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IFC and CGDC Host Corporate Governance Forum to Raise Competitiveness of Mongolian Firms

Ulaanbaatar, Mongolia, October 14, 2016— IFC, a member of the World Bank Group, is hosting the ninth annual Corporate Governance Forum in partnership with Mongolia’s Corporate Governance Development Center in Ulaanbaatar today. This year’s theme is to find ways to improve the competitiveness of Mongolian companies amid a slowdown in global trade.
More than 150 entrepreneurs, government policymakers, and international experts gather for the forum to discuss the challenges faced by Mongolian companies in improving corporate governance practices and possible solutions for them. Numerous studies show that companies with good governance tend to perform better and are thus more attractive to investors.
“Mongolia has come a long way in implementing international best practices in corporate governance, but there are challenges that need to be addressed to meet the demand of global investors,” said Tuyen D. Nguyen, IFC Resident Representative in Mongolia. “A trade slowdown means that it has become even more pertinent for Mongolian companies to further enhance their corporate governance practices in order to raise their transparency and competitiveness in a more challenging global economy.”
Last month, the World Trade Organization cut its forecast for global trade growth this year to 1.7 percent from its previous estimate of 2.8 percent in April.
At the forum, participants also share the latest trends in best international corporate governance practices for improving operational efficiency and disclosure and transparency standards. The forum will also announce winners of this year’s Best Annual Report Competition, which was launched last year to encourage Mongolian enterprises to adopt better governance practices.
“We are very happy to see that the competition has helped improve disclosure standards in Mongolia. There are companies that are publishing annual reports for the first time,” said Tsend-Ayush Tuvshintur, Chief Executive Officer of the Corporate Governance Development Center. “We look forward to seeing even more companies participating in the competition and making great efforts in enhancing their corporate governance standards.”
Since 2009, IFC has been supporting Mongolia’s efforts to enhance corporate governance practices, including the development of a corporate governance scorecard in 2013 and regulations governing related-party disclosures to protect minority investors. These efforts are part of the broader IFC Corporate Governance Program in East Asia and the Pacific, which is funded by the State Secretariat for Economic Affairs of Switzerland.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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About CGDC
The Corporate Governance Development Center is a membership-based professional training and research institution established in June 2009 to advance corporate governance practices in Mongolia. It actively cooperates with the Financial Regulatory Commission and the Mongolian Stock Exchange in reforming Mongolia’s business regulatory environment. For more information, visit www.cgdc.org.mn