Three dozen company directors and senior executives attended MIoD’s inaugural training event, the Audit Committee Master Program. The two-day program introduced the duties and responsibilities of an audit committee, a key oversight function in a company’s governance structure to ensure the integrity of the financial reporting process and audit quality; participants also learned about best practices to improve the effectiveness of the audit committee and develop a robust risk governance framework.
U Aung Than, Vice Chairman of Shwe Taung Group and one of the participants, said the program helped him gain an in-depth understanding of the key functions and responsibilities of the board and the audit committee.
“More business executives should undergo this type of training, which will help them understand important corporate governance concepts and make use of such concepts for improvements at their firms. Such changes will help enhance operational efficiency and lead to the creation of sound governance structures to raise transparency and disclosure,” he said.
Other participants included representatives from First Myanmar Investment Co., Great Hor Kham PLC, KBZ Bank, Myanmar Agro Exchange Public Ltd., Myanmar Awba Group, Myanmar Oriental Bank Ltd., Myanmar Thilawa SEZ Holdings Public Ltd., Serge Pun & Associates Ltd., and Yoma Bank.
The new Myanmar Institute of Directors (MIoD), an independent, private sector-led organization to promote corporate governance standards and best practices in Myanmar, was launched on March 21. MIoD Chairman U Aung Zaw Naing introduced the Institute’s board members, while Dr. Bandid Nijathaworn, CEO of the Thai Institute of Directors Association, and Joyce Koh, Executive Director of the Singapore Institute of Directors, shared their experiences. The event was conducted with support from IFC and the governments of Australia and the United Kingdom.
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In celebration of International Women’s Day 2018, the Securities and Exchange Commission of Myanmar and the Yangon Stock Exchange joined more than 60 stock exchanges around the world to “Ring the Bell for Gender Equality.” The initiative highlights how the private sector can spur women’s participation in the global economy and promote sustainable development. Now in its fourth edition, the “Ring the Bell for Gender Equality” event is a partnership of IFC, Sustainable Stock Exchanges Initiative, the UN Global Compact, UN Women, Women in ETFs, and the World Federation of Stock Exchanges. The event was conducted with support from IFC and the governments of Australia and the United Kingdom.
The Securities and Exchange Commission of Myanmar (SECM) and IFC have been assessing the corporate governance practices of around 30 Myanmar companies against international standards to help them improve performance and risk management.
In January and March 2018, IFC, SECM, the Yangon Stock Exchange, and the Directorate of Investment and Company Administration organized two workshops for Myanmar companies. IFC experts led participants in evaluating the corporate governance practices of listed Myanmar companies using the Association of Southeast Asian Nations (ASEAN) Corporate Governance Scorecard, a regional benchmark that rates performance on areas such as equitable treatment of shareholders, responsibilities of the board, and disclosure and transparency. The organizers held a follow-up training in March for companies participating in the scorecard.
“Corporate governance assessments can help Myanmar companies analyze their performance, identify areas for improvement, and bring their practices in line with international standards,” said U Htay Chun, a Commission Member of SECM. “This will help companies set realistic goals for reform, improve their performance, and attract more investment.”
Director Certification Programme (DCP) 3rd Batch held in Mandalay starting from 6th – 8th August with the Leadership of the private entrepreneur-training program with pride as the first day.
The founder of the Business, Leadership and Management are attending include those based on the current business, especially in Mandalay, discussed about Myanmar Corporate Management framework, Challenges and Usage Policies by exchanging ideas.
Yangon different from the family business with international standard business activities, The role of the participating families how to step-by-step images, Structures, Board members discussed based on accountability in the current experience. Most often, “of course, should these same participants will be away from home to assist with the ability to be opened In addition to what was a very productive discussion in the light of your life. “
Th͏e ͏Wa͏l͏t͏o͏n ͏f͏a͏m͏i͏l͏y ͏o͏f ͏Wa͏l͏m͏a͏r͏t, ͏Ro͏c͏h͏e, ͏Ma͏r͏s ͏f͏a͏m͏i͏l͏y — ͏Ma͏r͏s, ͏Sa͏m͏s͏u͏n͏g, ͏Ca͏r͏g͏i͏l͏l ͏a͏n͏d ͏Ko͏c͏h ͏f͏a͏m͏i͏l͏y — ͏Ko͏c͏h ͏i͏n͏d͏u͏s͏t͏r͏i͏e͏s ͏w͏h͏a͏t ͏d͏o ͏t͏h͏e͏y ͏h͏a͏v͏e ͏i͏n ͏c͏o͏m͏m͏o͏n? ͏Th͏e͏s͏e ͏a͏r͏e ͏t͏o͏p 10 ͏w͏e͏l͏l ͏k͏n͏o͏w͏n ͏f͏a͏m͏i͏l͏y ͏o͏w͏n͏e͏d ͏c͏o͏m͏p͏a͏n͏i͏e͏s ͏p͏e͏r ͏Forbes.
Myanmar corporate landscape is made up of families who owns many companies. The biggest challenge of family business is succession planning, ensuring that the family legacy is continued to the next generation.
On Day 2, the participants reviewed:
• Family Governance in the context of succession planning
• Best Practice review of live case studies across Asia
• Ethical Dilemmas, through the reconciliation methodology
Directors on the Board need to work together as a team by navigating turbulent times by
ᗩ (ᗩTTITᑌᗪE), ᗷ (ᗷEᕼᗩᐯIOᑌᖇ) ᗩᑎᗪ ᑕ (ᑕᗩᑎᗪOᑌᖇ) Oᖴ ᗷOᗩᖇᗪ ᗪYᑎᗩᗰIᑕS
Day 3, DCP Program is starting with questions for C-suite
As a Board of Directors – please think as food for thought – Where do you want to invest? Based on the thought of Hurdle rate so-called Minimum acceptable rate of return. How much expecting the % of the Hurdle rate for you?
Myanmar Institute of Directors (MIoD) contribution to the event of partner organization, British Chamber of Commerce Myanmar on 3rd Sept 2019.
An insightful discussion through presentation and discussion in the event namely “𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 – 𝐈𝐬 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐝?” organized by BritCham and member organizations.
Vicky Bowman (Director of Myanmar Centre for Responsible Business – MCRB cum BoD of MIoD) and Ma Cherry Trivedi(CEO of MIoD cum Founder/Managing Director of Ayuroma Advisory International Pte., Ltd) participated together as speakers and identifying all the areas where businesses are underprepared and at risk from various threats.
