VIETNAM ASSOCIATION OF CORPORATE DIRECTORS (VACD)
VIETNAM CHIEF FINANCIAL OFFICER CLUB'S REGULATIONS
(Approved and accompanied with VACD's Decision No. 82.08/QD.VACD on Nov. 7th 2008 & Decision No. 11.09/QD.VACD on May.19th 2009)
Vietnam Chief Financial
Officer club ("Club") is a social-occupational organization directly
under Vietnam Association of Corporate Directors (VACD). The Club
operates under its regulations, which are in line with VACD's
regulations and the Government's legislation.
The Club has rights to join
legally regional and international corporate financial management
associations, forums. The Club has its own legal entity, private seal,
and bank account.
The Club's operation scope covers the whole nation's territory, and its exchange floor can take place at VACD's offices.
NAMES – OBJECTIVES
Article 1: The Club's names
Full transaction name in: Vietnam Chief Financial Officer Club
International transaction name: Vietnam CFO Club
Abbreviated name: VCFO
Article 2: The Club's objectives
The Club operates under the motto “Enhancing Vietnam Chief Financial Officer's capacity to meet international standards”; Club members will join hands to:
forums for sharing knowledge, skills, and experience, national and
international information of corporate financial management. Gradually
build up a professional staff of CFOs, corporate financial managers to
improve business management quality of enterprises in Vietnam.
in setting up, developing standards and principles of business
management in general and business financial management in particular
in Vietnam to meet international practices and foster the efficiency,
effectiveness and transparency of business management in Vietnam in the
context of economic integration.
to VACD's other activities to enlarge the efficiency and effectiveness
of business management and the enterprises' as well as the whole
economy's competitive capacity.
· Exchange and share knowledge, skills, and experience among senior Vietnamese and international CFOs.
Article 3: Subjects to Club membership
that have been or are taking the position of CFO, senior management
positions in accounting, finance, auditing, internal control in
enterprises, etc. in enterprises;
· Relevant researchers, scientists;
· Vietnamese individuals working on finance in abroad companies and associations;
individuals working on finance in abroad companies and associations,
independent consultancies, etc. both nationally and internationally;
· Any of the organizations and other individuals related to corporate financial management in Vietnam.
Article 4: Club membership procedures
of the objects described in article 3 can join the Club provided that
they fill in the designed register form and are approved by the Club
board of Directors. Club members include official and associated ones.
Article 5: Official members
· Individuals that have been or are taking the position of CFO, Finance Director (FD), vice CFO, Chief Accountant,
Financial Controller, Finance Manager or equivalent positions in all
enterprises in Vietnam as well as Directors, Vice Directors in finance
- accounting - taxation, auditing, securities companies, banks or
individuals with equivalent positions;
· Any legally established socio-economic organization interested in corporate finance management in Vietnam.
5.2 Rights: Official Club members enjoy following rights:
· Can join knowledge and experience exchanging activities in Finance, accounting, auditing and CFO foreign languages club, etc via the Club's online forum and library;
· Can enjoy priority to participate in the Club's activities, meetings, seminars, exchanges, etc.;
· Can discuss, raise voice in the Club activities;
· Can run for election or nominate people to the Board of Directors and other positions in the Club;
· Can participate in Outstanding CFO voting organized by the Club;
· Can participate in other activities organized by the Club;
· Can stop Club membership.
Article 6: Associated members
6.1 Condition: All of the individuals listed in Article 3 who can not or do not want to be official members.
6.2 Rights: Associated Club members enjoy following rights:
· Can join knowledge and experience exchanging activities in Finance, accounting, auditing, taxation and CFO foreign languages club, etc via the Club's online forum and online library;
· Can register for participating in activities, meetings, seminars, exchanges, etc. of the Club but have to pay fee;
· Can ask for membership stopping.
6.3 Associated Club members can not run for election or nominate people to the Board of Directors in the Club, can not vote in the Club's sessions.
