Board of Directors
Our Board of Directors is responsible for steering Yoma Bank’s strategy, heading its Leadership team, and ensuring that the Bank complies with all relevant laws and regulations when conducting its business.
Our Board is also responsible for shaping Yoma Bank’s corporate culture and values. Its ultimate goal is to create long-term value that benefits its shareholders and stakeholders. Our Board Members combine various skills and professional backgrounds, and this diversity elevates the quality of our decision-making.
The Board of Directors of Yoma Bank is elected by and accountable to its shareholders. As part of the Bank’s continuing efforts to improve its corporate governance, the composition of the Board of Directors has been revised. The appointment of the three Independent Non-Executive Directors exceeds the requirements of the CBM regulations, and this enables the Bank to be in line with the best practices for corporate governance. Moreover, it ensures that decisions of the Board are made impartially in a manner that balances the best interests of the Bank’s shareholders, stakeholders, customers and employees. The Bank has further improved its corporate governance framework by adding a new Board Sub-Committee: Technology Advisory Committee, in addition to the Audit Committee, Risk Oversight Committee, and People, Remuneration and Nomination Committee it initially had.
As per the definition of the Central Bank of Myanmar, an Independent Non-Executive director of a bank is a person who holds less than 5% of the voting shares of the bank and is not a Related Party as defined in the FI Law.
Board Profiles
U Theim Wai @ Mr. Serge Pun : Executive Chairman
Date of last re-election : April 2022
Current directorships in other listed companies :
- First Myanmar Investment Public Company Limited (Myanmar)
- Myanmar Thilawa SEZ Holdings Public Co., Ltd (Myanmar)
- Yoma Strategic Holding (Singapore)
- Memories Group Pte. Ltd (Singapore)
Interest in the Company : Indirect, through FMI *
Biographical details : U Theim Wai @ Mr. Serge Pun is the founder and Chairman of the Serge Pun & Associates (SPA) Group. He is also the Chairman of First Myanmar Investment Public Company Limited (FMI), one of Myanmar's leading public companies established in 1992, and Yoma Strategic Holdings (YSH), a Singapore Stock Exchange listed company since 2006. In 2016, he also led FMI to be the first company to list on the Yangon Stock Exchange. He was also instrumental in listing Memories Group on the Catalist Board of the SGX-ST in 2018.
Mr. Pun has over 30 years of international business and investment experience. He was Honorary Business Representative of International Enterprise Singapore for Myanmar between 2004 and 2006. In 2007, he was appointed as a member of Dalian’s CPPCC. He was also selected as a member of the World Economic Forum (WEF) Global Agenda Council for Transparency and Anti-Corruption during its 2014-2016 term.
*For more information, please refer to FMI 2022 Annual Report, page 11.
U Tun Myat : Independent Non-Executive Director
Date of last re-election : April 2022
Current directorships in other listed companies : NA
Interest in the Company : Indirect, through FMI (An individual shareholder of FMI with 1,460 shares)
Biographical details :
U Tun Myat was the United Nations Security Coordinator until his retirement in 2004. He also served as United Nations Humanitarian Coordinator for Iraq for over two years. Prior to these assignments, both of which were at the Assistant Secretary General (ASG) level, he held senior positions at the World Food Programme (WFP) in Rome, where he served for over 22 years.
Before joining the United Nations, he was the Head of the Legal and Insurance Department at Myanmar Five Star Line, where he served for 15 years. From 1974 to 1978, he was also the Legal Adviser to the Ministry of Transport and Communications and a lecturer in the Law Department at the University of Yangon.
He holds B. Com and B.L degrees from the University of Rangoon, an ACII from the Chartered Insurance Institute in London, and an LLM from King’s College, University of London.
U Kyi Aye : Executive Director
Date of last re-election : April 2022
Current directorships in other listed companies : First Myanmar Investment Public Company Limited (Myanmar)
Interest in the Company : Indirect, through FMI **
Biographical details :
U Kyi Aye started his career in the banking industry in 1960 and was transferred to the Central Bank of Myanmar (CBM) in 1965 after nationalization. He held many positions over 25 years in CBM, including Chief Accountant (1987 - 1989) and Executive Director (1989 - 1991). He was appointed as the Managing Director of Myanmar Economic Bank in 1991 and subsequently as Governor of CBM in 1992 until 1998 when he retired from the service.
