FLC Founder Trinh Van Quyet Not on 2026-2030 Board Nominee List

Overview

FLC Group (FLC) held an extraordinary general meeting (EGM) on May 27, 2026, where founder Trinh Van Quyet addressed shareholders but was not included in the proposed board of directors for the 2026-2030 term. The company stated that Quyet’s return to the board depends on his personal decision and shareholder approval, while FLC transitions to a holding model.

Key Facts

• FLC held an extraordinary shareholder meeting on May 27, 2026, at The West building, 256 Cau Giay, Hanoi.
• Founder Trinh Van Quyet appeared and spoke at the meeting, expressing hope for continued shareholder support.
• The proposed board for the 2026-2030 term includes five members: Vu Anh Tuan, Nguyen Thanh Tung, Trinh Van Nam, Do Thi Hai Yen, and Phung Thi Thu Thao.
• Trinh Van Quyet is not among the nominees for the new board.
• FLC stated that Quyet’s return to the board depends on his personal decision and requires shareholder approval.
• FLC plans to transition to a holding model, with Quyet expected to be part of the FLC Holdings ecosystem.
• The company was previously delisted from public company status due to delayed financial reporting and disclosure obligations.

What Happened

FLC Group convened an extraordinary general meeting on May 27, 2026, at The West building in Hanoi. Founder Trinh Van Quyet opened the meeting with a speech urging shareholders to continue supporting the group’s recovery and growth. However, the meeting materials distributed to shareholders listed five nominees for the 2026-2030 board of directors, none of whom were Quyet.

During the Q&A session, a shareholder asked whether Quyet would return to the board. The board responded that the current meeting was to elect the new term board, while the previous EGM in 2025 had elected the board for the 2021-2026 term. The board stated that Quyet, as founder, plays a major role in strategic decisions, but his return depends on his personal decision and shareholder approval. The company also announced a transition to a holding model, with Quyset expected to be involved in FLC Holdings.

Market Context

FLC shares last traded at VND 4 on July 25, 2024, with zero volume, reflecting the stock’s suspension from trading. The company has been grappling with regulatory issues, including being stripped of public company status due to non-compliance with disclosure requirements. The EGM comes amid efforts to restart projects and restore investor confidence, but the absence of Quyet from the board nominee list raises questions about the company’s leadership direction.

Strategic Significance

The decision to exclude Quyet from the board, despite his public appearance, suggests a deliberate governance shift. FLC’s move to a holding model may aim to separate ownership from management, potentially addressing past governance concerns. However, Quyet’s continued involvement in the ecosystem indicates he retains influence. For long-term investors, the key question is whether this structure will improve transparency and operational performance, or whether it perpetuates the same control dynamics.

What to Watch

• Shareholder voting results on the proposed board nominees.
• Publication of audited financial statements and timeline for resuming trading.
• Details on the FLC Holdings structure and Quyet’s role within it.
• Progress on Bamboo Airways IPO and other ecosystem developments.
• Regulatory updates on FLC’s reinstatement as a public company.