In accordance with Article 59.4 of the Company Law, the Board of Directors (BOD) of a joint stock company shall be obliged to convene the ordinary shareholders meeting of the company within four months after the end of each fiscal year or before May 1 of each year.
On AGM, information and conclusions about the company’s annual operations and financial statements shall reviewed and approved. Shareholders have the common rights of shareholders to obtain information about their company’s operational and financial status and benefits, as well as to ask board members and executive management to answer questions to fulfill its duties.
In other words, for small shareholders, the ordinary shareholders of the company will be able to exercise their right to vote and obtain information.
According to the 65.3 of Article 65 of the Company Law and the “Regulation on the announcement of the meeting of shareholders of the Joint Stock Company” approved by the Resolution No. 34 of 2012 by the Financial Regulatory Commission, the shareholders meeting shall be convened, and the shareholders meeting shall inform the public of the decision of the shareholders meeting in accordance with Article 20.1.8 of the above procedure and in the Securities Market Law and the relevant documents and information shall be obliged to submit to the FRC within 3 working days.
52 of the following listed companies have not held their shareholders’ meeting as of June 20, 2016.
| 1 | “Avtoimpex” | 21 | “Darkhan makh expo” | 41 | “Ulaan san” |
| 2 | “Bayantolgoi” | 22 | “Dornod” | 42 | “Uliastai tegsh” |
| 3 | “Zavkhan teever” | 23 | “Durvun uul” | 43 | “Usjuulakh” |
| 4 | “ZAvkhan teekh” | 24 | “Eurofyo asia” | 44 | “Khangal” |
| 5 | “Chandmani dundgovi” | 25 | “Jinst” | 45 | “Khargia” |
| 6 | “Avtozam” | 26 | “Ikh nuur” | 46 | “Kharshiin gegee” |
| 7 | “Agrotech impex” | 27 | “Ikh uusgel” | 47 | “Khuduugiin teever” |
| 8 | “Ajliin khuvtsas” | 28 | “Monasar” | 48 | “Khurtai” |
| 9 | “Almaas” | 29 | “Мongol diesel” | 49 | “Tsagaan tolgoi” |
| 10 | “Ar bayankhangai” | 30 | “Mongol ceramic” | 50 | “Chandman uul” |
| 11 | “Ar tarkhi” | 31 | “Mongol shevro” | 51 | “Erdenet zandan” |
| 12 | “Bayalag shariin gol” | 32 | “Munkh jim” | 52 | “Esgii gutal” |
| 13 | “Bayantalbai” | 33 | “Moodics” | ||
| 14 | “Bayantooroi” | 34 | “Orgil govi altai” | ||
| 15 | “Bornuur” | 35 | “Uv usjuulagch” | ||
| 16 | “Boroogiin uildver” | 36 | “Urgun khereglee” | ||
| 17 | “Buteel” | 37 | “Sav shim” | ||
| 18 | “Gantumurt” | 38 | “Selenge impex” | ||
| 19 | “Global Mongolia holdings” | 39 | “Tav” | ||
| 20 | “Guril uvs” | 40 | “Tuv us” |
Accordingly, the Financial Regulatory Commission reports that the Board of Directors of the listed companies of these listed companies has no right to convene a shareholders meeting as set forth in Article 59.5 of the Company Law.
According to Article 59.6 of the Company Law, shareholders, management, customer organizations and other stakeholders of such companies shall not enter into any such agreements or agreements that have been concluded since the effective date of the Board of Directors.
The Financial Regulatory Commission is paying particular attention to the improvement of transparency, accountability and transparency of public companies, and to ensure compliance with applicable laws and regulations, and the responsibility for those who breach the law will be subject to sanctions.
The Financial Regulatory Commission