Group wide sustainability activities are led by Head of Group Sustainability. The Group’s sustainability strategy is centered on building capacity and giving back to the communities in which it operates. The Group is committed to creating long term economic value and growth for its stakeholders, through the management of its operations and the projects, so as to ensure commercial viability without compromising the environment in the longer term.
The Group’s Senior Management plays an important role in shaping the long-term viability of its strategy including providing guidance on matters relating to stakeholders and incorporating sustainable practices into its business operations.
The Group strives to engage its stakeholders, especially in the communities where it operates, in a variety of formal and informal communications. Its engagement range from meetings with local, regional and national groups to ongoing dialogue with its suppliers, partners and consumers.
With the increasing number of people in Myanmar using the internet as a platform to gain access to information, the Group has leveraged on social media to better communication and garner feedback from its customers. The Group endeavors to provide a timely response to customers’ feedback, complaints and suggestions.
For an overview of Stakeholder Meeting conducted, please see this document.
The Group is committed to contribute to Myanmar’s development and drive positive change to the communities in which it operates. Its community framework focuses on improving education for children, promoting and raising awareness on responsible business practices. Corporate Social Responsibility (CSR) is instilled within its business practices and behavior, as well as involvement in various community projects.
Supplier/Contractor Selection and Criteria Process
Group procurement procedures require potential suppliers/contractors to go through standard tendering of process where the bidders are evaluated against set of pre-set criteria which were made known in the first stage of tendering and at the EOI stage. Pre-set criteria include, but not limited to:
- Management capability: Past performance & reputation, qualifications & experience;
- Compliance related: safety standards, permits and license;
- Financial: pricing, financial stability, payment terms; and
- Workmanship/Quality: Technical ability, methodology of the work.
- The group seeks fairness and truthfulness in all dealings with suppliers especially pricing and licensing.
- The group also makes sure that any business transaction with suppliers must be free from any form of coercion and unnecessary litigation.
- The group promotes long-term stability in relationship with the suppliers to pay back the good value, quality, and reliability.
During the evaluation process, suppliers/contractors may be asked for clarifications from Group procurement. Supplier/contractor review process is in place for tracking, transparency, and approval. As part of the supplier/contractor review process, contract review form is provided to Head of Project Control including comparison summary, recommendations from qualified QA/QC, key contract terms & conditions and approval obtained from various levels of personnel who were involved in the process. Short listed suppliers/contractors are required to go through Group Legal and Group Risk Management & Assurance Departments for sign off on contract, background and compliance checks.
Minimum requirements/standards are also included in the final contracts as part of compliance requirement.
The Group laid down a foundation for safer lending and future expansion of investment activities.
One of the most important thing for the Group is making timely payments to suppliers/contractors according to the agreed terms and conditions. Moreover the Group maintains a good relationship based on mutual respect. The Group’s Whistle Blower Policy is also made available to all the related parties for any concern they may have. In dealing with suppliers/contractors, there are certain key points that the Group laid down;
UN Global Compact – Communication on Progress & Statement of Continued Support
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.
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.