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Myanmar launches IoD, with timely lesson from Judge’s racism row
As Myanmar launches the Institute of Directors, the scandal engulfing Lady Barbara Judge in another Institute is a conspicuous reminder that corporate governance cannot allow any racism or sexism to go unchecked.
The establishment of an Institute of Directors in Myanmar is hailed as a strong signal to the international community that the country is committed to corporate governance reforms and responsible business. Meanwhile, the fall from grace for another institute, embroiled in racism row, conspicuously reminds Myanmar that, unacceptable behaviour from the top to the bottom, including racial and sexual discrimination, cannot be tolerated and must be challenged and confronted in the workplace.
The Myanmar Institute of Directors (MIoD) was launched on March 21 with support from International Finance Corporation (IFC), a member of the World Bank Group as well as the governments of Australia and the UK. As an independent, private sector-led organisation, the MIoD seeks to promote corporate governance standards and best practices in the country.
The IFC cited numerous studies to highlight that good governance help companies improve performance and boost investor confidence, leading to increased access to capital.
The Institute aims to promote business ethics and transparency and advance board professionalism in the country’s business community. The organisation will also serve to create networks between corporate leaders and stakeholders and boost investor confidence in the private sector, acting as a constructive sounding board for further corporate governance reforms as the country continues to expand its capital market and as more companies are expected to join the Yangon Stock Exchange (YSX).
The MIoD board includes representatives of regulatory bodies such as the Directorate of Investment and Company Administration (DICA) and the Securities and Exchange Commission (SECM), as well as CEOs of leading companies.
Continue reading this article on the Myanmar Times.
