FMI adheres to the highest international standards of corporate governance, creating a company that shareholders and the wider community can trust.
FMI is one of the few companies in Myanmar with an active, independent Board of Directors elected by shareholders at the company’s Annual General Meeting (AGM).
The Board provides strategic leadership to ensure that FMI’s objectives are met. The Board is also actively involved in controlling and assessing risk, to ensure that shareholder’s capital is used effectively.
In line with company policy, the Board also ensures that FMI conforms to the strictest ethical standards and seeks to be an example for other public companies in Myanmar.
Being an active member of the United Nations Global Compact and in line with its Ten Principles, First Myanmar Investment Co., Ltd. and its subsidiaries (together ‘the Group’) strongly commit to a ‘zero tolerance’ approach to all forms of corruption and bribery, including political contributions, in cash or in kind to political candidates, political officials or political parties for the purpose of obtaining any benefit or favor in returns, among employees and also when dealing with clients or other third parties.
Corporate Governance Roll Out
FMI’s Corporate Governance Roll Out, which relates to the Group’s Corporate Governance and Operational Compliance, is carried out by the Director of Risk Management & Compliance on a regular basis across the Group. It covers:
- Ongoing assessment of the Covenant Obligations of the Group
- Corporate Policies and Procedures
- Code of Conduct and Procedures
- Other bench-marking rules and regulations
The objective of the roll out is to assure that the Group maintains an effective corporate governance system that helps to ensure the proper functioning of Group businesses. Maintaining good corporate governance will contribute to better performance by helping the Group to protect the interests of its stakeholders through a culture of transparency.
UN Global Compact – Communication on Progress & Statement of Continued Support
For an overview of FMI’s progress in implementing the United Nations Global Compact, including a statement of continued support for human rights, labor, environment and anti-corruption by Executive Chairman U Theim Wai @ Serge Pun, please see FMI’s section of the UN Global Compact website here.
The Company has engaged V Advisory Ltd. as its external auditor, to audit the accounts of the Company and all its subsidiaries.The report of the external auditor is set out in the Independent Auditor’s Report section of the Annual Report.
Corporate Governance Framework
FMI’s Corporate Governance Framework consists of the following:
- Employee handbook
- Code of conduct
- Whistle blowing policy
- Risk management framework
- Risk-based internal auditing
- Legal contracts and intellectual property rights
- IFC performance standards
- Global Compact and its 10 principles
- ADB Safeguard Policy Statement
- United Nations Security Council Resolutions
For a copy of the Employee Handbook, please contact us.
Work Place Orientation
Work Place Orientation is provided to new employees regarding working hours, place of work, performance standards, benefits and facilities, company’s policies, and other relevant information. Employees are explained and provided with the Group Employee Handbook on the first day of their job which contains the Group’s Code of Conduct and the intention to support individual human rights, which was prepared in accordance with all applicable laws and regulations.Employee Induction Program has been carried on to ensure awareness of rights and policies across the group. Annual remuneration adjustment recommendations are randomly audited by Risk Management ensure consistency, fairness and transparency across the Group.
Anti-corruption is one of the main topics discussed with employees during the Employee Induction Programme, which also includes details of the Group Code of Conduct and Anti- Corruption Procedure. The Employee Induction Programme also includes a discussion on:
- Group Covenant Obligations
- Group Policies and Procedures
- IFC Performance Standards
- Global Compact and its 10 Principles
- ADB Safeguard Policy Statement (SPS)
The training exists to support good corporate governance and anti-corruption initiatives across the Group and is intended to prevent corruption through advocacy and awareness campaigns. The intention of the training is to increase awareness of corruption and its impact, and to enable employees to raise concerns about corruption.
For an overview of FMI’s corporate governance and operational compliance requirements, please see this document.
For more information on specific corporate governance policies, please see the following pages:
- Code of Conduct
- Anti-Bribery Policy
- Anti-Corruption Procedure
- Environment, Health and Safety Policy
- Employment Policy
- Human Rights Policy
- Land Acquisition Policy
- Whistle Blowing Policy
- Conflict of Interest Policy