tạp chí kinh tế đối ngoại đề tài KINH NGHIỆM QUẢN TRỊ CÔNG TY CỦA AUSTRALIA VÀ BÀI HỌC ĐỐI VỚI DOANH NGHIỆP VIỆT NAM



KINH NGHIỆM QUẢN TRỊ CÔNG TY CỦA AUSTRALIA VÀ BÀI HỌC ĐỐI
VỚI DOANH NGHIỆP VIỆT NAM
Nguyễn Thúy Anh
Tạp chí KTĐN số 63
Hệ thống quản trị công ty Australia được đánh giá là một trong những
hệ thống tiên tiến hàng đầu thế giới với nhiều ưu điểm như hệ thống
quy định luật pháp chặt chẽ, vai trò của thành viên độc lập trong HĐQT
được chú trọng, tính đa dạng của HĐQT được đề cao, việc công bố thông
tin hiệu quả… Những lợi thế này xuất phát từ một mô hình quản trị
công ty phù hợp, với sự tách biệt rõ ràng giữa quyền sở hữu và quản lý
cũng như kinh nghiệm phát triển thị trường chứng khoán khá lâu đời
của nước này. Trong khi đó, quản trị công ty ở Việt Nam hiện tại không
còn mới nhưng vẫn còn nhiều vấn đề bất cập, đặc biệt liên quan đến
hiệu quả hoạt động của HĐQT và công bố thông tin. Do đó, bài viết này
nghiên cứu những kinh nghiệm từ sự phát triển quản trị công ty của
Australia nhằm góp phần xây dựng hệ thống quản trị công ty hiệu quả
tại Việt Nam.
! Tổng quan về quản trị công ty của Australia
1.1.Khung pháp luật điều chỉnh quản trị công ty của Australia
"#$%&"'&(#)*(+,$-#.$/0$-#1$*2345$%*647.#8*2.(+.9.:%;<4'4
-#6/3$"&"'&(#)*4"760#8.#=#)*:.$"$%"+>&#8*2.(+.?@@ A#)*BC
45$%9D*"5$%*+$BE41+*FG+H<*:'$IJ2./K+$L<?@@M8.#BN&"'81$
47.I$2:$BE"E$%(:O*BN84.P.(47.#8*2.(+.QR4'4-#6/3$"$+,<60*47.
S%+.:P34"4"T$%G":'$#8*2.(+.JUQR9V%#6,$*W4-#1$*2345$%*6BE
4'4G"#60$$%"3P:U9.$"E$"X#6B)6R-#6/3$"BC#1$*2345$%*647.
#8*2.(+.4"760#/YZ4-#6/3$"*2:$%V$%#6,$*W4BEG"#60$$%"3#1$*23
45$%*6P:V+/;$%#1$*2345$%*6U9.$"E$"!V$%#6,$*W4BC#1$
*2345$%*6$E6BC4[91$(E&"\"Z&B]+V$%#6,$*W4#1$*2345$%*6P:
I9.$"E$"R9.:%;<^$%#6,$*W4BE?_G"#60$$%"3!V"Y]$%P`$

G"5$%&"1+45$%*"T4P#6$"a*/H'&PN$%/D+B]+*a*414'445$%*6<E$b
4"c4#$%4a&4'4%Z+d/H*"e4"+>$*D+Y#"b.-#1$*2345$%*6Bf(Z+g4"47.
4'44F/5$%4h$%$"Y$C$G+$"*0$b+4"#$%!0#<V*45$%*64":2i$%<V*
G"#60$$%"3$E:/bG"5$%&"\"Z&B]+":E$41$"4N*"H47.45$%*6*"f4b
*"H(+$"":O*(e.4"j$B+>4G"5$%'&PN$%*2,$4[8S&"1+%+1+*"g4"*O+8.:
J$%#6,$*W4+k$:*Rl"6$:*Q!!!b*"H$b+9V$%#6,$*W4BE"Y]$%P`$BC-#1$
*2345$%*647.#8*2.(+.G"'&"\"Z&B]+9V$%#6,$*W4-#1$*2345$%*6P:
I9.$"E$"!m49+>*R9V$%#6,$*W447.U4"n*2j$%/0$*2'4"$"+><
47.4h$%$"YB+>4-#1$(dBEG+H<8:'*27+2:!:/bR9V$%#6,$*W4
#1$*2345$%*647.U(E&"\"Z&B]+-#6/3$"-#D4*0BC-#1$*2345$%*6!
1.2.Về mô hình quản trị công ty của Australia
#8*2.(+.4b<5"f$"-#1$*2345$%*6*"o:<5"f$"$"pqRB]+/+H</m4
*2Y$%(EBD$/YZ4&"r$*'$*2,$*"3*2YK$%4"T$%G":'$R4'4$"E/s#*Yt4F
/5$%4"760#(E4F/5$%9,$$%:E+45$%*6JG"5$%(+,$-#.$/0$":O*/V$%
"E$%$%E647.45$%*6QR8e*'4"9+>*2u2E$%%+v.-#6C$-#1$(dBE-#6C$8S
"v#*2:$%45$%*6RB]+G"#5$G"F&"'&(#)*G"'":E$*"+>$-#6/3$"-#6C$
(Z+BE*2'4"$"+><47.w*"E$"&"s$*".<%+.4"g$"(E=R.$/+C#"E$"
BE4F/5$%AB]+4[4"0*Y[$%*'4%+v.4F/5$%BE45$%*64h$%$"Y%+v.4'4
4F/5$%B]+$".#*2:$%BE$%:E+O+"V+4F/5$%G"'/[$%+1$!
Sơ đồ 1: Ba thành phần trong quản trị công ty của Australia
%#;$=IxR?@@y
5"f$"*2,$/YZ4zr6Pe$%Pe.*2,$%+1/3$"(E"s#"0*4'445$%*64F
&"s$/O+4"n$%47.#8*2.(+./C#4b8e*'4"9+>*2u2E$%%+v.-#6C$8S"v#
BE-#1$(d45$%*6!'44F/5$%/b$%%b&BD$BEP#6*2fB+>48S"v#*2:$%4'4
P:.$"$%"+>&$"Y$%G"5$%4"3#*2'4"$"+><&"'&(dBf"E$"/V$%47.P:.$"
$%"+>&!%YK+4"3#*2'4"$"+><&"'&(d4"g$"(E.$/+C#"E$"45$%*6R"E$"
/V$%$"Y$%YK+/O+P+>$47.4F/5$%!#6B)6R(Z+g4"47..$/+C#"E$"BE
4F/5$%G"5$%":E$*:E$%+D$%$".#!:/bRV+/;$%-#1$*2345$%*6/YZ4
()&2.R"E$"/V$%$"Y$%YK+91:B>(Z+g4"47.4F/5$%/H%+'<8'*9.$/+C#
"E$"!

