Recommendations on the Ingredients of K Snb

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between these two entities in the enterprise. On the other hand, in state-owned enterprises with state capital, the normal decisions of the Board of Directors must also go through a very long reporting process, which takes a lot of time and effort. Therefore, it can lead to the opposite effect. In enterprises, the board of directors/board of members often wants to closely control the operations of the executive body, so the company's charter binds many tasks to the board of directors/board of members, with little authority for the executive. Meanwhile, according to the Law on Management and Use of State Capital to Invest in Production and Business at Enterprises, the work belonging to the board of directors and board of members, the representative of the enterprise must ask for the opinion of the owner before voting. Therefore, the time to seek approval from ministries and branches often takes a long time, even 1-2 months after that to implement the work. Thus, it is not suitable for market conditions, directly affecting the business operation of the enterprise.

On the other hand, although there are many documents regulating the obligations and rights of the Supervisory Board, in reality, the Supervisory Board at the listed companies is being controlled by the Board of Directors and the Chairman of the Board of Directors because they are the ones who pay the salary for the Supervisory Board. Therefore, there is no independence in the Board, and all recommendations and supervision are not really effective in the company.

On that basis, the author makes some recommendations:

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- For state-owned enterprises holding more than 50% of capital, the State should only play the role of an introducer. The person holding the executive position should let other shareholders decide. Increase the executive and decision-making power for private individuals and outside shareholders to participate in the board of directors and executive board. State capital is only an investment for the enterprise, not the investor and the person holding the power.

- Create a cultural environment, assign clear responsibilities, emphasize integrity and ethical values.

- The regulations, rules and procedures of K SNB are clearly defined in writing and widely communicated within the enterprise. RR contracts are clearly separated between employees and managers.

- The Board of Supervisors is independent and separates the payment of salaries to the Board of Supervisors from the Board of Directors/Management. The responsibility for inspection and supervision is clearly separated. Periodically, appropriate inspection measures are carried out.

- All transactions must be carried out with appropriate authorization. All employees must comply with the SNB system regulations.

- The 4.0 industrial revolution brings many new opportunities and challenges to enterprises. To improve labor productivity, enterprises need to: focus on investing in technology and high-quality human resources. First, enterprises need to strengthen training and foster professional capacity and necessary skills for simple workers to meet essential needs in production, which is the basis for each worker to assert themselves. At the same time, make the most of the opportunities created by the 4.0 technological revolution. It is necessary to strengthen information and communication work, raise awareness of all enterprises, agencies, society, and workers about the nature. The contents and requirements of the 4.0 Industrial Revolution and its impact on the economy in general and the labor market in particular... Investing in technology is an issue that should be prioritized to improve labor productivity of enterprises.

- To increase labor productivity and business performance, enterprises need to improve working relationships between employees and between employees and unit management levels; Focus on arranging jobs suitable to employees' abilities; Develop policies on salary, benefits and proper management methods, apply welfare and reward regimes, training and promotion, and appropriate appointment...

- To improve the satisfaction of customers, suppliers, and stakeholders, businesses need to: invest in capital and technology. Encourage businesses to use modern communication channels such as: SMS messaging system, Zalo social network, Facebook fanpage, customer service application on smart mobile phones with Android, iOS operating systems... to update important information in a timely manner to interested parties. On the other hand, continuous, multi-dimensional information also helps customers and interested parties understand and become more attached to, and increasingly agree with, the decisions of the business. Strengthen training to improve communication and behavioral skills for staff, always put customers at the center, and take customer satisfaction as the top priority...

To further recommend K SNB, the author goes into the recommendations on the components of K SNB.

5.3.2. Recommendations on the components of the K SNB

Based on the survey and data analysis results, the author makes recommendations for each K SNB factor. The basis for making recommendations for each factor is based on observed variables that satisfy reliability and have a lower average value than the remaining observed variables. According to the results (presented in chapter 4), there are 72 observed variables that satisfy reliability to measure the K SNB factors: MTKS, DGRR, HDKS, TTTT, GS (02 variables were eliminated as not meeting the requirements: RA9.2; RA9.3).

