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Our sustainability strategy, and our materiality matrix, are also a way for the Company to manage its key risks efficiently.
CMHL decided to report its Corporate Governance practice against the ASEAN Corporate Governance standards and uses the criteria selected by Myanmar Authorities. You can download the mapping here.
The top management is accountable and responsible for monitoring the risks across CMHL. It maintains a register of the different risks that might impact CMHL. The risks identified are broad and are related to various factors (health, political crisis, people, business continuity, reputation, supply chain, etc.): the Finance team reviews and updates the risk register every month based on the different departments’ feedback. The most significant risks are then identified: mitigation plans are developed and shared with CMHL’s CEO and reviewed and approved by City Holdings’ Supervisory Committee.
In 2021, the risks related to the COVID-19 pandemic and socio-economic crisis had multiple effects on CMHL’s operations. Some of them are detailed below:
Supervisory Board Meetings and Committee Meetings
*The Supervisory Board considered these matters in the entire session so that all board members understand the matters to be discussed under these headings, as contemplated in the Corporate Governance Manual. In the future, the Supervisory Board will formally constitute these committees and their membership.
In 2021, the Supervisory board met 4 times. The details of member attendance, topics discussed are contained in the following table:
Supervisory Board Meetings and Committee Meetings
The table below summarises the Annual General Meeting resolutions which were passed by way of written resolutions of 100% of the members pursuant to section 156(d) of the Myanmar Companies Law 2017 on 4th February 2022.
General Meetings
ROLES AND RESPONSIBILITIES OF OUR SUPERVISORY BOARD
The roles and responsibilities of our Supervisory Board are fully set out in our Corporate Governance Manual and include:
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Review and approve the Company’s vision, mission and values and be responsible for their implementation (see http://www.cmhl.com.mm/our-2025-vision/).
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Review, approve and monitor the Company’s medium to long-term strategic objectives and management business plans, including any performance indicators and targets to be used in relation to the strategy.
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Oversee the Company’s aim to create sustainable and financially sound enterprises therefore ensuring socio-economic value.
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Develop succession plans and developmental objectives for senior executive positions, including the CEO.
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Conduct annual performance assessment of the Supervisory Board and the CEO and other senior executives. We note that the board commenced operations in FY18 and intends to undertake an assessment of its performance and that of the CEO and other senior executives as required by the Corporate Governance Manual once it has completed its full term. The criteria to be used in the assessment will cover the Board’s effectiveness and its ability to contribute to CMHL’s sustainability.
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Offer an orientation program for new Board members on the Company, its business and on other subjects that will assist them in discharging their duties. The Company also provides general access to training courses to its Board members as a matter of continuous professional education. The Board annually determines training needs for the Board as a group and for individual members and then decides, based on its budget, training that should be undertaken each year.
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Oversee and approve the risk management framework and associated policies and procedures used by management to effectively manage risk.
Note: All companies are incorporated and operate in Myanmar.