Hoat ddng quan trj cdng ty ©> Australia va mot so ggi y cho Viet Nam
PGS. TS. NGUYEN THU THUY*
Th.S. NGlJYEN THI THU TRANG"
ThS. NGUYEN THj KIM NGAN*"
Bdi viit ndy nghiSn cieu hogl dong qudn trj cong ty trong nen kinh te Australia, cu thi la su phdn chia quyin luc giita cdc doi luang chinh tham gia trong he Ihdng qudn trf cong ty nhu cdc gidm ddc, nha qudn ly va cd ddng lgi cdc doanh nghiep Irong khu vuc kinh ti lu nhdn; phdn tich tdm quan trong va ldc dong cua qud trinh phdn quyen ndy ddi v&i hieu qud tdng the ciia cdc doanh nghiep ciia Australia so sdnh vai hogt ddng qudn tri cdng tya Viet Nam a khia cgnh to chiec bd mdy. phdn cong, phdn nhiem. ddm bdo quyen lai cho cdc ben cd lgi ich lien quan, tic do riit ra mot sd kien nghi nhdm ndng cao hieu qud cdng tdc qudn tri cdng ty trong khu vice kinh le fu nhdn ciia Viel Nam.
Tir khoa: Qudn tri cdng ty, cdc cd ddng, cdc ben lien quan, minh bgch. cdng bo thdng tin. quyen sa hihi. kiem sodt.
1. Khai quat vc quan tri cong ty Y nghia dan gian ciia quan tri cdng ty la giai quyet tat ca cac van dg tir kg hoach td chiic, vai trd va chiic nang ciia ban giam ddc, cac chign lugc den cac quy tac hoat dong chinh thiic va hop le trong doanh nghiep. Trong nhirng nam gan day, chu dg vg md hinh quan trj cdng ty da thu hut rat nhigu nha nghign ciiu kinh tg va xa hdi, dac biet la sau su sup do cua nhimg ngudi
"khdng Id" nhu Enron, Ticb, Woridcom, Parmalat d My, Ansett, OneTel, James Hardie, HIH Insurance Group va gin day han la Opes Prime va Tap doan ABC tai Australia. Trong nhimg trudng hgp nay, trach nhiem va quyin han vg quan tri cdng ty cua ban giam ddc va nhung ngudi quan ly da trd thanh mot vin dg quan trgng can phai xem xet.
* TrtfOTig Dai hoc Ngoai thirong
Van de chinh hien nay la chua cd mgt ly thuyet nao vg quan trj cdng ty dugc coi la tdi uu de ap dung cho tat ca cac doanh nghiep ma co the dam bao tinh linh hoat va chat che. Quan tri cdng ty khdng nen tap trung vao cac phucmg phap quan tri cac doanh nghiep hien dang su dung, ma thay vao dd phai tap trung vao viec nen dieu hanh cac doanh nghiep nhu the nao cho hgp ly va hieu qua. Quan tri cdng ty van con chua thuc su dugc chap nhan rpng rai nhu la mot luan thuygt hiiu ich trong cac doanh nghigp. Va cung chi dgn thg ky XXI, cac nha khoa hgc mdi bat dau tap trung vao nghien cuu quan trj va phan quyen trong cac cdng ty, trong khi dd g thg ky XIX va XX hp chi tap trung ban luan chii ySu vg ky nang hanh chinh va ca cau kinh doanh hien dai.
Theo Td chiic Hgp tac va Phat trign kinh te (OECD), quan tri cdng ty la he thdng ma qua dd hoat dpng kinh doanh dugc chi dao va kigm
16- - Nhu-ng vin 6i KINH T £ V A CHINH TRj T H £ G i d l So 1(225) 2015
JQl"J_huy - Thu Trang - Kim Ngan Hoat dgng quan trj cong ty d Australia..
soat. Co cau quan tri cdng ty quy dinh cu the viec phan phdi cac quygn va trach nhiem giiia cac thanh vien khac nhau trong cdng ty, chang h ^ nhu hdi ddng quan tri, cac nha quan ly, cac cd ddng ya cac bgn lien quan khac, va ngu rd cac quy tac va thii tuc de dua ra cac quygt dinh vg cac van de cua cdng ty. Nhu vay, nd cilng cung cap cau tnic thdng qua dd cac muc tieu Clia cdng ty dugc thilt lap, va cac phuong tien de dat dugc nhimg muc tieu va hieu qua.
Giiia quan tri cdng ty - (corporate governance) va quan trj kinh doanh (business management) cd sir khac nhau rkt co ban: Quan tri kinh doanh la digu hanh hoat ddng san xuat kinh doanh cua doanh nghiep do Ban giam ddc thuc hien. Quan tri cdng ty la mdt qua trinh giam sat va kiem soat dugc thuc hien dg bao dam cho viec thirc thi quan tri kinh doanh phu hgp vdi lgi ich cua cac cd ddng. Quan tri cdng ty nghta rdng cdn hudng dgn dam bao quygn Igi Clia nhthig ngudi lien quan, khdng chi la cd ddng ma cdn bao gdm ca cac nhan vien, khach hang, nha cung cap, mdi trudng va cac ca quan nha nudc.
Quan tri cdng ty dugc dat tren co cd ciia sir tach biet gi&a quygn quan ly va quygn sd hiJu doanh nghiep. Cdng ty la ciia chii sd hiru (nha dau tu, cd ddng...), nhimg dg cdng ty tdn tai va phat trien phai cd su dan dat ciia hdi ddng quan tri, sy digu hanh cua ban giam ddc va sir ddng gdp cua ngudi lao ddng, nhiing ngudi nay khdng phai liic nao ciang cd chung y chi va quyen lgi. Dieu nay dan dgn viec can phai cd mdt ca che dg nha dau tu, cd ddng cd the kiem soat viec dieu hanh cdng ty nham dem lai hieu qua cao nhat.
Quan tri cdng ty tap tnmg xii ly cac van dg thudng phat sinh trong mdi quan he iiy quygn trong cdng ty, ng3n ngiia va han chg nhiing nguoi quan ly lam dung quygn va nhiem vu dugc giao su dung tai san va co hgi kinh doanh Clia cdng ty phuc vu cho lgi ich rigng cua ban than hoac cua ngudi khac, hoac lam thkt thoat ngudn lire do cdng ty kigm soat.
Tim quan trpng ciia md hinh quan tri cdng ty dugc the hien qua viec sap xgp hoac td chiic
doanh nghiep, va kiem soat, dinh hudng cac ben cd lgi ich lien quan dg dat dugc su tuong ddng han ve muc tieu ma hp theo dudi. Muc tieu cua doanh nghiep hien dai can dam bao rang tat ca nhirng ngudi quan ly cap cao deu tap trung vao muc tigu chinh ciia td chiic va khdng bi phan tam bdi muc tigu ca nhan hay muc tigu thii cap khac. Y nghia ban dau ciia cac khai niem vg quan tri cong ty chii ygu xoay quanh viec thiet ke cac hoat ddng kinh tg va xS hpi ciia cdng ty va cho den nay nd da bao triim cac khai niem vg quygn luc ndi bp va bgn ngoai.
Adrian Cadbury, cha de ciia ly thuygt quan tri cdng ty hien dai phat bigu tai Dien dan Quan tri doanh nghiep toan cau (Ng^n hang thg gidi) nam 2000 cCng khang dinh rang, quan tri cdng ty cd lign quan vdi viec giii can bang giiia cac muc tigu kinh tg va xa hdi va giiia cac ca nhan va muc tieu tap thg. Muc dich la gan kgt hai hoa nhat cd thg giua Ipi ich cho cac ca nhan, cdng ty va xa hdi."
Trong sudt thap ky dau tign ciia thg ky XXI, sir that bai ciia quan tri cong ty d cac cdng ty toan cau tai My nhu Enron va Woridcom va cac cdng ty nhu HIH Bao hidm va One-Tel tai Australia ciing da lam cac nha lanh dao can higu chinh xac han va ap dung cac khia canh ciia
"quan tri cdng ty" trong cac cdng ty.
