Almost 80 per cent of leading Myanmar companies publish little or no data about their business activities online, according to a new survey.
The Myanmar Center for Responsible Business (MCRB) assessed the websites of 100 large firms for their second annual Pwint Thit Sa, or Transparency in Myanmar Enterprises, report published Tuesday.
The Yangon-based organization scored the companies on the basis of what they publish about their corporate governance and business practices, including anti-corruption, human rights, health, safety and the environment.
The most transparent was found to be Serge Pun and Associates (which ranked 9th in 2014), followed by Max Myanmar (3rd) and KBZ (1st).
“Our second report shows the companies with high rankings have higher scores than last year,” said Phyu Phyu Zin, Programme and Communication Officer for MCRB in an email. “Last year the top company got 6.63 marks and this year the top company got 9.28 marks.”
For the first time, some firms published financial data, including taxes, and environmental and social impact assessments.
But 39 had no website while 40 others were found to publish little information.
Some of those without websites include the local partners of international companies, including Pinya Manufacturing (which works with Coca-Cola), Eden (with Hilton) and IGE (Petronas).
IBTC (Heineken), Myanmar Distribution Group (Nestle) and Golden Star (Carlsberg) had websites that offered scant information.
“Myanmar’s leading large companies continue to demonstrate a commitment to transparency and good corporate governance,” Vicky Bowman, Director of the MCRB, said in an online statement.
“They see it as fundamental to gaining and retaining their social licence to operate. We are also encouraged that some smaller companies have asked to be included in the Pwint Thit Sa project.
“However it is disappointing that many large companies still have no websites, or only have marketing sites with little corporate governance information available on them.
“As mobile and internet use is accelerating in Myanmar, we encourage all companies to use this medium to disclose information to stakeholders, including journalists.
“Although there is not yet a regulatory requirement on large Myanmar companies to report non-financial information, voluntary disclosure will encourage better understanding of and trust in business.”
Photo / Coconuts Yangon
