D.Achit-Erdene, President of the Mongolian International Capital Corporation, feels a decision on whether to collaborate with the Hong
Kong or the Frankfurt Stock Exchange should come only after enforcing here the
information disclosure requirements that have already been standardized
worldwide. In general, the accounting system followed by Mongolian companies is
very poor. “The language of business is said to be accounting and there is no
conversation between a domestic company and an investor” in Mongolia, he has
told The Mongolian Mining Journal.  Certain “essential
facts of corporate governance and financial transparency” are not practiced by
many companies here and he calls this “the biggest obstacle to the development
of our stock exchange and attracting investment”.