"g$"BfB)6RBC$%#6,$*W4R*"E$"&"s$47.*"o:<5"f$"$"{q8|
9.:%;<41$"v$%*"E$"B+,$9,$*2:$%BE9,$$%:E+P:.$"$%"+>&R/H*2'$"
z162.$"v$%B+>4(O<PN$%-#6C$(Z+BE<.$%(O+(Z+g4"47.<V*$"b<(Z+
g4"2+,$%!.#"E$%(:O*BN&"'81$(]$*2,$*"0%+]+BE#8*2.(+.(+,$-#.$
/0$B)$"E$"-#1$*2345$%*660#G}<RB.+*2~47.*"E$"B+,$9,$
$%:E+J".6(E4'4*"E$"B+,$/V4()&Q$%E64E$%*2S$,$-#.$*2j$%"[$R8e
*'4"9+>*%+v.$"E-#1$(dBE*"E$"B+,$$%E64E$%*2S$,$2u2E$%
"[$!%:E+2.RP:/m4/+H<BCB+>48S"v#4'445$%*6/O+4"n$%4"760#$i<
*2:$%4'4$"E/s#*YJ4'$"r$BE*F4"T4QP`$/0$4'46,#4s#BC45$%9D
*"5$%*+$R4'4-#6/3$"BC*g$"/V4()&47.4h$%4.:"[$4'4-#D4%+.
*"o:<5"f$"-#1$*2345$%*647.")*".6T4JIxR?@@yQ!
5"f$"-#1$*2345$%*647.4'445$%*6$+,<60*47.#8*2.(+.4"760#4b
4a#*2n4$"Y8.#=
Sơ đồ 2: Mô hình quản trị công ty của Australia
%#;$=*'4%+1*F$%"Z&*•9':4':*"YK$%$+,$?@ ?47.<V*8D45$%*6
$+,<60*47.#8*2.(+.
"o:<5"f$"*2,$R8|4b4'4*+H#9.$*2e4*"#V4R*2:$%/b9.:
%;<4"760#(E*+H#9.$$"r$8eR*+H#9.$G+H<*:'$BE769.$(Y[$%*"YS$%!
\6*"o:*•$%45$%*64N*"HR4b*"H*"E$"()&*",<4'4*+H#9.$BC-#1$*23
27+2:R*+H#9.$-#1$*2345$%*6XO+P+>$4":/+C#"E$"4'4":O*/V$%
"E$%$%E647.45$%*6(EIBE.$/+C#"E$"!+'<8'*":O*/V$%$b+
4"#$%47.45$%*6(EG+H<*:'$/V4()&RG+H<*:'$$V+9VBE9V&")$%+'<8'*
*#r$*"7!r64h$%(E<5"f$"&"F9+0$47.4'4$C$G+$"*0&"'**2+H$G"'4
$"YqR$"X!
! Một số vấn đề liên quan đến quản trị công ty của Australia
2.1.Về thành phần của HĐQT
L<?@ R*"o:9':4':BC"E$"&"s$BE4"+*214":4'4*"E$"B+,$
G"5$%/+C#"E$"47.?@ JR?@ Q*"f8D*"E$"B+,$
*2#$%9f$"47.4'445$%*6 @@(E^RM*"E$"B+,$R*2:$%G"+4'445$%*6
*"#V4 @ {?@@*"f4:$8D$E6(E€Rw*"E$"B+,$!

C*"E$"B+,$G"5$%*".<%+./+C#"E$"R#8*2.(+.4b*•(>4'4*"E$"
B+,$G"5$%*".<%+./+C#"E$"*2:$%4'445$%*6(]$"[$4'445$%*6
47.$"!2:$%$L<?@@_{?@@^R*2:$%*F$%8Dw@@J*"o:-#6<5BD$"b.
*"3*2YK$%QR_M‚4'4*"E$"B+,$(E*"E$"B+,$G"5$%*".<%+./+C#
"E$"BE^@‚47.y@J:2$tƒo226$*o2$.*+:$.(.$PI%.$88:4+.*o8
?@@^Q!L<?@@„R4'445$%*6*"#V4Uw@@4b*•(>4'4*"E$"B+,$G"5$%
*".<%+./+C#"E$"4"+0<"[$<V*$….!"o:?@ R*F$%8D*"E$"B+,$
G"5$%*".<%+./+C#"E$"4"+0<*]+_?R^‚*F$%8D*"E$"B+,$
47. @@R*2:$%G"+4:$8D$E647.4'445$%*6 @ {?@@4"c(EM^R_‚!
"YB)6R8D(YZ$%*"E$"B+,$G"5$%*".<%+./+C#"E$"*2:$%47.4'4
45$%*6#8*2.(+.*L$%*"o:*"K+%+.$BE/+C#$E6%b&&"s$/1<91:*g$"/V4
()&47.*2:$%45$%*6!
#6$"+,$R*2:$%8D4'4*"E$"B+,$G"5$%/+C#"E$"RG"5$%&"1+*a*41
/C#/'&T$%*+,#4"g47.*"E$"B+,$/V4()&!"v$%*"E$"B+,$
G"5$%*".<%+./+C#"E$"$0#4b<D+(+,$">$E:/bB]+45$%*6RBgPN$W<
%+v*•*2j$%4F&"s$(]$R/†*•$%(EI47.45$%*6R(E$"E4#$%4a&47.
45$%*6R(E4DBa$47.45$%*6X*"f4h$%/YZ44:+(EG"5$%/V4()&!"o:
"#60$$%"3?! 47.V$%#6,$*W4U=&"s$(]$&"1+(E*"E$"
B+,$/V4()&!%#6,$*W4?4h$%4":2i$%R*a*414'4*"E$"B+,$4":P\
G"5$%&"1+(E76B+,$/V4()&/C#&"1+4b*YP#6/V4()&G"+2.-#60*/3$"!6
B+,$/V4()&*"o:%#6,$*W4?/YZ4"+H#(E‡*"E$"B+,$G"5$%*".<%+./+C#
"E$"RG"5$%*".<%+..$/+C#"E$"RG"5$%G+$"P:.$"BE4b<D+(+,$">B)*
4"a*R":m4(d%+1+<V*4'4""Z&(d(E4b<D+-#.$">B)*4"a*B]+-#60*/3$"
47.<f$"ˆ!
Bảng 1: Số lượng thành viên HĐQT không tham gia điều hành độc lập
thuộc TOP 100 từ năm 2002-2011
L< F$%  8D  B3  *2g
*2:$%*"#V4
 @@
F$%  8D  B3  *2g

