AGM 2026 glossary: Do not take leaders' statements at face value; evaluate with an investor's perspective

The 2026 AGM season is underway. According to Lê Bá Hải Siêu, a governance consultant and independent director (VNIDA), AGMs are not only about reading out revenue, profit, dividends and next year’s plan, but also a forum where the board, management and the company jointly shape shareholders’ perceptions.

Mr. Siêu said that every line spoken on stage is both a response to questions and a signal. The market may interpret these signals into a story, and if shareholders believe it, that story can influence stock prices, shareholders’ patience and the reputations of leadership.

Under game-theory logic, he noted that management has more information than retail investors. As a result, management must issue signals strong enough to reassure shareholders while still leaving room to maneuver if reality does not match what is presented.

Signals, expectation management and governance

Mr. Siêu emphasized that many statements can sound smooth and “well-governed,” but may carry additional meaning. In his view, it is not necessarily about lying; it can reflect how leaders manage expectations, protect reputation and preserve an exit.

“This is a stage for directive statements, signaling, expectation management, and preserving options. The driver always knows more than the retail investor. Management must emit signals strong enough to reassure shareholders, while leaving room to maneuver if reality does not unfold as shown on the screen.” — Mr. Siêu

“Many statements sound smooth, very ‘well-governed,’ but beneath there is another layer of meaning. It’s not necessarily lying. It is speaking in the manner of someone at the wheel, managing expectations, protecting reputation, and preserving an exit.” — Mr. Siêu

Preparedness over speed: lessons from ACB

Among the remarks this year, Mr. Siêu highlighted a comment attributed to ACB Chairman Trần Hùng Huy: “In a world of many changes, the advantage does not belong to those who react fastest but to those who are best prepared.”

Mr. Siêu said this reflects the core of governance rather than merely “dressing up the hall.” He argued that in volatile periods, people often prioritize speed, but speed alone can lead to mistakes.

He said a company’s survivability depends not only on reflexes but also on “preparation,” spanning balance-sheet quality, capital health, risk discipline, clarity of processes, succession capability, board composure, and the number of options considered before a real crisis occurs.

In his view, rapid reaction may win a single move, but good preparation wins across a full cycle. A well-prepared leadership does not sell a narrative of speed; it sells confidence that when a crisis arrives, the company will not lose itself.

“That’s the difference between reactive capacity and resilience. Between apparent agility and true endurance. Between a company that knows how to run and a company that knows how not to fall.” — Mr. Siêu

“A well-prepared company may not always be the fastest-growing one. But when the wind changes, they are often the least likely to be blown away.” — Mr. Siêu

Decoding common leadership language at AGMs

To help investors avoid being misled by glossy wording, Mr. Siêu offered interpretations of phrases commonly used by leaders:

• “We are tightly managing cash flow”: often indicates there is not enough surplus and the company must guard every penny to avoid losing breathing room.
• “Proactive funding”: often suggests the company is about to borrow more or restructure capital, with cash becoming a strategic issue.
• “Optimizing operating costs”: often serves as a euphemism for thinning profit margins and cutting underperforming areas.
• “Prioritizing efficiency over growth”: implies growth is less attractive than before and requires slowing down.
• “Not chasing growth at all costs”: often indicates limited attractive growth opportunities or that the price to pay is too high.
• “This year’s plan is quite challenging”: roughly means lowering expectations early on.
• “Macro conditions remain volatile”: a classic line to keep an exit door open if future results are not good.
• “Comparisons to last year remain high”: a hint that growth this year may slow.
• “The leadership is highly determined”: indicates there are few hard signals to highlight yet.
• “Ensuring a balance of shareholders’ interests”: often signals an upcoming decision that may not satisfy all groups.
• “Consider issuing ESOP to retain staff”: Mr. Siêu said that if this is mentioned, the issue has already gone far, and it may be a gradual release of information to avoid startling shareholders with “dilution.”
• “Portfolio optimization”: investments that are losing money or underperforming may be sold.
• “Restructuring business lines…”: suggests problems with the segment’s model, people or capital efficiency.
• “A project is facing regulatory hurdles”: cash flow may be delayed.
• “Expanding land bank / preparing a project”: land and project rights are not cash flow; they are future options rather than immediate money.
• “Investing for the future”: often means cash outlays today.
• “Recognized profits in the next quarter”: something is about to be booked, or at least the market should believe it will be.
• “The stock price does not yet reflect the enterprise value”: may be true, or could signal management is unhappy with current valuations or wants a more compelling narrative.
• “We won’t take pay this year”: a gesture that does not replace operational performance; the board’s reputation cannot be built on symbols alone.
• “This year will be different from last year”: translates to asking for another chance to tell the story in a better version.

Impact on investors and governance risk

Mr. Siêu said decoding is not intended to make investors view leaders negatively, but to understand that in this game the speaker has an information advantage. Leaders use words to anchor expectations and buy more time.

“Companies do not fall immediately because of bad numbers. They fall because they talk too much, manage perception too aggressively, while reality cannot sustain the story they’ve told.” — Mr. Siêu

For new investors attending this year’s AGM, Mr. Siêu advised focusing on three questions: “Is this request for more time, more trust, or more maneuvering rights?”, “Is this signal accompanied by verifiable actions?”, and “Who benefits if I continue to believe this story for six more months?”

In summary, he told investors: “Do not listen to leaders with the ears of fans. Listen with the head of an investor.”

AGM Awards 2026

AGM Awards 2026, co-hosted by CafeF and VIOD, honors companies with transparent, effective and innovative AGM governance. The award was created as the Vietnamese stock market moves up the ladder, serving as a benchmark to identify companies with strong governance.

See AGM Awards materials or contact Ms Linh (CafeF): 0847 611 565.