Danh gia xep hang quan tri cong ty niem yet:
Kinh nghiem quoc te
TS. TRUONG T H ! NAM THANG
Van de qudn Iri cdng ly ndi com tren the gidi vd a Viet Nam chu yeu a cdc cdng ty niem yet, do ca cdu sa huu da dgng vd su dd vd cua cdc cdng ty ndy cd the dnh hudng Idn den thi trudng. Viec xHp hgng tin dung/tin nhiem cdc cdng ty ndi chung da khd phd hien. luy nhien viec ddnh gid quan tri cdc cdng ty niem yet d Viet Nam cdn Id mdt khdi niem khd mdi. Trong khudn khd hdi viet ndy, tdc gid tien hdnh nghien ciru mgt sd kinh nghiem qudc le ve he thdng ddnh gid xep hang qudn tri cdng ty trong do a cd cdp do qudc gia vd cdp do cdng ly. Tuy nhien, trgng tdm cua nghien ciru Id ddnh gid xep hgng cdp cdng ty, vdi muc lieu chia se nhung thdng le tdt nhdt tren the gidi vd cd khd ncing dp dung a Viet Nam.
Quan trj cong ty va danh gia quan trj cong ty Quan tri cdng ty (QTCT) (corporate governance) dugc hieu theo nghTa hep la mdi quan he giira ban dieu banh, hdi ddng quan tri va Ccic ben cung cap vdn cho cdng ty. O ngliTa rdng hon, QTCT bao gdm luat phap, quy che niem yet, thdng le tir nguyen ciia khu virc tu nhan, giiip cho cac cdng ty cd the thu hiit vdn, boat ddng bieu qua. dat dugc muc tieu ciia cdng ty. dap img dugc yeu cau phap luat va mong dgi chung ciia xa hdi.
Danh gia QTCT dugc hieu la viec danh gia CO' cau va thdng le quan tri ciia cdng ty cd phii hgp vdi cac quy dinh ciia phap luat, thi trudng cung nhu thdng le qudc te. giiip phuc vii lgi ich tdt nhat ciia cac ben lien quan, trong dd quan trgng nhat la cd ddng cua cdng ty.
•t)ai hoc Kinh tc Quoc dfin
58
Danh gia QTCT de bi hieu lam vdi hoat ddng xep hang tin diing (credit rating). Xep hang tin dung la quan diem ciia ben danh gia ve kha nang tai chinh ciia mdt cdng ty lieu cd tra cac khoan ng hay khdng. Tuy nhien, ciing cd mdi quan he chat che giiia danh gia QTCT va xep hang tin dung. Tuy nhien, mdi quan he nay khdng phili la 1/1. Cdng ty cd xip hang tin dung cao chua chac cd xep hang danh gia QTCT cao va ngugc lai. Cd nhung trirdng hgp cac yeu td quan tri ciia mdt cdng ty la tich circ, tuy nhien cac yeu td thi trudng tai chinh, ylu td canh tranh, yeu td nganh cd the lam cho chi sd tin dung trd nen tieu cue. Tuong tu nhu vay, co cau quan trj cd the xam hai quyen Igi ciia cd ddng, nhung khdng he anh hudng den phuong dien tin dung ciia cdng ty. Quan diem ciia cac nha phan tich tin dung cho rang yeu td quan tri van cd the la mdt nguyen nhan hoac dan den nguyen nhan ciia tinh trang yen kem ve tai chinh ciia mdt cdng ty.
• Nhdng vin di KINH T ^ VA CHJNH TRj THE GIOI So 2(178) 2011
Tru-ang Thj Nam Thing Danh gia xep hang quan trj cdng ty niem ydt..
Danh gia QTCT cap qudc gia (coutry level)
Danh gia QTCT thudng dugc tien hanh d hai cap do, tuang ung vdi hai each tiep can ve QTCT: d cap do vT md - he thdng QTCT ciia mdt qudc gia va d cap do vi md - he thdng va thuc hanh quan tri cua mdt hay nhieu cdng ty trong nen kinh te (firm level).
