‘There is a Growing Regulatory Trend in Myanmar Towards Greater Corporate Disclosure’

Vicky Bowman, MCRB Director gave a presentation at an event on 21 June hosted at the Yangon Stock Exchange and by the Securities and Exchange Commission of Myanmar and the International Finance Corporation (IFC) on ‘Enhancing Corporate Transparency: trends and business case on transparent reporting and ongoing disclosure’.

Other speakers included U Htay Chun and Daw Tin May Oo, SECM Commission Members, Luis Mariano Enriquez-Mejia, Senior Corporate Governance Officer of the IFC, and Robbie Barkell of DfID, which together with Australian Aid supported the event as part of the Myanmar Corporate Governance Initiative (MCGI).

Vicky’s presentation covered recent and forthcoming Myanmar regulations which we increase reporting requirements on companies operating in Myanmar.  These include the new rules for published Project Summaries, and Annual Reports about investments under Article 196 of the Myanmar Investment Rules, for companies which are in receipt of a Myanmar Investment Commission Permit or tax incentive; the forthcoming updated Companies Act which requires a Director’s Report which inter alia should report on risks, and the Environmental Impact Assessment (EIA) process which requires disclosure and consultation at several stages.

However she noted that in addition to regulatory requirements to disclose information, it was actually to the company’s advantage, since it helped build trust with stakeholders, encouraged accurate media reporting, and reassured and attracted potential business partners and investors.  She presented MCRB’s Pwint Thit Sa report, which will be published again in early 2018, aims to create a virtuous competition to be the most transparent company amongst Myanmar’s largest companies and  conglomerates, by scoring companies based on international reporting initiatives and frameworks, and the Myanmar context.  She also highlighted MCRB’s workshops for companies to improve corporate governance, the next of which will take place on 2 August with a focus on corruption and business integrity.

Read also

• 2022 Pwint Thit Sa / Transparency in Myanmar Enterprises
• uab Tops the 2020 Pwint Thit Sa / Transparency In Myanmar Enterprises Ranking
• 2020 Pwint Thit Sa / Transparency in Myanmar Enterprises
• Corporate Disclosure in Myanmar – Regulatory Requirements and Sustainability Leadership
• Disclosure of Company Information Leads to Better Business Reporting and a Better Investment Climate

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