Plan is under way to issue the notification on the Corporate Governance which will help promote trust and business interests of investors in the capital market in upcoming April, according to the Ministry of Investment and Foreign Economic Relations. 

In January, 2019, the Ministry of Planning and Finance formed the Advisory Committee for Corporate Governance Reform. Former OECD chair Mr, Marcello Bianchi is acting as a chair of the advisory committee. The committee placed special emphasis on the improvement of corporate governance. 

On 11 February, the first milestone is the committee approved the draft notification on corporate governance inclusive of the sectors such as the independent directors, audit committee and international control. The notification aims to enable the listed companies and public companies with 100 shareholders and above to abide by the law. After the legal processes, the notification will be issued in April and take effect in October this year. 

U Aung Naing Oo, Permanent Secretary of Ministry of Investment and Foreign Economic Relations and Acting Chair of the Advisory Committee said: “The advisory committee is to make continued efforts for the development of corporate governance. It will contribute to more development of the capital market in the country.”