5.3.2.1. KS environment

MTKS plays the role of an independent variable that directly affects the business performance of listed companies on the Vietnam Stock Exchange. According to the quantified survey results, the factor "MTKS" of listed companies on the Vietnam Stock Exchange is determined by 21 observed variables. The statements with a larger number of companies implementing such as: factor CE3.1 "The company has policies and procedures for authorizing and approving transactions at appropriate levels" has the highest rating of 3.67; The remaining statements all have lower mean values (from 3.23-3.62), which are the variables: CE 1.1, CE 1.2, CE 1.4, CE 1.5, CE 2.2, CE 2.3, CE 2.4, CE 2.5, CE 3.1, CE 3.2, CE 3.3, CE 4.1, CE 4.2, CE 4.3,

CE 4.4, CE 5.1, CE5.2, CE5.3

Based on Appendix 5.1, we see that the proportion of DNPTC NY on the Vietnam Stock Exchange choosing "agree" and "strongly agree" in 20 observed variables on MTKS is very low, respectively: CE1.1: 52%; CE1.2: 48.8%; CE1.3: 50.8%; CE1.4: 50%; CE1.5: 54.2%;

CE2.1: 54.8%; CE2.2: 54.1%; CE2.3: 53.8%; CE2.4: 49.2%; CE2.5: 54.4%; CE3.1:

20.5%; CE3.2: 53.5%; CE3.3: 48%; CE4.1: 16.2%; CE4.2: 42.3%; CE4.3: 27.1%;

CE4.4: 54.9%; CE5.1: 52% ; CE5.2: 43.2%; CE 5.3: 36.9%; CE 5.4: 48.6%

From there, we see that the promulgation and dissemination of specific regulations on ethical standards, codes of conduct for employees to understand as well as the issuance of guidelines for implementation at Vietnamese enterprises are still inadequate. At the same time, disciplinary measures issued and implemented for violations of ethical behaviors have not been thoroughly implemented at enterprises. The viewpoint of management style from managers to the RR aspect of the unit is not yet complete and comprehensive. This will greatly affect the identification of KS environments, thereby designing appropriate KS procedures to limit RR. On the other hand, the participation in coordination between departments of enterprises such as the KS board and the Board of Directors in the management of many companies is still limited, mainly the reports of the KS board follow the form or have general opinions on the situation of checking quarterly and annual KS reports. Contributions and recommendations to the Board of Directors or the General Meeting of Shareholders on measures to amend, supplement and improve the management structure and operation of the Company's business operations have not been promptly recommended and corrected.

Besides, the evaluation of the TC structure is mainly carried out one-way from senior managers to departments. In addition, although the NY PTTC enterprises have introduced human resource policies to attract employees. But in reality, the human resource

The instability due to the impact of Covid 19 has significantly affected production and export activities. Affecting the labor force of enterprises. At the same time, the issue of planning, building and developing a successor workforce also needs attention and a methodical strategy needs to be developed. The division of power and responsibility is often unclear, leading to employees not being able to clearly understand their tasks and not being able to promote their capacity and qualities in their work.

From the above results, the author proposes the following recommendations:

First, regarding the commitment to the company's integrity and ethical values: Enterprises must issue and have specific instructions and clearly announce the code of conduct and ethics in written meetings. Company members as well as the Board of Directors must comply with ethics, laws, and the company's code of conduct. In particular, through daily meetings and meetings, the Board of Directors regularly disseminates knowledge about integrity and ethical values to employees. Regarding conflicts of interest that may occur such as: employees violating ethical principles or problems arising with suppliers, customers and other subjects, the Board of Directors must investigate the causes and take timely measures to handle them. Enterprises must also have policies that encourage individuals and organizations to report unethical and illegal behavior, and that managers should encourage employees to talk to managers and other individuals when they have suspicions, and reward and discipline the right people.

Second, regarding the organizational structure and management style of the board of directors: The capacity and moral qualities of managers have a great influence on the effectiveness of the internal control system and business performance, especially for listed companies on the Vietnam Stock Exchange. To improve the internal control system of enterprises, first of all, the Board of Directors must always pay attention to and attach importance to the design and implementation of internal control systems. The organizational structure of an enterprise must be appropriate to the scale, environment, business activities and geographical location of the business unit. Implement regulations to monitor and supervise fully the decentralized and stratified activities and ensure that all arising transactions are approved by appropriate management staff.

