Proven Technology Industry Company (PTIC) is a limited company, registered under the number 150833604. All the information about PTIC owners and directors can be found on the MyCO portal.
Responsibilities of Board of Directors
The Board of Directors shall be responsible for the guidance of the management group to achieve its mission and targets, to decide the distribution of dividends to shareholders and to advise for the customers’ needs with respect to product quality and after-sale services. Board of Directors is responsible for evaluating the capability and capacity of Executive Directors and suggesting the remuneration level. Board of Directors is also responsible for transparently and comprehensively reporting the shareholders about the current status of the company.
Tasks of Board of Directors
The following tasks shall be implemented and monitored by the Board of Directors.
- Guidance on the strategic plan and pre-eminent performance, execution of fulfillment for financial requirements and the building up capacity for human resources of work force.
- Adoption of effective measures with stipulated instructions in orders to practice safe-guard. Responsible for risk management measures in the interest of shareholders and the assets of the Company.
- Analyzing on the performance including financial statements of the management group so as to have a corrective path of the mission.
- Strategically communicating with the Stakeholders in order to acknowledge their suggestions by following up actions for the sake of reputation of the Company.
- Creation of the Company values by enforcing the obeisance of operation-standards and code of conduct.
- Reporting to the shareholders for progressive performance of the company.
- Implementation of sustainability management process including environmental and social affairs.
The Audit and Risk Management Committee is composed of 2 Non-Executive Directors and 2 Consultants as shown in the following table and provides an independent advice on the risk of the Company, compliance with the law and directives of the Board of Directors, control, governance framework and other necessary measures including financial statements. Moreover, two consultants are well-experienced accountants (Please see the complete biography of the two consultants in the Chapter (4) of the 2020-2021 Annual Report.)
|Mr. Sai Hla Win||Chairman||Non -Executive Director|
|Mr Kyain Myint|
(Mr Htay Yu - proxy)
|Mr Kyaw Nyunt||Member||Non-Executive Director|
|Mr Aung Nyunt||Member||Non-Executive Director|
The Audit and Risk Management Committee reviews the financial statements before submitting to the Board and tries to identify any possible fraud. If any fraud happens, Committee has to investigation urgently and collaboration with the management and other Committees develops the necessary plans and measures to prevent, make aware and mitigate the potential risks.
The Nomination and Remuneration Committee is composed of 3 Non-Executive Directors and 1 Consultants as shown in the following table. The Committee makes recommendations and determination to the Board on all matters relating to the appointment of the Directors with the objective of creating a diverse Board comprised of individuals with experience in finance, business and education.
|Mr. Myo Lwin||Chairman||Non-Executive|
|Mr. Kyi Gwan||Member||Non-Executive|
|Mr Myint Naing||Member||Non-Executive|
|Mr. Kyaw Nyunt||Member||Non-Executive|
The Committee also considers and makes recommendation to the Board concerning the company’s remuneration policy for Executive Directors, Directors and Senior Management, procedures and staff payroll policy.
The term of the members of the Board of Directors is three years. Therefore, in the Annual General Meeting, the oldest one-third of all members of the Boards have to resigns and new directors are elected and appointed in these positions.
For the new directors, the Committee considers and nominates the nominated shareholders from among those who have the appropriate qualifications, education, age and experience required by the Myanmar Company Law, especially experience in finance, business and management of the battery business, which is the main business of the company. In particular, the diversity is considered among the company’s Board of Directors.
|Mr. Aung Aung||Chairman||Non-Executive|
|Mr. Nyan Thit Hlaing||Member||Non-Executive|
|Mr. Myint Zaw||Member||Non-Executive|
|Mr. Zaw Myo Myint||Member||Non-Executive|
|Mr.Than Htike Lwin||Member||Executive-Director|