Cac danh gia he thdng QTCT cap qudc gia thudng dugc tien hanh bdi cac dinh che tai chinh va cdng ty xep hang Idn. Mdt trong nhimg danh gia dugc biet den nhieu nhat la ciia Ngan hang The gidi (WB), dugc viet tat la ROSC (Bao cao quan sat ve tuan thii chuan muc QTCT). Cho den nam 2010, cd khoang 50 bao cao ROSC ve QTCT dugc thirc hien va cdng bd tren trang web ciia WB. Viec danh gia ROSC dugc tien hanh theo nam nguyen tac sau:
i) Nguyen tac QTCT ciia OECD dugc sir dimg la quy dinh khung cho viec danh gia;
ii) Cac qudc gia tham gia tit nguyen vao qua tiinh danh gia va cdng bd bao cao cudi ciing;
iii) Danh gia dugc thirc hien tren cac cdng ty niem yet tren thi trudng chimg khoan;
iv) Hoat ddng danh gia va de xuat dugc chuan hda cho mgi qudc gia;
v) Cac bao cao cd the dugc cap nhat theo thdi gian.
Quy trinh danh gia dugc WB tien hanh nhu sau: sau khi nhan dugc ldi mdi ciia qudc gia dugc danh gia, WB se thue mdt ben tu van dgc lap tien hanh dien vao bieu mau danh gia.
Chuyen gia ciia WB se tham quan va phdng van dai dien co quan quan ly nha nudc, cac ben tham gia thi trirdng chiing khoan nhu nha dau tu, sd giao dich chirng khoan. Viec danh gia dugc tien banh ket hgp ca dinh lugng va dinh tinh.
ROSC su diing bay cum van dl dl danh gia.
Bay van de nay dugc chi tilt hda trong mau
danh gia dudi dang 465 cau hdi. Cd nhiing cau hdi ngudi danh gia chi tra ldi cd hoac khdng.
Tuy nhien, cd khdng it cau hdi ngudi danh gia phai tra ldi nhieu sir lira chgn nhd hon. Tren thirc te, ngudi danh gia phai tra ldi khoang 800 cau hdi khac nhau. Ddi vdi tat ca cac cau lidi, ngudi danh gia phai neu ra ngudn tai lieu, dua ra nhan dinh ciia rieng minh, vi du minh hga va bang chung la co sd cho cau tra ldi ciia minh.
Bay ciim van de ciia ROSC bao gdm:
i) Toan canh ve QTCT: co cau sd bun va kiem soat; khudn khd phap ly; cac yeu td lich sir anh hudng den he thdng QTCT hien tai.
ii) Dam bao nen tang cho QTCT hieu qua:
khudn khd chung ve QTCT; khudn khd phap ly ddi vdi cuong che thuc thi/minh bach; phan chia trach nhiem quan ly ro rang; quyen quan ly, tinh minh bach, ngudn luc.
iii) Quyen ciia cd ddng va cac chirc nang sd huu chinh: cac quyen co ban ciia cd ddng;
quyen tham gia vao cac quyet dinh Idn;
quyen tham du dai hdi ddng cd ddng; cdng bd thdng tin ve kiem soat khdng tirong ximg vdi ty le nam giii; dugc phep thuc hien cac thda thuan thau tdm cdng ty; tao dieu kien thuc hien quyen sd hiiu; cd ddng dugc phep tham khao y kien lan nhau.
iv) Ddi xir cdng bang vdi mgi cd ddng: tat ca cac cd ddng phai dugc ddi xir cdng bang;
cam giao dich ndi gian; hdi ddng quan tri/ban giam ddc phai cdng bd thdng tin ve lgi ich nhan dugc.
v) Vai trd ciia cac ben hiiu quan trong QTCT:
tdn trgng quyen hgp phap ciia cac ben hiiu quan; cac ben hiiu quan dugc quyen khilu nai; cd co che tang cudng bieu qua boat dgng; cdng bd thdng tin ciia cac ben hiixi quan; bao ve ngudi td cao; luat va boat ddng cudng che thue thi quyen ciia chii ng.
Nhdng vin di KINH Jt VA CHINH TRj JHt GIOI S6 2(178) 2011- 59
Danh gia x§p hang quan tri cdng ty niem y4t. Tru-o-ng Thj Nam Thang
vi) Cdng bd thdng tin va minli bach: chuan muc cdng bd thdng tin; chuan muc ke toan
& kiem toan; kiem toan ddc lap hang nam;
tinh liem chinh ciia kiem toan ddc lap;
cdng bd thdng tin dimg va kip thdi; van de xung dot lgi ich.
vii) Trach nlnem ciia hgi ddng quan tri: boat ddng cd trach nhiem, can trgng; ddi xir cdng bang vdi mgi cd ddng; ap dung cac chuan dao dire cao; hoan thanh mgt sd chirc nang chinh; dua ra nhan dinh khach quan; dugc tao dieu kien tiep can thdng tin.
