GOVERNENCE AND RISK MANAGEMENT
VIPs visit to MYTCL Sabetaung and Kyisintaung in 2013: Board of Directors are 3rd and 4th from left; Mr Zhang Dong Song and Mr Geng Yi; and 3rd from right is Mr Zhang Xiang. President of Wanbao Mining is 5th from left, Mr Chen Defang.
MYTCL recognizes that good corporate governance is fundamental to being a sustainable business. Our corporate governance is the system by which the company is directed and managed. It is the framework of rules, relationships, systems and processes which reinforce MYTCL's long established values and behaviours and the way we do business. It is also the framework within which the MYTCL board of directors is accountable to stakeholders for the operations, performance and growth of the company and how the risks of the business are identified and managed.
The directors of MYTCL are committed to ensuring that the company maintains an effective system of corporate governance and that good corporate governance is an integral part of the culture and business practices of MYTCL.
Code of business conduct and ethics
The MYTCL board has endorsed a Code of Business Conduct and Ethics that formalises the longstanding obligation of all MYTCL people, including management, to behave ethically, act within the law, avoid conflicts of interest and act honestly in all business activities.
MYTCL's Code of Business Conduct and Ethics reinforces the company's commitment to giving proper regard to the interests of people and organisations dealing with the company. Each MYTCL person is required to respect and abide by the company's obligations to employees, stakeholders, customers, suppliers and the communities in which we operate.
In addition, the board has adopted specific policies in key areas, including trade practices; safety, health and the environment; fairness, respect and diversity in employment; capital investment; dealing with price sensitive and other confidential information; privacy and indemnification of employees.
MYTCL employees are required to sign a Conditions of Employment contract of compliance, signifying that they have read and will comply with the Code of Business Conduct and Ethics and are not aware of any beaches of that policy.
MYTCL's values reflect the company's commitment to sustainability. They have been developed to ensure MYTCL acts as a responsible corporate citizen for the benefit of all of stakeholders.
MYTCL has a sound system of risk oversight and management, and internal control.
There are many risks involved with the mining industry and within the Republic of the Union of Myanmar where MYTCL operates.
MYTCL has in place limits and a range of policies and procedures to monitor the risk in its activities and these are quarterly reviewed by an internal audit committee, as well as bi-annually during SGS audits. MYTCL's Risk Management Policy sets out the framework for risk management, internal compliance and control systems.
There are several layers that assist in ensuring the appropriate focus is placed on the risk management framework.
The Risk & Audit Committee reviews and reports to management and the board of directors in relation to the company's internal control structure, risk management systems and the internal and external audit functions. The Safety, (Health) & Environment Department reviews and reports to management and to the board on the management of the company's safety, health and environment liabilities and legal responsibilities; and the senior management team manages and reports to the board on business and financial risks and overall compliance. Risk management is sponsored by the board, and is a top priority for senior managers, starting with the managing director.
Department of Mines is responsible for administering the Mines according to the Myanmar Mines Law, Inspection of Mines, Mineral Conservation, Mining Related Environmental Control, safety and welfare of employees in the Mines. The Director General is the Chief Inspector of Mines under the Myanmar Mines Law and also responsible for scrutinizing applications and granting of permits delegated to the Director General under the above Law. The department is also responsible for investment promotion both foreign and local. Privatization of State-owned Mines is being carried out and private sector entrepreneurs are being encouraged to invest in the Mining Sector.
The department also functions as the planning and the data base center for implementing mineral policy laid down by the Ministry. www.mining.com.mm
|< Prev||Next >|