TAP CHi CONG THIfdNG
QUYEN CUA CO DONG THIEU SO
THEO QUY DINH CUA PHAP LUAT VIET NAM SO VCfl THAI LAN, SINGAPORE, PHILIPINES
VA KHUYEN NGHI CHO VIET NAM
• HUYNHTHITRUCLINH
TOM TAT:
Quyen cua cd ddng thieu sd la mot trong nhffng van de cd y nghTa quan trpng trong phap luat dieu chinh to chffc va hoat ddng eua cdng ty cd phan. Trong bai viet tdc gi^ gidi thi^u ve mot sd quyen cd ddng thieu sd' nham bao ve ho trong cdng ty eo phan 6 Viet Nam tren ed sd so sanh vdi mot so' qud'c gia trong khu vffc, cu the la Thai Lan, Singapore va Phillpines de tha'y dffdc sff tifdng ddng va khac biet giffa Viet Nam va cac nifde nay, tff do dd xua't mot so' khuydn nghi cho Viet Nam trong van de bao ve cd ddng thieu sd.
TiJf khda: Cd ddng thidu so, quyen cua cd ddng thidu sd, bao ve cd ddng thidu sd'.
I. D$t vSn d&
Quyen ed ddng thieu so' (CDTS) la mot trong nhffng cdng cu quan trong de cd ddng thieu so' cd the tff bao ve minh. Hien nay, cdng ddng ASEAN da thie't lap mot eong ddng kinh le. de ed san ehdi chung nha't thiet phai cd khudn mau phap ly chung.
De phuc vu cho hoi nhap kmh td, viec so sanh phap luat ve doanh nghiep ndi chung va bao ve eo ddng nhd ndi rieng la viec lam can thiet
II. So sanh mOt sd' quyen cua cd dong thi^u s6' trong cdng ty co phin gii?a Vi^t Nam va Singapore, Thai Lan, Philippines va thffc trang thtfc hien phap lu^t tai Viet Nam
Quyen CDTS la kha nang cua CDTS dffde xff sff theo nhffng each thffc nha't dinh ma phap luat cho phep. CDTS cd the tff thffc hien nhffng hanh ddng nha't djnh, bang chinh hanh dgng eua minh lien hanh each xff sff ma phap luat quy dinh nham dat dffde Idi ich cua minh (Xem Bang). Cu the:
* Quyen nhan cd tffc. CDTS chi nhan dffdc co tffc khi cdng ly lam an ed lai va Dai hpi ddng cd ddng (DHDCD) quye't dinh chia cd tffc vdi ty le nha't dinh. Nhif vay, viec chia cd tffc bay khdng phu thudc vao DHDCD, ma DHDCD quye't dinh theo ty le so' phie'u bieu quyet. Do vay, ne'u cd dong da so' cd' tinh khdng thdng qua viec chia cd tffc thi
CDTS cung khong the ddi ed tffc dffdc. Vi v£iy, phap luat nen cd quy djnh chat che hdn ve viec chi tra ed tffc cho cd ddng trong do cd CDTS.
* Quyen diMc liu tien mua cophdn. CDTS cung difdc dam bao thffc hien quyen ma tien mua cd phan. Quy djnh nay cua phap luat mud'n dam bao quyen Idi cua cd ddng phd thdng vin giff nguyen khi cdng ty cd phan tang von. Tuy nhien, tren thffc te, cd ddng da sd vln cd the chen ep CDTS nhff du'a ra phifdng an phat hanh cd phan ba't Idi cho CDTS.
* Quyen yen cau cong ty mua lai cd phan.
Quyen nay giup cho CDTS tif the hien y chi, bao ve quyen Idi cua minh vi neu y kien cua hp khdng du'dc cha'p thuan khi phan dd'i nghj quyet ve td chffc lai cdng ty hoac thay ddi quyen, nghia vu cua cd ddng quy dinh tai Dieu le cong ty thi cd quyen yeu can cdng ty mua lai cd phan cua minh.