G"5$%*".<
%+./+C#"E$"
•  *2j$%  *"E$"
B+,$/V4()&J‚Q
?@ _?_ € @ ^€R_
?@ @ _?^ €@„ ^MR
?@@„ _? y„^ ^wRw
?@@^ _€„ €?„ ^@R
?@@_ _y_ € y ^@R_
?@@€ _^ €?€ ^@Ry
?@@y __y €?„ ^@
?@@M _?M y_€ €wRM
?@@w €yy y € €yR
?@@? €^_ yw? €?R€
%#;$=R?@ ?
"o:1$% R8D(YZ$%*"E$"B+,$/V4()&/.$%$%E64E$%%+.*L$%BE
(#5$4"+0<*•(>G"'4.:*2:$%*F$%8D4'4B3*2g47.4'445$%*6
@@R/m49+>**•$L<*2S(O+/r6R*•(>$E6(#5$/O**2,$^@‚!r6(E<V*
*2:$%$"v$%4"c8D4":*"a6*g$"/V4()&47.G"'4.:/H*"e4"+>$4'4
4"T4$L$%%+'<8'*R/3$""Y]$%/D+B]+.$/+C#"E$"47.45$%*6!
2.2.Về việc thành lập các tiểu ban thuộc HĐQT
V$%#6,$*W447.U4h$%"Y]$%P`$45$%*6$+,<60*$,$*"+0*()&
4'4*+H#9.$$"Y*+H#9.$(Y[$%*"YS$%R*+H#9.$$"r$8eR*+H#9.$G+H<*:'$
$V+9V!.$G+H<*:'$4"c$,$9.:%;<4'4*"E$"B+,$G"5$%/+C#"E$"R&"s$
(]$(E/V4()&!#6/3$"$+,<60**2,$U4h$%6,#4s#4'445$%*6w@@
&"1+4b769.$(Y[$%*"YS$%R4"c9.:%;<4'4*"E$"B+,$G"5$%/+C#"E$"!
b"+>#(e4*•$L<?@ @R"#60$$%"3^! 4":2i$%R4s$*"+0*()&.$
(Y[$%*"YS$%/YZ44[4a#$"Y8.#=.:%;<&"s$(]$4'4*"E$"B+,$/V4
()&AT$%/s#(E*"E$"B+,$/V4()&Abg*$"a*w*"E$"B+,$!2:$%$L<?@ @R
*•(>9':4':BC9.$(Y[$%*"YS$%G"'4.:(E„_‚*F$%8D4'445$%*6$+,<

60*BE„„‚4'445$%*6?@@R*2:$%/bMw‚BE^‚*Y[$%T$%9':4':BC
B+>4G"5$%4bBE%+1+*"g4"*O+8.:!2:$%8D4'445$%*69':4':BCB+>44b9.$
(Y[$%*"YS$%*"fw_‚45$%*6BE^y‚45$%*6?@@9':4':(E9.$(Y[$%
*"YS$%9.:%;<4'4*"E$"B+,$/V4()&Aw^‚BE^y‚45$%*6?@@9':
4':(E9.$(Y[$%*"YS$%4b4"7*34"(E*"E$"B+,$/V4()&Aw€‚45$%*6BE
^€‚45$%*6?@@9':4':(E9.$(Y[$%*"YS$%4bg*$"a*w*"E$"B+,$!
+,$-#.$/0$*+H#9.$$"r$8eR4'445$%*6$+,<60*47.#8*2.(+.*"e4"+>$
G"'*D*!#6B)6RB+>49':4':BC-#6*2f$"/'$"%+'"+>#-#1":O*/V$%47.
R4'49.$BE4h$%$"Y4'4$"E-#1$(d4h$%/YZ44:+(E*"a&"[$8:B]+
4'4G"#60$$%"34~$(O+!'445$%*64"760#*)&*2#$%BE:B+>4<5*1-#6
*2f$""[$(EB+>49':4':zo<-#'*2f$"/'$"%+'/YZ4*"e4"+>$$"Y*"0$E:
BE4b*#r$*"7-#6*2f$"/m*2.".6G"5$%!
C9.$G+H<*:'$R#6/3$"$+,<60* ?!_47.U6,#4s#=*a*414'445$%*6
$+,<60*&"1+4b9.$G+H<*:'$*2e4*"#V4BE*a*414'445$%*6$+,<
60**2:$%U":m4‰w@@&"1+4b9.$G+H<*:'$B]+*"E$"&"s$$"Y
"#60$$%"3M!?"Y]$%P`$!0*-#1(E*2:$%$L<?@ @Ry@@4'445$%*6
*"#V44"c8D((2P+$.2+o8$PozR @@‚4'445$%*69':4':BCB+>4*"+0*()&
9.$G+H<*:'$*"o:/n$%-#6/3$"!D+B]+4'445$%*6$%:E+y@@R/.8D
4'445$%*6/C#G"5$%*"e4"+>$/YZ4BE*"e4"+>$9':4':BCB+>4$E6*"o:
$%#6,$*W4‡+k$:*Rl"6$:*ˆ!
2.3.Việc công bố thông tin
"o:V%#6,$*W4#1$*2345$%*647.UR$%"Š.BN45$%9D*"5$%*+$47.
4'445$%*6$+,<60*/YZ4-#6/3$"G"'2u2E$%BE4N*"H!"o:$%#6,$*W4y
47.V$%#6,$*W4#1$*2345$%*6R4'445$%*6$+,<60*4s$&"1+45$%9D
*"5$%*+$G3&*"K+BE4r$9i$%*"5$%*+$/3$"G‹BC*"5$%*+$*E+4"g$"BE4'4
*"5$%*+$/YZ44:+(E-#.$*2j$%/D+B]+8e&"'**2+H$47.45$%*6R4b*'4/V$%
/0$%+'4F&"+0#!;$%*"K+R4'445$%*6$+,<60*/;$%*"K+&"1+45$%9D
*"5$%*+$(+,$*N4*"o:-#6/3$"$+,<60*Uw! !
D+B]+"s#"0*4'4$V+P#$%4s$45$%9D*"5$%*+$R4'445$%*6$+,<60*
*"#V4y@@47.U/C#*"e4"+>$G"'*D*RB]+<T4*#r$*"7/C#/O**2,$

