Further Proposals from MCRB on the Draft Myanmar Investment Law
Following on from a public consultation with civil society groups on the draft Myanmar Investment Law organised by the Department for Investment and Companies Administration (DICA) in May 2015, which highlighted continued CSO concerns about how the government would ensure responsible business conduct by investors, MCRB submitted further suggestions for incorporation in the new Law, or its implementing Regulations.
The proposals would require companies in receipt of a Myanmar Investment Commission permit (which is likely, inter alia, to include all those in the extractives sector and other major investments) to establish an effective operational grievance mechanism (reflecting the UN Guiding Principles on Business and Human Rights), and publish an annual sustainability business report on their responsible business conduct.
Proposal for inclusion
REQUIREMENTS FOR COMPANIES IN RECEIPT OF AN MIC PERMIT
[With effect from x.x.2015] All companies in receipt of an MIC Permit are required to:
a) Publish, within six months of the end of the company’s financial year, an annual sustainability report in Myanmar language, (and other languages where appropriate). This report should address how the company has invested responsibly in Myanmar. It should be published on the company website. The web link for the report should be notified to DICA.
b) Establish, within six months of receipt of the MIC Permit, an effective grievance mechanism designed in collaboration with affected stakeholders. This should be notified to DICA, and any relevant line ministry, together with the name and contact details of the responsible officer. This mechanism should be publicised on the company’s website as well as being accessible to those who the company may affect. A short report on the implementation of the grievance mechanism should be included in the annual sustainability report.