U Kyi Aye joined Yoma Bank in 2000 as the Special Counsel to the Chairman of the Bank. He holds B. Com and B.L degrees from Yangon University and a Diploma in World Banking and Finance from The Economic Institute in Boulder, Colorado, USA. He is a Certified Public Accountant.
**For more information, please refer to FMI 2022 Annual Report, page 12.
Dr. Holger Dirk Michaelis : Non-Executive Director
Date of last re-election : April 2022
Current directorships in other listed companies : NA
Interest in the Company : NA
Biographical details :
Dr. Holger Dirk Michaelis is a Senior Vice President of GIC Private Limited where he serves as Head, Financial Services as well as Head, Strategy & Risk for the Private Equity Group. He has extensive experience in private equity and as a strategic advisor to financial services companies.
Prior to joining GIC, Dr. Michaelis was a Partner and Managing Director of the Boston Consulting Group based in Beijing, China and previously in Frankfurt, Germany.
Dr. Michaelis holds an MBA from UT Austin as well as a doctorate degree in Economics and a German graduate degree in business from WHU Koblenz, Germany.
Mr. Chintaman Mahadeo Dixit alias Dilip : Independent Non-Executive Director
Date of last re-election : April 2022
Current directorships in other listed companies : NA
Interest in the Company : Nil
Biographical details :
Mr. Dilip Dixit is a Commerce Graduate and a fellow member of the Institute of Chartered Accountants of India. He is a Managing Partner in the most reputed and one of the oldest firm of Chartered Accountants Viz. G.D.Apte & Co. He has been in practice for almost 5 decades. Besides other sectors he is specialized in the field of Banking, Financial Services, and Insurance (BFSI) as the Auditor and Consultant. He is associated with leading Banks in India such as Union Bank of India, IDBI Ltd., Bank of India, State Bank of India as their Statutory Auditors. He has handled take overs and mergers of Banks and the first case of Take Over of a Co-Operative Bank by a Public Sector Bank is his brainchild. He was also the Auditor of Life Insurance Corporation of India from time to time. He was a member of a study Group formed by Reserve Bank of India to examine the problems of Nostro Accounts. He was also a Co-opted Member of the various technical committees of Institute of Chartered Accountants of India. He was an Independent Director of Dena Bank (Since Merged), Indian Bank, Bandhan Bank Ltd, Stock Holding Corporation Ltd. He was also appointed as an Independent Director by Central Govt. of India on the Board of Konkan Railways Ltd.
Mr. John Alan Staley : Independent Non-Executive Director
Date of last re-election : April 2022
Current directorships in other listed companies : NA
Interest in the Company : NA
Biographical details :
Date of last re-election : April 2022
Current directorships in other listed companies : NA
Interest in the Company : NA
Biographical details :
Mr. John Alan Staley has a wide range of experience in both Finance and ICT and has worked in South Africa, UK, and Kenya. He is currently serving as a consultant on various financial inclusion related projects which is his passion. Prior to this, he worked as Consultant of Fairfax Financial Holdings Ltd/ Fairfax Africa Holding until January 2019. He was with Equity Bank, in 2003/2004 as Chief Operations Officer and again from 2009 to 2018, where his last position was Chief Officer – Finance, Innovation and Technology. From 1999-2003, he joined Credit Indemnity (Pty) Ltd (a subsidiary of African Bank Investment Limited), one of the largest un-secured micro-lending companies in South Africa, as Chief Executive Officer. He has been involved in Mobile Financial Service since 1999 and was the driving force behind Equity Banks movement into this space since 2003, when Equity first considered using 3rd parties to provide cash in/ cash out services via agents using mobile phone. He holds BSc in Physics from University of Natal, MSc in Applied & Computational Mathematics from University of Witwatersrand and obtains a BCompt (Honours) from University of South Africa before qualifying as a Chartered Accountant (SA) in 1996.
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