On 27 May, the Corporate Governance Development Center (CGDC) hosted the Third Mongolia Corporate Governance Forum with more than 130 participants from the private and public sectors in attendance. The project collaborated with the International Finance Corporation (IFC), the Business Council of Mongolia (BCM), Eurasia Capital, Golomt Bank and other partners to organize the event.
In his opening remarks at the third forum, Prime Minister S.Batbold underscored the government’s commitment to “improve our governance regimen, making it more sustainable and open” in the private sector and in state-owned firms. The first session of the event focused on World Bank’s 2009 Mongolia Corporate Governance Report on the Observance of Standards and Codes (ROSC) that highlighted accomplishments made since the promulgation of the Mongolian Corporate Governance Code in 2007 and current gaps. The ROSC made five main recommendations to improve corporate governance in Mongolia:
The Government of Mongolia, represented by the Financial Regulatory Committee; the Parliamentary Standing Committee on Economy; and the National Innovation and Development Committee, presented their initiatives to support stronger corporate governance, including adding corporate governance curricula in university courses, and the creation of a culture of sustainable ethical business conduct and governance.
Representatives of leading banks, representing 80 percent of deposits, summarized their experiences in introducing and implementing global best practices in corporate governance in their respective organizations. In the third panel discussion, private sector investors stressed the need for improvements in corporate governance, especially regarding adherence to and enforcement of International Financial Reporting Standards (IFRS) in accounting and other global best practices in disclosure and transparency.
Less than two years after its formation, CGDC has become the main
voice to promote corporate governance reforms in the country. The institution was launched in April 2009 during the Second Corporate Governance Forum, with support from EPRC/USAID, to implement a resolution of the First Corporate Governance Forum held in October 2008 that the project organized with the Financial Regulatory Commission (FRC), the Institute of Finance and Economics (IFE), the Mongolian Stock Exchange, and the Mongolian National Chamber of Commerce and Industry.
In his opening remarks at the third forum, Prime Minister S.Batbold underscored the government’s commitment to “improve our governance regimen, making it more sustainable and open” in the private sector and in state-owned firms. The first session of the event focused on World Bank’s 2009 Mongolia Corporate Governance Report on the Observance of Standards and Codes (ROSC) that highlighted accomplishments made since the promulgation of the Mongolian Corporate Governance Code in 2007 and current gaps. The ROSC made five main recommendations to improve corporate governance in Mongolia: - Hold all regulatory bodies accountable for enforcing the legal and regulatory framework
- Restore trust in the market by de-listing all inactive, suspended, or non-compliant companies
- Modernize the corporate governance framework
- Develop a strategy to improve upon the corporate governance of Mongolia’s state-owned enterprises
- Build a qualified cadre of directors by supporting the Mongolia Corporate Governance Development Center.
The Government of Mongolia, represented by the Financial Regulatory Committee; the Parliamentary Standing Committee on Economy; and the National Innovation and Development Committee, presented their initiatives to support stronger corporate governance, including adding corporate governance curricula in university courses, and the creation of a culture of sustainable ethical business conduct and governance.
Representatives of leading banks, representing 80 percent of deposits, summarized their experiences in introducing and implementing global best practices in corporate governance in their respective organizations. In the third panel discussion, private sector investors stressed the need for improvements in corporate governance, especially regarding adherence to and enforcement of International Financial Reporting Standards (IFRS) in accounting and other global best practices in disclosure and transparency.
Less than two years after its formation, CGDC has become the main
voice to promote corporate governance reforms in the country. The institution was launched in April 2009 during the Second Corporate Governance Forum, with support from EPRC/USAID, to implement a resolution of the First Corporate Governance Forum held in October 2008 that the project organized with the Financial Regulatory Commission (FRC), the Institute of Finance and Economics (IFE), the Mongolian Stock Exchange, and the Mongolian National Chamber of Commerce and Industry.