Third, regarding the division of power and responsibility: the observation variable 3.1 " The enterprise has policies and procedures for the authorization and approval of operations at appropriate levels " was selected by enterprises as "agree" and "strongly agree" accounting for 79.5%. This rate is very high >50%, meaning that in the enterprise there are still some officers and employees who have not been assigned appropriate jobs related to their work. To improve HQ

Business registration and enterprises must have policies and procedures for authorizing and approving operations at appropriate levels. There must be regular supervision and appropriate inspection of operations delegated to employees. Communicate and improve professional skills for employees so that employees can clearly understand their responsibilities and can promote their capacity and qualities in their work.

Fourth, commitment to the capacity and qualifications of employees : the observed variables CE4.1, CE4.2, CE4.3 were selected by the enterprise as "agree" and "strongly agree" with a high percentage of >50%. This shows that employees in the unit have not been cared for and assigned work that is appropriate to their capacity and qualifications. To improve this situation, and enhance business performance while creating confidence for employees to continue working and contributing long-term, and promoting their capacity, the Board of Directors and the enterprise need to: specify/describe the requirements for skills and qualifications for each employee position; must pay attention to the qualifications and competencies of employees when recruited; the enterprise needs to issue comprehensive policies for employees to attract qualified individuals. At the same time, periodically, enterprises must have timely measures to deal with employees who are not competent or have poor competence such as: providing training, retraining, sending employees to study to improve their qualifications, participating in specialized training courses, etc.

Fifth, human resource policies and practices : the observed variables CE 5.1, CE 5.2, CE 5.3, CE 5.4 were selected by the enterprise as “agree” and “strongly agree” with a high rate of >50%. The enterprise’s human resource policies have not been fully utilized. To improve the enterprise’s business performance, the board of directors and the enterprise need to: Regulate reporting responsibilities through establishing a TC structure, clearly defining responsibilities and authorities; The enterprise must issue policies and standards for recruitment, training, evaluation, promotion, reward, and dismissal of employees that are appropriate and clear. Evaluation and classification must be discussed and responded to each individual specifically and in detail and reviewed periodically and more frequently.

5.3.2.2. RR assessment

Risk assessment is a factor affecting the company's business performance. Therefore, to improve business performance, the author recommends some solutions related to risk assessment as follows:

According to the survey results, 13 observed variables met the requirements (variables KS RA9.2 and RA9.3 did not meet the requirements). The highly rated observed variable was RA7.1 " The Board of Directors fully assessed and recorded RR when making important decisions".

important (starting new projects or products, building strategic plans, investment plans ” 3.72 and RA8.2 “ Assessing the risk of fraud through reviewing incentive policies and pressures that employees in the company are subject to ” the average is 3.69. The remaining observed variables all have low average values from 3.12-3.66.

Based on Appendix 5.2, we see that the proportion of listed companies on the Vietnam Stock Exchange choosing “agree” and “strongly agree” in 13 observed variables on RR assessment is very low <50% respectively: RA6.1: 43.9%; RA6.2: 40.9%; RA6.4: 43.5%; RA8.1: 40.1%; RA8.3:

48.9%; RA8.4: 41.5%

That means that the construction and dissemination of the business risk assessment process related to the TC report including risk assessment, estimation of the level of impact, the possibility of actions, ... still have many shortcomings. The company's monitoring systems have not yet promoted HQ, there are still potential risks. Moreover, the assessment of fraud risks through reviewing incentive policies, the pressures that employees in the company have to endure is still weak. This proves that risk assessment in enterprises has not been given comprehensive attention.

The observed variables selected by the enterprise are “agree” and “strongly agree” at high levels.

>50% such as: RA71: 62.1%; RA7.2: 62%; RA7.3: 55.3%; RA7.4: 51.8%; RA7.5:

57.3%; RA6.3: 55.1%; RA8.2: 62.5%; RA9.1: 60.1%.

From there, the author proposes the following recommendations:

Firstly, enterprises must develop a business risk assessment process related to financial statements (including: risk assessment, estimation of impact level, likelihood of occurrence, actions...).