2. Thwc trang phan chia quyen lire trong boat dgng quan tri cong ty tai Australia
2.1. Nhirng quy tdc ve qudn tri cong ty cua Australia
Theo cac nha nghien ciiu va cac nha hgc thuat thi he thdng quan tri cdng ty d Australia CO nhigu digm giong nhu cac md hinh Anh - My vg he thdng quydn sd hiiu va kigm soat "ben ngoai". NghTa la phai cd mpt he thong dac tnmg bdi su dam bao an toan dugc thigt lap vdi sir phan quygn ro rang. Cho dgn nay, van tdn tai tranh luan vg he thdng quan tri cdng ty d Australia la mdt he thdng ngi bp hay bgn ngoai, hay nhu mdt he thdng ngi bd hpi tu trong mdt he thdng ben ngoai vdi nhung tac ddng trong viec thyc hien cac quy dinh va phap luat.
Quan tri cdng ty Australia cd nhung d5c trung rigng nhu khdng cd quy djnh thong nhit Nhi/ng vin 66 KINH T t VA CHINH TRj THfi Giai So 1(225) 2015-
17
Hoat dgng quan trj cong ty d Australia.. Thu Thuy - Thu Trang - Kim Ngan
ve luat doanh nghiep, bao gdm ca Dao luat cdng ty (Corporation Act 2001) d cip lign bang va dao luat cdng ty ciia m§i bang. Cac nha nghign Cliu cho rang, he thdng quy dinh vg cdng ty nhfing nam 1980 d Australia that bai tham hai.
Cho dgn cuoi nhiing nam 1990, tit ca cac no lyc de dua ra mgt quy dinh duy nhat cho qudc gia da that bai. Cudi cung Ihi ciing da cd mdt su thdng nhat la: Uy ban Chiing khoan va Dau tu Australia (Australian Securities and Investments Commission - ASIC) dupc xem la ca quan giam sat va kiem soat, va Dao luat cong ty cua Australia (2001) dugc xem la cdng cu lap phap da dugc su chip thuan ciia qudc hgi. ASIC quy dinh vg dau tu, chiing khoan va giam sat giao dich trgn thi trudng chiing khoan Australia (dugc hinh thanh vao nam 1998). Viec thi hanh Dao luat cdng ty la trach nhiem cua Giam ddc Khdi thinh vugng chung va Tdng trudng Tu phap.
Nam 2003 cac cai each da de ra dugc nguyen tac ASX (AustraHan Stock Exchange - ASX) ciia Quan tri cdng ty tot va nhiing khuygn nghi vg bg thyc hanh tdt dya tren cac nguygn tic cua OECD. Cac tigu chuan ciia Australia din chigu dgn cac nguyen tac gdc ciia OECD (1999) trong phan gidi thieu cac tigu chuan cua Australia vao nam 2003. Cac tigu chuan chi mang tinh hudng dan, dinh hudng cho cac cong ty, co quan chinh phli, va cac td chiic phi lgi nhuan vg van dg quan tri. Muc dich ciia tigu chuan la de cung cSp mgt kg hoach chi tigt cho sy phat trien va thyc hien mdt he thong chung vg quan tri phu hgp cho nhigu loai hinh doanh nghiep (Tieu chuan Australia nam 2003, tr.6). Cac nha nghign ciiu cho rang, anh hudng ciia tigu chuan quan tri cdng ty lan tda, tac dgng dgn siic sdng cua thi trudng dau tu bang each cung cd niem tin cua ngudi tigu dung va cung cap cong cy cho tit ca cac td chiic dg tang gia tri ciia hoat dgng quan tn.
Cac tieu chuan quan tri cdng ty Australia gdm cd:
i) AS 8000 - Cac nguyen tic quan tri tdt.
ii) AS 8001 - Kiem soat gian lan va tham nhiing.
iii) AS 8002 - Quy tac iing xir trong to chuc.
iv) AS 8003 - Trach nhiem xa hdi.
v) AS 8004 - Bao ve ngudi cdng khai sir that d td chdc.
Tigu chuin AS 8000 - 2003 thigt ISp myc tigu quan tri cdng ty tdt va cai thien hieu qua hoat ddng cua moi td chiic, xac dinh va quan ly riii ro, tang cudng siic manh ciia cac co dong va su ty tin cua cgng ddng cd ddng trong mgt thyc thg, cai thien tinh minh bach va trach nhiem giai trinh ciia td chiic va hd trg trong cdng tac phong chdng va phat hign gian lan. Tigu chuin nay hudng din viec phat trien chinh sach quan tri, vai tro va trach nhiem cua hdi ddng quan tri, giam ddc digu hanh va hdi ddng luong thudng, nghia vy cong bd thdng tin va minh bach, cac cd ddng, cac trach nhiem, quygn sd hiiu va quygn bieu quygt. Cac tigu chuan cdn lai bao gom quy tac iing xir, trach nhiem xa hdi va bao ve cac doi tugng tham gia nam ngoai pham vi Clia bai vigt nay.
Hgi dgng Quan tri ciia Uy ban Chiing khoan Australia (AXS) da ban hanh quy che "quan tri cdng ty tai Australia" thang 3/2003. Trudc do, Sd giao dich Chiing khoan ban hanh quy dinh (cd hieu lyc tir ngay 01/07/1996) ygu cau tat ca cac cdng ty nigm yet cung cap thdng tin trong bao cao hang nam ciia hg ve thuc hanh quan tri cong ty cua hp, bao gdm viec cdng bd thdng tin ve quy trinh bd nhiem giam ddc, quan ly nii ro kinh doanh va mdi quan he vdi kigm toan vign va CO cau uy ban. Muc dich cua hudng din nay la de tao ra mpt khudn khd cho quan tri cong ty tdt cho cac cdng ty nigm ygt, va thigt lap mdt miic do cao han ve trach nhiem giai ttinh. Cac cong ty phai cong bd miic dp ap dung nhun'g nguygn tfic nay trong bao cao hang nam cua hg bat diu sau ngay 1/1/2003.
Hdi ddng quan tri AXS cung cam kk danh gia lien tuc cac nguyen tic cila quan tri cdng ty tdt dg dam bao cac quy tfic hiiu quan va phli hgp vdi cdng ddng doanh nghiep Australia. Sau nam 2003, da cd mgt sd bao cao vg cac nguyen tic cua quan tri doanh cdng ty. Dd la cac bao cao: i) Nguyen tic quan tri cdng ty tdt va Khuygn nghi vh thyc hanh tdt nhat trong Bao cao Hgi ddng quan tri ASX ngay 31/3/2004; ii) Bao cao thii hai Hdi rl8> - Nhung vin 66 KINH T t VA CHiNH TRj TH^ GIOI S6 1 (225) 2015
Thu Thdy- Thu Trang - Kim Ngan Hogt dgng quan trj cdng ty d- Australia...
ddng quan tri ASX ve quan tri cdng ty thang 2/2005; iii) Nhiing phat hien chinh cua cudc dieu tra cua ngudi sii dung cac thdng tin vg quan tri cdng ty, thang 3/2006.
Thdng 11/2006, Hgi ddng quan tri AXS dua ra ban tdng kk vh Quy tic quan tri cdng ty tdt va khuygn nghi tdt nhit dya tren ngn tang cac bao cdo trudc dd de nghi rang nhiing thay ddi can dugc thyc hi?n do nhiing thay ddi quy ph^m phdp luat cua Dao luat Cdng ty (S-295A, S-250RA; S-300A) va Tigu chuin Kg toan (AASB 124). Thang 8/2007, Hdi ddng quan trj ASX cdng bd cac nguyen tic quan tri cdng ty tdt va Khuyen nghi thuc hanh tdt nhit dg cac nguyen tic phii hgp vdi tinh hinh kinh doanh ciia Australia va cgng ddng dau tu. Va phien ban sira ddi cap nhat mdi nhat ve cac nguygn tic quan tq cdng ty tdt va Khuygn nghi thyc hanh tdt nhat dugc Hpi ddng ASX ban hanh vao 3()/6/2010, cd hieu lyc vao ngay 1/1/2011 nhfim tigp tuc ho trg va nSng cao su higu bilt va nidm tin cho cac nha dSu tu'.
