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Erdenebayar Gombo, Bank of Mongolia Jambaajamts Tundev, Financial Regulatory Commission Shagdarsuren Zuunai, Mongolian Bankers Association 24 November.

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Presentation on theme: "Erdenebayar Gombo, Bank of Mongolia Jambaajamts Tundev, Financial Regulatory Commission Shagdarsuren Zuunai, Mongolian Bankers Association 24 November."— Presentation transcript:

1 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

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.

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

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.

6 (continued) FRC: Amendments to related laws: 1. Company law 2. Securities market law (Disclosure rules, independent directors, dividend policy, enhancing the rights of minority shareholders, etc) Regulations: 1. Listing Rules of Mongolian Stock Exchange 2. IPO regulations by FRC revised

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.

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


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