In order to develop corporate governance practice in Mongolia,
the Financial Regulatory Commission /the “FRC”/
approved the Corporate Governance Code (hereinafter “the
Code”) in 2007 for the first time and revised it later in
2014. Under these Codes, public or joint-stock companies whose
shares are freely traded on the Stock Exchange had been undertaken
to follow this Code mandatorily, while limited liability companies
and other legal entities were recommended to use the Code as
optional.
On March 23, 2022, the FRC has re-approved the Code,
mandating insurers, companies which provide
non-banking financial trust services and investment
managements to comply with the Code in addition to
public companies.
