Burma/Myanmar Company List

Following the February 2021 coup-d’état in Burma/Myanmar and the reports of widespread repression and human rights violations in the country, the EIRIS Conflict Risk Network (EIRIS CRN), an EIRIS Foundation initiative, is releasing the list of 127 companies operating in the country. This list is based on updating EIRIS CRN’s historic research on investments in Burma/Myanmar.


Ask the Burma/Myanmar Question

EIRIS CRN is publishing this list so that investors and the public can ask some questions regarding their own money and consider the ways their investments in these companies might impact the situation on the ground. 

Almost all of us have money in a bank account, and many of us are small-scale investors – simply by having a 401(k), ISA (UK), UCITS (EU), insurance, or pension savings. Our pensions, our savings, and our banks invest in companies directly or in other investment funds which do so and some of those may be companies that operate in Burma/Myanmar.

How can you Help?

We know that there are no easy solutions for companies operating in Burma/Myanmar. But companies need to know that people care about what they do in conflict areas.

One good way to help is to shine a light on companies and their activities. Ask questions – it is your right as someone who has money invested in these companies. This helps companies know that their shareholders want them to respect human rights.

  • Ask your bank, pension, or other fund managers if they invest directly or through other investment funds in companies operating in Burma/Myanmar;
  • Ask about companies’ links to the military and related organizations and how companies will avoid complicity with violence or human rights abuses. For example, do they provide products, technology, facilities, or information that could be used against peaceful demonstrators or to violate human rights;
  • Ask whether the companies are taking steps to protect their own workers and support human rights defenders and peaceful demonstrators;
  • Ask about whether the coup will affect companies’ future business plans in Burma/Myanmar.

Questioning companies and encouraging banks, pension funds, and other fund managers to investigate what companies are doing in Burma/Myanmar may help to reduce the risk of complicity in human rights violations. And it can help you know that your money is in safe hands.

What can Institutional Investors do?

Investors should analyze their exposure to conflict risks in Burma/Myanmar and decide what action they can take as responsible investors.

EIRIS CRN will continue to monitor the conflict exposure related to corporate actors involved in Myanmar—and other areas affected by conflict—and identify the steps these companies can take to better respect human rights and support peace and stability, mitigating conflict risk. EIRIS CRN membership encompasses pension funds, some of the world’s largest asset management firms, government entities, university endowments, foundations, financial service providers, and socially responsible investment firms. Engagement with companies conducted on an ad hoc basis does not rival the outcomes possible when stakeholders engage with a coordinated voice.

For more information on our Burma/Myanmar services and to learn more on how you can reduce your exposure to conflict risk, please contact EIRIS CRN at [email protected].


*All companies on the list were sent this information when possible and were given an opportunity to provide an update or comment.  In addition, EIRIS CRN is also continuing its engagement with several other companies not on the list and who may be added to the list in due course. Included in Burma/Myanmar Company List are publicly listed companies or companies with debt issued with confirmed investments in Burma/Myanmar as well as companies that are strongly suspected of having Burma/Myanmar-related operations and the company failed to provide EIRIS CRN with an update to the contrary. In addition, publicly listed companies or companies with bonds issued that have terminated active business operations in the country but continue to hold rights to property previously operated for the purpose of generating revenues are also included.

For more information, please contact [email protected].

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