Article 7: Club members' responsibilities
· Conduct under profession ethics.
· Strictly comply with the Club's regulations and the board of Directors' resolutions.
· Contribute to the Club's development.
· Pay out annual fee (for official members) and fee for extra-curriculum activities (for associated members).
ORGANIZING PRINCIPLES AND PERFORMANCE METHODS
Article 8: The Club's organizing principles
Vietnam Chief Financial Officer club is organized under following principles:
· Voluntary, self-governing, self-funding
· Consolidated, interdependent, equal cooperation among members
Article 9: The Club's performance method
website www.cfo.vn and hold online forums for Club members all over the
nation to share knowledge and experience relating to corporate
financial management, auditing - internal control systems and other
useful information for CFOs. At the same time, establish an online
library in corporate financial management at website: www.cfo.vn.
· Hold seminars on corporate financial management.
with VACD and other international organizations to organize seminars,
training courses to provide Club members with deeper understanding of
corporate financial management.
exchanges, surveys to develop cooperation, sharing between Club members
and CFOs, senior financial managers of big multinational Groups and
knowledgeable international finance experts.
· Arrange researching, consulting, coordinating, and training activities to raise fund for the Club.
Chief Financial Officer club will be put under control and supervision
of the Club's Board of Directors, administrators of www.cfo.vn, specialized boards and local relation board.
Article 10: The Club's Board of Directors
· The Club's Board of Directors is designated by official club members for a three year term, and are acknowledged by VACD. The Club's Board of Directors for the first term is elected based on the nomination of the board of Club Establishment Locomotors.
· The Club's Board of Directors lead all the Club's activities, hold at least 01 meeting per 03 months and random meetings if necessary.
Article 11: Rights and responsibilities of the Club's Board of Directors
The Club's Board of Directors works under the democratic, majority-driven principle, with following rights and responsibilities:
· Set up action plan for each year.
· Decide matters relating to Club organizing and designating directors, vice directors and specialized board leaders.
· Approve admitting or excluding members.
· Build up the Club's regulations.
· Supervise directors, vice directors, and specialized board leaders.
Article 12: Directors, vice directors, and specialized board leaders
· Directors are responsible for development and maintaining of relations with organizations and responsible before VACD and before the law in all activities of the Club.
· Vice directors, specialized board leaders support directors in managing assigned tasks.
· Specialized board leaders or lower positions will be nominated by the Club director.
THE CLUB'S FINANCE
Article 13: Income source
The Club's income source includes:
· Funds from domestic and foreign individuals and organizations.
· Annual fee from Club members.
· Outcomes from legally permitted research, consultancy, cooperation, training.
· Fund from VACD
fee to join extra-curriculum activities. The Club's Board of Directors
will decide the fee based on particular activities.
· Other legal income.
Article 14: Expenses
The Club's Expenses includes:
· Expenses on members serving activities (conferences, seminars, talks, exchanges with influential and famous people, documents, references, advertising, etc.).
· Regular expenses on the Club's operations.
· Expenses on the Club's infrastructures.
on salary, allowance, others (social insurance, health insurance, ect.)
and other necessary insurances for staffs of the specialized boards.
· Expenses on collaborators.
· Expenses on rewarding and punishment and others.
REWARD - PUNISHMENT
Article 15: Rewarding
Members with significant contributions to the Club's development will be acknowledged and honored with suitable rewards.
Article 16: Punishing
Members will be pulled out of member list if they commit to one of following actions:
1. Violate state laws; not abide by the Club's regulations and resolutions of the Board of Directors.
2. Damage the Club's reputation and prestige.
3. Not pay annual fee.
This regulations are valid after chairman of VACD's approval. Any amendment of the regulations proposed by the Club's Board of Directors will be passed by VACD. Every member has to follow the Club's regulations. The Club's Board of Directors are in charge of popularizing, guiding and executing these regulations./.
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