tng s phiu biu quyt ca cc c ng d hp, c bit c ng c kh nng thc hin quyn hu hiu hn thng qua nguyn tc cng dn phiu khi biu quyt bu thnh vin HQT v KSV (iu 104 Khon 3 im c). Theo Php lut Vit Nam, HQT l c quan qun l cng ty, c ton quyn nhn danh cng ty quyt nh v thc hin cc quyn v ngha v ca cng ty khng thuc thm quyn ca HC nh quyt nh chin lc, k hoch hng nm ca cng ty, kin ngh cc loi c phn, v k hoch kinh doanh hng nm ca cng ty, quyt nh cho bn c phn mi, gi cho bn c phn v tri phiu ca cng ty, quyt nh mua li c phn, phng n u t

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v d n u t, b nhim, min nhim cch chc, k hp ng vi Gim c, Tng gim c v ngi qun l quan trng khc do iu l cng ty qui nh, gim st v ch o Gim c hoc Tng gim c v ngi iu hnh cng vic hng ngy ca cng ty... (LDN iu 108). Theo LCT Nht Bn, v nguyn tc trong CTCP khng cn thit lp HQT. Tuy nhin, LCT qui nh c 3 loi CTCP phi thit lp HQT l cng ty i chng, cng ty c thit lp BKS v cng ty c thit lp cc y ban (iu 327 Khon 1). Cn cng ty c thit lp BKS l CTCP buc phi thit lp BKS l cng ty i chng tr cng ty c thit lp cc y ban (iu 328 Khon 1). Cn i vi nhng CTCP khng cn thit phi thit lp BKS th cng c th tha thun thnh lp BKS (iu 326 Khon 2). Trong CTCP c thit lp HQT th phi bu mt thnh vin lm i din HQT (iu 362 Khon 3). Trong CTCP c thit lp cc y ban th c i din iu hnh, cn trong CTCP ch c mt ngi iu hnh th ngi ny tr thnh i din iu hnh (LCT iu 420 Khon 1). Trong trng hp cng ty c nhiu ngi iu hnh, th HQT s xc nh mi quan h gia nhng ngi iu hnh, xc nh cng vic v nhim v ca tng ngi trong thc hin Ngh quyt ca HQT (iu 416 Khon 1 Mc 1). Vit Nam, Ch tch HQT do HC hoc HQT bu ra. Trong trng hp HQT bu ra ch tch HQT th Ch tch c bu trong s c th kim nhim gim c hoc tng gim c (LDN iu 111), gim c hoc tng gim c c th l i din theo php lut trong trng hp iu l cng ty khng qui nh ch tch HQT l i din theo php lut (iu 116, Khon 1). Cn Nht Bn, i din HQT l i din cng ty, iu hnh hot ng trong cng ty, tin hnh giao dch v k kt hp ng vi bn ngoi. Nht Bn, hot ng gim st ca HQT tn ti bt cp. HQT c ngha v gim st i din HQT iu hnh hot ng kinh doanh

nhng khng pht huy tc dng, bi v qu na cc thnh vin HQT l cp di ca i din HQT nn cho nn HQT kh c th gim st c hiu qu hot ng ca i din HQT. i vi cng ty ln, c qui m ln, s thnh vin HQT c khi ln ti 30, 40 ngi, vic quyt nh cc vn rt kh khn, bi vy, cc thnh vin HQT thng nhm hp bn bc trc sau , triu tp phin hp HQT quyt nh chnh thc, do vy, s tn ti ca HQT tr nn hnh thc. Cn Vit Nam, trong mt s CTCP, c tnh trng thnh vin HQT i din qun l phn vn ca nh nc quyt nh cc vn i ngc li li ch ca c ng. BKS l t chc ni b do HC bu ra c php lut trao cho quyn gim st hot ng ca ngi qun l, iu hnh cng ty. Theo LDN Vit Nam, BKS c t 3 n 5 thnh vin, nu iu l cng ty khng c qui nh khc, nhim k ca BKS khng qu 5 nm (iu 121). Trong BKS, na s thnh vin phi c tr ti Vit Nam v phi c t nht mt thnh vin l k ton vin hoc kim ton vin. Cn Nht Bn, trong cc CTCP buc phi thit lp BKS th BKS cn thit c t 3 thnh vin tr ln, trong mt na phi l kim sot vin (KSV) bn ngoi (iu 335 Khon 3) v phi c KSV thng trc. Nht Bn, c nhng hn ch nht nh trong thc hin quyn gim st ca BKS. Trong nhiu CTCP, BKS khng kim tra gim st ng n hot ng qun l iu hnh thnh vin HQT. Lut cm thnh vin HQT v ngi lao ng kim KSV, trn thc t, KSV l cp di ca ngi qun l cng ty, KSV thng l ngi ch s dng lao ng c nn vic gim st khch quan rt kh c thc hin. Nht Bn, trong mt thi gian di p dng m hnh truyn thng, bn cnh duy tr ch gim st ca HQT v BKS i vi hot ng qun l iu hnh, trn thc t, ngi lao ng v ngn hng ch o l ch th gim st trong CTCP. C ngi lao ng v ngn hng ch o u c mi quan h li ch lu di

