Ulaanbaatar, Mongolia, March 27, 2015—IFC,
a member of the World Bank Group, the Financial Regulatory Commission of
Mongolia (FRC) and the National Council on Corporate Governance (NCCG)
are partnering to train Mongolian companies on how to conduct more effective
annual shareholders meeting to improve their corporate governance and enhance
IFC and FRC in cooperation with NCCG are hosting a seminar titled “Shareholder
Rights and Annual Shareholders Meeting: Practices, Requirements, and Current
Trends” in Ulaanbaatar today. An annual shareholders meeting is an important
corporate event for shareholders of a listed company to review its financial
and operational information, articulate their concerns to management, and
understand the future direction of the company.
At the seminar, board members, brokers, minority investors, and professional
associations discuss proper procedures and preparations for conducting
effective annual shareholder meetings, listing and disclosure regulations,
and the content and quality of annual reports of listed companies.
“Protecting the rights of investors and market players is one of the Financial
Regulatory Commission’s mandates. Organizing a successful annual shareholders
meeting is an important way to ensure that the basic rights of shareholders
are met,” said D. Ganbayar, Commissioner of the Financial Regulatory Commission
of Mongolia and the Chairperson of the National Council on Corporate Governance.
“The quality of such meetings in Mongolian companies is improving, but
we believe that this seminar will help address some persistent challenges.”
IFC and FRC previously worked together to amend the Mongolian Corporate
Governance Code and drafted sample corporate documents for listed companies.
According to the World Bank Group’s Doing Business report, Mongolia has
significantly enhanced its investor protection legislations, but implementation
and enforcement still need to be improved.
“Good corporate governance is most needed in emerging markets like Mongolia
so that local firms can raise their competitiveness and better access investors,
partners, and financing,” said Tuyen Nguyen, IFC’s Resident Representative
In Mongolia, IFC’s Corporate Governance program is delivered in partnership
with the Swiss State Secretariat of Economic Affairs (SECO).
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
About the Financial Regulatory Commission of Mongolia
The Financial Regulatory Commission of Mongolia (FRC) is a government regulatory
agency. FRC strives to ensure the stability of the financial market, regulates
financial service institutions, monitors the implementation of all relevant
legislations, and protects the rights of investors and participants of
the financial markets. The FRC continues to take steps in reforming and
opening up Mongolia’s capital and insurance markets both domestic and
international investors. For more information, visit www.frc.mn.
About the National Council on Corporate Governance
The National Program on Development of Corporate Governance was approved
in 2011 by the Government of Mongolia with FRC being appointed as the organization
responsible for its implementation. The National Council on Corporate Governance
comprises of representatives from the MongolBank, Ministry of Finance,
Mongolian Stock Exchange, State Property Committee and some NGOs. The council
focuses on improvement of governance practices of listed companies, SOEs,
insurance and NBFIs, as well as audit and rating companies For more information,