On November 25, 2024, the Board of Directors of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Eximbank, HOSE: EIB) announced unusual information regarding the addition of an extraordinary General Meeting of Shareholders (GMOS) agenda, updating the proposal on handling the November 19, 2024, petition of a group of shareholders owning over 5% of the bank’s shares.
Specifically, the Board of Directors agreed to include the proposal of the group of shareholders owning over 5% of Eximbank’s shares, as stated in their letter dated November 19, 2024, in the agenda for the upcoming extraordinary GMOS on November 28, 2024.
At the same time, this group of shareholders also proposed the “removal of Ms. Luong Thi Cam Tu and Mr. Nguyen Ho Nam from their positions as members of the Board of Directors, as per the provisions of Point e, Clause 4, Article 47 of the Charter; Point e, Clause 1, Article 31 of the Governance Regulations; Point e, Clause 1, Article 9 of the Regulations on the Organization and Operation of the Board of Directors; and Point d, Clause 1, Article 46 of the Law on Credit Institutions 2024″.
Regarding Ms. Luong Thi Cam Tu, the group of shareholders noted that according to the bank’s governance report (January 1 – December 31, 2023), Ms. Tu had missed four Board meetings and did not authorize another member to represent her. During the year, she attended only 17 out of 21 meetings, a participation rate of 81%. Additionally, Ms. Tu did not participate in 23 written consultations of the Board of Directors. The total number of written consultations attended was 220 out of 243, a participation rate of 91%.
As per the semi-annual governance report for 2024 (January 1 – June 30, 2024), Ms. Tu did not participate in one written consultation of shareholders. Her total participation for the first half of the year was 108 out of 109, a rate of 99.08%.
“Thus, the above information indicates that Ms. Luong Thi Cam Tu has not fully attended the Board meetings and written consultations of the Board of Directors”, the group of shareholders owning over 5% of Eximbank’s capital proposed.
In the case of Mr. Nguyen Ho Nam, the shareholders stated that according to the semi-annual report for 2024, during his two-month tenure on the Board of Directors (assuming the position of member of Eximbank’s Board of Directors from April 26, 2024), he did not participate in two written consultations of the Board of Directors. His total attendance was 36 out of 38, a rate of 94.74%.
The group of shareholders believed that Mr. Nam had not fully participated in the written consultations of the Board of Directors.
Therefore, the group of shareholders proposed to the GMOS to approve the removal of Ms. Luong Thi Cam Tu and Mr. Nguyen Ho Nam from their positions as members of Eximbank’s Board of Directors for the term VII (2020-2025).
Mr. Nguyen Ho Nam was recently elected as a member of Eximbank’s Board of Directors at the 2024 Annual General Meeting of Shareholders held on April 26. Prior to joining Eximbank’s Board, Mr. Nam served as Chairman of Bamboo Capital Joint Stock Company.
Meanwhile, Ms. Luong Thi Cam Tu joined Eximbank in 2018. In February 2022, she was elected as Chairman of the Board of Eximbank. In late June 2023, she stepped down as Chairman and assumed the role of Vice Chairman of the Board. Subsequently, the position of Chairman of the Bank was held by Ms. Do Ha Phuong and then by Mr. Nguyen Canh Anh. Currently, Eximbank’s Board of Directors comprises seven members: Chairman Nguyen Canh Anh, four Vice Chairmen – Mr. Nguyen Ho Nam, Ms. Luong Thi Cam Tu, Ms. Do Ha Phuong, and Mr. Tran Tan Loc, Board member – Mr. Pham Quang Dung, and Independent Board member – Mr. Tran Anh Thang.
 Source: Eximbank
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Previously, a group of shareholders owning over 5% of Eximbank’s capital had submitted a proposal to remove Mr. Ngo Tony from his position as Head of the Supervisory Board.
The reason given by the group of shareholders was: “Mr. Ngo Tony has abused/misused his position and authority, seriously violating the provisions of Eximbank’s Charter and the Regulations on the Organization and Operation of the Supervisory Board of Eximbank, which has severely affected the interests of shareholders”.
The extraordinary GMOS, scheduled for November 28, aims to approve the relocation of Eximbank’s head office from Ho Chi Minh City to Hanoi at the Gelex Tower, located at 27-29 Ly Thai To Street, Ly Thai To Ward, Hoan Kiem District, Hanoi.
Group of shareholders owning over 5% proposes to remove Head of Supervisory Board of Eximbank
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