Vdi khoang 50 bao cao ROSC vl QTCT tai cac qudc gia dugc nghien cim ciia WB, cd the thay cd hai each cham diem ma WB da sir dung:
• Sit dung chu trong dd O la cao nhat va NO la thip nhit
• Sir dung diem trong dd 100 la cao nhat va 0 la thap nhat.
Tuy nhien, hai thang diem nay deu chi sir dung 5 mirc diem khac nhau cd gia tri tuong duong nhu sau:
i) O (observed) = 100 diem: tat ca cac tieu chi chinli deu dugc tuan thii ma klidng cd sai lech nao.
ii) LO (largely observed) = 75 diem: chi quan sat thay mdt vai thieu sdt nhd, khdng anh hudng den viec tuan thii trong ngan ban.
iii) PO (partially observed) = 50 diem: ve van ban thi tuan thii. tuy nliien thdng le thuc hien van cdn nhieu kliac biet.
iv) MO (marginally non observed) = 25 diem:
kha nliieu yen kem.
v) NO (non obser\'ed) = 0 diem: hau nliir khdng cd sir tuan thii ve van ban ciing nhu thdng le quan tri.
Ben canh ROSC ciia WB, danh gia QTCT cap qudc gia cua Standard & Poor's (S&P) cung la mdt trong nhung he thdng danh gia
60 Nhdng vin
manh. S&P la cdng ty cung cap dich vu tai chinh va. xep hang tin dung, cd tru sd chinh tai My. S&P la mgt trong ba cdng ty Idn nhat \'e xep hang tin dung tren tbl gidi. Viec danh gia eiia S&P nham xem xet lieu mdi trudng vT md cua qudc gia dugc danh gia cd hd trg cho cac thdng le quan tri lanh manh d ca cap do vT md va cap do cdng ty.
Cac chuyen gia ciia S&P tien hanh danh gia tinh dimg dan eiia cac quy dinh va phap luat hd trg cho boat ddng ciia cac cdng ty, ddng thdi cung tien hanh thao luan vdi cac nha dau tu, thanh vien hgi ddng quan tri cac cdng ty, luat su, ke toan vien, cac nha lam chinh sach, sd giao dich chimg khoan, nha kinh te hgc va cac td chirc nghe nghiep lien quan.
Bdn phuang dien dugc S&P nghien ciru bao gdm:
i) Hg tdng cho thi truang, tap trung vao viec xem xet ca cau sd hiiu ciia thi trudng, quy md ciia cac cdng ty niem yet, vai trd ciia nha dau tu td chirc, he thdng ngan hang,
\'ai trd cua cac tap doan, tinh dn dinh ciia kinh te vT md, va mdi tmdng chinh tri anh hudng den thdng le QTCT qudc gia nhu the nao.
ii) Ha tang phap ly, nghien cim cac bd luat lien quan den QTCT, quyen eiia cd ddng va ddi tugng hiiru quan, giao dich ndi gian, cdng bd thdng tin, td chuc dai hdi ddng cd ddng, yeu cau ve thanh vien hdi ddng quan tri ben ngoai, kha nang thirc thi phap luat, cac vi pham phap luat hoac cac vu kien phap ly lien quan den QTCT.
iii) Ha tang co quan dieu tiet, nghien cim each thiic td chirc va cac co quan dieu tiet thi tmdng nhu iiy ban chiing khoan, cac sd giao dich chimg khoan va tinh hieu qua trong hoat ddng ciia nhung co quan nay.
iv) Ha tang thdng tin. xem xet cac chuan muc ke toan, cdng bd thdng tin va minh bach ma quy dinh yeu cau.
di KINH TE VA C H I N H TRj JHt GIOI S6 2(178) 2011
J r u w i g T h j N a m Thing Danh gia xIp hang quan trj cdng ty niem ydt.
Cd nam quan sat sau vl hai be thdng danh gia QTCT cap qudc gia:
Thie nhdt, hai he thdng sir diing bai each tiep can khac nhau. Cach tilp can cua WB la ve nen mdt birc tranh tdng the tir thdng le quan tri cac ' cdng ty niem yet ciia qudc gia dd. S&P lai xem xet mirc do mdi trudng vT md hd trg den mirc nao cho cac thdng le QTCT lanh manh.
Thie hai, ddi tugng danh gia la khac nhau.
Ddi tugng ciia WB la cac cdng ty niem yIt tren thi trirdng chimg khoan. Ddi tugng ciia S&P la he thdng mdi trudng vT md.
