Hanoi, December 28, 2023
VNIDA Announces the Competency Framework for Independent Directors
Vietnam Independent Directors Association (VNIDA) proudly unveils its inaugural Competency Framework for Independent Directors (the “Competency Framework”), a pioneering initiative aimed at setting professional capacity standards for independent directors in particular and other directors in the boards of directors in general in Vietnam.
Recognizing the pivotal role of professional competencies in shaping the performance of independent directors, VNIDA has meticulously developed the Competency Framework consisting of 20 core competencies. These competencies, categorized into three main groups, including Qualities and Attributes, Knowledge, and Skills, set a new standard for the excellence of an independent director. According to the Competency Framework, a competent Independent Director shall perform his/her actions with excellent Personal Qualities and Attributes, on the foundation of a multidisciplinary Knowledge, and through mastered and well-versed Skills.
The Competency Framework serves not only as a benchmark for the professional competencies of independent directors but also aims to provide a foundation for shareholders to establish credibility and expectations for independent directors. It also serves as a basis for creating appropriate capacity training programs, supporting the career development of independent directors, and enhancing the efficiency of the boards of directors.
VNIDA is privileged to have received professional support from the International Finance Corporation (IFC) and a team of domestic and foreign experts during the development of the Competency Framework. These valuable contributions ensure not only the professional quality of the Competency Framework but also validate its international appropriation.
In addition to VNIDA’s official members, who are committed to continually improving their competencies in line with the Competency Framework, VNIDA encourages stakeholders, shareholders, companies, state agencies, and training institutions to refer to and apply the Competency Framework, thereby jointly contributing to elevating governance standards in Vietnam.
For full details on the Competency Framework, please click here
VNIDA is a professional association for independent directors in Vietnam, with a mission to promote best practices in corporate governance, enhance the value of independent directors, and improve the effectiveness of the board through networking, training, sharing of experiences, and protecting the interests of members to enhance the professionalism, independence, transparency, and integrity of independent directors. For more information, please visit: https://www.vnida.vn/.