MCRB Encourages the US Government to Maintain Reporting Requirements for US Companies
On the eve of the visit of State Counsellor Daw Aung San Suu Kyi to Washington, MCRB has written to US Secretary of State John Kerry to encourage the maintenance of a requirement on US companies investing in oil and gas in Myanmar or more than US$5 million to report on the nature of their investment.
MCRB recognises that it would be preferable if all companies regardless of nationality were subject to similar transparency requirements. For this reason, we have proposed that as part of the reform of the Myanmar Investment Law it should be a requirement for all companies in receipt of a Myanmar Investment Commission (MIC) Permit to publish an annual sustainability report on their investment and establish an operational grievance mechanism which meets the eight effectiveness criteria of the UN Guiding Principles on Business and Human Rights.
MCRB also submitted comments to the State Dept in January 2016 as part of a consultation on the Reporting Requirements.