MAPCO intends to introduce and practice Corporate Policies, Governance Principles and Guidelines based on OECD (Organization for Economic Cooperation and Developement - An international economic organization and forum to stimulate globel economic development and international trade) G20 Corporate Governance Principles and Guidelines.
The key objectives are
1. to achieve sustainable business growth and investor confidence
2. to create market confidence and business integrity & ethics
3. to ensure stable access to equity capital and to support capital formation and allocation
4. to improve MAPCO’s Good Corporate Governance System in line with international best practices and to raise the awareness on the crucial role of Good Corporate Governance within MAPCO’s Board, staff force and to encourage each and every member to practice and improve his or her role towards the long term success and improved business performance of MAPCO
5. to improve decision-making processes, such as environmental, anticorruption and bribery, human rights and social matters
Brief Definition of Corporate Governance
As per OECD’s principles, corporate governance is a very important process which involves a set of relationships between a company’s management, its Board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined.
MAPCO practices Good Corporate Governance system in accordance with Myanmar context and Myanmar regulatory requirements. However, MAPCO does pay attention to international best practices and principles on Good Corporate Governance.
Basic Elements of Effective Corporate Governance
MAPCO’s Corporate Governance comprises the following basic elements:
- Legal and regulatory compliance
- Anti-corruption compliance
- Economically profitable, socially responsible direction and approach
- Environmentally sustainable business
- Good human resource development & management schemes
- Good financial management & reporting practices
- Transparency & openness in right direction
- Effective & efficient consultations, communication with shareholders and stakeholders
- Sustainable growth of business performance
- Efficient self-regulatory measures to deal with conflicts of interest