„@‚*2:$%$L<?@ @BE?@ J2.$*":2*:$R?@ ?Q!'4$V+P#$%BC45$%
9D*"5$%*+$(+,$-#.$/0$-#1$*2345$%*6/C#/YZ4/C4)&*2:$%4'49':
4':*"YK$%$+,$47.4'445$%*6!
#6B)6R<V**2:$%$"v$%G,$"45$%9D*"5$%*+$&"F9+0$RPŒ*+0&4)$BE
/YZ4G"#60$G"g4"8…PN$%(Elo98+*o45$%*6*"fB+>445$%9D*"5$%*+$
G"5$%*"e48e4.:$"Y*2,$!"o:$%"+,$4T#47.:$l.6J?@ ?QR*'4%+1/†
(e.4"j$$%`#$"+,$y@45$%*6R*2:$%/bw@45$%*6*"#V4w@@BE?@
45$%*6*•w@ {y@@!'4%+1/†*+0$"E$"*1+4'4*"5$%*+$*2,$lo98+*o47.
4'445$%*6*2:$%G":1$%*"K+%+.$*•??{?€t t?@@„R/;$%*"K+*f<2.4'4
$V+P#$%45$%9D*"5$%*+$BC-#1$*2345$%*6*"o:-#6/3$"47.V%#6,$
*W4#1$*2345$%*647.U!0*-#14":*"a6R<T4/V45$%9D*"5$%*+$*"a&
"[$*2,$lo98+*o47.45$%*6*"a&"[$*2#$%9f$"<V*$….8:B]+9':4':
*"YK$%$+,$!m49+>*(E$V+P#$%45$%9D*"5$%*+$(+,$-#.$/0$$%#6,$*W4
?Jzr6Pe$%4[4a#/H%+.*L$%%+'*23QR%#6,$*W4M=1<91:8e
*"D$%$"a**2:$%9':4':*E+4"g$"BE%#6,$*W4^=†+$%V45$%9i$%BE4b
*2'4"$"+><!T4/V45$%9D*"5$%*+$*#r$*"7$%#6,$*W4?4"c(EM@‚
*2:$%*F$%8D45$%*6/YZ4/+C#*2.R%#6,$*W4M(EM€‚BE%#6,$*W4^(E
^‚!+C#$E64":*"a64'445$%*6$+,<60**2,$#8*2.(+.<]+4"c4"n
*2j$%/0$45$%9DBE<+$"9O4"*"5$%*+$*2,$9':4':*"YK$%$+,$<E4"Y.
*"e48e$")$*"a6B.+*2~-#.$*2j$%47.B+>4<+$"9O4""b.*"5$%*+$/D+
B]+45$%4"n$%/s#*Y*2,$4'4G,$"*"5$%*+$&"F9+0$G"'4!
2.4.Chế độ đãi ngộ
"0/V/†+$%V/YZ4"+H#9.:%;<$"v$%G":1$$"Y8.#=Y[$%4D/3$"BE
4'4G":1$/3$"&"gA†+$%VG"+$%"c"Y#A'4G":1$*"YS$%$%W$"O$A'4
G":1$*"YS$%PE+"O$!V**2:$%$"v$%Ba$/C-#.$*2j$%*2:$%-#1$*23
45$%*6(E4"0/V(Y[$%*"YS$%4":9.$/+C#"E$"BE4":4'4*"E$"B+,$
R/m49+>*(E4'4*"E$"B+,$G"5$%/V4()&!.+$"b<$E6G"5$%
":E$*:E$*'4"9+>*$".#BfB`$4b$"v$%*"E$"B+,$*".<%+.-#1$(d!
"5$%*"YK$%R4'4*"E$"B+,$*".<%+.-#1$(dRBgPN$"YIG"5$%
/YZ4*21&"gG"+*".<%+.Bf&"s$$E6/†9.:%;<*2:$%(Y[$%*"YS$%

47.$"E-#1$(d!'4*"E$"B+,$G"5$%/+C#"E$"*"fG"5$%*".<%+.
-#1$(d$,$4"c/YZ4*21(Y[$%4":4'4*2'4"$"+><47.<E*"5+!
Y[$%*"YS$%PE$"4":4'4*"E$"B+,$G"5$%/+C#"E$"*"fG"5$%
&"T4*O&9i$%(Y[$%*"YS$%4":.$/+C#"E$"!"5$%*"YK$%R4'4*"E$"
B+,$G"5$%/+C#"E$"*"YK$%/YZ4*21<V*G":1$*+C$<m*4D/3$"R/5+
G"+4b4["V+<#.4F&"+0#47.45$%*6!'4G":1$(Y[$%<.$%*g$"4"a**O:
/V$%(e44":4'4*"E$"B+,$G"5$%/+C#"E$"*"YK$%G"'"+0<":+BE
G"5$%/YZ4G"#60$G"g4"8…PN$%!'445$%*64h$%&"1+/YZ48e4"a&*"#)$
47.4F/5$%BC<T4(Y[$%*"YS$%4":*"E$"B+,$G"5$%/+C#"E$"!
'44F/5$%8|9•&"+0#BC*F$%8D*+C$&"g*21Jkoo&::(Q4":4'4*"E$"B+,$
G"5$%/+C#"E$"RBE8.#/b8|-#60*/3$"&"r$9F8D*+C$$E6
4":*•$%*"E$"B+,$!
2:$%*"K+%+.$*•$L<?@@@{?@@_R*F$%8D&"gPE$"4":4'4*"E$"B+,$
G"5$%/+C#"E$"Jkoo&::(Q*2#$%9f$"47.4'445$%*6*"#V4 @@
*L$%€w‚!L<?@@_R*F$%8D&"g$E6/D+B]+4'445$%*6U @@(Eza&zc R„
*2+>#*2:$%G"+8D*+C$(Y[$%*"YS$%4":I*2#$%9f$"47.4'445$%*6
*"#V4$"b<$E6(E*2,$MRy*2+>#J:2$tƒo226$*o2$.*+:$.(.$PI%.$
88:4+.*o8?@@^Aƒ+$.$4+.(oB+olIzo4#*+Bo.(.26.*.9.8oQ!L<?@@^R8D
*+C$(Y[$%*"YS$%*2#$%9f$"47.4'44"7*34"47.4'445$%*6*"#V4
 @@(EM@@!@@@*2:$%G"+&"g4":4'4*"E$"B+,$G"5$%/+C#
"E$"(E _y!@@@JI%.$88:4+.*o8R?@@^Q!:$8D$E6*2:$%4'4$L<*+0&
*"o:?@@„BE?@ @*Y[$%T$%(EMM@!@@@BE?@@!@@@J?@ Q!
C4"0/V/†+$%V/D+B]+IR*"o:*"K+%+.$R(Y[$%*"YS$%4":4'4I47.
y@{ @@45$%*6$+,<60*(]$$"a*#8*2.(+./†*L$%(,$*•$L< „„w/0$
?@@_B]+*D4/Vw@@‚/†*g$"/0$(O<&"'*!Y[$%*214":I*L$%<O$"
$"a**•%+v.*")&$+,$ „„@/0$$L<?@@@RG":1$% w‚t$L</†*g$"(O<
&"'*/D+B]+ @@BE €‚/D+B]+Uy@!•$L<?@@@/0$?@@_R<T4
*L$%*2#$%9f$""E$%$L<4~$€‚/D+B]+ @@!•$L<?@@€{?@@_BE
?@@^{?@@„R*F$%4"+*214":I47.Uw@@%+1<R/L49+>*/D+B]+4'445$%
*6*2:$% @@R<T4(Y[$%*214":I*2:$%%+.+/:O$?$L<$E6%+1<