2.3. Md hlnh qudn tri cong ty tgi Australia Nhu da ngu, thuat ngii quan tri cdng ty thudng bi hidu bd hep trong cac van dg ve cau tnic va chiic nfing cua hdi ddng quan tri. Tuy nhign, digu nay khdng hoan toan chinh xde, trong cac phin sau day chiing ta se xem xet va danh gia trach nhiem khdc nhau khdng chi cua hpi ddng quan tri ma cdn ca giam ddc didu hanh, ngudi cho vay, nha cung cap, khach hdng, cac ngan h^ng hofic td chiic tai chinh, cd ddng hoac chil sd hthi chiing khoan.
Nghidn ciiu cua Tricker (2000) dua ra mdt khai niem vg quan tri cdng ty rdng hon trong bdi canh kinh td cua Australia. Tac gia nay cho ring, quan tri cdng ty la "ca ciu theo dd cac nha quan ly cap cao cua td chiic dugc kidm soat thdng qua ban giam ddc, cac cau tnic lidn quan cua nd, khuydn khfch didu hanh, cac chd dp giam sat va kdt dinh". Md hinh quan ly ca ban cua hau hgt cac cdng ty d Australia theo Hudng dan vg quan tri cdng ty dugc md ta trong Hinh 1 dudi day:
Htnh I: Mo hinh quan tri cdng ty cua Australia
^ http://www.asxgroup.com.au/corporate-governance-council.htm
NhOvg vin 66 KINH T t VA CHINH TRj T H t GICTI So 1(225) 2 0 1 5 -
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Hoat dong quan trj cdng ty d Australia.. Thu Thuy - Thu Trang - Kim Ngan
Hoat ddng dau tu va kinh doanh ciia doanh nghigp tao ra mang ludi lign ket cac thanh vien quan tri, giam doc digu hanh va quan ly. Chung tao ra mdt loat cac xung dot lgi ich cd thg lam cho boat dgng quan tri cdng ty it hidu qua.
Ngoai ra, su tach biet giua quydn sd htm va quydn kidm soat la mgt dac trung ndi bat ciia cac cdng ty tai Australia, va Tricker (2000) nhan dinh rang, su phan tach quydn sd hiiu va quyen kidm soat dien ra trong nira cudi cua thd ky XX". Dieu nay la do sy chuyen doi quyen lyc cua ngudi diing dau doanh nghiep cho khach hang, vi khach hang la nhiing ngudi bat dau khong chi kiem soat nhu cau hang hoa va san pham, ma cdn la nhiing nguon chinh tao ra loi nhuan cho cac doanh nghiep.
Do dd, Fleming (2003) giai thich vd sy tan ra Clia cac cdng ty Australia dudi su quan tri cdng ty duong thdi, cung nhu tam quan trgng cua cac luc lugng phd bidn nhu khach hang va co ddng trong CO cau quan tri cdng ty. Ville va Merrett (2000) cho rfing, diu thg ky XX hiu hgt cac ciu tnic quan ly cap cao trong cac cdng ty cua Australia dugc thigt kg dd dugc tao thanh tir nhom rat gin kdt va ddng thdi dgc lap vdi nhdm giam ddc. Hai tac gia nay nhin manh nhiing thay ddi cau true phan quyen giira cac ddi tupng tham gia trong viec quan ly ciia cdng ty.
Trong nghien ciiu ciia Wheelwright (1957), CO the thiy ring viec kigm soat chung cua cac CO dong lang lgn theo thdi gian d mdt vai cong ty cua chinh phu va tu nhan trao quygn kidm soat chinh ydu cho bd phin hanh chinh cua cdng ty. Theo thdi gian, su tang quyen hanh cua cac cd ddng ldn da chi phdi viec ra chinh sach quygt djnh ciia bp phan hanh chinh cua cac cdng ty. Bat cir ca nhan hoac nhdm ngudi nao cd anh hudng hofic bi anh hudng bdi hanh ddng cua mpt td chiic dugc ggi la cac bgn cd quydn lgi lign quan (stakeholder), vi du nhu ngudi lao ddng, gia dinh hp, chinh quydn dia phuong, cac to chirc phi chinh phu, chinh phu, nha cung cap... Khai niem nay dugc nhic ddn lin diu tien vao nfim 1963 trong Ban Ghi nhd ndi bg ciia
Vien Nghign ciiu Stanford. Theo Vien Stanford xac dinh, cac ben cd quygn lgi lidn quan la nhiing nhdm ma khdng cd ho trg cua hg thi t6 chiic se cham diit sy tdn tai.
Cac cd ddng ldn va cd ddng nhd nhan dugc h6 trg tai chinh va xa hdi khac nhau tir cac cong ty. Cd ddng ddi hdi ty suat lgi nhuan cao trdn cac khoan dau tu cua hg, trong khi giam ddc dieu hanh cua cdng ty dai chiing thudng mu6n cd mdt cugc sdng yen binh vdi thii lao tdt va tgi thidu hoa su can thidp bdn ngoai. Nhihig lgi ich xung dot va lam the nao dd dal dugc mdt s6 lidn kdt giiia hg - dd cung cap cho cac nha quan Iy cac uu dai dd hanh ddng vi lgi ich tdt nhit ciia ehli sd hiiu cua cdng ty - la nhiing cau hdi trung tam ciia quan tri cdng ty" (Monks, 1999). Do do, cac khia canh chinh ciia hau hgt cac chinh sach quan tri cdng ty dgu khuygn khich vigc cdng tac, hgp tac va duy tri long trung thanh cua cac ben lien quan trong mdt khoang thdi gian.
Vdi vide md rdng quy md ciia cdng ty, trach nhidm quan ly trong cac cdng ty tfing ldn va dan ddn sy trao quygn tir chii sd hiiu cho giam ddc va can bd quan ly. Dieu nay ddi hdi phai phan tich cdng vide va trach nhiem ciia ban giam ddc va lam thd nao dd sau dd hp se giai quydt mgi vin de lidn quan khdng chi vdi cac chii sd hiiu ma con vdi cac chil ng, khach hang va nha cung cip.
Cac nguydn tic cua quan tri cdng ty vdi nhung thay ddi da dupc thdng nhit la nhim kidm soat va phan phdi cdng bing quygn luc giiia tat ca cac thanh vidn tham gia vao qua trinh quan ly. Bit kd qua trinh kidm soat va giam sat lien tyc, ddi khi cd nhirng khoang Irong trong giam sat cho phep giam d6c co co hpi md rgng kinh doanh phii hgp vdi lgi ich va muc dich ciia ridng minh thay vi ciia chii sd hiiu. Trong mdt sd trudng hgp, giam ddc cd the Iheo dudi mdt muc tieu nao dd tham chi trai ngugc vdi cac muc tidu chinh cua chii so huu, dd la khi cac nguydn tac quan tri cdng ty da phan tac dung va ket qua la cdng ty phai ganh chiu thidt hai.
20- - Nhu'ng vin de KINH T^ VA CHINH TR! THt Giai S6 1(225) 2015
i J I H J M y - Thu Trang - Kim Ngan Hoat ddng quan trj cong ty d Australia..
Cac mdi quan he quydn luc quan trpng nhat dg c$p trong bai vidt nay la mdi quan he ciia cac doanh nghidp vdi cac cd ddng (ldn va nhd) ciia hg. Day la mdt moi quan he rat quan trpng khi hidu dugc cac ddng thai hien tai cua quan tri cong ty Cling nhu chuyen giao quydn lyc va quygn phan phdi tdng thg ma hau het cac cong ty Australia da CO kinh nghiem trong bdn thap ky qua.
