The Financial Regulatory Commission is responsible for enforcing “Joint stock company shareholder meeting notice procedures” via the Company law. According to the law, Joint stock companies (JSCs) must hold Shareholder meetings (SHMs) in four months after the fiscal year in other words before April 30th. The Board of Directors (BoD) must make the SHM decision at least 40 days before the meeting takes place and must inform the FRC in three days after the decision. Changing the meeting details after the decision has been made is illegal.

According to the “Joint stock company shareholder meeting notice procedures” the meeting procedures are specified in details. For example, the BoD meeting must make dividend decisions by February 19th. And thus must make SHM decision by the 21st and inform the FRC by the 24th. Next they must inform the public of the SHM by March 26th and provide meeting materials to securities companies by March 31st. SHM notice must be informed to the public again by April 10th and details must not be changed.

15-20 days after informing the public, within April 15th the investor list must be confirmed and registration date will have been determined by the BoD meeting decision. Finally, to comply with the Company law, SHM meeting must take place within April 30th and decisions must be sent to the FRC in 3 days.

Source: Financial Regulatory Commission of Mongolia