*"e4*0 €‚t$L<!2:$%$L<?@@^{?@@„R*F$%*+C$(Y[$%*"YS$%4":4'4
I47.?@45$%*6(]$$"a*#8*2.(+.*Y[$%/Y[$%_R?*2+>#R*Y[$%
/Y[$% @(s$<T4(Y[$%*2#$%9f$"!Y[$%*"YS$%47.4'4I*"#V4?@
45$%*6G0*+0&4"c9i$%?twJ%s$MR_*2+>#Q!2:$%G"+/bR45$%*6$"•
$"a**2:$%*F$%8D?@@@45$%*6$+,<60**2,$#8*2.(+.4"c*2#$%9f$"
?€@!@@@!T4(Y[$%*"YS$%4h$%G"'4$".#%+v.4'4$%E$"G"'4$".#R
*2:$%G"+/b4.:$"a*(E$%E$"$%r$"E$%RB+Œ$*"5$%R*+,#P\$%BE*"a&$"a*
(E*2:$%$%E$"45$%$%">*"5$%*+$BE/+>$(e4J2:P#4*+B+*6:<<+88+:$
?@@„Q!
T4*L$%(Y[$%*"YS$%4":4'4I4~$*L$%4.:"[$*D4/V*L$%(Z+$"#)$
47.4'445$%*6*2:$%%s$".+*")&G•R/m49+>*/D+B]+4'445$%*64b-#6<5
(]$!T4*L$%$E64"760#(E4'4G":1$*"YS$%*O:/V$%(e4R/m49+>*(E4'4
G":1$*"YS$%PE+"O$R*L$%%a&w(s$*•$L<?@@M/0$?@@_!#6B)6R*•
$L<?@@_*2S/+R4'4G":1$*"YS$%PE+"O$/†%+1<?y‚t$L<BE*"YS$%
$%W$"O$*")<4"g4~$%+1<$"+C#"[$!:B]+<T4(Y[$%*2#$%9f$"47.
$%YK+(.:/V$%R4"+*214":I47.4'445$%*6 @@4.:%a&?@(s$*2:$%
$L< „„^BE%a&M@(s$*2:$%$L<?@@^J2:P#4*+B+*6:<<+88+:$?@@„Q!
+>4*L$%<T44"+*214":I47.4'445$%*6$+,<60*47.#8*2.(+.4b*"H(d
%+1+P:<V*8D$%#6,$$"r$8.#=e&"'**2+H$47.*:E$4s#"b.G"+0$4":
-#6<547.*"3*2YK$%*E+4"g$"#8*2.(+.*2S$,$(]$<O$""[$R-#6<547.
4'445$%*64h$%*L$%(,$!e4O$"*2.$"P+Œ$2.<O$"<|"[$R4'445$%*6
4s$*"#"n*4'4$"E/+C#"E$"*E+$L$%R4bG+$"$%"+><9i$%<T4*"#$")&
$%E64E$%4.:"[$!m*G"'4R(E$8b$%$")&G"Ž#4'4$"E-#1$(d47.q
4h$%P`$/0$*2E:(Y#*21(Y[$%*"YS$%G+H#q4h$%(.$8.$%#8*2.(+.RB]+
<T44"+*214.:!#6B)6R/0$$.6R<T44"+*214":4'4I47.#8*2.(+.B`$
*"a&"[$qBE%s$9i$%4"r#•#J2:P#4*+B+*6:<<+88+:$?@@„Q!
C4[4a#(Y[$%*"YS$%R4b*"H$")$*"a68e*".6/F+2u2>*S4'445$%*6
$+,<60**2,$#8*2.(+.*•%+v.*")&$+,$ „„@/0$$.6!•$L< „„@R
"s#"0*4'4$"E/+C#"E$"/YZ44"+*21<T4(Y[$%4D/3$"4V$%B]+<V*8D
G":1$45$%*'4&"g!"o:26%o2J „„„QR*•$L< „^^/0$ „„€R*"YS$%4"c

4"+0<PY]+ @‚4'4G":1$4"+*21!0$4#D+$"v$%$L< „„@R*•(>$E6*L$%
(,$?@{wy‚!0$$%E6$.6R4"+*214":4'4$"E/+C#"E$"&"s$(]$(E*"YS$%
J*"YS$%*+C$<m*$%W$"O$BE4'4G":1$*"YS$%PE+"O$Q!2:$%$L<?@@^{
?@@„R%s$<V*$….4'445$%*6Uw@@*214":4'4IPY]+PO$%*"YS$%(E
4"g$"J91$%?Q!
Bảng 2: Cơ cấu chế độ đãi ngộ cho Ban điều hành của ASX300
 Giai
đoạn
Đơn vị CEO Thành viên Ban
điều hành (không
phải CEO)
   Cơ
bản
STI LTI Cơ
bản
STI LTI
Giá trị
TB
?@@w{
@M
•@@@J*"o:$L<
?@@„Q
w?M €€^ ?wy €_M ??y „_
 ?@@€{
@_
•@@@J*"o:$L<
?@@„Q
?@M @w^ _^? y^ M?w ?„„
 ?@@^{
@„