Thu ba, khudn khd nen tang va cac tieu chi la khac nhau. WB sir dung Bg quy tic QTCT ciia OECD vdi cac ndi dung truyen thong nhu van de quyen sd hiiu, quyen cd ddng, tinh bieu qua ciia HDQT, cdng bd thdng tin & minh bach, vai trd ciia cac ben huu quan. S&P lai xem xet ha tang thi trudng, phap ly, quy dinh va thdng tin ciia qudc gia nghien cim, dua tren thdng le tdt nhat ciia the gidi theo quan diem danh gia ciia S&P.
Thie tu, muc dich ciia ca hai cdng cu la deu ve nen mdt birc tranh tdng quan vl QTCT mdt qudc gia, chinh vi the van cd sir triing nhat dinh.
Trong hai ndi dung dau ciia ROSC ciia WB dl cap kha nhieu den cac van de he thdng vT md va phap luat ciia qudc gia dugc danh gia. Vdi cac ndi dung cdn lai, WB ludn danh gia song song khudn khd phap ly va thdng le thirc te ciia cac cdng ty niem yet tuan thii den mirc nao cac khudn khd phap ly dd.
Thie ndm, ve quy trinh danh gia, ca hai deu sir dung hai ngudn thdng tin chinh la du lieu thir cap va dii lieu so cap thdng qua thao luan phdng van vdi cac ddi tugng hiiu quan (chii yeu la cac nha lam chinh sach, dau tu, luat sir. chuyen gia kinh te, hiep bdi nghe nghiep).
Danh gia quan trj cap cong ty (firm level) ciia S&P
Cd mdt sd nha cung cap dich vu danh gia xep hang QTCT ddc lap nhu: S&P, Governance
Metrics International (GMI) va Institutional Shareholder Services (CGQ). Co quan QTCT ciia nhieu qudc gia ciing tien hanh danh gia xIp hang quan tri cac cdng ty niem yet. Tuy nhien, trong khudn khd ciia bai bao nay, tac gia chi trinh bay hai kinh nghiem qudc te vl danh gia quan tri cap cdng ty la S&P (chi sd nay ciia S&P dugc ggi la CGS) va ciia Co quan QTCT Han Qudc (KCGS). Ly do lira chgn hai trudng hgp dien cim nay vi CGS ciia S&P cd he thdng danh gia cd the tiep can dugc, ben canh dd S&P la cdng ty xep hang uy tin tren the gidi. Han Qudc la mdt trong sd it nudc trong khu vuc ben canh Singapore cd truyen thdng danh gia quan tri cap cdng ty va he thdng danh gia ciing cd kha nang tiep can dugc.
He thdng danh gia ciia S&P dugc tac gia khai thac tren trang web ciia S&P. He thdng danh gia ciia KCGS dugc cung cap va giai thich bdi cac chuyen gia ciia KCGS cho tac gia trong qua trinh nghien cim.
Ve muc tieu, CGS ciia S&P tiln hanh danh gia thdng le quan tri ciia cdng ty va miic do cdng ty phuc vu lgi ich ciia cac ben hiiu quan tai chinh, trong dd nhan manh Igi-ich ciia cd ddng.
S&P danh gia tinh hieu qua cua mdi quan he tuong tac giua cac co quan quan tri ciia indt cdng ty nhu cd ddng, HDQT, ban dilu hanh va cac ddi tugng hiiu quan khac.
Co sd cho cac tieu chi danh gia ciia S&P la cac quy che QTCT qudc te dugc chap nhan va dugc coi la tdt nhat theo danh gia ciia S&P.
Uy ban danh gia bao gdm nhdm phan tich va cac thanh vien cao cap cua Phdng QTCT ciia S&P la nhdm chuyen gia chinh tien hanh danh gia QTCT. Uy ban nay cd the mdi cac chuyen gia khac nhu phan tich xep hang tin nhiem, chuyen gia tu van luat va cac nhan vien khac ciia S&P. Hoat ddng danh gia dugc S&P sir dung each tiep can 360" nhu trong trinh bay ciia Hinh 1.
