SSI: With VND200 billion, SSI is prominent?

SSi: With VND200 billion, SSI is prominent?
SSI (Sai Gon Securities Inc) explain the information about the reward money for 2007 reaching VND 200 billion.

Jan 01, 2008, Mr. Nguyen Duy Hung, chairmain of BoD, have documented to respond the use VND 200 billion from encouraging fund for 2007.

The information about the plan on Tet holiday encouraging money attracted the concerns of people. There are several different viewpoints about the above sum of money.

It is said that the money for encouraging is a prominent strategy of the company when the market
is continuing its downward spiral, including the business of the securities companies. It is even said that there is something recalling the problem of relationship with shareholders where FPT was an example.

In the document, SSI, however, have affirmed that the deduction ratio of encouraging and welfare fund 20% of the profit after tax does not break the enterprise law and the company charter. Moreover, it has passed in the shareholders’ annual meeting 2007.

One remarkable thing is that the money reaching VND 200 billion above is not all for the employees as some source of information. Clearly, the money is for the work of the BoD, the Investment Board, and the Supervisory Board and the encouragement to the employees.

Besides, the encouraging and welfare fund is also used for the payment of the welfare in the whole year, for instance vacation, Tet holiday, Insurance for employees and provision for some years later in case of the difficulties of business… SSI assured “We can not use all the fund for one time to reward the employees”.

According to SSI, Personnel state in the Securities Company is so strained when there are some time 60 employees working. The welfare policy on one hand encourage the employees, attracts the talents, on other hand the encouragement policy indirectly benefits the shareholders.