20 May 2021, Ulaanbaatar, Mongolia - The webinar on "Introducing Environmental, Social and Governance (ESG) Standards into the Mongolian Capital Markets" has been jointly organised by the Mongolian Stock Exchange (MSE), Financial Regulatory Commission (FRC), Mongolian Sustainable Finance Association (MSFA), UN Environment Programme (UNEP), Financial Centres for Sustainability (FC4S), International Finance Corporation (IFC) and UN Joint Programme, within the Mongolian Sustainable Stock Exchange Initiative.
Over 160 participants (670 views on Facebook live) including the MSE listed companies, prospective issuers, securities companies, policy makers, financial institutions, NGOs and the public participated in the webinar and received information on the importance of ESG reporting, the latest international practices related to sustainability reporting, and the standards to be introduced at the Mongolian Capital Markets.
The FRC Vice Chairman, Mr. N.Khuderchuluun said during his opening remarks that “FRC has been consistently supporting the sustainable financing agenda and as a policy maker, we will continue to place special importance to promoting sustainable and green financing, in particular introducing environmental, social and governance reporting among the securities issuers, and creating the enabling regulatory environment and policies”.
"Mongolian Stock Exchange has been working to promote responsible investment since joining the UN Sustainable Stock Exchanges Initiative in 2017. Contributing to this goal, we will introduce sustainability reporting standards and encourage the securities issuers, member firms and the market participants in creating the capital market that support sustainable development." said Mr. Altai, the CEO of MSE.
“The COVID-19 pandemic has shown the importance of managing material environmental, social and governance risks proactively and the demand for better ESG data and disclosure will continue to grow. Improved sustainability reporting can drive market efficiencies and open the door for new opportunities. It is time to utilize all the work that has been done around sustainability reporting standards and frameworks globally to drive changes in Mongolia” said by Mr. Qamar Saleem, IFC’s Regional Manager for Advisory Services in Asia Pacific.
Ms. Nashida Sattar, Deputy Resident Representative of UNDP Mongolia said “The adoption of ESG or sustainability reporting practice is a very important step towards not only enhancing current business practice but also increasing the critical role and contribution of the private sector to achieving the SDGs.”
During the webinar, the "Memorandum of Understanding on Promotion of Sustainable Capital Market Development" has been signed between Mr. Kh.Altai, CEO of MSE and Mr. Norihiko Kato, the Chairman of MSFA Board. Within the framework of this cooperation, the parties will work together to develop ESG reporting standards and guidance, conduct market capacity building and promote responsible investment and sustainable business practices, with the ultimate goal of developing sustainable and green capital markets".
“Mongolian banks have been cooperating since 2013 by developing sustainable financing and green loan principles and are successfully implementing the Mongolian Sustainable Finance Principles. Furthermore, we need to engage the whole financing sector to achieve the climate change and sustainable development targets and we are delighted to cooperate with the MSE, FRC and international partners”, said Mr.Norihiko Kato, Chairman of MSFA Board.