Improve Governance of State Owned Enterprises (MN0043)
Overview
At-a-Glance
Action Plan: Mongolia Action Plan 2019-2021
Action Plan Cycle: 2019
Status: Active
Institutions
Lead Institution: Cabinet Secretariat of the Government of Mongolia
Support Institution(s): Central state administrative authority responsible for justice, Central state administrative agency in charge of budget and finance, Agency for State Property Policy and Coordination, Capital City Property Department, Financial Regulatory Committee, local governments, National Center for Corporate Governance, Mongolian Stock Excahange, Erdenes MGL LLC, Erdenet LLC, Mongolian National Chamber of Commerce and Industry, Confederation of Mongolian Employers, Confederation of Journalists, Mongolian National Broadcaster- TV and Radio
Policy Areas
Anti-Corruption, Audits, Capacity Building, Legislation & Regulation, Private SectorDescription
Main objective:
Improving governance of state owned and public companies
Brief description of commitment:
Improve legal framework for enhancing governance of state owned and public companies, build qualification for advanced governance, ensure information transparency, conduct independent evaluation on governance and provide recommendations, reporting outcomes, ensure Directors are elected through fair principles, improve corporate responsibility and strengthen internal oversight.
Ambition:
-Law regulating affairs pertaining to state and local government property adopted and enacted
-Knowledge and capacity of state owned and public companies for joint/shared corporate management increased and engagement will improve;
-Transparency and openness of corporate governance, financial and operational performance will be ensured and public oversight will improve.
-Company's operation and accountability improved resulting from self and independent evaluations.
-Nomination and election of company directors and executive officers made transparent and open through online tools and public participation increased;
-Financial performance and efficiency increased resulting from improved company social responsibility and internal oversight;
-Financial incentives and leverages such as issuing shares on stock market and access to soft loan, created as a result of improved corporate governance and contribution to national economy increased.
Milestones:
1. Improve legal framework for strnegthening state-owned and public companies governance
2. Establish training for advanced level corporate governance and issues certificates
3. Ensure governance and operational transparency of state-owned and public companies
4. Create system for conducting independent evaluation on corporate governance, providing recommendations and reporting outcomes
5. Establish a system that selection of directors and executives are made with public participation in open and transparent ways
6. Create corporate social responsibility, internal audit and risk based control system for state-owned and public corporations
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