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2019 Pwint Thit Sa
The fifth Pwint Thit Sa/Transparency in Myanmar Enterprises (TiME) report was published on 30 April 2019.
The 2019 report assessed online disclosure of information by 248 Myanmar companies making Pwint Thit Sa 2019 the most ambitious public report ever published about the state of corporate disclosure (CD) in Myanmar.
Sixty-six more companies were assessed in 2019 compared to the 2018 Pwint Thit Sa report, using twice as many dimensions and criteria. Companies assessed were the 5 publicly listed, as well as 55 ‘public’ companies, and 160 privately-owned companies which were either judged to be influential or significant taxpayers, or in the case of 3 (Irrawaddy Green Towers, KMD and Proven) requested to be included. For the first time, Pwint Thit Sa includes the corporate disclosure of 28 significant state-owned economic enterprises (SEEs).
A full list of the companies assessed is in Annex 1 of the report.
The 2019 report continued with the methodological approach adopted in 2018 by using the ASEAN Corporate Governance Scorecard (ACGS) which is used widely in the region to assess disclosure of corporate governance by large companies. ACGS is also being used by Myanmar regulatory bodies to develop a Myanmar Corporate Governance Scorecard to assess the current corporate governance practices of twenty-four of the largest Myanmar companies.
However, not all ACGS criteria were used for Pwint Thit Sa, and some additional performance criteria concerning sustainability and its relationship to the company’s business model have been added in the 2019 Pwint Thit Sa report, aligned with the Integrated Reporting Framework <IR>. These were added to challenge and stretch the leading companies and to reflect the adoption in 2018 of the Sustainable Development Plan by the Myanmar Government.
The 142 criteria against which companies were assessed are contained in Annex 2 of the report. They were grouped in four dimensions - Corporate Profile, Corporate Governance, Sustainability Management and Reporting.
The addition of more performance criteria, as well as new companies, means that average scores have fallen in 2019 compared to 2018, from 7% to 5%, even though overall disclosure has not declined.
In addition to highlighting current regulatory requirements concerning corporate governance and disclosure, including on issues such as corruption, environmental impact assessment (EIA) and beneficial ownership, Pwint Thit Sa 2019 also contains recommendations for companies, government, and other stakeholders.
The research phase of the report was launched in Yangon on 10 September 2018 at a seminar for companies to explain the 2018 results and plans for 2019.
Details of companies, and assessment criteria were uploaded to MCRB and Yever websites along with FAQs. The companies to be assessed were informed by email and letter in September (to the extent MCRB had contact details) about the 2019 research methodology. First draft scores were shared with companies in January 2019 and finalised in March. Over 40 companies contacted MCRB/Yever, and in some cases followed up with face to face meetings and debriefings on draft scores.
MCRB and Yever plan to undertake research for the next Pwint Thit Sa report throughout the course of 2020, with the next report to be published at the end of 2020.
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