One of the important contents of the GRR is to determine the environment, in addition to determining the general environment of the enterprise, it is necessary to determine the operational environment and financial environment appropriate to the scale and complexity of the enterprise. On the other hand, the company must build a monitoring system to determine the potential risks of the company in order to have timely measures to handle them during the production and business process. The Board of Directors must also regularly and encourage individuals and financial organizations to report events to determine the corresponding risks during the operation process.

Second , enterprises must identify and analyze different risks that affect business, including: progress risks, revenue and profit risks, contract risks, etc. Therefore, the board of directors must fully evaluate and record risks when making important decisions (starting new projects or products, developing strategic plans, investment plans) and have measures to prevent and overcome risks.

throughout the business operations of the enterprise. Assessing and analyzing the risk of fraud through reviewing incentive policies and the pressures that employees in the company have to endure. At the same time, it is necessary to consider and make appropriate decisions when risks may occur.

5.3.2.3. Contract

From the results in Chapter 4, we see that the control activity is a factor affecting the company's business performance. Therefore, to improve the business performance, the author proposes some solutions related to the control activity as follows:

According to the survey results, there are 15 observed variables that satisfy the reliability requirements. The highly rated observed variable is CA10.2 “Different levels of the unit may have different levels of control” with an average value of 3.13. The remaining variables all have values from 2.6 to 2.92.

Based on Appendix 5.3, we see that the proportion of DNPTC NY on the Vietnam Stock Exchange choosing "agree" and "strongly agree" in 15 observed variables on KS activities is very low.

<50% (lowest is CA10.6: 13.5%). This shows that the enterprise's control activities have not been built in accordance with the enterprise's production and business characteristics. The control stages of the unit's production and business processes are weak, such as: control of environmental pollution, control of supply activities, control of storage activities, payment activities, etc.

Based on these results, the author makes the following recommendations:

Firstly, enterprises must establish control activities on a selective basis to suitably minimize risks and achieve objectives. Specifically:

- Enterprises must combine with risk assessment activities to minimize business risks and achieve set targets.

- The business plan must be reviewed and developed in accordance with the business characteristics of the enterprise.

- The production and business processes of an enterprise must be strictly controlled. In particular, different levels of the unit may have different levels of control.

- Periodically, the Board of Directors checks the work performed by the departments related to production and business. At the same time, review whether the assignment of responsibilities has been carried out according to the principle of non-concurrent holding of positions. If not, timely measures must be taken to correct and adjust.

suitable to the production and business characteristics of the unit.

Second, Selection and Development is a measure of KS through the use of information technology in KS activities.

In the era of technology 4.0, to survive and develop, the company must always focus on using information technology in business and general control procedures in the information technology environment. Along with that, the company must invest in building relevant infrastructure suitable for the company's production activities, establish a security system in the control activities, and use appropriate information technology in the business operation process of the enterprise.

Third , the company must develop the Control Activity through policies and procedures such as: The Board of Directors establishes necessary procedures and policies for quality control, implementing the work of employees, departments, and divisions in the enterprise. The Board of Directors must establish responsibilities for management staff, promptly implement supervision activities, and promptly correct errors in the production and business process of the enterprise. At the same time, it must pay attention to employees with capacity and responsibility in the production and business process. Periodically, the Board of Directors reviews the policies, regimes, and procedures that have been issued.

5.3.2.4. TTVTT

The world is entering the 4.0 technology era, so a big challenge that listed companies on the Vietnamese stock market have to face is handling and managing feedback from customers and investors. If investors have negative experiences with the company's products, they will be able to spread that information to many people. This will damage the reputation and the company's stock price will decrease. With the development of technology, the Internet is now one of the most popular media and the public now has its own voice. Combined with social networks such as Facebook, Zalo, ... each individual can express their opinion about the company's services.

On the other hand, many companies refuse to list because of concerns about the insecurity of information about the company's contracts and policies. If technological secrets or other sensitive information are disclosed or the evaluation is not appropriate, it will cause great losses to the company. Companies with NY shares must submit audited financial reports, have the obligation to fully, accurately and promptly disclose the company's business situation, and comply with the principles of the Ministry of Finance.

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