MIoD and the Women Corporate Directors Myanmar Chapter jointly organized an interactive workshop and a luncheon on the topic of women on boards and business leadership to promote gender diversity on boards. Participants discussed the gender gap in their organizations and learned tools and techniques to catalyze change.
“Myanmar companies can certainly benefit from having more women on boards, which have been proven to improve company financial performance and risk management,” said Ma Cherry Trivedi, Co-chair of the Women Corporate Directors Myanmar Chapter.
Numerous studies show that boards with both men and women are better at generating new ideas, verifying the integrity of audit information, and ensuring rule compliance to avoid conflicts of interest.
MIoD and IFC have organized a series of training to help Myanmar companies improve financial governance and reporting and adopt other effective governance practices as the new Myanmar Companies Law took effect on August 1.
The new law sets more stringent director duties and other corporate governance requirements while relaxing foreign ownership in Myanmar companies to level the playing field for international investors. More than 40 Myanmar directors and executives attended two workshops on July 30 and August 1, which were part of MIoD’s Learning Series to provide quality board training and raise market awareness about important governance topics.
“These workshops help address the growing needs of Myanmar companies for corporate governance training as they brace for changes under the new Companies Law,” said U Aung Zaw Naing, MIoD Board Chairman and Group CEO of Shwe Taung. “Helping company executives gain a deeper understanding of key financial issues will enable them to spot red flags and further strengthen risk management, while the Corporate Governance Action Planning Workshop is a great opportunity for them to develop a roadmap for effective governance.”
Myanmar family businesses learned about effective corporate governance structures that would help them sustain their growth at a breakfast briefing organized by MIoD today. Global statistics show that only one in three family businesses survives the founder. Improved governance will boost the performance of businesses, making them more attractive to investors and increasing their long-term sustainability.
At the briefing, world-leading family business governance expert Professor Joseph P. H. Fan provided an overview of key challenges facing family businesses in Asia and how to address them.
“It is critical for Myanmar family businesses to learn to professionalize their management teams and set up the right governance structures to cope with the demands of a growing business,” said Daw Win Win Tint, an MIoD board member and CEO of City Mart Holding Co., which started as a single supermarket to become one of the largest retail chains in Myanmar. “This will help build a sustainable operation, reduce the possibility of family feuds, and ensure successful succession across generations.”
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.
Download agenda
Download press release
Read full story
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.