•@@@J*"o:$L<
?@@„Q
„M y^w y„M yyM ?@w ?@^
Tỷ
trọng
?@@w{
@M
‚ y„ w@ €_ ?w @
 ?@@€{
@_
‚ M@ ?M w€ My w? ?w
 ?@@^{
@„
‚ y@ ?y ?y y_ ? ??
=8":2**o2<+$4o$*+BoJ"+*21$%W$"O$Q
=(:$%*o2<+$4o$*+Bo.$Po-#+*69.8o+$4o$*+BoJ4"+*21PE+"O$BE(+,$
-#.$/0$4F&"+0#Q
%#;$=2:P#4*+B+*6:<<+88+:$?@@„
"o:91$%?R(Y[$%4[91$47.IBE4'4*"E$"B+,$.$/+C#"E$"/C#
4"+0<G":1$%<V*$….*F$%(Y[$%*"YS$%R*2:$%G"+4'4G":1$*"YS$%PE+
"O$4bz#"Y]$%*L$%*•*2j$%R/0$%+.+/:O$?@@^{?@@„/O*<T4%s$$%.$%
9i$%B]+4'4G":1$*"YS$%$%W$"O$!
"YB)6RBC4"0/V/†+$%VR4'445$%*6$+,<60*47.#8*2.(+.4h$%2a*4"n
*2j$%/0$4"0/V/†+$%V4":BE.$/+C#"E$"!'4G":1$(Y[$%
*"YS$%PE$"4":.$/+C#"E$"$%E64E$%*L$%*"o:*"K+%+.$!C4[4a#4'4
G":1$(Y[$%*"YS$%R*"YS$%PE+"O$BE(+,$-#.$/0$4F&"+0#$%E64E$%
%+.*L$%$"i<G"#60$G"g4"4'4*"E$"B+,$.$/+C#"E$"%W$9bBE4.<G0*
PE+"O$B]+45$%*6"[$!m4P\G"5$%&"1+*a*414'4G":1$(Y[$%*"YS$%
/C#4b*'4PN$%(E<*L$%"+>#-#1":O*/V$%47.P:.$"$%"+>&R<V*8D
$%"+,$4T#/†4"c2.2i$%RB+>4*L$%<T4(Y[$%*"YS$%47.?@@45$%*6$+,<

60*(]$$"a*#8*2.(+.*2:$%*"K+%+.$?@$L<-#.4b<D+(+,$">*#60$*g$"
B]+"+>#-#1G+$"P:.$"47.45$%*6J2:P#4*+B+*6:<<+88+:$R?@@„Q!:B]+
4'445$%*6$+,<60*4b4\$%-#6<5BD$"b.*"3*2YK$%47.:.‹R<T4
(Y[$%*"YS$%47.4'4I#8*2.(+.*"a&"[$G"'$"+C#R*#6$"+,$R8eG"'4
9+>*$E6(O+G"5$%(]$/D+B]+4'4P:.$"$%"+>&*2:$%$%E$"*E+4"g$"!
2.5.Đánh giá chung
>*"D$%-#1$*2345$%*647.#8*2.(+./YZ4/'$"%+'(E*D**"TM*2,$*"0
%+]+BE*"T$"a**2:$%G"#Be4J:<<:$lo.(*":k#8*2.(+.R?@@„Q!"g$"Bf
B)6R$"v$%*"E$"*e#<E">*"D$%-#1$*2345$%*6/O*/YZ4(EG"'2u2E$%!
"v$%*"E$"*e#4"760#/b(E=
{5"f$"-#1$*2345$%*6*+,$*+0$R4b8e&"r$/3$"2u2E$%%+v.4"78S
"v#BE$"E-#1$(dRP:/bR/~+"•+*g$"/V4()&4.:R*2'4"$"+><47.BE
9.$/+C#"E$"4.:!+C#$E6*"H"+>$S8e*'4"9+>*%+v."7*34""V+/;$%
-#1$*23BEF$%%+'</D4/+C#"E$"JIQR8D(YZ$%*"E$"B+,$/V4
()&4"+0<*•*2j$%(]$*2:$%R4h$%$"Y*"E$"&"s$47.4'4*+H#9.$
*2:$%4h$%<.$%*g$"/V4()&4.:!
{e/.PO$%"b.*2:$%*"E$"&"s$47.#8*2.(+.4h$%/O*/YZ4
$"v$%9Y]4*+0$2u2>*G"+8D(YZ$%*"E$"B+,$$vR/m49+>*S4'4B3*2g4"7
4"D*%+.*L$%/'$%GH*2:$%*"K+%+.$%s$/r6!
{+>445$%9DBE<+$"9O4"*"5$%*+$/YZ4*#r$*"7*D*!
! Bài học kinh nghiệm rút ra về quản trị công ty đối với các công ty
niêm yết ở Việt Nam
3.1Nâng cao tính độc lập của thành viên HĐQT
"Y/†/C4)&S*2,$RG"'+$+><*"E$"B+,$/V4()&4"Y./YZ44"n
*2j$%*2:$%4'4-#6/3$"(#)*&"'&+>*.<4h$%$"Y*2:$%*"e4*+Œ$":O*
/V$%-#1$*2345$%*647.4'4P:.$"$%"+>&!:/bR4"Y.4b<V*/'$"%+'
*"a#/':BC*g$"/V4()&47.*"E$"B+,$!+>4"+H#9+0*BCG"'+$+><4'4
*"E$"B+,$‡/V4()&ˆBEB.+*2~47."j*2:$%B]+*Y4'4"(E/D+*2j$%
47.4'44F/5$%$W<-#6C$G+H<8:'*4"Y./YZ4"+H#<V*4'4"2u2E$%!"o:
*"5$%(>*D*$"a*RG"'+$+><‡/V4()&ˆ/~+"•+4b<V**•(>$"a*/3$"4'4*"E$"