NhCmg vin di KINH T t VA CHINH TRI T H 6 GIOI 56 2(178)2011- 61
Oanh gia x6p hang quan trj cdng ty niem yet... Tru-cng Thj Nam Thing Hinh 1: Danh gia QTCT 306" cua S&P
Cd bdn cum van de ma S&P sir dung de danh gia, ya dugc cu the hda trong 95 tieu chi:
i) Cdu triic sd huu vd cdc yeu td ben ngodi: tinh minh bach ciia cau true sd hiiu; do tap trung va anh hudng ciia cau true sd hiiu & cac ddi tugng hiiu quan ben ngoai;
ii) Quyen ciia cd ddng vd cdc mdi quan he vdi ddi tugng huu quan: dai hdi ddng cd ddng va quy trinh bieu quyet; quyen sd hiiu & cac bien phap bao ve khdi tiep quan; mdi quan he vdi ddi tugng hUu quan.
iii) Cdng bd thdng tin. minh bach va kiem toan: ndi dung cdng bd thdng tin; thdi gian, kha nang tiep can cac thdng tin cdng bd; quy trinh kiem toan.
iv) Cau triic va tinh hieu qua ciia hdi ddng quan tri: cau triic va tinh ddc lap ciia HDQT; vai trd & tinli hieu qua ciia HDQT; thii lao ciia can bd dieu hanh &
thanh vien HDQT.
Ve td chirc hoat ddng danh gia, cac chuyen gia phan tich se dat cudc hen trudc de den cdng
ty thu thap tai lieu va phdng van cac ddi tugng lien quan. Cac tai lieu thudng bao gdm:
• Bao cao thudng nien. bao cao quy.
• Dieu le cdng ty.
• Cac tai lieu da nop cho cac ca quan quan ly nha nudc.
• Tai lieu cac dai hdi ddng cd ddng trong vdng 3 nam gan nhat, bao gdm ca dai hdi thudng nien va bat thudng.
• Bien ban hop HDQT (trong vdng 3 nam gan nhat).
• Cdng bd phat banh them cd phieu (ca co phieu thudng) cua cdng ty va cac cdng ty con.
• Danh sach cac cd ddng Idn va cac nha cung cap tin dung chinh.
• Tai lieu ve nhiing lan bi phat, canh cao vi pham cac quy dinh cdng bd thdng tin, ciia thi trudng chimg khoan.
• Thdng tin ve co cau va thanh phan ciia HDQT.
• Cac cdng bd ve ket qua kinh doanh.
• Cac cdng bd ve giao dich Idn trong vdng 3 nam gan nhat (cd gia tri Idn ban 10%
tdng tai san).
• Cac bao cao ve mdi trudng va xa hdi.
• Thdng tin dang ky d co quan quan ly cd phieu.
Cac ddi tugng sau cd the dugc chuyen gia phan tich tien hanh phdng van:
• Tdng giam ddc.
• Giam ddc tai chinh.
• Thu ky cdng ty/ban trg ly tdng giam ddc/ban thu ky HDQT.
• Chuyen vien phu trach quan he nha dau tu.
• Cac cd ddng Idn.
• Cac nha cung cap tin dung chinh.
62 NhCrng vin di KINH Jt VA CHINH TRj T H ^ GIOI So 2(178) 2011
T r i m n g Thj Nam T h i n g Oanh gia xdp hang quan tri cdng ty niem y§t...
• Cdng ty kiem toan ddc lap.
Danh gia ciia S&P dua ra kit qua vdi 5 miic danh gia tren thang dilm 10. Trong dd, CGS 10 va CGS9 dugc hieu la cdng ty ve mat tdng the cd cac quy trinh va thuc thi quan tri rat manh.
CGS8 va CGS7 cd ngliTa la "manh", CGS6 va CGS5 cd nghTa la "tmng binh", CGS4 va CGS3 cd nghTa la "yeu", va CGS2 va CGSl cd nghTa la "rat yeu".
Viec danh gia xep hang ciia S&P dugc thuc hien chii yeu theo don dat bang ciia chinh cdng ty dugc danh gia hoac bdi mdt nha dau tu td chii'c cd quan tam den cdng ty. Sau khi hoan thanh danh gia, bao cao danh gia se dugc giri cho ben dat hang.
Danh gia quan trj cap cong ty cua Co quan QTCT Han Quoc (KCGS)
KCGS dugc thanh lap vao thang 6 nam 2002, la mdt td chirc ddc lap, phi lgi nhuan. vdi cac nha ddng sang lap va tai trg la 6 td chirc Idn nhat ve chii'ng khoan tai Han Qudc gdm cd: Sd Giao dich chimg khoan Han Qudc (KSE), Thi trudng Chiing khoan Kosdaq (Kosdaq la Sd Giao dich chiing khoan dien tir ciia Han Qudc, la chi nhanh ciia KSE), Hiep hdi cac nha kinh doanh chimg khoan Han Qudc, Hiep hdi cac cdng ty niem yet Han Qudc, Fliep hdi quan ly vdn Han Qudc va Hiep hdi cac cdng ty niem yet tai Kosdaq. Nhiem vu chinh ciia KCGS bao gdm: i) chii tri Uy ban QTCT qudc gia chiu trach nhieni Cap nhat Bd Nguyen tac QTCT Han Qudc; ii) tien hanh danh gia, xep hang quan tri cac cdng ty niem yet Han Qudc, trao giai thudng cho cac cdng ty cd QTCT tdt nhat;
iii) tien hanh nghien ciru dinh ky, td chirc hdi nghj, hdi thao ve QTCT va iv) cdng bd an pham ve QTCT, tien hanh tu van cho cac cdng ty ve QTCT.
