At the annual meeting of shareholders in 2020 on the morning of June 26, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ‘s Board of directors said that in 2019, the bank’s shareholders’ meeting had approved the remuneration for the Board of directors and Board of Supervisors at 0.35 percent of profit after tax. Based on the results achieved last year, the remuneration based on the approved figure was equivalent to more than 64.8 billion dong.
In 2020, in the reference of the Covid-19 epidemic situation, the business targets presented to shareholders at the meeting and the remuneration levels in other banks, Vietcombank intended to reduce the remuneration for the Board of directors and the Supervisory Board to a maximum of 0.28 percent of profit after tax in case of fulfilling the business targets assigned by shareholders.
Thus, the remuneration of Vietcombank Board of directors and Supervisory Board this year would be reduced by about 20 percent compared to the previous year. Assuming that the bank had the same profit in 2019, the remuneration this year would be reduced to more than 51.8 billion dong, instead of 64.8 billion dong.
It was known that Vietcombank’s Board of directors currently had nine people, including Nghiem Xuan Thanh, as the Chair. The Supervisory Board (after the new election of Le Huu Phuoc) had four people, of which Truong Le Hien was the Head of the Supervisory Board.
In 2019 Vietcombank was the most profitable bank in the system. Labour productivity of employees was also at the top when, on average, each employee made a profit of over 1.68 billion dong. The income of these bank employees was also at the top of the system (domestic credit institutions), with an average of over 34 million dong per person per month.