B+,$R*"5$%*"YK$%(E tw*2S(,$8D(YZ$%*"E$"B+,$&"1+‡/V4
()&ˆR$%"Š.(E*"E$"B+,$/b4b$L$%(e4*2:$%B+>4/'$"%+'2u2E$%BEG"'4"
-#.$*O+<j+*"K+/+H<!H/V4()&R*"E$"B+,$$E6G"5$%/YZ4(E4F/5$%
4"g$"":m44F/5$%$W<-#6C$G+H<8:'*47.45$%*6R".6G"5$%4b<D+-#.$
">*"r$*"+0*B]+$"v$%4F/5$%$"YB)6AG"5$%(E<B+>44":45$%*6*2:$%
B~$%y$L<*2S(O+/r6AG"5$%(+,$-#.$/0$45$%*6".6*YBa$47.45$%*6R
4'49,$4b(+,$-#.$":m4(E<V*$"E4#$%T$%4":45$%*6AG"5$%&"1+(E
G+H<*:'$/V4()&47.45$%*6*2:$%y$L<*2S(O+/r6!~$4b$"+C#*+,#4"g
BC*g$"/V4()&R$"Y$%/r64"c(E4'4*+,#4"g*+,#9+H#!E*"E$"B+,$G"5$%
/+C#"E$"47.G"5$%$"a**"+0*4b$%"Š.(E*"E$"B+,$/V4()&!
:/bR4[-#.$-#1$(d4s$/Y.2./3$"$%"Š.*"E$"B+,$‡/V4()&ˆR&"r$9+>*
"jB]+4'4*"E$"B+,$G"5$%/+C#"E$"R*L$%4YK$%B.+*2~47.(Z+g4"47.
*"E$"B+,$/V4()&BE6,#4s#*•(>‚*"E$"B+,$/V4()&47.R*"5$%
*"YK$%9i$% tw-#6<5!%:E+2.R4'44[-#.$-#1$(d4s$6,#4s#
4"T$%*"e447.4'445$%*6G+H<*:'$BC*g$"/V4()&BE*L$%4YK$%B.+*2~
47.4'4G+H<*:'$B+,$!
3.2Nâng cao tính đa dạng trong HĐQT
e/.PO$%*2:$%*"E$"&"s$/YZ4G"#60$G"g4"*2:$%4'4*"5$%(>
-#1$*2345$%*6*D*Bf/YZ4zo<(E(E<%+1<27+2:‡*YP#6$"b<ˆBE*L$%
4YK$%*g$"&"1$9+>$47.R"7*34"BEt".6$"b<4'$9V/+C#"E$"4.:
4a&RP:/b$r$%4.:*2'4"$"+><47.!e/.PO$%$E6G"5$%4"c(+,$
-#.$/0$B+>4*".<%+.47.4'4*"E$"B+,$$v%+]+<E4~$(+,$-#.$
/0$8e/.PO$%BCG+$"$%"+><RGq$L$%R/V*#F+X47.!+>4/.PO$%
"b.*"E$"&"s$/YZ44"n*2j$%*2:$%*•4a&-#1$(d"E$Y]44h$%
$"Y4'44[-#.$/+C#"E$"*"3*2YK$%4"T$%G":'$47.#8*2.(+.!V+/;$%
#1$*2345$%*6#8*2.(+.4~$/Y.2.<V*<N42+,$%/H"Y]$%P`$4'445$%
*6*"e4"+>$/.PO$%"b.*"E$"&"s$/;$%*"K+4#$%4a&*"5$%*+$4'4
4DBa$/H*2+H$G".+B+>4$E6/YZ4"+>#-#1!.PO$%"b.4h$%/YZ4-#6/3$"
4"+*+0**2:$%V$%#6,$*W4#1$*2345$%*647.UBEG"#60$G"g4"4'4
45$%*6$+,<60**"e4"+>$!

3.3Đưa nội dung báo cáo quản trị công ty trở thành một nội dung bắt
buộc trong báo cáo thường niên
H$r$%4.:$")$*"T447.4'445$%*6$+,<60*BCB.+*2~47.-#1$*2345$%
*6/;$%*"K+/1<91:B+>4<+$"9O4"BE45$%9D*"5$%*+$(+,$-#.$/0$-#1$
*2345$%*6R4s$"Y]$%P`$4'445$%*6$E6/Y.$V+P#$%45$%9D*"5$%*+$BC
-#1$*2345$%*6BE:9':4':*"YK$%$+,$*"E$"<V*6,#4s#9W*9#V4/;$%
*"K*2f$"9E6*"E$"<V*<N42+,$%9+>*!O++>*.<R$V+P#$%9':4':-#1$
*2345$%*64h$%/†<V*&"s$$E:*2f$"9E6*2:$%4'49':4':*"YK$%$+,$R
*#6$"+,$G"5$%*)&*2#$%BE:<V*<N42+,$%BE4"760#4#$%4a&*"5$%*+$
8[(YZ4BC<5"f$"-#1$*2345$%*6*2:$%45$%*6R*"5$%*+$BC*•(>8S"v#
47.4'44F/5$%!'4*"5$%*+$4~$(O+(+,$-#.$/0$45$%9D*"5$%*+$BC-#1$
*2345$%*6G"5$%4b":m42a*8[8E+!
"g$"BfB)6R9':4':-#1$*2345$%*6*2:$%9':4':*"YK$%$+,$4s$9.:
%;<41G":1$<N4$"Y8.#=
{5"f$"-#1$*2345$%*6R4"T4$L$%$"+><BN47.R4'4*+H#9.$
*2e4*"#V4RIR.$/+C#"E$"!
{+]+*"+>#BC4'4*"E$"B+,$JG+$"$%"+><RGq$L$%QBE%"+2u*"E$"
B+,$4b*".<%+./+C#"E$"R/V4()&".6G"5$%R4'4"*"T4/'$"%+'"+>#
-#1":O*/V$%47.4'4*"E$"B+,$BE.$/+C#"E$"
{:O*/V$%47.*2:$%$L<-#.
{[4"0z}**"\(.:4":BE.$/+C#"E$"R4"+*+0**"\(.:4":4'4
*"E$"B+,$
{'44"g$"8'4"(+,$-#.$/0$%+.:P34"4"T$%G":'$R45$%9D*"5$%*+$
{+>4*"e4"+>$/.PO$%"b.*2:$%45$%*6R*f$""f$"-#1$(d27+2:
{V*+,#4"#Ž$/O:/T4*2:$%45$%*6BEB+>4*"e4"+>$
{+>4%+1+-#60*z#$%/V*(Z+g4"*2:$%45$%*6
{#6/3$"(+,$-#.$/0$B+>4*".<%+.47.4F/5$%
{'4-#6/3$"BE*"e4*+Œ$(+,$-#.$/0$&"'**2+H$9C$Bv$%BE*2'4"
$"+><z†"V+!
]+4'4G":1$<N4*2,$R9':4':*"YK$%$+,$8|9.:%;<41*"5$%*+$

