Coteccons’ Board to get two more foreign members, after two Vietnamese resign

After withdrawing from the board of directors, Cong will continue working as CEO of the company. However, the decision will need approval from shareholders’ during the meeting to be organized on June 30.

The Board of Directors appointed Bolat Duisenov and Herwig Guido H. Van Hove to replace the above positions, increasing the total number of foreign Board members to five out of seven.

Bolat Duisenov, who has 15 years of experience in investment, is currently the General Director of Kusto Vietnam, a member of Kustocem Pte., which holds 17.55% of Coteccons’ stake.

Meanwhile, Herwig Guido H. Van Hove is the General Director of The8th, which holds 10.42% of Coteccons’ share.

The two foreign shareholders have recently complained that some senior executives of the Coteccons have conflicts of interest with member companies and violate the governance principles and pushed for an extraordinary general shareholders’ meetings to change the current Board of Directors.

Current Board of Directors of the company has Talgat Turumbayev, Tan Chin Tiong Yerkin Tatishev, who are foreign members.

After the membership withdrawal of Tran Quyet Thang and Nguyen Sy Cong, the Board has two local members who are Chairman Nguyen Ba Duong and Nguyen Quoc Hiep.   

In the document prepared for the annual general shareholders’ meeting, Coteccons did not include the dismissal of the Board of Directors membership of Chairman Nguyen Ba Duong.

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