Ngu cac nha dau tu to chuc khdng hai long vdi cac hoat ddng cua cdng ty va kgt qua cong viec ciia ngudi quan ly, hp phai ddi mat vdi mdt
sd kho khan khi phdi hgp hanh ddng. Hp cd thd CO muc tidu khac nhau. Mgt sd nha dau tu td chiic tat ygu khdng quan tam dgn viec tao ra gia tri cho ngudi khac, do do hg se tidn hanh can thiep vao hoat ddng quan tri. Gan day, mpi ngudi da nhan thay sy gia tfing ciia nhiing boat dpng the chg trong thi trudng vdn Australia.
Trudng hgp ciia Coles Myer (mpt trong nhiing td chiic ban le ldn nhit nudc Australia) la mpt vi dy dign hinh khi cac nha diu tu td chiic can thiep va loai bd Chii tich hgi dong quan tri.
Bdng 1: Cac nha dau tir t6 chirc cua Australia, Anh va My (% cua GDP)
Australia Anh My
1992 61,6 131,3 127,2
1993 71,9 163,0 136,3
1994 65,9 143,8 135,9
1995 86,2 164,0 151,9
1996 92,4 173,4 162,9
1997 105,2 195,5 178,4
1998 115,6 203,6 192,0
1999 127,9 226,7 207,3
2000 131,2
_
195,2 2001 136,9 233,0 206,9
2002 142,3 236,6 211,3 Ngudn: Financial Market Trend, 2002.
Bang nidm ydt cdng ty phy thugc, cdng ty con cua Bebchuk Australia (2002) cho thay rang cac CO ddng chi phdi (blockholders) cd thg kigm soat cac doanh nghiep bat kg ap luc tir cac nha dau tu to chuc va cd ddng nhd. Stapledon (1995) kdt luan rang, trdn co sd tap trung quydn sd hun, 40 - 50% cac cdng ty nigm ygt Australia khdng hao hirng vdi viec mua cd phigu ciia ddi thii.
Digu quan trgng la mgt cdng ty can cd chinh sach thudng va tao dgng luc cdng bfing danh cho tat ca ngudi lao dgng va cd ddng, qua dd lam giam sy xung dot va khdng thdng nhat phat sinh khi md rdng va da dang hoa cong ty. Su da dang Clia cac cd ddng va miic do quydn luc ciia hg la mgt trong nhiing each thiic chinh ma cac chil sd hiiu cd thd kidm Ira sy thay ddi trong muc tidu tir cac giam ddc. Hidu mdt each don gian hon, quygn quygt dinh hang hoa hoac dich vu nao se dugc trao ddi hoac phan bd cac nguon lyc chung cua cac co ddng chinh la quydn kiem soat cac hoat ddng doanh nghidp.
Mdt sd nghidn ciiu khac cho rang cac cdng ty va cac nha dau tu theo dudi chu nghia ngfin han (Monks, 1999). Dua irgn nhung kinh
nghiem thuc td trong dieu hanh kinh doanh.
Monks lap luan rang each dan gian nham tap tmng phat trien dai han cong ty la tra thudng hoac quyen mua cd phieu cho cac can bg quan ly theo kdt qua kinh doanh trong khoang thdi gian dil dai tir 3 dgn 5 nfim. Nhung Monks cho rang giai phap trgn se khdng phai luc nao ciing thich hgp, nhat la khi kdt qua hoat dgng kinh doanh cua doanh nghiep khdng tot va theo do se anh hudng nghiem trgng den van dg luong thudng cua can bd quan ly. Theo dng, khi thi trudng di xudng, cac cd dong se cam thay lgi ich cua hp hi anh hudng va cho rfing chi phi luong -thudng cho can bg quan ly la qua cao.
Liic dd, mpi viec cd the se trd nen nghidm trgng va cd the se tdn thdm nhidu khoan chi phi luat su dd giai quydt cac vu tranh chap. Tuy nhien, each nay dem lai hieu qua khi gia cd phidu dang tang tran hoac dugc didu chinh khi dang di xudng, hofic trong gdi luong thudng tap trung phan ldn vao chi phi trg cap thdi viec. Xu hudng bign ddng trong chinh sach luong thudng Clia can bp quan ly cd thd la dau hidu thi trudng di xudng" (Monks, 1999). Cac nhan dinh tren
; vin 66 KINH T t VA CHINH TRj THfi Giai So 1(225) 2015
21
Hoat ddng quan trj cong ty d Australia... Thu Thuy - Thu Trang - Kim Ngan
ciia Monks dfi dugc minh chiing trong bdi canh kinh td hidn tai.
2.3. Tong quan quan tn cong ty tai Australia Bang dudi day cho thiy, ty Id p h i n tram sd lugng cd phan do ca nhan va cdng ty Australia n i m giii trong nfim 1952 va sd lieu
t u a n g ling trong cac nam 1995 va 2007. Cac sd lieu nay dugc trich dan tir cac nghien ciiu do Wheelwright thuc hidn vao nam 1957, cua ASX nfim 1995 va dir lieu cua Hpc vien Quan tri Australia vao nam 2007. Cac so sanh va ket luan sau dd ddu dya trdn cac kdt qua nghidn nay.
Bdng 2: P h a n t r a m cd p h a n cac ca n h a n va c o n g ty n a m giir Chu Sff hull
Cac hp gia dinh/Ca nhan Cac nha dau tu nuac ngoai Cac cong ty
Quy bao hiem xa hgi Ngan hang Cac to chiic tai chinh Chinh phu
1952 75,6 15,5
8,9
1995 22,8 32,0 8,8 23,8 11,0 34,8 1,5
2007 21,1 29,3 13,5 25,4 9,5 33,6 1,2 Nguon: Wheelwright (1957): ASX (1995): Hoc vien
Ttr cac so lieu treii co the thSy, cac ho gia dinh va ca nhan nam gift phan Ion so luong c6 phi8u trong nam 1952. Tuy nhien, ty le nay da giam tir gan 75,6% xuong con Ichoang 22,8% vao nam 1995. Nam 2007, cac s6 lugng c6 dong la ca nhan giam nhe nhimg xet ve gia tri rong, s6 lugng c6 phan do cac cong ty me nam giu gia tang dang kS.
Mac dil ty le cac co dong la ca nhan da giam, khoan dau tu cua cac hp gia dinh van tang tai thai diem nam 2007. Trong khi do, ty Ie nim gio CO phan cua cac cong ty tai chinh bao g6m cac ngan hang va quy bao hi8m xa hoi da tang tir 8,9% nam 1952 len 34,8% vao nam 1995 va 33,6%i trong nam 2007. Dgng thai nay chti ydu do mo hinh quan tri cong ty da dugc coi la mgt cong cu kinh te chir khong phai la cong cu quan Iy nhu truoc day.
Cung can luu y rjng trong nghien ciiu cua Wheelwright (1957) phin d i u tu cua cac nha dau tu nuoc ngoai dugc gop chung trong khdi tu nhan va khai cac t6 chirc tai chinh, do do kho CO the xac dinh anh huong tuong quan
Qudn tri Australia (2007).
ciia cac nha dau tu n u a c ngoai va cac co dong ca nhan cung nhu mo hinh quan tri cong ty.
Tuy nhien, nghien ciiu cua ASX (1995) da tach biet phan dau tu n u a c ngoai (32%. trong nam 1995 va giam nhe trong nam 2007).
Nghien ciru cua Wheelwright va Miskelly (1967) da lam ro them cac thay doi da neu trong Bang 2 qua thay doi ve ty le phin tram s o hiru trong dai han cua 50 cong ty phi tai chinh tai Australia theo so lieu thong ke vao nam 1964 va nam 1997. S6 lieu thay dSi vS ty Ie nam giu co phan trong 50 cong ty chpn mau (s6 lieu thong ke nam 1964 va 1997) dugc phan Ioai theo: i) 20 co dong Ian nhit; ii) 5 c6 dong Ian nhit; va iii) C6 dong 1cm nhit.
Theo bang so lieu duoi day, ty le phin tram sa hiru deu tang giira nam 1964 va nam 1997.
Cu the, ty le so hiru trung binh trong 50 cong ty dugc chpn cua nhom 20 co dong Ion nhit tang tir x i p xi 4 0 % co phin tai khoang 65% va ciia nhom 5 co dong Icm nhat cung tang tir khoang 30% dfa x i p xi 47%.
