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IFC-sponsored Corporate Governance Forum Helps Mongolian Companies Improve Competitiveness

Ulaanbaatar, Mongolia, May 9, 2012 —IFC, a member of the World Bank Group, in partnership with Mongolia’s Corporate Governance Development Center, will bring together about 150 entrepreneurs, government policy makers, and international experts to discuss ways to improve Mongolian companies’ competitiveness amid a booming economy.
The 5 th annual National Corporate Governance Forum opens today in Ulaanbaatar. Speakers will focus on helping privately held companies take their businesses to the next level by adopting international corporate governance standards. The standards would improve companies’ ability to access new investors and markets, including through listings in domestic and international stock exchanges. Speaker Yasuyuki Konuma, Executive Officer for New Listings of Tokyo Stock Exchange, will discuss how Mongolian companies can tap the Japanese stock market.
The formerly state-run economy grew 17.3 percent last year, largely driven by its burgeoning resource sector. With more capital, Mongolian companies can expand faster, help boost economic productivity, and create jobs.
“The number of privately held companies in Mongolia has been rapidly growing and they are playing an increasingly important role in the economy,” said Jigjid Unenbat, Executive Director of the Corporate Governance Development Center, a professional training and research institution. “By bringing together the public and private sector, the forum will help shape further corporate governance and investment climate reforms in Mongolia.”
In recent years, Mongolia has made progress in introducing good corporate governance practices. With IFC’s help, the Mongolian parliament adopted a new Law on Companies in 2011, which introduced stronger corporate governance regulations such as protecting shareholders’ rights and improving corporate transparency.
“IFC is keen to address the increasing demand from Mongolian companies to enhance corporate governance and attract new investment,” said Hyun-Chan Cho, IFC’s Country Manager for China and Mongolia. “We will continue to work with our Mongolian partners to promote standards that are important to the country’s sustainable economic development.”
In partnership with Japan and the Netherlands, IFC’s Mongolia Corporate Governance Program has organized training and consultations for more than 70 joint-stock companies and banks since 2009.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org .
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About CGDC
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 National Development and Innovation Committee in reforming Mongolia’s business regulatory environment. For more information, visit www.cgdc.org.mn .