Petrolimex honoured Top 10 Large-cap Listed Companies 2023
The Vietnam National Petroleum Group (Petrolimex/Group – ticker symbol: PLX) was honoured among the Top 10 Large-Cap Listed Companies at the 2023 Vietnam Listed Company Awards held on December 15, 2023 the by the Ho Chi Minh City Stock Exchange (HOSE) in Nha Trang City.
The honouring was held within the framework of the 2023 Annual Public Companies Forum with the participation of representatives from the State Securities Commission, the National Assembly’s committees; the Ministry of Finance’s departments; Ho Chi Minh City and Hanoi stock exchanges; and Vietnam Securities Depository and Clearing Corporation and from nearly 300 listed companies, securities, regulators and financial institutions.
The panel of judges stated that the corporate governance scores of businesses indicate progress and increased attention to implementing good governance practices. Currently, businesses have a discrepancy between the level of satisfaction of compliance criteria with common criteria: 66 per cent of businesses satisfy compliance criteria, nearly 26 per cent of businesses satisfy common criteria. Besides, the results show that the level of satisfaction of compliance criteria fluctuates from 62.9 – 72.3 per cent, depending on each market capitalisation group (companies with larger market capitalisation often have better legal compliance); the level of satisfaction of common criteria ranges from 21.1 – 42.1 per cent (companies with smaller market capitalisation have less compliance with common criteria).
Listed on the stock exchange since 2017 with the ticker symbol "PLX", Petrolimex has always maintained its role as a leading State-own business in the domestic economy, ensuring sufficient and timely supply of fuel varieties for the national socio-economic development cause; the national defence and security; and people’s demand.
Petrolimex, as a member of the VN30 group on the stock exchange, always strives to enhance quality, improve governance efficiency, increase risk resilience, maintain stability and sustainability, and increase business effectiveness. In 2023, Petrolimex continued winning titles such as Top 100 Most Valuable Brands in Vietnam; Top 3 Largest Companies Vietnam in 2023 by VNReport; and the Champion of Revenue for the seventh time among Top 50 Best Listed Companies Vietnam in 2023 by Forbes.
The achievements mentioned above demonstrate the affirmation and recognition of management bodies and the market towards Petrolimex’s corporate governance model as it increasingly approaches the highest standards, becoming more transparent and modern, aiming for sustainability, balancing economic interests with fulfilling social and environmental responsibilities as well as committing to green energy for a sustainable future.
Corporate governance evaluation criteria are built based on legal regulations on corporate governance in Vietnam and good governance practices on the basis of the G20/OECD Principles of Corporate Governance, Vietnam Corporate Governance Code of Best, The ASEAN Corporate Governance Scorecard. The set of corporate governance evaluation criteria is built based on the framework of the OECD principles of corporate governance, focusing on five principles: the rights of shareholders, equitable treatment of shareholders; disclosure and transparency; the responsibilities of the management board; sustainability and resilience. Those criteria are classified into questions that comply with legal regulations on corporate governance and questions that go beyond legal requirements as good practices in corporate governance. In 2023, OECD added new rules to corporate governance, emphasising the integration of three pillars of ESG (Environmental, Social and Corporate Governance). Thus, the Awards organising board upgraded the Corporate Governance Evaluation Criteria 2023 to a higher level by adding 18 questions, including one question about the organisation of the shareholders’ meeting, two questions about nominating members of the Management Board to enhance diversity, and 15 questions about climate change resilience and sustainability in the past two years. This is considered as the starting step for new requirements in corporate governance in the context of the Government’s strong implementation of commitments to reduce emissions, cope with climate change and promote sustainable development over the past two years. Sustainability and resilience is a significant principle in the revised G20/OECD Principles of Corporate Governance that were endorsed by G20 Leaders in 2023. |
