Ulaanbaatar, February 1, 2024, /MONTSAME/. During its regular session on January 31, 2024, the Cabinet made the following decisions:   

The 2022 Dividends of “Erdenes Tavantolgoi” JSC Distributed to the Shareholders, the People of Mongolia 

The Cabinet decided to issue three Government resolutions outlining measures to be taken regarding the dividends of "Erdenes Tavantolgoi" JSC (ETT). 

The Board of Directors of the "Erdenes Tavantolgoi" JSC was instructed to address the issue of distributing dividends of the company's earnings in 2022 and 2023 to the shareholders, ensuring compliance with the relevant laws and regulations. The management of Erdenes Tavantolgoi and the Mongolian Central Securities Depository was assigned to take the required measures for the distribution of the 2022 dividend of shares from "Erdenes Tavantolgoi" JSC to the citizens of Mongolia. The deadline for the distribution is set for February 10, 2024. Also, the decision was made to allocate 1072 shares to 893,432 Mongolian citizens born after April 11, 2012, according to Resolution No. 10 of 2024 of the State Great Khural of Mongolia. As a result, 3.4 million Mongolian citizens will become direct shareholders of "Erdenes Tavantolgoi" JSC. 

Thanks to the implementation of a special regime at Erdenes Tavantolgoi, including improved transparency in coal trading and uncovering hidden economic activity, the company earned a net profit of MNT 1.3 trillion in 2022 and MNT 3.2 billion by the expected performance of 2023, bringing the total potential profit to MNT 4.5 trillion. This financial performance allows Erdenes Tavantolgoi to distribute MNT 1.2 trillion in dividends to its 3.4 million shareholders in two phases. 

In the first phase, MNT 116,000 (pre-tax amount) has been transferred to citizens' accounts as the 2022 dividend of ETT. The dividend for 2023 is expected to be around MNT 286,000. After the financial report is finalized, it will be issued to every citizen according to the law. 

Mongolian citizens who sold some part of their Erdenes Tavantolgoi shares will receive dividends on the number of shares they currently own. 

Revised Draft Laws of Mongolia on Insurance, Insurance Intermediaries, and Driver's Insurance to be Developed 

Minister of Finance of Mongolia Javkhlan Bold presented the current situation of the insurance sector of Mongolia, highlighting existing challenges and measures to be taken in the future. 

In Mongolia, the Law on Insurance assigns that the Ministry of Finance develops proposals for enhancing insurance legislation and advises the Government on insurance policy, whereas the Financial Regulatory Commission regulates insurance activities and monitors compliance with the law. 

Revised Draft Laws on Insurance, Insurance Intermediaries, and Driver's Insurance are being developed to address issues facing the insurance sector, such as ensuring the implementation of compulsory insurance and legal regulations for the protection of victims' rights, improving control over insurance activities, creating a disaster risk insurance system, increasing the participation of insurance companies in the capital market, and supporting the domestic reinsurance system. These draft laws are intended to be submitted to the Cabinet meeting shortly. 

It is planned to launch the influence campaign "Biggest One Percent of the Year," in cooperation with the insurance industry and professional associations, to raise public awareness about insurance and create a one-percent change in society. 

News in brief   

· Awards Ceremony of State decorations, such as Honored Herders and Farmers of Mongolia, will be held before the Mongolian Lunar New Year. 

· At the Cabinet meeting, Mongolia's Minister of Food, Agriculture and Light Industry Kh. Bolorchuluun presented the implementation of loans for the purchase of meat from herders. The Minister was tasked with regularly organizing activities to facilitate the sale of livestock and meat directly to consumers through the Mongolian Agricultural Commodity Exchange. 

· The members of the joint management board of some public universities and its rules were approved.