22- - N/lff/ig vilt as KINH T^ VA CHINH TRj THt GIOT So 1(225) 2015
I ! H l ! ? " y - Thu Trang - Kim Ngan Hoat dong quan tri c6ng ty a Australia..
Bang 3; Sfr hiru c6 p h i n cf mot so cong ty Australia t r o n g m a u chon loc
Trung binh Trung vi Dp lech tieu chuin So mau
20 ch dong Idn nhat 1964
39,2 30,6 26,9 23
1997 65,2 64,5 15,8 23
5 CO dong Iffn nhat 1964
29,9 15,4 28,4
1997 46,4 44,8 15,7
Co dong Idn nhit 1964
' 15,9
• 7,3 17,9
1997 20,5 16,6 15,6
Nguon: Wheelwright va Miskelly (1967). Sarin (2008).
Tat ca cac ty le phan tram cua so chinh giu'a c6 phiiu do cac giam d i e nim giii trong nam ciing cho thiy ty le n i m giii co phin cua nhom 1952 va sau do so sanh voi cac s6 lieu th6ng ke 20, nhom 5 va c6 dong lan nhit diu tang. Bang 4 cua nam 1975. Cac s6 lieu nay dugc trich din tit so sanh va doi chiSu cac mirc ty ie va phin tr5m nghien curu cua Merrett vao nSm 2002.
Bang 4: P h a n t r a m co p h i n do cac g i a m doc n i m giir, giai d o a n 1952 - 1975
Cac nhom giam doc Nhom chinh
Nhom phu Do khuech tan Kich thugc mau
1952
>50
>10,<50 0<10
-
1962 - 1964
-
33,3%*
66,6%
72**
1974 - 1975 8,4 % 25,8%
65,9%
299
2002 7,6%
42,0%
50,3%
157 Ngudn: Merrett (2002).
Ghi chu: (*) Bao gdm cd nhom chinh vd nhdm phu;
2.4. Xu hir&ngphdt trien ciia cdc cdng ty tgi Australia: Quy md hpi ddng qudn tri vd co dong nam quyin chi phoi
Quy md va co cau Hpi ddng quan tri (HDQT) ngay tir dau da la co che quydt dinh hieu qua cua quan tri cdng ty. Theo khung HDQT chuan, H D Q T giam sat hoat'ddng td chuc hang ngay ddng thdi quydt djnh chien lugc. Bdn canh do, vide dieu hanh cd hidu qua hay khdng ciia HDQT phy thudc vao miic do anh h u d n g va co c i u ciia HDQT.
Quy md ciia H D Q T tiiy thudc vao quy md cua cdng ty. Cd the thay rd rang, quy md cdng ty anh hudng ddn miic dp gia tang trach nhidm chung cung nhu tinh phiic tap ciia cac quy trinh bdn trong doanh nghidp, keo theo
(* *) Chi cdc ngdnh cong nghiep.
ydu cau can cd thdm luc lugng didu hanh va CO chd phan quydn (Lawrence and Stapledon, 1999). Nhiing cdng ty cd quy mo nhd hon ciing cd thd cd cau tnic cdng ty va miic do van dd can dieu hanh phiic tap nhung khdng cd nghta ban didu hanh phai cd nhieu ngudi ma chi can cac vi tri quan ly cd du nang luc didu hanh.
Quy md cua cdng ty tang dan ciing yeu cau CO cau cac giam ddc didu hanh va khdng dieu hanh tang ldn tuong iing. Chung ta cd the thay, quy md nhan sy tfing se keo theo tdng chi phi tang dang ke. Cac nghien cuu trdn Cling cho rfing thach thiic ldn ciia cac vi tri lanh dao cua mdt cdng ty quy md ldn la khdng chi la hoan thanh cdng vide mdt each xuat sac ma la khfing dinh gia tri ciia hg.
Nhu'ng vin 66 KINH Tt VA CHINH TRj THt GK^I S6 1(225) 2015- 23
Hoat ddng quan trj cong ty d Australia.. Thu Thuy - Thu Trang - Kim Ngan
Sd lieu trong Bang 5 cho tha^ anh hudng cua quy md HDQT ddn phan phdi quydn lyc giiia cac giam doc va cd ddng. Cd the thay khi sd thanh vien HDQT tang tir 7 ldn 11 chirng minh sy gia tang quy md HDQT hoac
md rdng quy md ciia cac cdng ty. Didu nay tat nhidn ciing cd nghia la cac thanh vidn HDQT toan quyen kidm soat bidn ddng ciia cac md hinh kinh doanh va muc tidu chidn lugc cua cdng ty.
Bdng 5: Xu hu-dng ciia cac cdng ty tai Australia ve quy mo HDQT va c^ dong eo quyen chi phoi
Nam Trung binh Trung V i Do lech chuan Kich thuac mau
Quy mo Ban Giam doc 1964
7,5 7,0 2,1
-
1997 10,4 11,0 3,0
-
So lu'Cng CO dong co quyen chi phoi 1964
1,0 1,0 1,2 23
/997 4,0 4,0 1,4 23 Ngudn: Wheelwright and Miskelly (1967). Sarin (2008).
Tom lai, bang danh gia sau day cho chiing cac doanh nghiep trdn cac khia canh tir cac ta thay tac ddng ciia quan tri cdng ty ddi vdi bdn lidn quan.
Bdng 6: Phan bd quyen lire va cac anh hydng den hoat dpng quan tri cdng ty
Cac ben Iicn quan Anh hirdng
Khach hang Nhu cau chung cua khach hang se quyet dinh cac boat ddng va chinh sach kinh doanh
Ddi thu canh tranh
Ciing vdi sy phat tridn cac md hinh cua kidm soat quyen luc trong cac doanh nghidp ciia Australia, phap luat ve chdng ddc quyen ciing da dugc hinh thanh. Theo do, khi mdt cdng ty pha san thi ndn kinh td chung hau nhu khdng bi anh hudng.
Cac cd ddng Cac cd dong true tiep giam sat cac boat ddng cua HDQT. Cac c6 ddng tai cac doanh nghiep Australia cung cd tim anh hudng trong viec giam sat hieu qua boat ddng, ca chd luong thudng cua HDQT.
Ngudi lao ddng va cac
doan thd Anh hudng chinh cua cdng nhan vien va cac td chiic doan thd la bao dam va thuc hien cac quyen lpi ciia ngudi lao ddng.
Nha cung cip Cac nha cung cap anh hudng ddn hoat ddng kinh doanh, tao ap lyc thanh khoan tir cac khoan lai ciia cac cdng ty.
Cac ngan hang va nha
dautu Cac ngan hang va cac nha diu tu cd anh hudng chung ddn hoat ddng ciia cac cdng ty tai Australia
Hpi ddng quan tri Ddng vai trd quan trpng nham bao dam quydn lgi ciia cac cd ddn\
HDQT CO trach nhidm kiem soat giam ddc didu hanh va yeu ciu giai trinh vd ket qua hoat ddng kinh doanh cua cdng ty.
24- - Nhu-ng vin 66 KINH T^ VA CHlNH TRj TH^ GICTI S6 1(225) 2015
IJ^HjJLuy - Thu Trang - Kim Ngan Hoat dpng quan trj cong ty d Australia..
Ngoai ra, boat ddng quan tri cdng ty tai Australia cung da va dang ngay cang hoan thidn hon de theo kip cac cac xu hudng phat tridn ciia nen kinh td.
3. Quan tri cdng ty tai cac doanh nghiep VietNam
3.1. Thirc tiin hogt dpng qudn tri cdng ty tgi cdc doanh nghiip Viet Nam theo Lugt Doanh nghiip 2005
Trong sd 100 doanh nghidp dugc danh gia (Uy ban Chimg khoan Nha nudc va Cdng ty Tai
Bdng 7: Ket qua danh gia cong tac quan tri cong ty^
chinh qudc td (IFC) thuc hidn didu tra nam 2011), cd 20 cdng ty nidm ydt tai San Giao dich Chiing khoan Ha Ndi va 80 cdng ty nidm ydt tai San giao dich chung khoan TP. H6 Chi Minh.
