On 28 May, the Economic Journalism Club (EJC), with support from the project, hosted its first roundtable discussion on the Role of Stock Markets in Corporate Governance at The Press Institute. Twelve journalists from print and television media stations attended the event. The goal of the roundtable discussion was to enhance EJC members’ knowledge of how stock exchanges can contribute to strengthening corporate governance practices in listed companies, particularly through increasing disclosure and transparency.
In his opening remarks, Dr. Demir Yener, Senior Finance and Corporate Governance Advisor, EPRC, noted that stock exchanges have an important role in monitoring corporate governance through listing and applying disclosure standards and monitoring compliance. Through these methods, a stock exchange facilitates the interaction between the investors, the issuers, and the intermediaries. Without adequate disclosure and transparency, stocks cannot reach their full potential price, and value creation in the market suffers.
Following Dr. Yener, Ms. M. Enkhtuya, Senior Specialist of the Mongolian Stock Exchange (MSE); Mr. S. Tulgaa, Deputy Chairman of Financial Regulatory Committee (FRC); and Mr. Azamat Joldasbekov, former Chairman of Kazakhstan Stock Exchange (KSE), gave brief comments on the topic before opening to questions from the journalists. Both Ms. Enkhtuya and Mr. Tulgaa noted that many companies in Mongolia’s stock exchange fail to meet the listing requirements. There are currently 345 listed shareholding companies in the Mongolian Stock Exchange, but only 14 companies fully meet the requirements for listed companies. The FRC moved to suspend trading on shares of 166 companies because they did not comply with these requirements. Mr. Azamat Joldasbekov shared his experiences as former chairman of the Kazakhstan Stock Exchange (KSE), and noted that several years ago the KSE had similar problems, but resolved them by steadily establishing tougher requirements for listed shareholding companies.
Journalists engaged in an active discussion with panelists and asked many questions about the recent case of Anod Bank and their Initial Public Offering (IPO) that resulted in bankruptcy and seriously damaged investor confidence in the Mongolian financial markets. In advance of the roundtable discussion, participants received two articles, including one about the role of stock exchanges in bringing self-regulatory oversight on their listed companies, and another on the Mongolian Stock Exchange as background reading for the discussion. The event generated several newspaper articles—linked to the project website through the ‘In the News’ panel of this newsletter, and a television interview with Dr. Demir Yener on corporate governance.
EPRC helped establish The Economic Journalism Club at the Press Institute in partnership with other international organizations, the Ministry of Finance, and local academic institutions. The club has more than forty members who are investigative journalists specializing in economic development issues and representing all of Mongolia’s daily newspapers and television news stations. Planned club activities for the coming months include a workshop on microeconomic issues and a roundtable on the impact of Central Bank policies on inflation.
In his opening remarks, Dr. Demir Yener, Senior Finance and Corporate Governance Advisor, EPRC, noted that stock exchanges have an important role in monitoring corporate governance through listing and applying disclosure standards and monitoring compliance. Through these methods, a stock exchange facilitates the interaction between the investors, the issuers, and the intermediaries. Without adequate disclosure and transparency, stocks cannot reach their full potential price, and value creation in the market suffers.Following Dr. Yener, Ms. M. Enkhtuya, Senior Specialist of the Mongolian Stock Exchange (MSE); Mr. S. Tulgaa, Deputy Chairman of Financial Regulatory Committee (FRC); and Mr. Azamat Joldasbekov, former Chairman of Kazakhstan Stock Exchange (KSE), gave brief comments on the topic before opening to questions from the journalists. Both Ms. Enkhtuya and Mr. Tulgaa noted that many companies in Mongolia’s stock exchange fail to meet the listing requirements. There are currently 345 listed shareholding companies in the Mongolian Stock Exchange, but only 14 companies fully meet the requirements for listed companies. The FRC moved to suspend trading on shares of 166 companies because they did not comply with these requirements. Mr. Azamat Joldasbekov shared his experiences as former chairman of the Kazakhstan Stock Exchange (KSE), and noted that several years ago the KSE had similar problems, but resolved them by steadily establishing tougher requirements for listed shareholding companies.
Journalists engaged in an active discussion with panelists and asked many questions about the recent case of Anod Bank and their Initial Public Offering (IPO) that resulted in bankruptcy and seriously damaged investor confidence in the Mongolian financial markets. In advance of the roundtable discussion, participants received two articles, including one about the role of stock exchanges in bringing self-regulatory oversight on their listed companies, and another on the Mongolian Stock Exchange as background reading for the discussion. The event generated several newspaper articles—linked to the project website through the ‘In the News’ panel of this newsletter, and a television interview with Dr. Demir Yener on corporate governance.
EPRC helped establish The Economic Journalism Club at the Press Institute in partnership with other international organizations, the Ministry of Finance, and local academic institutions. The club has more than forty members who are investigative journalists specializing in economic development issues and representing all of Mongolia’s daily newspapers and television news stations. Planned club activities for the coming months include a workshop on microeconomic issues and a roundtable on the impact of Central Bank policies on inflation.