Myanmar businessman Serge Pun has again topped an annual survey of the most transparent – or, least opaque – businesses in the country.
The tycoon’s First Myanmar Investment placed highest among 100 companies assessed for the Transparency in Myanmar Enterprises (TiME)/Pwint Thit Sa) by the Myanmar Centre for Responsible Business.
His other business, Serge Pun Associates, placed second, while Max Myanmar, founded by tycoon Zaw Zaw, came in third.
Pun told Mizzima: “As the first company listed on the Yangon Stock Exchange, we hope to serve as an example of responsible business practices in Myanmar and raise the standard of corporate governance nationwide.”
The report surveyed the form’s websites and social media pages on the basis of their publication of financial data as well as grievance mechanisms and environmental and social impact assessments.
It’s the third year MCRB has published the report and the top end of the table is almost unchanged from last year, when SPA was first and Max Myanmar second. This year was the first time FMI was assessed.
Vicky Bowman, director of the MCRB, told Mizzima: “I would like to congratulate Serge Pun’s FMI and SPA for once again heading up the table. The competition at the top end remains intense and most of the best-performing companies on transparency took further steps to disclose information this year.”
Despite an increase in companies reporting policies on human rights, for example, 34 of the 100 firms surveyed had no website at all and 45 had a site that was not fully functional or did not contain relevant data.
Bowman said: “However it is still disappointing that some major players in the Myanmar economy do not appear to show any interest in disclosure, even though it is increasingly becoming a Myanmar legal requirement, particularly when it comes to environmental impact assessments.”
The report hardly paints a rosy picture of certain sectors, especially the notorious jade industry.
“MCRB suspects that certain multi-sector conglomerates have ‘cleaned up’ their websites and are not disclosing their continued involvement in controversial legacy sectors, particularly jade and other forms of mining, forestry and agribusiness such as palm oil,” the report notes.
“According to published reports, some of these companies are believed to have legacy jade and palm oil concessions granted under the military regime, which may or may not still be active.”