25 cdng ty ldn nhat co mirc gia vdn hoa thi trudng tir 2.670 ddn 48.104 ty ddng; 75 cong ty cdn lai cd miic gia tri vdn hoa thi trudng tuong ddi nhd.
Chiing ta cd thd thay chat lupng quan tri cdng ty cua Viet Nam van cdn thap, ngay ca d nhiing cdng ty cd quy md Idn, cd uy tin van khdng tuan thu day dli cac quy tac quan tri cdng ty.
KSt q u ^ Chung Q T C T Q u y e n c 6 d 6 n g
D 6 i XLf binh d l i n g c6 d d n g Vai tr6 c ^ c b e n lien q u a n Minh b a c h v a c 6 n g b6' thGng tin T r ^ c h n h i e m H D Q T
2 0 0 9 ( % ) 4 3 , 9 4 6 , 8 i 65,1
2 9 , 2
! 3 9 , 4 3 5 , 3
T r u n g binh 2 0 1 0 (%)
4 4 , 7 4 8 , 5 6 1 2 9 , 4 4 3 , 2 36,1
2 0 1 1 (%) 4 2 , 5
4 7 57,8 2 2 , 7 40,1 35,9
- Ve khudn khd phdp ly qudn tri cdng ty Trdn co sd nhiing van ban phap luat da dugc ban hanh nhu Luat Doanh nghiep (2005), Luat Chimg khoan (2006, 2011), khudn khd phap ly vd quan tri cdng ty d Viet Nam da kha day dii va timg budc tiep can cac chuan muc quan tri cdng ty cua thd gidi. Tuy nhidn, nhidu quy dinh trong cac luat cdn kha chung va cho ddn nay van chua co cac Nghi dirih hudng din, do vay cac doanh nghidp thidu co sd dd thuc hidn. Kdt qua danh gia nhan dugc thap, chii ydu la do cac thanh vien ciia doanh nghidp it tim hidu vd phap luat ndi chung ciing nhu cac vin dd lidn quan den quan tri cdng ty ndi ridng. Nhieu ndi dung luat quy dinh kha rd rang, tuy nhien doanh nghidp it sir dung.
Trong Luat Doanh nghidp 2005, ngudi quan ly cdng ty dugc dinh nghTa tai Didu 4 bing each lidt kd mdt loat cac chirc danh theo luat dinh, va 2 www.saigondautu.com.vn/DN-niem-yet-Minh-bach- quan-tri-sut-giam/9839773.epi
theo hudng md, luat nay cdn quy dinh them rang; ngudi quan ly cdng ty cdn bao gdm nhirng ngudi cd "chuc danh qudn ly quan trong khdc do Dieu le cdng ty quy dinh". Nhu vay, bdn canh nhirng chuc danh khac do didu Id cdng ty quy dinh, theo Luat Doanh nghiep thi ngudi quan ly cua cdng ty TNHH la tat ca thanh vidn cua hpi ddng thanh vidn (HDTV), Giam ddc (Tong giam ddc) (GD/TGD) cdng ty; ciia cdng ty cd phan la toan bp thanh vidn hdi ddng quan tri (HDQT) va GD/TGD cdng ty. Vi Luat Doanh nghiep khdng bat bupc, ndn cac cdng ty CO thd cd hofic khong cd cac chirc danh Phd GD (Phd TGD), neu cd, nhiing ngudi nay thudng dugc coi la ngudi quan ly doanh nghidp theo didu Id cdng ty. Tir each tidp can cua Luat Doanh nghidp va trong dieu Id cdng ty, cd thd ndi ring, phap luat Viet Nam xac dinh ai la ngudi quan ly cdng ty theo chuc danh.
Trong Luat Cdng ty ciia Australia - theo truyen thdng common law ciia cac nudc Anh, NhO-ng vin 66 KINH T t VA CHJNH TRj JWt Giai So 1(225): 25
Hoat ddng quan trj cdng ty d Australia.. Thu ThiJy - Thu Trang - Kim Ngan
My, ngudi ta xac dinh rit rd rang ai la ngudi quan ly cong ty. Didu 198A cua Dao luat Cong ty Australia 2001 (ihe Corporaiions Act 200!) quy dinh ring, hoat ddng kinh doanh cua cdng ty dugc tien hanh theo sy quan ly bdi hay dudi sy chi dao cua cac directors (tire cac giam doc).
Nhu vay, cac giam ddc la ngudi quan ly cong ty, hp thuc hidn vide quan ly hofic la giam sat cdng viec quan ly ciia cdng ty. 0 Australia, Luat Cdng ty cdn phan biet giiia hai khai niem officer (tam dich la quan chiic cong ty) va director (giam ddc cdng ty). Vi du, theo Dao luat Cdng ty Australia, thi officer \a mdt khai niem rdng, bdi le tfit ca cac giam ddc (director), thu ky cdng ty (secretary), ngudi quan tai vien (receiver), va thanh toan vidn khi thanh ly cdng ty (liquidator) ddu dugc coi la company officer.
Tuy nhien, director hay officer la ndi den chuc ndng ma nhiing ngudi nay dam nhidm chii khong phai la chiic danh ciia hp.
Nhu vay, khai niem giam doc, ngudi quan ly cong ty, dugc hieu kha rdng va bao gdm ca nhiing ngudi khdng dugc chi dinh chinh thirc lam ngudi quan ly cdng ty. Trong hoat dpng xet xii, cac. toa an xac dinh ai la ngudi quan ly cdng tytheo chiic nang, cdng vide ma ngudi dd lam chii khdng phai chi theo chuc danh, vi thd mdt ngudi khdng dupc bo nhiem chinh thiic lam Giam ddc van co the bi tda an coi la giam ddc va phai chiu trfich nhiem nhu giam ddc, diy la didm khac bidt vdi phuong phap xac dinh ngudi quan ly cdng ly cua Luat Doanh nghidp Viel Nam.
Vay, ngudi dugc gpi la director (giam ddc) trong Luat Cdng ty ciia Australia khac vdi chirc danh GD/TGD trong cac cdng ty theo Luat Doanh nghiep ciia Viet Nam, nhung cd gidng vdi ngudi quan ly cong ty theo Luat Doanh nghidp hay khdng? Trong thuc td, da co nhiing lam lan dang tide vd chuc danh va vi tri quan ly trong giao dich klnh doanh qudc td cua cac cdng ty Viet Nam vi nhidu cdng ty cd cac chiic danh ma doanh rihan nudc ngoai khd cd thd hidu dugc. Co thd khfing dinh ring, trong luat ciia ta khdng cd khai nidm nao tuong xiing vdi khai niem officer hay director nhu trong luat cua cac nudc ndi trdn.
Khai niem giam ddc trong luat cua cac nudc theo md hinh luat cdng ty Anh - My khdng gidng vdi khai niem ngu&i qudn ly doanh nghiep (cdng ty) trong Luat Doanh nghiep Viel Nam. Tuy vay, d mpt gdc dp nhat dinh, ciing cd the ndi rfing ngudi quan ly cdng ty theo Luat Doanh nghiep Viet Nam ciing cd chiic nfing gidng cac giam ddc trong luat cdng ty cua hp, tiic la hpp, bidu quydt ra quyet dinh vd quan ly cdng ty. Va, bang each bupc tat ca cac loai giam ddc, kd ca dugc bd nhidm chinh thiic va khong chinh thirc, phai thyc hidn cac nghTa vy va phai chju trach nhidm vd hanh vi cua minh (chiu trach nhidm dan su va cd the la hinh sy), phap luat ciia hp da gdp phan tao cdng cu hiiu hieu bao ve co dong, chil ng va cac chu the co lidn quan.
