What is Pwint Thit Sa?

Pwint Thit Sa is a report that assesses information disclosure on the corporate websites of over 250 large Myanmar companies. It examines publicly listed and ‘public’ companies, and privately-owned companies that are influential or significant taxpayers, significant state-owned economic enterprises (SEEs), as well as smaller companies that volunteered for inclusion. The report was first published in 2014, with the 2024 report being the eighth edition.

What is the objective of PTS?

The objective of Pwint Thit Sa is to incentivise greater publication of corporate governance and other information by Myanmar companies through publicly recognising them for their disclosure and transparency.

Why should Myanmar companies be interested in good corporate governance?  

Companies that are ready and able to provide investors, creditors, and other stakeholders with accurate governance information have a business advantage. Disclosure of information is important to maintain the trust of all stakeholder groups, particularly those who are increasingly focused on ‘ESG’ factors (Environmental-Social-Governance) and sustainability performance. Good corporate governance and corporate disclosure are essential ingredients for a business looking to access finance, sustain its business, safeguard jobs and, more generally, being a good corporate citizen.

How does PTS contribute towards achieving its objective?  

PTS measures the level of observance of a code and/or a standard by a company. This enables governance practices to be compared to a benchmark, such a national or international code of corporate governance, standard, or legal requirement. By assessing a company’s governance practices, it’s possible to measure progress over time, and provide a comparison or ranking of different companies.

Who conducts the assessment of companies included in PTS?  

MCRB and Yever worked together to produce the eighth Pwint Thit Sa report to assess the disclosure of information by over 250 Myanmar companies.

Do the authors or PTS recommend the companies included in the 2024 report?  

No, the mention of specific companies does not imply that they are recommended by MCRB or Yever. Furthermore, the ranking is not intended to assess the business or sustainability performance of companies but focuses on their disclosure practices.

What are the limitations of PTS?

This PTS Research Methodology assesses whether a business has disclosed certain information that is sufficiently clear and complete. As the method relies on sourcing information through online channels available to the general public, reports that are only available in hard copy are not captured in the assessment. Although an attempt has been made since  Pwint Thit Sa 2022 to attribute additional points to certain indicators to reflect the quality of disclosure, unless validated by an auditor, the reliability of the information is still dependent on self-disclosure.

How are companies selected to participate in PTS?

Companies that meet certain criteria are automatically included in the PTS report and there is no opt-out mechanism. Smaller companies may volunteer to participate. PTS 2022 assessed 271 companies. PwintThit Sa 2024 will assess the following :-

• Pre-Listing Board from YSX (YSX – PLB)
• Listed companies
• Public companies
• Banks and insurance
• Influential companies
• Top 100 Taxpayers for FY 2019’s first six month
• State-owned enterprises (SOE)
• 245 companies in total(excluding volunteer companies)

Why did Pwint Thit Sa 2022 only list the Top 30 companies and not publish the entire list of assessed companies?

Previous reports have also highlighted the Top 30.  Our experience over the past 7 years is that below the Top 30 companies, transparency and disclosure is generally low and there is a long ‘tail’ of companies scoring less than the – already low - average.  Rankings from 30 onwards are therefore of little value in determining which companies have better or worse disclosure.  However, a fuller list of all assessed companies showing comparative scores for 2020 and 2022 is available here.

Why did Pwint Thit Sa 2022 not assess policy and regulatory developments like earlier reports or made recommendations?

There were few developments in Myanmar on these issues in 2021 and 2022.  The regulatory framework as described in the 2020 report, and the recommendations mostly remain valid.

What is the timing of the 2024 Report?

The Research Phase, including engagement with companies being assessed, has started. The aim is to publish the report by the end of 2024, taking into account the disclosures for the 2023/2024 Financial Year for those companies required by Myanmar law to publish annual reports in Q3 2024.