Regulations on the activities of the Financial Sector Management Council

Circular No. 11/2023/TT-BTC dated February 9, 2023 of the Ministry of Finance guiding the Management Council and standards and conditions for appointment and dismissal of Management Council members in public service units established in the financial sector with specific regulations on the operations of the Management Council.

According to Circular No. 11/2023/TT-BTC, the Management Council operates according to the Organization and Operation Regulations approved by competent authorities.

Regarding working principles, the Management Council implements the principles of collective discussion, democracy, publicity, voting and decisions by majority. In case of equal voting, the decision will be made according to the side with the vote of the Chairman of the Management Board.

The Management Council performs assigned tasks and powers according to its authority. Representative of the superior management agency of the public service unit in the Management Council works on a part-time basis.

Regarding the relationship between the Management Council and the head of the public service unit, the Management Council decides on issues within its authority at the request of the head of the public service unit.

The head of a public service unit is the legal representative of the public service unit, manages and directs the unit’s operations to implement the resolutions of the Management Council and is responsible for the actual results. present the resolution before the Management Council and before the law.

Regarding the relationship between the Management Board and the superior management agency, the Management Council is responsible to the superior management agency and reports to the superior management agency on the results of performing tasks, assigned powers. The superior management agency approves or gives opinions on issues within its authority at the request of the Management Council.

Circular No. 11/2023/TT-BTC also specifically regulates the operating regulations of the Management Council. Accordingly, the Chairman of the Management Council promulgates the Regulations on the operations of the Management Council based on the approved content in the documents establishing the Management Council.

The operating regulations of the Management Council include the following main contents: General regulations; Functions, tasks and powers of the Management Council; Number, structure, and term of the Management Council; Operating mechanism of the Management Council; Duties and powers of members of the Management Council; appoint, supplement, replace, dismiss and discipline members of the Management Council; Working relationship; Other regulations ensure the operations of the Management Council according to the provisions of law.

Circular No. 11/2023/TT-BTC clearly states that in case it is necessary to amend or supplement the operating regulations, the Management Council shall approve the operating regulations of the Management Council and request comments from competent authorities. Establish a Management Council before deciding to issue it.

Regarding the Board of Management meeting regime, the Board of Management meets at least once every 3 months and holds extraordinary meetings when there is a written request of more than 30% of the total members of the Board of Management or the request of the Chairman. Management council, head of public service unit. A meeting of the Management Board is considered valid when at least 2/3 of the board members attend.

The resolution of the Management Board is passed when more than 50% of the total number of members on the list of the Management Board agree. Meetings must be recorded in minutes, with comments and signatures of attending members.

In case a meeting is not held, written opinions of all members of the Management Board must be obtained to reach a consensus on the resolution. The Chairman of the Management Council signs and promulgates the resolution and sends it to Council members and superior management agencies no later than 15 working days from the date of the meeting. The Management Council may use the seal and organizational apparatus of the public service unit to carry out the work of the Management Council.

Regarding authorization to operate the Management Board, when the Chairman of the Management Board cannot work within the period of time prescribed by the organization and operation regulations of the unit, he/she must be responsible for authorization in writing. for the Vice Chairman of the Management Board (if any) or the Secretary of the Management Board to assume the responsibilities of the Chairman of the Management Board. The authorization document must be notified to members of the Management Board, sent to superior management agencies and publicly announced within the unit. Authorization period must not exceed 06 (six) months.

Circular No. 11/2023/TT-BTC stipulates that the remuneration and allowances of members of the Management Council are specifically regulated in the internal quota regulations of public service units.

Regarding the reporting regime of the Management Council, periodically every 06 months or irregularly as required, the Chairman of the Management Council reports to competent authorities on the results and operational efficiency of organizations and public service units. public.

Source Financial magazine.

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