Theo Luat Doanh nghidp 2005 ciia Viet Nam, moi cdng ty chi cd the cd mdt giam ddc hay mdt tdng giam ddc. Nhung, khac vdi Viet Nam, d Australia va nhieu nudc khac thi Irong mpt cdng ty cd phan phai nhieu giam ddc, va mdt cdng ty TNHH cd the cd nhidu giam ddc, tit ca se hgp thanh the Board of Directors (tire la Ban giam ddc). Vi du, mpt cdng ty TNHH (private company d Anh hay proprietary company d Australia) phai co it nhat mdt giam ddc va mdt cdng ty cd phan d Australia phai cd it nhat ba giam ddc. Nhu vay, vide quy dinh quydn didu hanh giao cho mdt ngudi (GD/TGD) trong tat ca cac cdng ty d Viet Nam (ke ca cac cdng ty cd phan ldn co nhieu van cd ddng) la khdng hgp ly, nd dfi dugc chirng minh d nhidu nudc, nhirng khuyen ' cao nay cd thd tim thay trong cac Bd quy tfic quan tri cdng ty ciia OECD va nhidu nudc phat trien khac.
- Ve vdn de td chuc bo mdy vd phdn chia quyen hgn trong cdc doanh nghiep.
Cd thd ndi, day la diem ban che Idn nhat trong quan tri cdng ty hidn nay d Viet Nam.
Viec td chiic, quan ly va dieu hanh doanh nghidp phd bien hidn nay la ddu theo co che tap quyen. Quydn ban tap trung d mdt sd it ngudi, hp vira la cd ddng Idn, vira la thanh vidn cua HDQT va ddng thdi giir cac chiic vy chu chdt trong ban didu hanh. Lanh dao doanh nghidp
26 - Nhu'ng vin 66 KINH T t VA CHINH TR! THfe Giai So 1 (225) 2015
Thu Thuy - Thu Trang - Kim Ngan Hoat ddng quan trj cdng ty d Australia..
boat ddng thyc td thidn vd didu hanh hon la hoach dinh chien lugc va giam sat thyc thi chien lugc phat tridn doanh nghiep; chua thyc hidn dugc churc nang giam sat va can bang quydn luc giiia cac bdn trong doanh nghiep, nhat la giiia chii sd hiiu va ngudi didu hanh.
Didm mau chdt nhat ciia quan tri cdng ty la t£io ra dugc mdt HDQT cd dii "tim" dd chi dao vfi kidm sofit cdng ty. Theo thdng le qudc td, HDQT la mdt co quan cd quydn luc cao nhit ciia doanh nghidp, noi vach ra nhiing chidn lugc va giam sat hoat ddng san xuit kinh doanh ciia doanh nghiep. Cac thanh vidn HDQT phai la nhiing ngudi mau myc va da nang, cd vai trd hinh mau cho cd ddng va cac ben cd lgi ich lidn quan. Tuy nhidn trdn thuc td, theo kdt qua didu tra cho thay, ddi vdi doanh nghidp dudi hinb thiic cdng ty, 95% giam ddc doanh nghidp la thanh vien cua HDQT, trong do trdn 60% vira giii chiic chii tjch HDQT vira giii chiic giam ddc hoac tdng giam ddc; ddi vdi cac doanh nghidp tu nhfin, tuyet dai bd phan giam ddc doanh nghidp la chii sd hiru doanh nghidp va thyc hanh quan tri cdng ty theo kidu "gia dinh", mdt minh hofic mdt sd ngudi than dam nhan tit ca cac chiic nSng quan ly^. Nhu. vay, giiia chiic nang Ifinh dao vdi nhidm vu chinh la xay dyng chien lugc (thudng cua chii doanh nghidp va HDQT) va chiic nfing quan ly vide van hanh hang ngay ciia ngudi quan ly (Ban didu hanh) khdng rd rang. Vdi viec kiem nhidm "2 trong 1"
nay, cfie chii doanh nghiep trd ndn rat bfin rdn vdi vide didu hanh, khdng du nfing lyc va thdi gian danh cho viec xay dyng chidn lugc phat tridn. Kdt qua tat ydu la phan ldn doanh nghidp khdng cd chidn lugc, hoat ddng chii ydu mang tinh ngfin ban, nham vao lgi nhuan trudc mit, tu duy chil yeu dya tren cac "chieu, chudc" mang tinh ling phd, thidu tinh dai han va bdn viing.
Vd ban kiem soat trong cac doanh nghidp, hidn tai, trong cfie doanh nghidp vai trd ciia ban kidm sofit lai kha md nhat. Hiu hdt thanh vien 3 Nguyen Truimg Son (2010): Van di quan trj cong fy trong cdc doanh nghiep Vift Nam, Tap chi Khoa hpc \i CSng ngh^, Dai hpc Bh Ning 5.
cua ban kidm soat deu la nhan vidn ciia cdng ty, lam vide theo che dp kiem nhidm. Theo quy dinh, ban kidm soat phai kiem tra va kidm soat dugc boat ddng ciia HDQT va ban didu hanh, tuy nhidn hg lai la nhan vidn cap dudi, do vay tinh ddc lap trong kidm tra la rat han che. Tren thyc td hien nay, hau hdt ban kiem soat ddu boat ddng rat hinh thiic, phu thupc vao HDQT va ban didu hanh. Vdi cac dfic diem neu tren, ban kidm soat khd cd the hoan thanh dugc chiic nang, nhidm vu nhu luat dinh va trd nen hinh thiic, thudng chi la ngudi "ddng dau" cho ban lanh dao khi can thidt. Vi vay, thuc trang ve ban kidm soat d nudc ta cd le chi tdn tai dudi hinh thiic "ngudi giam sat bi kiem duyet", chii chua phai la mot thd che giam sat ndi bd ddc lap, ehuydn mdn va chuyen nghiep dd can bfing hoat ddng cua doanh nghiep, phyc vu lgi ich tdi da cua doanh nghidp.
- Vdn de bdo ddm quyen lai cua cd ddng, nhdt Id nhiing cd dong cd cdphdn nhd.
Trong qua trinh boat ddng, nhieu cd ddng, nhat la cac cd ddng nhd khdng hogc chua dugc tham gia bidu quydt cac van dd Idn nhu sira ddi cac van ban quan trpng dieu chinh hoat ddng Clia cdng ty, phat hanh them co phidu hoac tidn hanh cac giao dich bat thudng...
3.2. Bdi hpc kinh nghiim vd mpt sd gai y cho hogt dpng qudn tri cdng ty & Viit Nam
Trdn co sd cac phan tich neu trdn, cd thd nit ra mdt sd bai hpc kinh nghiem vd boat ddng quan tri cdng ty nhu sau:
Thu nhdt, cac cdng ty can cd boat ddng kidm . soat npi bp vung manh, dam bao chit lugng bao cao tai chinh, chat lugng kidm toan, giam sat quan ly hidu qua, cdng bd diy dii cac vin dd cua cdng ty cho HDQT, va tra luong cho cac vj tri didu hanh dya tren hidu suit cdng ty la rit quan trgng ddi vdi quan tri cdng ty hidu qua.
Thu hai, cac cdng ty sd it cd kha nfing phat hien ra cac vin dd cua minh khi chi cd mpt giam ddc didu hanh CCEO) chi phdi trong cdng ty. Do vay, cin phan phdi quydn lyc can bfing giiia cac thanh vien tham gia quan ly.
NhQ^g vin di KINH it VA CHINH TRj THt GI&I S6 1(225) 2015-
Hogt dpng quan trj cong ty g Australia.. JThuThuy - Thu Tranj] - Kim Ngan
Thu ba, cac thanh vien hoi dong quan tri khong tham gia dieu hanh phai the hien yeu cau cua rieng minh Idii tham gia quyet dinh cac chien lugc cong ty. Do do, cac thanh vien Ichong dieu hanh nen dugc tiep can day du cac thong tin icinh doanh cua doanh nghiep de dam bao tinh minh bach va hieu qua ctia thong tin.
Thu tu, tat ca nha dau tu Ion trong cong ty phai CO mgt quan tam tich cue trong viec quan ly cong ty.
