Don Lam and Martin Glynn – non-executive directors of Vina Capital’s Vietnam Opportunity Fund (VOF) – will be stepping down from their position in VOF, the company said in a statement.
Don Lam’s retirement as non-executive director of VOF will not affect his position as CEO of Vina Capital or the operation of the company’s three funds – VinaLand Limited (VNL), VOF and Vietnam Infrastructure Fund (VNI), the statement further added.
This change is in sync with the company’s commitment to increase management quality, legal compliance in investments, asset management of the Vina Capital fund. “Don’s departure will leave the board comprised fully of independent members” – said the company statement.
Lam has served on the board since the company’s inception in 2003 and will continue to have an active role in the management of the company as the CEO of VinaCapital, VOF’s Investment Manager.
Glynn has been a director of the company since 2008. Following his retirement, the representation of non-executive (independent) directors on the board will be reduced from five to four.
“The board would like to express its sincere gratitude to Martin and Don for their significant contributions to the company over the years” – commented by Vina Capital’s chairman Steven Bates.
Lam joined the board of members of VOF when it was established in 2003 with $10 million; the current net asset of VOF are $796.2 million.
According to Vina Capital’s financial report, VOF was in profit in 2014 due to its stake holdings in HoaPhat Group JSC, Kinh Do Corporation, An Giang Plant Protection JSC, DHG Pharma Corp, PetroVietnam. So far, VOF’s investment in the capital market and private companies contribute a large proportion to VOF’s profit.