Tir nam 2001, KSE da bat dau tien hanh danh gia xep hang cac cdng ty niem yet tren Kosdaq. Nam 2002, KCGS tiep quan viec danh gia nay, dieu chinh tieu chi danh gia cho phii
hgp vdi Bd Quy tac QTCT Han Qudc. Tir nam 2003, KCGS bat dau xep hang cac cdng ty niem yet va trao giai thudng cho 10 cdng ty tdt nhit.
Hoat ddng danh gia xep hang nay dugc tien hanh tren tat ca cac cdng ty niem yet ca tren KSE va Kosdaq. Viec danh gia dugc tiln hanh trong 6 thang dau nam va ket qua dugc cdng bd vao thang 9 hang nam.
Hoat ddng danh gia cua KCGS dugc tiln banh theo hai budc:
Ddnh gid mdt: chuyen gia ciia KCGS danh gia trirc tiep dua tren cac tai lieu thu thap dugc tren 99 van de. Dii lieu danh gia cua vdng mdt la thdng tin dugc cdng bd nhu: bao cao thudng nien, bao cao tai chinh tir website cdng ty, thdng tin tren cac phirong tien thdng tin dai chiing va DART (He thdng cdng bd thdng tin dien tir Han Qudc). Ket qua cua danh gia vdng mdt se dugc giri cho toan bd cac cdng ty dugc danh gia. Neu cdng ty cd phan hdi ve tinh xac thuc va KCGS cho rang phan hdi la diing, ket qua danh gia se dugc dieu chinh mdt each tuong img.
Ddnh gid hai dugc tien hanh dua tren mdt sd cdng ty dugc xep hang cao d danh gia mdt, chii yeu ve nhiing cai thien so vdi nam trudc dd.
Khoang 20% cdng ty cd diem QTCT cao nhat se dugc dua vao vdng 2 de danh gia. Viec tien hanh dugc thirc hien dudi dang dieu tra dien tir.
Thdng tin do chinh cac cdng ty cung cap va cd bang chirng di kem.
Cac tieu chi danh gia cua KCGS dugc phat trien dua tren Bd Quy tac QTCT ciia Han Qudc.
Bd quy tac nay dugc ra ddi lan dau tien vao nam 1999, dira tren nen tang cua Quy tac QTCT ciia OECD. Thang 2/2003, sau qua trinh tham van va dieu chinh, Uy ban QTCT Han Qudc da cdng bd Bd Quy tac 2003 la mdt van ban 50 trang vdi 5 ndi dung Idn:
i) Cd ddng: quyen cua cd ddng; ddi xir cdng bang vdi mgi cd ddng; trach nhiem ciia cd ddng.
NhCrng vin di KINH Jt VA CHINH TRj JHt GIOI S6 2(178) 2011- 63
Oanh gia x§p hang quan trj cdng ty niem yIt. Tru'ang Thj Nam Thing
ii) Hdi ddng quan tri: chiic nang, thanh phan, bd nhiem thanh vien HDQT, thanh vien HDQT ben ngoai, td chiic & van hanh HDQT, cac tilu ban thudc HDQT, trach nhiem ciia thanh vien HDQT, danh gia va thu Iao cho HDQT.
iii) He thdng kiem toan: he thdng kiem toan ngi bd & kiem toan vien ben ngoai.
iv) Cac ben hiiu quan: bao ve quyen ciia cac ben hiin quan; viec tham gia cua cac ben hiiu quan vao boat ddng giam sat ban dieu hanh.
v) Giam sat ban dieu hanh bdi thj trudng: thi trudng kiem soat cdng ty va cdng bd thdng tin.
Cac tieu chi danh gia QTCT cung dugc xay dung tren 5 tieu chi Idn bao gdm:
i) Bao ve quyen Igi cd ddng.
ii) HDQT.
iii) Cdng bd thdng tin.
iv) Co quan kiem toan.
v) Phan bd ke hoach boat ddng.