(+,$-#.$/0$-#1$*2345$%*6<V*4'4"*:E$P+>$R4#$%4a&<V*9T4*2.$"
*F$%*"HBE4"+*+0*BC*f$""f$"-#1$*2345$%*64h$%$"YG0*-#1":O*/V$%
47.R4'4*+H#9.$R.$/+C#"E$"*2:$%$L<*E+4"g$"/†-#.!•/bR
$"E/s#*YBE4'49,$4b-#6C$(Z+(+,$-#.$4"c4s$/j49':4':*"YK$%$+,$
(E4b*"H/'$"%+'/YZ4*f$""f$"-#1$*2345$%*6<EG"5$%4s$*",<<V*
9':4':$E:G"'4!D+B]+$"v$%$V+P#$%G"5$%9W*9#V4*"e4"+>$R4'445$%
*68|*2f$"9E6$%#6,$$"r$*O+8.:G"5$%'&PN$%*"o:$%#6,$*W4‡+k$:*R
l"6$:*ˆ/H4'4$"E/s#*Y4b*"H/'$"%+'G"'4"-#.$"[$BC*"e4*+Œ$-#1$
*2345$%*6!r64h$%(E<V**2:$%$"v$%$V+P#$%<E4'445$%*6$+,<60*
#8*2.(+.*"e4"+>$G"'*D*<EP:.$"$%"+>&+>*.<4b*"H"j4*)&!
Kết luận
>*"D$%-#1$*2345$%*647.#8*2.(+.(E<V**2:$%">*"D$%*+,$*+0$"E$%
/s#*2,$*"0%+]+RB]+G"'$"+C#Y#/+H<$"Y"+>#-#1":O*/V$%47.R
B+>445$%9DBE<+$"9O4"*"5$%*+$RB+>4zr6Pe$%<V*4"0/V*"\(.:&"\
"Z&4b*'4PN$%*O:/V$%(e44":8e&"'**2+H$47.P:.$"$%"+>&RB+>4-#1$
(d27+2:"+>#-#14h$%$"Y4'4Ba$/C/1<91:(Z+g4"4":4'44F/5$%BE4'4
9,$4b(Z+g4"(+,$-#.$!L$4T*2,$*"e4*2O$%&"'**2+H$-#1$*2345$%*6*O+
+>*.<R$"v$%G+$"$%"+><BC-#1$*2345$%*647.#8*2.(+.R*'4%+1/†2n*
2.$"v$%9E+"j4<E4'44[-#.$-#1$(d"E$Y]44h$%$"Y4'445$%*6
*"#V4G"#Be4G+$"*0*Y$"r$4b*"H"j4*)&/H&"'**2+H$">*"D$%-#1$*23
45$%*6<V*4'4""+>#-#1BE(E$"<O$"R*2:$%/b*)&*2#$%BE:B+>4&"'*
"#6B.+*2~BE"+>#-#1":O*/V$%47.4h$%$"YB+>445$%G".+R<+$"
9O4"*"5$%*+$BC-#1$*2345$%*6*2:$%P:.$"$%"+>&R4h$%(E".+/+H<60#
"+>$$.647.4'4P:.$"$%"+>&+>*.<!

Tài liệu tham khảo:
! Jl+*"+8Go*2+48QR?@@„R:.2P:<&:8+*+:$.$P:$ozo4#*+Bo
+2o4*:2.6+$*"o:& @@:<&.$+o8=?@@^!
?! (.$  +%$.<R  +4".o(  .(.$+8R  ?@@yR  #8*2.(+.  $8+Po{:#*=  "o
4:2&:2.*o  %:Bo2$.$4o  868*o<  :k  *"o  #8*2.(+.$  (+8*oP

<.2Go*Ro(9:#2$o$+Bo28+*6.loB+ol!
w! UR  ?@ @R:2&:2.*o :Bo2$.$4o 2+$4+&(o8 .$P o4:<<o$P.*+:$8
l+*"?@ @<o$P<o$*8!
M! UR  ?@ R $.(68+8:k:2&:2.*o:Bo2$.$4o +84(:8#2o8 +$ $$#.(
o&:2*8k:26o.2o$PoPw@‘#$o?@ @!
y! :<<:$lo.(*"  :k  #8*2.(+.R  #8*2.(+.$  ƒ+$.$4+.(  o$*2o  ƒ:2#<R
#8*2.(+..8.ƒ+$.$4+.(o$*2o=#+(P+$%:$#2*2o$%*"8R:Bo<9o2
?@@„!
€! I%.$88:4+.*o?@@^RIIUIIII

  R"**&=ttlll!&4!%:B!.#t’’P.*.t.88o*8t&Pk’“+(ot@@@Mt„ M@
^t8#9 @y!&Pk
_! IxR?@@yR"2oo<:Po(8:k4:2&:2.*o%:Bo2$.$4o!
^! 2.$*  ":2*:$R  ?@ ?R  :2&:2.*o  :Bo2$.$4o  o&:2*+$%  oB+ol
?@ ?Rlll!%2.$**":2$*:$!4:<!.#
„! ‘o$$+ko2!+((R?@ @R"o24"+*o4*#2o:k:2&:2.*o:Bo2$.$4o+$
#8*2.(+.  {:2&:2.*o  :Bo2$.$4o  {  .*+:$.(  o&:2*=  #8*2.(+.R
I#2:&o.$:2&:2.*o:Bo2$.$4o$8*+*#*oJIQR.lx:2G+$%.&o2
:! €Mt?@ @!
@!:2$tƒo226$*o2$.*+:$.(Jl+*"I%.$88:4+.*o8QR?@@^R:.2P:k+2o4*:28
*#P6=#8*2.(+..$Pol”o.(.$P!
!26%o2R  !  „„„R  2+B.*o  o4*:2  Izo4#*+Bo  .(.2+o8R
lll!.&"!%:B!.#t(+92.26t
&#98tt „„^{„„t„„2$?M!"*<J.44o88oP _‘#(6?@@„Q!
?!2:P#4*+B+*6  :<<+88+:$  ?@@„R  Izo4#*+Bo  o<#$o2.*+:$  +$  #8*2.(+.R
o&:2*:!M„Rƒ+$.($-#+26o&:2*Ro(9:#2$o!
w!o9o44.  2:l$  .$P  #o  :2%o$8R  ?@@„R  :2&:2.*o  %:Bo2$.$4o  .$P
“+$.$4+.(&o2k:2<.$4o+$.$#8*2.(+.4:$*oz*!
M!#8.$:$l.6R?@ ?R#+Po(+$o8k:2:2&:2.*o:Bo2$.$4o+84(:8#2op
.2o #8*2.(+.$ (+8*oP 4:<&.$+o8 4:$k:2<+$%• R‘:#2$.( :k *"o 8+.{.4+“+4

o$*2ok:2I$B+2:$<o$*.(44:#$*.9+(+*6R:(! ^R:! R.24"?@ ?