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Yangon, Myanmar, November 11, 2016—
IFC, a member of the World Bank Group, is helping Myanmar’s family businesses adopt effective corporate governance practices, improve their performances and transparency, and attract foreign investors. Family businesses are key to Myanmar’s economy, generating thousands of jobs and contributing significantly to the country’s economic growth.
Around 99 percent of Myanmar’s 127,000 registered companies are small and medium enterprises and 620,000 businesses in the informal sector, or around 83 percent, are family-owned. Many Myanmar companies struggle with underdeveloped boards of directors, poor transparency, and rudimentary control frameworks. To address this, IFC today launched, for the first time, a Myanmar language version of its Family Business Governance Handbook, which has been published in 20 languages so far. The handbook is a concise and practical description of essential family business governance components and suggested approaches to resolving common governance dilemmas in running a family-owned business.
“Family businesses will benefit by professionalizing their management teams and putting in place a succession plan early on,” said Chris Razook, IFC Corporate Governance Lead for East Asia and the Pacific. “This will reduce the likelihood of family feuds and increase the odds of their survival through generations.”
Just before the handbook launch, about 30
family-business owners and senior executives attended a workshop organized jointly by IFC, the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), and the Myanmar Corporate Governance Initiative, a working group established by IFC, the U.K.-Myanmar Financial Services Taskforce, and the Australian and U.K. embassies. Participants learned about best practices in family governance structures, building effective boards, and succession planning.
“Corporate governance advocacy is a key to achieving UMFCCI’s objective to usher Myanmar business community into globalized economy. Conferences and workshops conducted under the MCGI platform have generated strong interest among our members and a specific offering for family owned businesses is essential in Myanmar”
said Tint Swai, CEO of UMFCCI.
The workshop is part of IFC’s and its partners’ efforts to promote good governance practices among family businesses. Numerous studies show that stronger governance helps companies operate more efficiently and manage risks better, making them more sustainable.
IFC’s Corporate Governance Program in Myanmar is implemented in partnership with
the Australian Department of Foreign Affairs and Trade and the U.K. Department for International Development.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry
The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is a national level non-governmental organization representing and safeguarding the interests of the private business sector. The UMFCCI was founded in 1919 under the name of the Burmese Chamber of Commerce, and upgraded as a federation in 1999 in line with the adoption of the market-oriented economic policy. The UMFCCI is formed of 16 Regional and State Chambers of Commerce and Industry, 9 Border Trade Associations, 49 Affiliated Associations and about 30,000 members.
The UMFCCI supports the business communities by sharing knowledge, expertise and opportunities. The UMFCCI provide the services such as human resource development training, trade information, business facilitation, business matching and consultancy services, trade fairs, seminars, workshops, forum and study tours. For more information, visit
www.umfcci.com.mm
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