1. Thifc trang quyen nhan cotdc Theo Khoan 4, Dieu 132 LDN 2014, ed tffc phai dffdc thanh loan day du trong thdi han 6 thang ke tff ngay ket thuc hpp dai hdi ddng ed ddng thu'dng nien. Trong khi dd, theo thdng le ve quan tn cdng ty khu vffc ASEAN, cae doanh nghiep mem yet
ff ngay r mem thu'dng chi tra cd tffc trong vdn^ 30 ni;
td chffc DHDCD. Hau he't cac u(
3 0 S o 4 - T h o n g 3/2020
LUAT
Bang. So sanh mot so q u y e n c u a c o d o n g thieu so giQa Viet N a m vd Singapore, Thai Lan, Philippines
Vi$tNam Singapore
Quyen nh$n cotdc
Philippines
Theo diem b khoan 1 di^u 114 LuSt Doanh nghiep 2014 (LDN 2014) co ddng co quyen dUdc nhan co tile vdi mule theo quyet dinh cija Dai hdi dong co ddng (QHOCO). Cd dong thieu so (CDTS) cung la co dong pho
thong nen cung co quyen nhan co tdc.
Ca 4 nddc Thai Lan (Dieu 1200 Luat cong ty Thailand 2008), Singapore (Dieii 403 Luat cong ty Singapore 2016), Malaysia (Dieu 71,131 Luat cdng ty Malaysia 2016), Philipines (Dieu 6 Luat eong ty Philipmes 1989) cung deu thiia nhan la tat ca cac loai cd dong deu difdc nhan co tdc khi
cdng ty hoat ddng co ioi nhuan.
Quyen du Hen mua cophan chao ban
Dieu 137 Luat cong ty Thai Lan 2009, Dieu
39 Bp Luat cong ty Philipnes 1989 cung CO quy dmh ve viec co ddng phd thdng dupe
uu tien mua co phan mdi, neu caccodong hien hOu khdng mua hoac khdng mua het thi mdi CO Cd s6 6i phan phoi cho cae ddi
tupng khac Khoan 1, Dieu 79 theo LDN 2014, cd dong
phd thdng dupe uu tien mua cd phan mdi chao ban tUdng dng vdi ty le eo phan phd
thong trong cdng ty.
Luat cdng ty Singapore khong c6 quy dmh ve Uu tien mua iai co phan chao ban.
Quyen yeu cau cdng ty mua lai co phar\
Khoan 1,2, Dieu 129 Luat DN 2014 eung quy dmh ve gia mua cd phan trong trudng hap nay de tranh viec cong ty ep gia khi mua lai cd phan, gay thiet hai cho co dong,
neu khong thoa thuan dUde ve gia thi cac ben cd the yeu cau mot to chilc tham dinh
gia chuyen nghiep dmh gia
Dieu 76 Luat Cdng ty Singapore, cam cdng ty mua lai co phan nhung cho phep hoan lai tien doi vdi cac cd phan c6 the hoan tra.
Phuang thilc nay dupe ap dung v6i muc dich ngan ngUa cdng ty mua lai cd phan nham lam giam von cua cdng ty gay thiet hai cho nhOng chu np hoac nhOng co
dong hien cd.
Dieu 66 Luat cdng ty Thai Lan 2009, cam cong ty mua lai cd phan
Dieu 41 Luat cong ty Philipines cho phep
cong ty mua lai co phan vi muc dieh gidi
han bao ve chu nd.
yet Viet Nam ap dung tren tinh than cua LuSt Doanh nghiep. Ngay ca nhffng doanh nghiep dang din dau trong viec thffc thi cac chinh sach quan trj tidn bd, theo dudi mue tieu phat trien ben vffng thi thffc hanh chi tra cd tffc van chffa dat dffde chuan mffc cua khu vffc ASEAN. Ddn cff: Theo tin nhanh chffng khoan (truy cap ngay 22/6/2018) Cdng ty Vinamilk (VNM), Dai hdi ddng co ddng cua doanh nghiep da didn ra ngay 31/3/2018 phe chuan mffc Era cd tffc cdn lai nam 2017 va se thanh toan vao ngay 26/6/2018, hJc la sau ngay ket thue hpp
DPTDCD tdi gan 3 thang. Tuy nhien, neu cdng ty tra cd tffc 6 thang sau ngay dai hpi nhff gidi han luat quy dinh, thi den cud'i thang 10/2018 trd di cd ddng mdi nhan dffdc cd tffc. Thdi gian chd ddi ten tdi 10 thang mdi nhan dffdc Idi nhuan chd't tff cud'i nam trffdc, nhff vSy quyen nhan cd tffc cua ed ddng bi anh hffdng. Trong khi dd, Malaysia, Singapore thi rat tuan thu viee tra ed tffc theo chuan mffc eua khu vffc Asean, nhff Cdng ty TENAGA NASIONAL BHD cua Malaysia, (ma chffng khoan TNB:MK) niem yet tren Sd Giao dieh chffng khoan Bursa
So 4 - T h a n g 3/2020 31
TAP CHI CONG THIfdNG
Malaysia cd nam tai chinh ket thue vao ngay 31/8/2017 va td chffc hpp DHDCD vao ngay 18/12/2017. Sau Dai hdi 10 ngay thi eong ty tra cd tffc, tren tai Heu tham dff dai hdi cd neu ngay tra ed tffc cud'i ky la 29/12/2017 vdi mffc tra cd tffc cud'i ky la 44 sen/cd phieu (tien xu cua Malaysia).
