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Introducing a Corporate Governance Code in Mongolia

Two main documents:Corporate Governance Guidelines for Banks and NBFIs, Bank of Mongolia, 2003Mongolian Corporate Governance Code, Financial Regulatory Commission, 2007. Country presentation: Mongolia. Bank of Mongolia Corporate Governance Guidelines for Banks:Based on Basel Committee's Guidanc

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Introducing a Corporate Governance Code in Mongolia

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    1. Introducing a Corporate Governance Code in Mongolia Erdenebayar Gombo, Bank of Mongolia Jambaajamts Tundev, Financial Regulatory Commission Shagdarsuren Zuunai, Mongolian Bankers Association 24 November 2009, Tbilisi

    2. Two main documents: Corporate Governance Guidelines for Banks and NBFIs, Bank of Mongolia, 2003 Mongolian Corporate Governance Code, Financial Regulatory Commission, 2007 Country presentation: Mongolia

    3. Bank of Mongolia Corporate Governance Guidelines for Banks: Based on Basel Committee’s Guidance Enhancing Corporate Governance for Banking Organizations Some banks have implemented their own corporate governance codes. Some banks became public (listed) entities, thus subject to FRC and MSE requirements. Country presentation: Mongolia

    4. Amendments to the law: Submitted to Parliament in September 2009 The Banking Act of Mongolia: Related persons Consolidated supervision Independent directors Conflict of interest Transparent ownership Country presentation: Mongolia

    5. FRC MCGC: Applicable to all companies (private and public) - Based on OECD Principles of Corporate Governance; Non-binding code containing all the main international standards on CG; OECD principles are adopted as national standard by the State Standardization Authority as submitted by FRC in 2008. Country presentation: Mongolia

    6. (continued) FRC: Amendments to related laws: Company law Securities market law (Disclosure rules, independent directors, dividend policy, enhancing the rights of minority shareholders, etc) Regulations: Listing Rules of Mongolian Stock Exchange IPO regulations by FRC revised Country presentation: Mongolia

    7. Other activities: -IFC Technical Assistance on Corporate Governance: National Center for Development of Corporate Governance established in 2008 - Trainings for corporate board members, studies, research, development of a handbook. Country presentation: Mongolia

    8. THANK YOU FOR YOUR ATTENTION! (shagdarsuren@mba.mn) Ulaanbaatar MONGOLIA Country presentation: Mongolia

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