ANNUAL GENERAL MEETING OF NAFOODS 2020

Nafoods Group Joint Stock Company (NAF) held a Annual General Meeting (AGM) for their Shareholders on May 23, 2020, in Vinh City, Nghe An.

At the AGM, there were 84 shareholders attending the meeting (including 60 shareholders attending directly and 24 attending in the form of authorization), representing 42,058,246 shares. This is equivalent to 94.64% of the total voting shares of the Company.  At 5 pm on the same day, 85 shareholders represent for 42,084,819 shares, accounting for 94.70% of the total voting shares of the Company.

Influenced by COVID -19 epidemic, this year’s AGM was held in 2 forms, directly and indirectly (online). Via online, Nafoods connected with some Board of Directors members who are in America and other remote shareholders easily. This is a new form of organization, the first time it has been deployed, but with careful preparation. The entire conference proceedings are uninterrupted, ensuring the quality of content spoken. In addition, the Organizing Committee also took steps to prevent the spread of Covid-19 epidemic, such as body temperature check and hand sanitizing supervision.

The congress approved: Report on the business results of 2019, the production and business plan for 2020; Operation report for 2019 and plan for 2020; Operation report of the Board of Supervisors in 2019 and operational direction in 2020; Statement of approval of audited Financial Statements 2019; Report on the use of capital raised from the private placement of stocks in 2019 audited and Approved the provision of loans or guarantees to related organizations and individuals; Statement of profit distribution plan in 2019, profit distribution plan for 2020; Statement of profit distribution plan in 2019, profit distribution plan for 2020; Proposal to select an independent auditing unit to audit the financial statements in 2020; Report on the change (adjustment) of the plan for using the capital gained from the private placement of stocks; Statement of the approval of the plan to issue bonus shares under the selected program for employees in 2019; Statement of amendments to the charter; Statement of election of members of the Board of Directors and the Supervisory Board for the term 2020 – 2025 …

According to the audited financial report, in 2019, NAF’s revenue reached: 1,069.74 billion VND, 76% higher than in 2018, exceeding 17% of the plan; Profit after tax reached: 47.92 billion, 19% higher than the previous year to reach 95% of the plan. Specifically, profit distribution plan in 2019 is as follows: Deduction of development investment fund: 20% of profit after tax; Deduction for welfare fund: 5% of profit after tax; Bonus shares for employees (Esop): 75% of profit after tax.

The target of 2020 is 1350 billion dong in revenue. Profit after tax: 66 billion dong. The thorough message of Nafoods from 2018 to now (2020) is: Market initiative, raw materials initiative, financial initiative. Determining the right direction, so before the fluctuations and risks caused by the Covid-19 epidemic, Nafoods is among the Enterprises that are less affected by the disease. Accordingly, the profit distribution plan for 2020 is as follows: Deduction of development investment fund: 30% of profit after tax; Deduction for welfare fund: 5% of profit after tax; Deduction of operating budget of the Board of Directors and the Control Board: maximum 5% of profit after tax.

In the following developments, the meeting held discussions and answered questions from guests attending the meeting. This took place vigorously and the answers of the presidium members were highly appreciated about internal affairs.

Finally, the General Meeting held a vote to unify the direction and work plan for 2020 to be transparent, public, and elect the members of the Board of Directors and the Supervisory Board for the period of 2020 – 2025. The results after voting 100% Shareholders agreed with the 2020 plan approved at the meeting. Also agreed to elect the Board of Directors for the period 2020-2025 including 9 members: Mr. Nguyen Manh Hung, Mr. Dung Tan Trung, Mr. Pham Duy Thai, Mr. Ryan Galloway, Ms. Phan Thi Minh Chau, Mr. Nguyen Tien Chinh, Mr. Nguyen Van Bo, Mr. Johan De Geer, Mr. Johan Nyvene.

The Meeting also completely agreed to elect 3 members: Mr. Ho Quoc Cong, Ms. Nguyen Thi Phuong Hong, Ms. Nguyen Thi Thuy to the Supervisory Board for the term 2020 – 2025.

Congratulations on the success of the meeting, hoping that the new Board of Directors and Supervisory Board, the 2020-2025 term will well perform the assigned tasks and fulfill the great task entrusted by the shareholders.