2. Thffc trang quyen Uu tien mua cophan chao ban
Phap luat Viet Nam quy dinh cu the ve phat hanh co phieu eua cdng ty cd ph^n nhffng khi thu:c hien quyen nay thi quyen CDTS rat de bi xam hai.
Chang ban nhff khi phat hanh them ed phan mdi, eac cdng ty thffdng danh mot ty le cd phan nha't dinh dd ban cho cae cd ddng hien cd cua cdng ty vdi gia ffu dai. Se khdng ed gi xay ra ne'u so' ed phan danh rieng ban cho ed ddng hien hffu vdi ciing mot mffc gia, cung dieu kien nhff nhau.
Nhffng eae ed ddng Idn thifdng cd nhffng each thffc khac nhau nham quy dmh cd Idi hdn cho minh, vi du nhif quy dinh ed ddng Idn se mua vdi ty le khac va cd ddng nho mua vdi ty le khac; hoac quy dinh ca cd ddng Idn va cd ddng nhd cung mua vdi ty le nhif nhau song cd ddng Idn lai du'dc mua vdi gia thap hdn so vdi co ddng nhd. Vidu: CTCP Van tai xang dau (VIPCO) cho phep ed ddng tdn mua vdi gia 15.000 ddng/ed phie'u, cdn cac cd ddng nhd lai phai mua vdi gia 40.000 ddng/ed phieu (eao ga'p 2,67 lan so vdi cd ddng Idn),..
3. ThUc trang quyen yeu cau cong ty mua lai cd phdn
Viec yeu cau cdng ty mua lai cd phin eua ed ddng thieu sd'd mot so nifde Ddng Nam A neu tren cho tha'y cd nifde thi luat cho phep cdng ty mua lai, cd nffdc thi luat khdng cho cdng ty mua lai. Thie't nghT viec quy dinh nhif vay cua cac nffdc tren ddu ed ly do rieng eua nd. Vd'n dieu le du'dc cdng ty thu ve khi thanh lap doanh nghiep, cac cd ddng gdp vd'n vao cdng ty va trd thanh chu sd hffu eua cdng ty. Thdng thffdng thi cdng ty chi ed nghia vu tra nd ehff khdng cd nghTa vu mua lai phan vd'n gdp cua minh.
d Viet Nam, mac du phap luat da cho phep cd ddng yeu cau cdng ty mua lai cd phan khi hp bieu quyet phan ddi quyet dinh cua cdng ty trong mot so' trffdng hdp nha't dmh, nhffng viee mua lai cd phan cua cdng ty lai kha phffc tap, ked dai thdi gian va gay ba't Idi chd cd ddng. Thdng thffdng ehi ed CDTS mdi diffe hien quyen nay, vi hp la dd'i tffdng dd bj tac ddng tieu cffc nha't tff cac quye't dinh cua cdng ty cd sff chi phd'i eua cac cd ddng Idn. Co
ddng thidu so sd hffu sd lifdng cd phan khdng nhieu trong cdng ty, nhifng phap luat lai quy dinh thdi ban ma cdng ty phai mua lai cd phan trong trffdng hdp nay len de'n chin mu'di (90) ngay.
Theo quy dinh hien hanh thi phap luat chi cho phep cd ddng thffc thi quyen yeu cau cdng ty mua lai ed phan trong hai trffdng hdp cu the la co ddng bieu quye't phan dd'i quyd't dinh ve td chffc lai cdng ty hoac thay ddi quyen, nghTa vu cua ed ddng quy dinh tai Dieu 16 cdng ty. Vdi quy dinh nhu' the se khd hdn trong viee bao ve CDTS d trffdng hdp sd' Iffdng cd phan eua CDTS qua tha'p khong du ty le sd hffu ed phan de thanh lap nhdm cd ddng theo quy djnh ma hp mud'n rut vd'n ra khdi cdng ty.
