Annual shareholders meeting 2016Duc Le Anh
On April 21, 2016, Hoa Binh Coportion organized annual shareholders meeting at the meeting hall of Kim Bình Industrial Coporation. The meeting passed a number of important issues with the participation of 30 shareholders, representing 84.97% of the shares with voting rights.
On behalf of the management committee, Mr. Le Quang Canh – Chairman of the Board of Management and CEO reported on business activity in 2015 and business plans in 2016.
2015, Hoa Bình Coporation’s revenue exceeded 512 billion, over 2% of the plan, profit before tax was 29 billion, over 52% of the plan. In 2015, banks continued to tighten credit granting. To ensure liquidity, the company always has given priority to control cash flow. Besides, the company has done a good job of managing debts with the debt limit and the maximum time limit for each customer group. Thanks to control cash flow well and keep prestige with banks, HBC reduce financing costs, contributing to increased profitability.
For the 2016 plan, the management committee set a target revenue of 582 billion, over 14% comparing to the results in 2015. According to the management committee, in 2016, the new developing products has begun to be accepted in domestic market, the sub-industry has begun to have firs customers, promising to bring great achievement in the following years. At the same time, the management committee also outlined a plan of investment activities as the establishment of a subsidiary company specializing in the distribution of agricultural machine products in Long An. The company is going to opening in May 2016 and expanding to export some agricultural accessory products to countries in the ASEAN Economic Community (AEC).
Annual shareholders’ meeting in 2016 approved a number of important issues the following:
- Approved of audited financial report in 2015
- Approved the amended content of HBC Charter.
- Approved the establishment of the HBG group which authorized the Board of Management to build up operation regulations of HBG.
- Approved of the dividend from 2015 profit
- Approved the appointment of Mr. Phan Ke Minh becoming an official member of the Board of Management.
- Discussed and approved the appointment of Mr. Le Quang Canh – Chairman of the Board of Management and CEO
- Approved the selection of auditor to audit of the financial report for the HBC in 2016
- Approved the restoration of the monthly remuneration of the Board of Management as before reducing 20% from 2013 due to the business situation of the company.
- Discussed and approved the level of reward in 2015 for the Board of Management and the Board of Supervisors.
Getting high consensus through vote rate of the content of the program, the annual shareholders meeting 2016 was a great success. Management Committee and employees of Hoa Bình Coporation attempt to overcome challenges in order to achieve the sales target of 512 billion in 2016.