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vi cng ty. Ngi lao ng theo ch hp ng di hn v hng lng theo thm nin thng thc hin hot ng gim st c li cho h. Cn ngn hng ch o va l ngi cho vay, va l ngi i vay v ngi s hu c phn ca cng ty, vic gim st ny cng dn dn mt tc dng do cc ngn hng thay v gim st s dng vn th l tip tc cp tn dng cho nhng CTCP lm n thua l duy tr quan h tn dng. Mc d ch KSV bn ngoi c du nhp vo LCT, tuy nhin, ch ny c nh gi l cha hiu qu bi KSV bn ngoi nu so vi KSV bn trong th h c t hiu bit v hot ng ca cng ty, v thnh vin ny li c kh nng kim nhim hot ng ca cng ty khc nn khng c nhiu thi gian gim st. Ngoi ra, tuy s tham gia ca KSV bn ngoi l cn thit, nhng trn thc t, thnh vin HQT v ngi lao ng thng t cung cp cc thng tin cho KSV bn ngoi. C ngha l cho d KSV bn ngoi c s trung lp nhng c hn ch nht nh trong vic thc hin quyn hn. Cn Vit Nam, trn thc t, BKS trong nhiu CTCP cng b hnh thc ha, cha thc hin y quyn hn v nhim v c giao nh gim st HQT, Gim c hoc Tng gim c trong vic qun l iu hnh cng ty, kim tra tnh hp l, hp php, trung thc v mc cn trng trong hot ng qun l, iu hnh hot ng kinh doanh, trong t chc cng tc k ton, thng k v lp bo co ti chnh cng nh trong triu tp HC. 3.2. M hnh cng ty c thit lp y ban Nht Bn M hnh cng ty ny c du nhp vo Nht Bn nm 2002. Khc vi CTCP c thit lp BKS, m hnh CTCP c thit lp y ban bao gm HC, HQT, cc y ban, bn cnh c ngi iu hnh, gim st vin k ton. Vic du nhp m hnh cng ty c thit lp y ban trong hon cnh HQT, BKS trong m hnh truyn thng b hnh thc ha, khng pht

huy c vai tr gim st pht hin ra nhng gian ln ti chnh trong cng ty. V c bn, quyn hn ca HC trong CTCP c thit lp y ban ging nh trong CTCP c thit lp BKS. HQT bao gm cc thnh vin HQT, cc thnh vin ny c HC bu ra, cc thnh vin u c chc danh iu hnh nhng mi ngi c chc trch khc nhau. Trong cng ty c thit lp y ban, c chc danh thnh vin HQT bn ngoi. Vai tr ca thnh vin ny khng ch m bo cho hot ng kinh doanh an ton m cn tip nhn t vn t bn ngoi v c vai tr trong nng cao kt qu hot ng kinh doanh ca cng ty. Trong HQT c cc y ban bao gm: y ban b nhim, y ban quyt nh th lao v y ban gim st. y ban b nhim xut vic b nhim v bi min thnh vin HQT cho HC (iu 404). Trong y ban ny, s thnh vin HQT bn ngoi chim mt na nn ngi c quyn lc cao nht ca cng ty cho d c nh lm dng quyn hn la chn ngi c li cho h chng na, th cng khng th c on quyt nh. y ban b nhim c quyn ngh cn HQT l c quan c thm quyn b nhim v bi nhim ngi iu hnh v ngi i din iu hnh. y ban quyt nh th lao quyt nh ni dung th lao cho thnh vin HQT, y, mt na s thnh vin l thnh vin HQT bn ngoi, Vi c ch ny, cc thnh vin HQT c th quyt nh th lao ca ngi qun l iu hnh mt cch khch quan. Hot ng gim st ca HQT c giao cho y ban gim st. LCT Nht Bn cm thnh vin HQT ca y ban gim st kim nhim chc danh ngi s dng lao ng. y ban c nhim v gim st hot ng qun l iu hnh ca cc thnh vin HQT, ngi iu hnh, son tho bo co gim st, xut b nhim v bi min ngi qun l iu hnh c thu. Ngoi ra, y ban c quyn yu cu nh ch hnh vi vi phm i vi ngi iu hnh, c quyn khi kin thnh vin HQT vi phm php lut.

