Pwint Thit Sa 2022
Research Phase for Pwint Thit Sa 2022 kicks off with a message that transparency and stakeholder engagement is more important than ever.
The objective of Pwint Thit Sa is to help companies maintain/improve the transparency practices during this challenging time. The familiar methodology is barely changed, and we hope that this will make it easier for companies being assessed to build on their previous disclosures.
In 2020, we benchmarked 260 companies. Pwint Thit Sa 2022 is expected to assess over 270 companies in the same categories as in 2020:
- Companies listed at Yangon Stock Exchange (YSX)
- Public Companies with more than 100 shareholders
- Financial Institutions
- Top 100 Taxpayers (using the latest available data for the six-month Financial Year in 2019)
- State-Owned Enterprises
- Other influential Enterprises
This year, in addition to banks, insurance companies will be included in the Financial Institutions category. Banks will be scored according to the same methodology as Listed and Public companies when it comes to information which they are required to disclose in accordance with Central Bank of Myanmar (CBM) regulations.
The list of companies to be assessed is available here.
As in the previous year, medium-sized and large companies who do not fall in the above categories are encouraged to volunteer to be benchmarked, and subject to their agreement, included in the Pwint Thit Sa report.
The 2022 report will cover disclosure of the same four types of information as the December 2020 report:
- corporate profile
- corporate governance
- sustainability management
Five new criteria have been added and seven updated, making a total of 151 criteria (143 in PTS 2020). The new criteria mainly relate to the twin crises of Covid-19 and the political crisis, and the need for companies to communicate on how these are impacting their business strategy, and how they are engaging with their stakeholders during these crises.
Letters are currently being sent to the companies concerned to inform them of the methodology and timetable for the 2022 report.
A draft assessment will be sent to companies in January 2022, giving them the opportunity to discuss their first assessment results and enhance disclosure in advance of the final deadline in June 2022.
We aim for the seventh Pwint Thit Sa report to issue in September 2022.
“FIRST DRAFT SCORES FOR PWINT THIT SA 2022 SHOW THAT COMPANY COMMUNICATION WAS NOT PRIORITISED IN 2021”
Yever and MCRB have concluded the first round of scoring for the Pwint Thit Sa (Transparency in Myanmar Enterprises) 2022 report.
The 269 companies which are being assessed have been emailed their draft scores and invited to review them. Companies will now have a further three-month period to enhance their disclosure on corporate governance and sustainability, and raise their scores in the 7th Pwint Thit Sa report which will be published after August 2022.
In the preliminary assessment, the average score of Myanmar companies stood at 6%, a slight decline from 7% in the 6th report published December 2020. For the top 10 companies, the average score fell from 70% in 2020 to 60%.
The assessment found that most companies did not update their websites and/or have not yet released an annual report for FY20-21. For instance, only 0.7% of the companies surveyed disclosed a sustainability report in 2021.
|Number of companies||Average score |
(2020 final score in brackets)
|Top 10||10||60% (70%)|
|Publicly listed companies||7||36% (39%)|
|Insurance companies||12||6% (13%)|
|Privately owned companies||183||6% (7%)|
|Public companies||51||5% (5%)|
|State-owned enterprises||28||2% (2%)|
While the first assessment scores are similar to the 2020 results, the updated methodology no longer gives bonus points to private banks for disclosing information that banks must disclose according to Central Bank directives. As a result, average bank scores have fallen to 10% (from 12% in 2020). This has also impacted on the Top 10, which in 2020 included three banks: UAB, Yoma and KBZ. Furthermore, in 2022, all insurance companies were included in the study, rather than only the most significant ones. This, combined with a more stringent assessment, explains the significant decrease in the average score of insurance companies from 135 in 2020 to 6% for the first 2022 assessment.
COVID-19 and the ongoing political and economic crises are major risks with significant impacts for most, if not all, companies. While many have risen to the challenges, few have disclosed the steps they have taken. More transparency on how companies have responses could help build trust with key stakeholders (employees, customers, suppliers, etc.).
Next steps include a webinar for all companies on 9 February, and the offer of individual consultations with the MCRB-Yever team on how to enhance company disclosure and transparency and increase the final score which will be assessed on the basis of information on websites in May.
On the basis of this final review, each company will be ranked according to their published data and finalise the Pwint Thit Sa report for publication after August 2022.
Pwint Thit Sa 2022’s first assessment result sharing event
We organized an online event with the companies to share the overall result of the first assessment for our 2022 research phase and invite them to organize a one-on-one (free of charge) discussion with us to leverage their corporate transparency before the end of April 2022.
You can see the video record of the discussion here.
You can also check the presentation here.