Viec danh gia xep hang cua KCGS dugc thuc hien d 8 mirc xep hang khac nhau trong dd cao nhit la "Xuit sic" va thip nhit la "Rit ylu"
vdi cac giai thich nhu sau:
• Xudt sdc: cdng ty cd mdt he thdng vl QTCT nhu dugc mieu ta trong Bd Quy tic QTCT cua Han Qudc, va the hien thuc su ap dung cac quy tac nay vao thdng le quan tri ciia cdng ty minh.
• Rdt tdt: Cdng ty giii dugc cac thdng le QTCT rat manh va cd dugc diem cao ve mgi mat ve QTCT trong qua trinh danh gia.
• Tdt: Cdng ty giir dugc cac thdng le QTCT manh va cd diem danh gia cao trong phan Idn cac phirong dien dugc danh gia.
• Rdt khd: Cdng ty giii dugc cac thdng le QTCT rat manh ve mat tdng the, tuy nhien nhan
dugc mdt sd dilm hoi thip ve mdt sd it mat cua quan tri trong qua trinh danh gia.
• Khd: Cdng ty giii dugc cac thdng le QTCT manh ve mat tdng tbl, tuy nhien nhan dugc dugc mdt sd dilm hoi thip ve mgt sd it mat cua QTCT trong qua trinh danh gia.
• Trung binh: Cdng ty giii dugc thdng le QTCT d mirc trung binh ve rnat tdng the va cin phai cai thien d mdt sd ITnh vuc cua QTCT.
• Yeu: Cdng ty ve tdng the cd thdng le QTCT yeu va can phai cai thien trong phan Idn cac ITnh vuc cua QTCT.
• Rdt yeu: Cong ty ve tdng the cd thdng If QTCT rat yeu, chac chan phai cai thien ve QTCT.
Ket qua 8 nam danh gia xep hang cac cdng ty niem yIt tvr nam 2004 den 2010 ciia KCGS cho thay khdng cd cdng ty nao dugc danh gia xuat sac. Nam 2009 va 2010, khdng cd cdng ty nao dugc danh gia rat tdt. So lugng cdng ty Idn nhat dugc danh gia roi vao miic "yeu" (khoang 55%), 10% bi xIp hang "rit ylu", 20% thugc nhdm xep hang "trung binh".
Ket qua danh gia xep hang dugc cdng bd day du tren trang web cua KCGS. Cac cdng ty dugc xep hang cao dugc trao giai thudng QTCT cua nam. Cac Igi ich di kem voi giai thudng cd thi bao gdm mien phi niem yet cua nam tilp theo, dieu chinh phi niem yet ciia nam hien tai, cdng bd tren cac phuang tien thdng tin dai chiing, uu tien tham gia cac hdi thao KSE td chiic.
Toan bd quy trinh danh gia xIp hang quan tri cac cdng ty niem yIt Han Qudc dugc thi hien d Hinh 2.
Ket luan
Cd the thay mdt sd diem cd the hgc hdi dugc tir cac he thong va bd tieu chi danh gia QTCT nhu sau:
64 Nhdng vin di KINH Jt Mk C H I N H TRj JHt GIOI S6 2(178) 2011
Tru-o-ng Thj Nam Thing Oanh gia xSp hang quan trj cdng ty niem yet..
Hinh 2: Quy trinh danh gia QTCT cua KCGS
Cac bu-dc danh gia
Chuan bi Danh gia lan I
^3r
Danh gia Ian 2
Lira chgn irng vien
~-
J:^-
Lua chgn cdng ty nhan giai thudng
r-A Quy trinh danh gia
j-N • Xac dinh cac tieu chi danh gia cua nam.
• Xac dinh quy trinh va lich danh gia ciia nam.
• Lira chgn cac cdng ty danh gia.
i-N • Vdi khoang 100 van de, KCGS tien hanh danh gia sir dung ngudn tai lieu dugc cdng bd ciia cac cdng ty.
^ ^
^
Dugc tien hanh tren nhirng cdng ty da cd diem danh gia tir vdng 1, cd diem xep hang cao hoac cai thien dang ke so vdi nam trudc dd.
Dugc tien hanh dudi dang bang hdi dien tir, tai lieu chiing cir phai dugc cung cap.
• Ung vien cho Giai thudng nhat, nhi va ba .
|-\ • Ung vien la tat ca cac cdng ty dugc danh gia ca d vdng mgt va vdng hai. dua tren tdng diem ciia ca hai vdng ciin^
\ nhu ket qua kiem tra ciia KCGS.
Giai nhi va ba dugc lira chgn tir 10 cdng ty cd diem danh gia cao nhat.
