The Myanmar Institute of Directors (MIoD), the first independent, private sector-led organization to promote corporate governance standards and best practices in the country, is launched with support from IFC, a member of the World Bank Group, Australia, and the United Kingdom.
M I o D a i m s t o a d v a n c e b o a r d professionalism, promote business ethics and transparency, create networks between corporate leaders and stakeholders, and boost investor confidence in Myanmar’s private sector. The institute has a diverse group of board members including senior representatives of key regulatory bodies such as the Directorate of Investment and Company Administration and the Securities and Exchange Commission of Myanmar, prominent company CEOs, and heads of organizations representing various market stakeholders.
“This is a significant step in Myanmar’s ongoing market reforms and sends a strong signal to the global business community the country’s commitment to good governance and responsible business,” said Aung Zaw Naing, Chairman of MIoD’s interim Board of Directors and Group CEO of Shwe Taung. “MIoD will play a critical role in addressing the training needs of board directors and share best practices so that they can spearhead the growth of their companies.”
MIoD will deliver workshops and seminars on important governance topics to the market through its planned Learning Series program. The first training event, the Audit Committee Master Program, will take place on March 27-28. The institute also aims to serve as a constructive sounding board for further corporate governance reforms in Myanmar as the country continues to expand its capital market and encourages more companies to list on its stock exchange. “With the enactment of the Myanmar Companies Law, local companies need to modernize their boards and make other corporate governance reforms,” said Aung Naing Oo, DirectorGeneral of the Directorate of Investment and Company Administration and Member of MIoD’s interim Board. “The Myanmar Institute of Directors can play a leading role in fulfilling a growing demand for high-quality directors, equipping them with the right tools and guidance.”
IFC Country Manager for Myanmar Vikram Kumar agrees that having a pool of well-qualified directors will raise the competitiveness of Myanmar companies. “MIoD will serve as a catalyst for change and help Myanmar companies gain the benefits of good governance by professionalizing their boards and better managing risks,” Kumar said. “This will improve their profitability, making them more appealing to foreign investors and increasing their access to capital.” Other prominent speakers at the event included Aung Tun Thet, Chairman of the UN Global Compact Network Myanmar; Tin May Oo, Commission Member of the Securities and Exchange Commission of Myanmar; Khine Khine Nwe, Joint-Secretary General of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry; Liz Patterson from the U.K. Department for International Development; Melvyn Pun, CEO of Yoma Strategic; Soe Win, Country Managing Partner for Deloitte Touche Myanmar Vigour Advisory; Vicky Bowman, Director of the Myanmar Centre for Responsible Business; and Win Win Tint, CEO of City Mart Holding.
