Annual General Meeting (AGM)
A bank holds its Annual General Meeting regularly in accordance with the Myanmar Companies Law (2018), Financial Institutions Law (2016) and the Directives issued by the Central Bank of Myanmar.
Followings are the list of A bank’s AGM that have been held in the past.
• 12 November 2016—First Annual General Meeting, Novotel Yangon Max, Yangon
• 24 August 2018—Second Annual General Meeting, Junction City Office Tower, Yangon
• 27 June 2019—Third Annual General Meeting, Junction City Office Tower, Yangon
• 25 February 2020—Fourth Annual General Meeting, Pan Pacific Hotel, Yangon
| Board of Direcotrs/Chairman | ||||
| Asset-Liability Committee (ALCO) | Risk Management Committee | Credit Committee | Remuneration Committee | Audit Committee |
| 1. Assess the probability of various liquidity shocks and interest-rate scenarios.
2. Position the bank to handle the most likely of these scenarios at minimum cost (impact on earnings and capital) while still achieving a reasonable level of profitability. 3. Allocate the bank’s remaining assets and liabilities to meet risk and profitability object. |
1. To propose to the Board for overall risk policies. 1.1 Risk Appetite and Strategy 1.2 Risk Concentration Levels 1.3 Risk Policy Approval & Framework 2. To formulate strategies, monitor and ensure that risks are at appropriate levels. 3. To approve the appointment, review of committee structure and composition, and roles and duties of the management – level risk management committees. 4. To report the risk management performance and all risk management matters and measures to BOD and/or Audit Committee for any improvements required. 5. To advise on the development and maintenance of a supportive culture, in relation to the management of risk, appropriately embedded through procedures, training and leadership actions. 6. To advise on the alignment of compensation structures in relation to the management of risk. |
1. To approve followings: 1.1 Credits 1.2 Credit Restructuring 1.3 NPL Write-off 1.4 NPA Acquisition / Sales & Write-off 2. To review specific credit proposals for related parties or in which group limits exceed the SLL prior to submission to the Board for approval. 3. To review the credit decisions of the most senior executive credit committees. 4. To approve credit and related risks for transactional investments or underwriting commitments which exceed the management’s approval authority. |
Remuneration: 1. Review the overall remuneration structures policies and ensure to consistent with the decisions of the Board. 2. Recommend the amount of actual remuneration and benefits. 3. Approve the actual remuneration and benefits, including any incentive.Corporate Governance: 1. Review and recommend to the Board with policies, codes, rules and guidelines to ensure the highest standards. 2. Recommend the appropriate size and composition of the Board and Board Committees. 3. Recommend the criteria and methods for the periodic evaluation of the performance of the Board and Committees, report the results to the Board. |
1. To review the Bank’s financial statements to ensure accuracy and adequacy. 2. To review and ensure that the Bank has suitable and efficient internal control system and internal audit that internal audit function is independence. 3. To ensure compliance with the laws, regulations and other relevant regulators including compliance report prepared by the Bank’s Compliance unit. 4. To select, nominate and recommend remuneration of the Bank’s external auditor. 5. To approve audit-related and other services engagements with the Bank’s external auditor. 6. To review connected transaction or transaction that may lead to conflict of interest and disclosed in compliance with the law. 7. To review the appropriateness of corrective measures and actions taken by management in response to the reports or instructions from related regulators. |
Financial Accounts, Financial Statements, Financial Reports and Auditing
Auditing is performed in compliance with Myanmar Company laws, financial institution laws, and constitution. The Internal Audit Department is formed and is performing audit weekly and monthly for the main office and branches. Moreover, banking supervision department is formed which regularly investigates the branches in order to supervise the safety and services.
Appoint of External Auditor
The board of director performs the preliminary screening from a selected group of external auditors that are certified from Myanmar Auditing Council as experienced and capable. Then the selected external auditor is submitted to the Central Bank of Myanmar for approval. The approved external auditor is confirmed at annual general meeting of shareholders. The process is compliant with Myanmar Company Law, Financial Institution Law and the Constitution.
Financial Report and Directors’ Report
Financial report and directors’ report prepared by the external auditor are compiled yearly and delivered before the annual shareholders’ general meeting, and acquire approval for the reports.