26 March 2018
Myanmar center for responsible Business (MCRB) was launched the fourth Pwint Thit Sa report on Transparency in Myanmar enterprises (TiME) in Yangon, Monday.
The 2018 report assesses information disclosure on the corporate websites of 182 large Myanmar companies, including listed and public ones. The report is the most ambitious pubic report ever published about the state of corporate governance in Myanmar.
Many companies amongst those assessed still do not have corporate website (66 out of 182, or 36% of those surveyed). Even where companies do, many of these websites public little to no data relating to the criteria covered to their disclosure in the last report 2016.
Director, Myanmar Center for Responsible Business, Vicky Bowman said “…We have used a different scorecard compared with previously. Now, we using the ASEAN corporate Governance Scorecard which it used by the number of countries in the regions. We are also looking a more companies. We looking particularly at the public listing companies, public companies and the very lodge companies in Myanmar to see what is the transparency and what is the corporate governance how much information do they disclose on the website. The aim of the report is to improve company transparency disclosure such there is more trust information about business in Myanmar.
According to the report, the another striking finding was the very poor disclosure record and absence of corporate governance by companies who are registered at DICA as “public” companies, but have not met the reporting and disclosure requirements for such companies which were introduced in 2015 securities exchange rules. The average score for such companies was 4%.
Recommendations are included in the report which is intended to enhance corporate governance and transparency. These are directed at Myanmar companies, government, the anti-corruption commission, the Myanmar parliament, institutional investors and civil society and the media as well.