Important matters were approved in the meeting included:
- 2011 business results and plan for 2012
- BOD’s performance report in 2011 and plan for 2012
- Supervisory Board’s performance report in 2011 and plan for 2012
- Nominators list to replacing 01 member of the Supervisory Board
- BOD and Supervisory Board’s compensation report
- 2011 financial statement, dividend policy and dividend plan for 2012
- Report on ESOP implementation
- BIC’s restructuring plan and chartered capital raising plan.
According to the CEO’s report, in the context of many difficulties in 2011, BIC still gained 100.5 billion dong pre tax profit, fulfilling the year's plan and the company plans to pay 10 percent dividend in cash. In 2012, BIC plans to achieve pre tax profit of 106 billion dong, rising 5.5 percent from 2011 with dividend payout at 10 percent.
The AGM also agreed to reduce the offering price of shares under the Employees Stock Ownership Plan (ESOP) to 10,000 dong per share from the previously expected price of 13,500 dong each. This adjustment was attributable to the constantly declining stock market during the past time. Therefore, the company's director board decided to adjust the price to 10,000 dong per share to create the motivation for the program.
The AGM also agreed to replace 1 member of the Supervisory Board. Accordingly, Mr Nguyen Thanh Cong, Deputy Head of Finance Division, VINARE will replace Mr Dao Manh Duong from 16 March 2012.
According to BIC 's chairman’s report, BIC will base on the real conditions to decide the suitable time for its restructuring to convert into a holding company-subsidiary model. Accordingly, the BIC Holdings will invest in subsidiaries and associated companies operating in sectors of non-life insurance and life insurance and other fields in line with the law. After the conversion, BIC Holdings' chartered capital will inherit BIC's current chartered capital of 660 billion dong. The roadmap to hike chartered capital will be in 2012-2013 to 850 billion dong and 1.5 trillion dong by 2014-15. BIC Holdings will continue to list on Hochiminh Stock Exchange (HOSE) with the share code of BIC.
BIC Holdings will also convert its existing companies to be subsidiaries namely non-life insurance company (inhering the current business operations of BIC), Lao- Vietnam Insurance Joint Venture Co (LVI) and Cambodia Vietnam Insurance Co (CVI). The restructuring will help BIC attract strategic investors and improve competitiveness in line with the market trends and development tendency in corporate administration. BIC will also study to establish more affiliated companies operating in areas such as life insurance, asset management, insurance brokerage, appraisal, information technology and financial services.