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Trong CTCP c thit lp y ban, th ngi iu hnh v ngi i din iu hnh c m nhn cng vic theo yu cu, v c lp vi HQT. Nhng ngi iu hnh do HQT bu ra, s thnh vin t 1 ngi tr ln. Mt trong s h l i din iu hnh, v c quyn i din. Ngi iu hnh c th l thnh vin HQT nhng khng th l thnh vin ca y ban gim st. Khi la chn m hnh cng ty c y ban, quyn qun l iu hnh cng ty c chuyn t i din HQT sang cho ngi iu hnh. Tuy nhin, c nhng trng hp do ngi iu hnh kim nhim chc danh thnh vin HQT nn thc cht khng hn quyn iu hnh c chuyn giao cho ngi iu hnh. Vi m hnh thit lp y ban, c ng c th tin tng hn vo s minh bch trong hot ng qun l iu hnh ca CTCP thng qua thc hin cc quyn nng ring bit ca cc y ban. Vic gim st c hiu qu hot ng qun l, iu hnh y ban gim st c ngha quan trng c ng tin tng vo s pht hin v khi kin kp thi cc hnh vi vi phm ca cc thnh vin HQT v ngi iu hnh gy thit hi cho cng ty v c ng. Nhn chung, Nht Bn du nhp m hnh CTCP c thit lp y ban nhm gii quyt c nhng hn ch lin quan n gim st khng y ca HQT i vi i din HQT theo m hnh truyn thng v chuyn giao nhim v gim st ca HQT cho y ban gim st, vi k vng hot ng gim st trong CTCP s c hiu qu hn. Mc d vy, vn cn c s nghi ng v kh nng gim st ca thnh vin HQT bn ngoi do h thiu hiu bit v ni b cng ty(1). 4. Kt lun CTCP l loi hnh doanh nghip c kh nng x hi ha ngun vn. S tn ti ca n gn vi

li ch ca c ng, ch n, nh nc v ngi lao ng, bi vy, LDN Vit Nam v LCT Nht Bn cng chung mc ch iu chnh li ch gia cc ch th v duy tr s tn ti ca n. C hai nc c nhng im tng ng trong qui nh v quyn ca c ng v t chc ni b theo m hnh truyn thng. iu ny xut pht t c trng c hu ca CTCP l loi hnh cng ty thuc s hu ca cc c ng. Do khng phi mi c ng u tham gia vo qun l cng ty, HQT c t chc ra thc hin cng vic qun l cng ty. Vi mc ch hon thin mi trng php l duy tr s tn ti v pht trin ca CTCP th vn t ra phi t trng tm bo v quyn li ca c ng, xy dng m hnh t chc ni b ph hp iu ha cc li ch trong cng ty. gii quyt nhng bt cp pht sinh m bo hot ng gim st ni b c hiu qu, Nht Bn du nhp m hnh CTCP c thit lp cc y ban. Mc d cn tn ti nhng bt cp nht nh v v tr ca thnh vin HQT bn ngoi nhng nhn chung vic du nhp l cn thit to ra s la chn xy dng m hnh t chc ni b hp l v ph hp vi mc ch lm ti a ha li nhun ca c ng. Vit Nam, vi nh hng pht trin kinh t th trng trong bi cnh hi nhp quc t, tham kho kinh nghim lp php ca nc ngoi trong c Nht Bn l c ngha v cng quan trng nhm xy dng m hnh t chc ni b ca CTCP ph hp thng l quc t v p ng i hi ca nn kinh t th trng. T nhng hn ch trong hot ng ca cc t chc ni b ca CTCP Vit Nam, c th thy rng cc c quan ban ngnh hu quan cn nh gi mt cch ton din m hnh t chc ni b theo LDN hin hnh v sa i ph hp vi iu kin ca Vit Nam v m bo ph hp vi thng l quc t. Ti liu tham kho
[1] Nguyn Vit T, Lut so snh v thc tin xy dng Lut doanh nghip Vit Nam, Tp ch Lut hc, S 4 (2007) 66.

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Mc ch ca du nhp ch thnh vin HQT bn ngoi l nhm tng cng s gim st i vi ngi iu hnh ca CTCP.

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[2] Nguyn Th Lan Hng, Nhng vn php l v Cng ty m con Nht Bn, Tp ch Nh nc v Php lut, S 12 (2003) 63.

[3] Nguyn Th Lan Hng, i din t tng ca c ng Nht Bn, Tp ch Nh nc v Php lut, S 12 (2005) 60.

Some comparisons on legal aspect relating Joint Stock corporation in Japannese corporate Law and Vietnamese enterprises Law
Nguyen Thi Lan Huong
School of Law, Vietnam National University, Hanoi, 144 Xuan Thuy, Cau Giay, Hanoi, Vietnam

Japanese Company Law and Vietnamese Enterprises Law have many similar provisions to give shareholder rights such as the right to receive interest, right to vote, right to access information, right to transfer shares etc, and provisions for establishing corporate structures that include Shareholder Meeting, Board of Directors and Audit Committee. The protection of shareholder is the most important problem in these Laws of both countries. In Vietnam, the feature of the structure of shareholder is the existence of state shareholder. It will be useful to influence Joint Stock Company, however directors being dispatched by the State Authority have sometimes abused the rights of State shareholder to make losses for shareholders in general. In Japan, in order to make efficient corporate governance in context of formalization of Board of Directors and Audit Committee, a company - with - committee (iinkai-setchi-kaisha) corporate structure that including Shareholder Meeting, Board of Directors and special committees such as Nominate Committee, Compensation Committee and Audit Committee which have been introducted from America. This new corporate structure has been appraised hightly for checking and supervising the business execution. This can be lesson for completing Vietnamese Enterprises Law related to shareholders protection and corporate governance in JSC.

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