III. Mpt so' khuye'n nghi cho Vi$t Nam Qua phan tich phap luat eac nffdc ve quydn cua cd ddng thieu sd trong cdng ty ed phan, trong tffdng quan so sanh vdi eae quy dinh tifdng ffng eua phap luat Viet Nam, mot sd' van de can tiep tuc nghien effu nham gdp phan hoan thien phap luat Viet Nam trong giai doan sSp tdi. Cu the:
Thi( nha't, van de thdi han tra co tffc cho c6 ddng phai dffde quy dinh chat che hdn trong Lu3t DN, Do dd. LDN 2014 can quy djnh them: viee ehi tra ed tffc dung thdi ban la trach nhiem, nghia vu eua GD/TGD hoac chu tjcb HDQT; ne'u khdng thffc hien dung nhffng ngifdi nay phai chiu trach nhiem ea nhan tu'dng tff nhu' viec trach nhiem cdng bd' thdng tin. Ngoai ra, ve phia ed ddng: can ;f thffc van de thdi diem tra ed tffc va ed the du'a thdi ban nay vao ngay trong nghj quyet cua DHDCD thifdng nien,
Thii hai. dam bao quyen yeu cau cdng ty mua lai ed phan cua cd ddng thieu sd. Luat Doanh nghifp can sffa ddi theo hu'dng quy djnh chat che hdn d chd viec mua lai vd'n gdp cua cd ddng phai theo gia thi trifdng, rut ngan thdi gian cdng ty mua lai ed phan, ben nao chiu chi phi thanh toan cho td chffc dmh gia chuyen nghiep khi cac ben khdng thoa thuan difdc ve gia, ngudn tai chinh lay tff dau, khi cdng ty khdng cd tien thi giai quye't nhff the nao. Ddng thdi, cung e^n quy djnh nghiem cam ehiet khau, giam gia cd phie'u do dia vi thieu sd cua cd dong hay thieu tinh thanh khoan mua ban cua thi trffdng
Thii ba. dd'l vdi viec ifu tien mua cd phan chao ban. Luat Doanh nghiep nen quy dinh rd cac quyet dinh cua cdng Jy cd phan cd noi dung phan biet dd'i xff giffa cac cd ddng cung loai la can cff de tda an tuydn bd nhffng quyet duih nay la v6 hieuB
32 So 4-Thang 3/2020
LUAT
TAI Llfeu THAM K H A O :
} . Luat Doanh nghiep (Lugl sd68/2014/QH13) ngay 26/11/2014.
2. Singapore Companies Act, 2016.
3. Thailand Public Limited Companies Act, 2009.
4. Philipines, Corporation code, 1989.
5. BUi Xiidn Hdi (2011), Luat Doanh nghiep bdo ve cd ddng. ly ludn vd thuc tiSn, NXB Chinh tn Qudc gia, Hd Noi 6. Robert W. McGee, Corporate governance in Asia: A comparative study of Indonesia, Malay.'iia. Thailand and Vietnam, woking paper, June 2008.
7. Vien Nghien ciiu Quan ly kinh le Trung Udng (1999), Bdo cdo nghien cifu so sdnh hull cong ty ciia bdn qudc gia Dong Nam A: Thdi Lan, Singapore, Malaysia vd Philipines. Hd Noi.
8. hltp//vneconomy.vn/chung-klioan/ai-bao-ve-co-dong-nho-6776l.him truy cdp ngay 20/6/2018.
Ngay nhan bai: 8/2/2020
Ngay phan bien danh gia va su'a chu'a; 18/2/2020 Ngay chap nh$n dang bai: 28/2/2020
Thong tin tdc gia:
ThS. H U Y N H THI TRUC LINH
B$ mdn Luat, Khoa Kinh te - Lu3t, Trifcfng Daii hoc Tra Vinh
COMPARING THE RIGHTS OF MINORITY SHAREHOLDERS UNDER VIETNAM, THAI LAN, SINGAPORE AJVD THE
PHILIPPINES' REGULATIONS
• Master. HUYNH THI TRUC LINH
Department of Law, Faculty of Economics and Law, Tra Vinh University
ABSTRACT:
The rights of minority shareholders are one of the roost important issues of regulatidns governing the organization and operation of joint stock companies. This article introduces a number of minority shareholders' rights which protect minority shareholders in joint stock companies in Vietnam and compares these rights with that of Thailand, Singapore and the Philippines' regulations in order to identify the similarities and differences between Vietnam's regulations and other countries' regulations. Based on these comparisons, this article offers some recommendatidns for Viemam to improve the effectiveness of its regulatidns on protecting the rights df minority shareholders.
Keyword: Minority shareholders, rights of minority shareholders, protecting minority shareholders.
S d 4 - T h a n g 3/2020 33
