“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 to reach 12.38%, a 1.43% increase compared to 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 many 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 increased 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 demonstrate that TTC AgriS’s economic model, strategic orientation, and implementation results are highly valued 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 took on the “hot seat” as Chairman of the Board of Directors. She has just been honored with the title of “Outstanding Asian Entrepreneur” for the third consecutive time by the Asia Pacific Enterprise Awards (APEA).
Ms. My shared: “Many international investors and leading financial institutions in Vietnam and worldwide have participated in TTC AgriS. Therefore, I must focus on being more determined and less compromising by thoroughly practicing good international standards in modern enterprise governance, avoiding the abuse of the position of large shareholders, 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 Sustainability Reporting Standards (GRI). These are the fundamental bases for the company to ensure fairness and transparency.
“However, I also need to clarify my personal perspective in decisions influenced by voting ratios. I only hold 9% personal interest, but with the trust and support of the nominated Board members, 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 must be independent Board members. The organization’s structure and the members’ qualities are crucial for the Board to operate independently and objectively, ensuring effectiveness and minimizing the risks of family-style management. It also ensures that decisions are fair to all shareholders and related parties.
Ms. My stated: “The company will invite more experts with high competence, extensive experience, and strong ethical standards, 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 expertise, these members will be allocated to crucial committees such as the Strategy Committee, Audit Committee, Human Resources Committee, and Sustainability Committee, among others, to advise and vote on the Board’s 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 authority and responsibility, this balance brings diverse perspectives to the company’s decision-making process, ensuring transparency and enhancing the accuracy of strategic decisions. It also helps minimize risks, accelerate the implementation of strategic actions, and improve the company’s operational efficiency.
