Corporate Law

Corporate Governance Code to be ready Next Year: minister

Date: 16 May 2019; Type: Legal News; Source: Myanmar Times

Myanmar is aiming to publish a Corporate Governance Code, said U Aung Naing Oo, permanent secretary of Ministry of Investment and Foreign Economic Relation.

A draft report on the code by the Directorate of Investment and Company Administration (DICA), Securities and Exchange Commission of Myanmar (SECM) and Organisation for Economic Co-operative and Development (OECD) is expected to be ready this year.

An MOU to draft an official Corporate Governance Code was signed in November last year with the aim of improving corporate governance standards in Myanmar, which, in turn, will support the further development of the country’s capital markets.

“We will need a strong framework to effect strong corporate governance standards for Myanmar companies. A Corporate Governance Code which conforms with the current conditions of Myanmar is expected to be ready in 2020,” said U Aung Naing Oo.

He urged public-listed companies, public companies and private companies to start preparing their businesses for more stringent corporate governance standards in the months to come.

Strong corporate governance in domestic companies is important for attracting foreign direct investments. In India and Thailand, for example, regulators have been pushing for strong corporate governance in the last few years to strengthen investor confidence.

Currently, the corporate governance structure in Myanmar is still relatively undeveloped, with poorly functioning boards, antiquated management control processes and low levels of transparency.

But reinforcements are on the way. The Myanmar Institute of Directors, for example, has set benchmarks for corporate governance practices among Myanmar companies and aims to support corporate boards of directors in achieving loftier standards of transparency. 

Things have been slowly improving. In its 2019 Pwint Thit Sa report launched last month, the Myanmar Centre of Responsible Business revealed that some Myanmar companies have shown good understanding of how good corporate governance and transparency can improve business.

On the other hand, 44 percent of the 248 companies assessed still did not have corporate websites and published little or no information on corporate governance and performance data.

The report assessed website disclosure of information based on the corporate profiles, corporate governance, sustainability management processes and reporting of 248 large Myanmar enterprises, including five listed companies, 55 public companies, 160 privately-owned companies and 28 of the most important state-owned economic enterprises in Myanmar.

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

Delegation of Lawmakers visit Netherlands

Hanoi, May 15 (VNA) - A delegation of the National Assembly’s Committee on Laws led by the committee’s vice chairman Pham Tri Thuc has just paid a working visit to the Netherlands.

Read More

INDUSTRY UPDATES

Adib Inquest: Lawyer grills Forensics Expert on 'Probability Report'

SHAH ALAM, May 16 (Bernama) - A lawyer questioned the ‘probability report’ of a specialist medical witness in the inquest into the death of Muhammad Adib Mohd Kassim, that injuries to the right chest of the firefighter were caused by a curb or road shoulder.

Read More

INDUSTRY UPDATES

Telecom Regulator proposes Online Sim Card Registration

The Lao Telecommunication Regulatory Authority is developing an application for use as a possible option to speed up sim card registration.

Read More

INDUSTRY UPDATES

Government agrees to appoint a Youth to represent them in the Senate

BANGI, May 15 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad announced that the government has agreed to appoint a member of the Senate from among the youths with wide expertise and knowledge in the field and issues on the development of youths.

Read More

INDUSTRY UPDATES

MoF sets up Debt Management Office

KUALA LUMPUR, May 15 (Bernama) - The Ministry of Finance has set up the Debt Management Office (DMO) to review and manage the government’s debt and liabilities.

Read More

INDUSTRY UPDATES

Additional Appellate Court would be a timely upgrade

In order to curb the increased caseload on the Court of Appeal, a new appellate court may be introduced by the Government to support it, a move that may end up in restructuring of Supreme Court.

Read More

INDUSTRY UPDATES

RoK helps Vietnam accelerate Judicial Reform

Hanoi, Apr 26 (VNA) - The Supreme People’s Court and the Korea International Cooperation Agency (KOICA) launched a project on improving trial transparency and quality at Vietnamese courts during a ceremony in Hanoi on April 26.

Read More

INDUSTRY UPDATES

DOLE announces 29 Job Fir Venues Nationwide on Labor Day

MANILA, Apr 29 (PNA) - The Department of Labor and Employment (DOLE) is inviting job seekers to a nationwide job fair on May 1.

Read More

INDUSTRY UPDATES

Universities, Industry Players to join forces for IR 4.0

GEORGE TOWN, Apr 29 (Bernama) - The joint forces of the brains in the universities and the capacity and capabilities of key industries will make a change for a better world through the Fourth Industrial Revolution (IR 4.0), said Universiti Sains Malaysia (USM) vice-chancellor Prof Dr Asma Ismail.

Read More

INDUSTRY UPDATES

BNM appoints Two External Members to Monetary Policy Committee

KUALA LUMPUR, Apr 29 (Bernama) - Bank Negara Malaysia (BNM) has reappointed Professor Dr Yeah Kim Leng and appointed Datuk Dr Gan Wee Beng as external members of its Monetary Policy Committee (MPC) effective April 1, 2019.

Read More

INDUSTRY UPDATES

Doing nothing about Disruptive Tech would be biggest Mistake: CJ

The speed at which law firms incorporating AI into their work processes poses threat to lawyers getting out of jobs, and urged the lawyers to seize the moment and be at the frontline of technological change, warning that the "biggest mistake" would be to do nothing.

Read More

INDUSTRY UPDATES

Government Agencies urged not to use Unlicensed Software

MANILA, Apr 26 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) on Friday urged government agencies to use licensed software to prevent copyright infringement in the country.

Read More

INDUSTRY UPDATES

Kula Segaran to chair ASEAN Labour Minister Special Session in Singapore

KUALA LUMPUR, Apr 28 (Bernama) - Human Resource Minister M. Kula Segaran will lead the Malaysian delegation to the Special Session of the ASEAN Labour Ministers and Singapore Conference on Future of Work which will be held in Singapore tomorrow (April 29).

Read More

INDUSTRY UPDATES

Those given Trust, Power should Build a better Nation Based on Rule of Law - Sultan Nazrin

KUALA LUMPUR, Apr 25 (Bernama) - The Sultan of Perak, Sultan Nazrin Shah said those given the trust, power and position, now have the opportunity to build a better Malaysia based on the rule of law.

Read More

INDUSTRY UPDATES

King decides High Court Registry Location on Advice of PM - Sabah Law Society

KOTA KINABALU, Apr 25 (Bernama) - The principal registry of the High Court of Sabah and Sarawak can be relocated to any place in Sabah or Sarawak as determined by the Yang di-Pertuan Agong acting on the advice of the prime minister, the Sabah Law Society (SLS) said today.

Read More