August 19, 2016

IFC, UMFCCI to cooperate to strengthen corporate governance practices

THE International Finance Corporation, a member of World Bank Group, and the Union of Myanmar Federation of Chambers of Commerce and Industry –UMFCCI signed a cooperation agreement yesterday to improve corporate governance practices among Myanmar companies to increase their competitiveness.
The signing ceremony was part of the first corporate governance forum organized by the IFC and the UMFCCI, attracting around 400 government and business representatives.
The half-day forum in Yangon focused on corporate governance challenges and opportunities faced by Myanmar.
“It is time to push an agenda for sound corporate governance to ensure the sustainable development of Myanmar’s emerging private sector and new stock market,” said Deputy Finance Minister Dr Maung Maung Thein.
“The cooperation between IFC and the UMFCCI is a key milestone in improving corporate governance standards and practices,” he added.
IFC will be helping Myanmar companies struggling with underdeveloped boards of directors, ill-defined directorial duties, poor transparency, rudimentary control frameworks, and inadequate shareholder regulations.
Many of these issues stem partly from the absence of a robust legal and regulatory framework that includes basic governance provisions and investor protections.—GNLM


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