Монгол улсын компанийн засаглалын журмыг олон улсын стандартад нийцүүлэн шинэчлэх/хөгжүүлэхэд Санхүүгийн Зохицуулах Хорооны КЗКХ-д туслалцаа үзүүлэх дотоодын зөвлөх
Урилгын дугаар: C4/CS/039
Захиалагч: Санхүүгийн зохицуулах хороо
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 2021.08.03
Дуусах огноо: 2021.08.13 17:00:00  

Зарын урилга

A. BACKGROUND 

Mongolia has received a credit from the International Development Association (IDA) for implementation of the Strengthening Fiscal and Financial Stability (SFFS) project. The Financial Regulatory Commission (FRC) of Mongolia is a beneficiary of the Project and is implementing activities under sub-component C4. The main objective of the Sub-component is strengthening the Commission’s institutional capacity. 

The FRC is obliged to implement the introduction of internationally-recognized corporate governance practices, and principles, within the Commission; as authorized by the Law on the Legal Status of the FRC. The relevant details are contained within Section 2.1.5 of the Regulations of the FRC, approved by the Parliament of Mongolia in accordance with the Annex to Resolution № 45 of 2006. Pursuant to the Regulations of the FRC, the Commission shall introduce internationally recognized corporate governance principles - within its powers as set forth in the Law on the Legal Status of the FRC - to meet the adequate objectives of principles. 

Corporate governance principles (the Corporate Governance Code) are considered essential for the development of good corporate governance practices. The FRC approved the Corporate Governance Code of Mongolia in 2007 and revised it in 2014. The Code administers governance of public listed companies and intermediaries operating in the securities market. The Code was developed on the basis of the recommendations of international organizations, taking into account Mongolia’s features and particular situation. Although the FRC adopted the Corporate Governance Code - which provides the groundwork for government agencies to disseminate knowledge and information on corporate governance and enforce these principles – the Code’s implementation has been insufficient. Moreover, because of the lack of legal and corporate self-regulation, the responsibilities and duties of a companies’ boards of directors and executive management are weak. 

The Principles of Corporate Governance - as revised and adopted by G20/OECD in 2015 - require an update of Mongolia’s Corporate Governance Code. Also required are:

• a baseline assessment of corporate governance and compliance, 

• dissemination of information to market participants, and

• provision of step-by-step training to create and implement additional requirements and criteria tailored to the specifics of listed companies, and financial institutions based on corporate governance principles. 

In particular, there is a need to make significant progress in quantitative and qualitative indicators, to ensure that businesses are fair and ethical and that a legal entity adheres to company codes in its operations. In order to promote the adoption of the principles of corporate governance, the FRC established a new Corporate Governance and Compliance Division (CGCD), in February 2020. The CGCD strives to:

• improve the legal framework in line with international best practices, 

• conduct corporate governance assessment, and

• provide knowledge and information to stakeholders (by organizing trainings and workshops). 

B. OBJECTIVE OF THE ASSIGNMENT

The main objective of this assignment is to revise the Corporate Governance Code of Mongolia, along with a baseline survey of corporate governance of the public companies and knowledge sharing activities among stakeholders. 

C. SCOPE OF THE WORK

The Consultant will perform tasks including (but not limited to) the following: 

1. Review the existing legal framework/legislation in the regulation of corporate governance; including the FRC’s rules and regulations related to the administration of corporate governance and compliance. Conduct a baseline survey on the current status of corporate governance in Mongolia. Prepare a preliminary list of legislation that would be subjects for development/improvement/revision; 

2. Prepare a revised version of the Corporate Governance Code in line with international standards/practices; 

3. Draft proposed changes/amendments to corporate governance legal acts/legislation; including the Commission’s rules and regulations for corporate governance and compliance; 

4. Draft guidelines and recommendations on the enforcement of corporate governance compliance; and

5. Perform other tasks related to the assignment as requested by the CGCD.

D. DELIVERABLES

The Consultant shall prepare and present the following deliverables to the Commission (International Cooperation Department) and the Project Implementation Unit (PIU). 

1. Work plan within five working days of the contract’s commencement; 

2. Inception report within 10 working days of the contract’s commencement, and progress reports (on a monthly basis); 

3. Comprehensive review on the current status of the legal framework of corporate governance and corporate governance compliance; 

4. Draft of changes/amendments for improvements to the rules and regulations related to corporate governance compliance (approved by the FRC);  

5. Revision of the Corporate Governance Code of Mongolia; 

6. Recommendations on the enforcement of corporate governance compliance; 

7. Report on assessment of corporate governance compliance (among 20 listed companies); and

8. Final report.

E. CONSULTANT’S QUALIFICATIONS AND/OR SELECTION CRITERIA

1. Education: The Consultant should have a postgraduate degree (master’s degree or above) in relevant fields: law, business administration, management) where an extensive knowledge in corporate governance and compliance would be an asset; 

2. Experience: The Consultant should have at least 10 years of experience in relevant fields, preferably with engagement in corporate governance and compliance. Experience in developing and implementing legal frameworks related to the non-bank financial sector is preferred.

3. Language Skills: The Consultant shall be fluent in English and Mongolian (written and spoken). 

4. Other Skills:

a. Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment; 

b. Proficient in PC-based applications, with excellent web research and navigation skills;

c. The Consultant shall exhibit the highest standards of professional behavior and personal integrity. The ability to work unsupervised is essential; 

F. SUPERVISION AND REPORTING

The Consultant will report directly to the Director of the FRC’s International Cooperation Department, and work under direct day-to-day supervision of the Head of the FRC’s Corporate Governance and Compliance Division. 

The following reporting requirements apply:

• Inception Report: submitted to the Commission within 10 working days of the contract being signed; 

• Progress Reports: monthly - once the contract has been signed – describing accomplishments and progress, and to be accompanied by the developed materials; 

• Final Report: not later than 130 days after the contract’s commencement, describing accomplishments in full, and to be accompanied by the completed versions of the developed materials; 

G. CONTRACT DURATION

The Consultant’s work is expected to commence in September 2021 and the duration of the assignment is four (4) months. 

H. INSTITUTIONAL ARRANGEMENTS

The FRC will provide office space (work desk, meeting room etc.) and assign a coordinator to work with the Consultant to facilitate their work at the Commission (meetings, visits and other communications with government agencies, officials, and market players etc.). The FRC's International Cooperation Department will provide management and organizational support for the day-to-day work of the Consultant. The Consultant will liaise with the PIU through the Coordinating Consultant of C4 sub-component of the SFFS project. 

If you possess the above qualifications, please submit the following documents via email to procurement@sffs.mn:

1. Cover letter indicating why she/he considers her/himself suitable for the position.

2. Detailed CV highlighting relevant skills/experience.

3. Copy of diplomas or certificates; and,

4. Two (2) reference letters from previous last two employers no later than 17:00 PM, August 13, 2021.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidate will be contacted.

Address for submission of Expression of Interest: Attention to Ms.Ariunaa.G, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Address: Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement@sffs.mn

Холбоо барих

70120582

Хавсралт

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