“BOARD OF DIRECTORS’ BEHAVIOR MUST BE FAIR AND TRANSPARENT”
For the 2023-2024 fiscal year, TTC AgriS achieved a record revenue of over VND 29,000 billion, the highest among Vietnamese agricultural companies. Subsequently, at the end of the first quarter of the 2024-2025 fiscal year, the business results continued to grow impressively. Sugar output is expected to reach 344,000 tons, an increase of 31,400 tons from the previous year, including a 40,000-ton increase in exports and a 14,000-ton increase in MNC.
Total revenue increased by VND 474 billion, equivalent to a 7% increase, and profit is expected to reach VND 260 billion, up 3% from the same period last year and reaching nearly 30% of the yearly plan. The gross profit margin is forecasted at 12.38%, a 1.43% increase from the previous year. Notably, the FBMC segment’s revenue reached VND 132 billion, an impressive threefold increase from the previous year.
Numerous international organizations have continuously approached TTC AgriS to discuss investment and development cooperation, including the Singapore Economic Development Board (EDB), UOB Bank, SACE Financial Group, ING Bank, IFC, and a host of other international investors.
Currently, five foreign funds hold 22.62% of TTC AgriS. Specifically, Legendary Venture Fund has just doubled its stake, along with Brilliant Solution Inc., VanEck Vietnam ETF, Phillip Securities (Thailand), and Legal & General ICAV (Ireland), among hundreds of investors. Initially, foreign funds held only 6%, but this figure has gradually grown to the current 22.62%. TTC AgriS shared that they are in negotiations to allow this group to increase their ownership to over 35%. This capital will primarily be invested in the company’s sustainable agricultural infrastructure.
These figures indicate that TTC AgriS’s economic agriculture model, strategic orientation, and implementation results are highly regarded by international investors.
GUARANTEEING FAIRNESS AND TRANSPARENCY TOWARDS SHAREHOLDERS, INVESTORS, AND RELATED PARTIES
A series of positive events took place during the three months after Ms. Đặng Huỳnh Ức My, who has just been honored with the title of “Outstanding Asian Entrepreneur” for the third consecutive time by the Asia Pacific Enterprise Awards (APEA), took the “hot seat” as Chairman of the Board of Directors.
Ms. My shared: “Many international investors and leading domestic and global financial institutions have participated in TTC AgriS. Therefore, I must be more determined and less compromising by thoroughly practicing good international standards in modern corporate governance, avoiding the abuse of major shareholder positions, if any, in transactions with related parties. This ensures that all behaviors of the Board of Directors are fair and transparent towards shareholders, investors, farmers, employees, financial institutions, and partners.”
Currently, TTC AgriS is among the top 10 companies with the best corporate governance – Large Cap Group and the top 5 Boards of Directors in the Corporate Governance Forum since 2023. The company has applied advanced international standards such as the IIRC Integrated Report, the ASEAN Corporate Governance Scorecard, the OECD Corporate Governance Principles, and the Global GRI Sustainability Reporting Standards, which are the fundamental basis for ensuring fairness and transparency.
“However, I also need to clarify my personal perspective in decisions influenced by voting ratios. I hold only 9% of personal interest, but with the trust placed in me, along with the nominated members of the Board of Directors, I will work for the interests of the remaining 91% of shareholders and related parties. Of course, the highest decision-making power still rests with the general meeting of shareholders. Therefore, I will focus even more on objectivity and transparency in governance so that TTC AgriS can approach the world’s highest standards because this is the key to enhancing the trust of shareholders and the market,” declared the Chairman of TTC AgriS.
INDEPENDENT BOARD MEMBERS: GUARANTEEING OBJECTIVITY AND TRANSPARENCY
To achieve this in modern corporate governance, there needs to be a presence of independent Board members. The structure and qualities of the members are crucial for the Board to operate independently and objectively, ensuring effectiveness, minimizing the risks of family-style management, and ensuring that decisions are based on fairness for all shareholders and related parties.
Ms. My stated: “The company will invite more experts with capabilities, extensive experience, and ethical qualities, who have served as independent members of leading enterprises in terms of efficiency and reputation in the market, to join the Board of Directors. Depending on their professional strengths, these members will be allocated to crucial committees such as the Strategy Committee, Audit Committee, Personnel Committee, and Sustainability Committee, among others, to advise and vote on the Board of Directors’ decisions. All efforts must be directed towards international standards and the best practices in the market.”
TTC AgriS has appointed two legal representatives, held by the Chairman of the Board of Directors and the General Director. With clear delegation of authority and responsibilities, this balance enables the company’s decision-making process to benefit from diverse perspectives, careful consideration, and transparency, thereby enhancing the accuracy of strategic decisions, minimizing risks, and increasing the speed and effectiveness of implementing strategic actions.
The Chairman of TTC AgriS: Working in the Interests of 91% of Shareholders and Investors
Amidst the growing interest from international investors and prominent financial institutions in Thành Thành Công – Biên Hòa Joint Stock Company (TTC AgriS) (HOSE: SBT), Ms. Đặng Huỳnh Ức My, Chairperson of the company’s Board of Directors, has assured that fairness and transparency will be upheld for shareholders, investors, and all stakeholders.
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