Thli nam, can ghi chep tai lieu diy du va dam bao chat lugng djch vu kidm toan.
Thli sdu, chu tich HDQT phai luon luon chil tri cac cugc hgp hgi d6ng di kiim soat chuong trinh nghi sir cila HDQT va giam sat hieu qua quan ly.
Ve hoat dpng quan tri cong ty a ViSt Nam chiing toi xin di xuat mgt sa ggi y. Yi phia cac CO quan quan ly nha nuac, Viet Nam da dat dugc mgt so thanh tmi quan trgng trong viec xay dung khuon kho phap ly vk quan tri cong ty theo thong le qu6c te. Tuy vay, chiing ta cSn kip thoi chinh sua bo sung cac quy tic va khuyin nghi ye quan tri cdng ty theo diSu kien cu thi Clia nen kinh ti, Vin di quan trgng hien nay la phai lam cho cac chii thi kinh ti trong nuoc hieu, dong thuan va tuan thu. Di lam dugc diiu niy diiu quan trgng diu tien cin lam la phai nang cao nhan thtrc vi quan tri cong ty va y nghia cua quan trj cong ty dii vai qua trinh phat trien Clia doanh nghiep va ca nin kinh ti.
Can CO su thing nhit vi khai niem va ngi dung cua khoa hgc quan tri, xay dung he thing cac khai niem, thuat ngu co ban th5ng dung nhat trong quan trj cong ty phu hgp voi chuin muc va thong le quoc ti. Ban chit va noi dung CO ban cua quan tri se dugc thi hien thong qua chinh nhung khai niem, thuat ngu vi khung quan tr, cong ty. Dieu nay se giiip nhirng ngum thirc hanh quan tri cong ty nim vung ly Iuan tnen khai cong tac quan tri dat duac muc tieii va tranh dugc nhiing nii ro vi quan tri. Do vay
viec nghien ciiu, bien soan cac cim nang hay sach giao khoa, cac tai lieu tham khao khac vi quan tri cong ty ro rang phai la mgt nhiem vu uu tien.
Ngoai ra, chiing ta cung cin tich cue va chii dgng to chiic cac lop tap huin, dao tao vi quan tn cong ty. Cin nghien ciiu va dua cac ngi dung ciia quan trj cong ty vao giang day tai cac trucmg dai hgc va cac t6 chiic dao tao thay cho viec chi day ve quan tri kinh doanh trong cac trucmg nhu hien nay.
Ve phia cac doanh nghiep, di ap dung khoa hgc quan tri vao thuc tien, doanh nghiep phai coi quan tri cong ty nhu mgt ySu ciu tu than, ngi tai vi chinh lgi fch cua dcanh nghiep cung nhu sir phat trien bin vung va lau dai cila doanh nghiep, phai xem viec nang cao nang luc quan tri c8ng ty nhu mgt trong nhung yiu to quyit dinh ciu thanh nang luc canh tranh ciia doanh nghiep. Voi nhitng han chi nhu da phan tich a tren, tang cucmg quan tri cong ty trong cac doanh nghiep truoc hit cin hit silc chii trpng vice xay djmg he thing quan tri. He thing do phai bao gim: ti chuc bg may, chinh sach, quy che, quy trinh nghiep vu, kiim tra, kiim soat;
quy dinh day du chiic nang, nhiem vu cua cac bg phan, co sir phan cong, phan nhiem, uy quyen ro rang, xac dinh dugc trach nhiem ca nhan gan vcii chit lugng cong viec va quyin lgi cua nguoi thuc hien; cac quy trinh nghiep vu phai dil chi tiet, cu thi di hudng din thuc hien, xac dinh r8 trach nhiem cua timg ca nhan, timg bp phan co lien quan.
He thong cac quy chi, quy trinh quan tri cua doanh nghiep cin bao gim: cong tac diiu hanh cua ban giam die: quy chi hoat dgng ctia ban giam doc; van ban phan cong nhiem vu cho cac thanh vien ban giam die; quy dinh vi co cau to chirc va chuc nang nhiem vu ciia cac bg phan, phong ban trong dom vj; npi quy hoat dpng cua doanh nghiep; quy chi hoat dgng, quy trinh nghiep vu cua cac phong, ban; quy dinh ve he thing thong tin, bao cao cac lmh 28^- - NhOng vin ai KINH T t VA CHINH TRj THt Gidl S6 1(225) 2015
Thu Thuy - Thu Trang - Kim Ngan Hoat ddng quan trj cdng ty d Australia...
vuc boat ddng phuc vu didu hanh cua lanh dao thdng, v i n dd tidp theo la lam cho he thdng do doanh nghidp, lanh dao cac phdng, ban; quy thyc sy van hanh dugc trong ddi sdng ciia che quan ly tai chinh; quy chd quan ly, sii dung doanh nghiep. Bdn canh vide kidn dinh vdi tai san; quy dinh ve trinh tu lap, xet duydt, luan muc tidu phat tridn va fip dung he thdng, can chuyen va luu trir chiing tir kd toan; quy dinh hdt siic chu trpng viec gifim sat, kidm tra vfi ve ke toan quan tri, quy dinh ve he thdng dinh dfinh gia nhfim cai tidn lien tuc he thdng cho muc tidu hao vat tu; quy che, quy trinh vd ngay cang phii hgp hon vdi didu kien thuc te kidm soat ndi bd... Ben canh vide xay dyng he cua doanh nghiep*
Tai lieu tham k h a o :
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2. Bui Xuan Hdi (2006); So sdnh cdu triic qudn tri ngi bp cua cdng ty cd phdn. Viet Nam vdi cdc md hinh dien hinh tren the giai. Tap chi Khoa hpc phap ly, thang 6; tr. 14 - 20
3. Biii Xuan Hai (2006): Tiip nhgn phdp lugt nudc ngodi: Ly thuyet vd Ihirc lien trong phdp lugt cdng ty Vi^t Nam, Tap chi Nghien ciru L^p phap, 7/2006, tr. 23 - 29.
4. Fleming G. and Stellios, G. (2002): "CEO Remuneration. Managerial Agency and Boards of Directors in Australia", Accounting Research Joumai 15(2): 126 - 145.
5. Fleming, G. (2003): Corporate Governance in Australia, Agenda, 10, 3, pp. 195 - 212.
6. Gibbons, R. (1998): Incentives in Organizations, Joumai of Economic Perspectives, 12: pp.115 - 32.
7. Lawrence, J., and Stapledon G. (1999): Is Board Composition Important? A Study of Listed Australian Companies, manuscript.
8. Merrett, D. (2002/- Corporate Governance, Incentives and the Internationalization of Australian Business, Paper to the Business History Conference, Delaware.
9. Monks, B. (1999): Corporate Governance, Capstone & Addison-Wesley.
10. Nguyen Trudng Son (2010): Vdn de guan trt cdng ty trong cdc doanh nghiep Viet Nam, Tap chi Khoa hpc va Cdng nghd, Dai hpc Da Ning thang 5.
11. Quy ggin, J., and Chambers, R. G. (2006): Capital market equy librium with moral hazard and flexible technology, Joumai of Mathematical Economics, 42, pp. 358 - 63.
12. Sorin, B. (2008): Australia corporate governance and distribution of power, Carrick Institute of education, Sydney.
13. Stapledon, G., Easterbrook, S., Bennett, B., and Ramsay, I., (2000): Proxy Voting in Australia's Largest Companies, Centre for Corporate Law and Securities Regulation, University of Melbourne and Corporate Governance Intemational Pty Limited, Sydney.
14. Tricker, R.l., (2000): Corporate Governance. In: History of Management Thought Series. Ashcroii Publishing.
15. Ville, S., and Merrett, D. (2000): The Development of Large Scale Enterprise in Australia. 1910 - 1964, Business History 42, pp. 13 - 46.
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17. Wheelwright, E., and Miskelly J. (1967): Anatomy of Australian Manufacturing Industry, The Law Book Company Ltd, Sydney.
NhOng vin 64 KINH T t VA CHINH TRj TH^ Gidl So 1(225) 2015 ~ 29