Giai nhat dugc trao cho 3 cdng ty cd diem cao nhat, tuy nhien cd cai thien dang ke so vdi nam trudc.
Giai thudng theo nganh: mdi nhdm nganh nghe lai cd mdt cdng ty dugc giai dugc lira chgn tir ket qua danh gia vdng 1.
Thu nhdt. ben danh gia can phai la mdt co quan ddc lap. Tinh ddc lap ludn dugc nhan manh trong cac xep bang tin nhiem, trong dd cd QTCT. Tinh ddc lap nay can dugc dam bao d ca hai khia canh: dgc lap ciia td chirc danh gia \'a tinh ddc lap ciia chuyen gia danh gia.
Thu hai, phuang phap danh gia. Cach tiep can 360° la each tiep can kha day dii cho cac danh gia tin nhiem. Cach tiep can nay da dugc sir dung kha phd bien trong viec danh gia ket qua cdng viec ngudn nhan liic ciia cac td chirc.
Ngudn dir lieu sir dung de danh gia dugc S&P
liet ke kha chi tiet va day dii trong bd tieu chi ciia minh.
Thu ba, CO sd cho viec xay dung tieu chi.
Cac tieu chi ciia cac td chitc QTCT sir dung Bd Quy tac QTCT ciia OECD lam nen tang, cac cdng ty danh gia ddc lap nhu S&P sir dung thdng le QTCT tdt nhat. Tuy nhien, cd the thiy ba van de chinh dugc sir dung de danh gia ludn bao gdm: i) cau triic sd hun va quyln ciia cd ddng; ii) tinh bieu qua ciia bdi dong; iii) cdng bd thdng tin va minh bach. Cac vin dl khac nhu vai trd ciia cac ben hiiu quan. thi trudng kilm
Nhdng vin de KINH T^ VA CHINH TRj JHt GIOI S6 2(178) 2011- 65
Oanh gia xdp hang quan trj cdng ty niem y§t... Tru-cng ThjNam Thing
soat cdng ty ciing dugc de cap nhu mdt ndi dung Idn hoac an trong ba ndi dung tren. Sd lugng cac cau hdi rat chi tiet va tiep can dugc ciia S&P va dac biet ciia ROSC cua WB la mdt nguon tham khao quy. Thang diem danh gia sir dung chii ylu dugc the hien bang sd, cd the tit 0 din 100 hoac 1 din 10, va tuong irng vdi mdi mirc diem nhu vay se the hien miic do ylu kem hoac xuat sac ve quy dinh ciing nhu thdng le quan tri trong cac cdng ty niem yet.
Tieu chi danh gia can phai dugc dieu chinh theo dac tinh ciia tirng thi trudng cung nhu cimg vdi thdi gian, theo sat su phat trien ciia cac thdng le thi trudng.
Thie tu, quy trinh danh gia. Tiiy theo cac muc dich danh gia QTCT va ciia cac td chirc danh
gia vi lgi nhuan hay phi lgi nhuan, nen quy trinh danh gia cd thi la khac nhau. Tuy nhien, quy trinh hai budc cua KSCG Han Qudc la mgt each thirc kha thii vi dl hgc tap. Vdi viec danh gia iin mdt tap trung vao toan bd cac cdng ty tren thi trudng, cho dilm va dua tren ngudn thdng tin dugc cdng bd. Viec danh gia lan hai vdi muc tieu trao giai va do cac cdng ty cung cip thdng tin va bang chiing.
Cac kinh nghiem qudc te neu tren phuc vu mdt phin cho viec xay dung va danh gia thir bd tieu chi khuyin nghi danh gia quan tri cac cdng ty niem yet Viet Nam. Bd tieu chi khuyin nghi nay se dugc trinh bay trong bai nghien citu tiep theo*
Tai lieu tham khao:
1. Code of Best Practices for Coiporate Governance: littp://www.cgs.or.kr (truy cap ngay 25/01/2011).
2. Standard & Poor"s (2004): Corporate Governance Scores and Evaluation: Criteria, Methodologies and Defminons, http://www'.steLndardandpooTs.com.
3. Truang Thi Nam Thing (2010): QTCT a Ddng A sau khung hoang tdi chinh 1997, Nha Xuat ban Dai hgc Kinh te Qudc dan.
4. World Bank (2003): Report on the Observance of Standards and Codes (ROSC) - Corporate Governance Country Assessment - Republic of Korea.
5. World Bank (2007): Templace of Country Assessment of Corporate Governance, littp://www. worldbank.org.
6. littp://wvAv.cgs.or.kr.
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