At the "Entrepreneur-2023" ceremony, hosted by the Mongolian National Chamber of Commerce and Industry to recognize enterprises contributing significantly to the social and economic development of Mongolia, "Mongolian Mortgage Corporation HFC" LLC (MIK) was honored with the Entrepreneur of the Year award for Outstanding Compliance and Business Ethics, securing the prestigious bronze Mercury Cup for the first time.
In a landmark achievement in 2023, MIK distinguished itself as the inaugural private financial organization to fully embrace the Compliance Management International Standard System, seamlessly integrating the ISO 37301:2021 Compliance Management standard into its operations. This internationally recognized standard has established a robust management system for adhering to global laws and regulations and has also cultivated a culture of compliance within the company. This proactive approach mitigates compliance risks, upholds transparency for internal and external stakeholders, and positively impacts investor confidence, safeguarding their interests while enhancing the overall efficiency and scope of MIK's operations.
MIK's commitment to international standards and best practices dates back to its inception. In 2017, MIK led the way in Mongolia by adopting the ISO 27001:2013 standard for information security, followed by introducing the ISO 31000:2018 international standard for risk management in 2022. This triple-standard achievement positioned MIK as the first institution in the financial sector to implement such comprehensive measures.
The corporate governance of MIK Holding JSC, the parent company of MIK, has been a focal point, proactively seeking guidance from the International Finance Corporation (IFC) and incorporating recommended improvements. In line with international governance practices, MIK's governance policies and regulations have been newly ratified and implemented, reflecting the company's dedication to continuous enhancement.
Adhering to the "Corporate Governance Code" recently sanctioned by the Financial Regulatory Commission (FRC), MIK updates its implementation report biannually. This report undergoes rigorous review and confirmation by the FRC and the Mongolian Stock Exchange, resulting in MIK's recognition as one of the top 10 companies in governance among over 100 joint-stock companies in the first half of 2023. Furthermore, establishing the "Sustainable Development Committee" under the Board of Directors in 2023 underscores MIK's commitment to sustainable business practices.
MIK places great emphasis on ethical conduct, with the Board of Directors approving the "Code of Ethics" in alignment with IFC recommendations and global best practices. This comprehensive code integrates ethical principles and norms for all authorized officials, managers, and employees, defining the company's values and incorporating social responsibility and environmental stewardship provisions.
Recalling a pivotal moment in MIK's history, on January 10, 2011, three influential organizations—the Mongolian National Chamber of Commerce and Industry, the Mongolian Mortgage Corporation, and the Mongolian National Construction Association—joined forces by signing a Memorandum of Understanding. This strategic alliance aimed to implement a housing program for 10,000 households in the private sector, promoting homeownership among citizens working there. The initiative sought to articulate common rights and interests while fostering the growth of the mortgage loan and asset-backed securities markets. Two years later, the government introduced a discounted interest rate
mortgage loan program, resulting in the securitization of 5.7 million square meters of housing and providing homes for 120,000 families—a testament to the program's enduring success.
At the "Entrepreneur-2023" ceremony, hosted by the Mongolian National Chamber of Commerce and Industry to recognize enterprises contributing significantly to the social and economic development of Mongolia, "Mongolian Mortgage Corporation HFC" LLC (MIK) was honored with the Entrepreneur of the Year award for Outstanding Compliance and Business Ethics, securing the prestigious bronze Mercury Cup for the first time.
In a landmark achievement in 2023, MIK distinguished itself as the inaugural private financial organization to fully embrace the Compliance Management International Standard System, seamlessly integrating the ISO 37301:2021 Compliance Management standard into its operations. This internationally recognized standard has established a robust management system for adhering to global laws and regulations and has also cultivated a culture of compliance within the company. This proactive approach mitigates compliance risks, upholds transparency for internal and external stakeholders, and positively impacts investor confidence, safeguarding their interests while enhancing the overall efficiency and scope of MIK's operations.
MIK's commitment to international standards and best practices dates back to its inception. In 2017, MIK led the way in Mongolia by adopting the ISO 27001:2013 standard for information security, followed by introducing the ISO 31000:2018 international standard for risk management in 2022. This triple-standard achievement positioned MIK as the first institution in the financial sector to implement such comprehensive measures.
The corporate governance of MIK Holding JSC, the parent company of MIK, has been a focal point, proactively seeking guidance from the International Finance Corporation (IFC) and incorporating recommended improvements. In line with international governance practices, MIK's governance policies and regulations have been newly ratified and implemented, reflecting the company's dedication to continuous enhancement.
Adhering to the "Corporate Governance Code" recently sanctioned by the Financial Regulatory Commission (FRC), MIK updates its implementation report biannually. This report undergoes rigorous review and confirmation by the FRC and the Mongolian Stock Exchange, resulting in MIK's recognition as one of the top 10 companies in governance among over 100 joint-stock companies in the first half of 2023. Furthermore, establishing the "Sustainable Development Committee" under the Board of Directors in 2023 underscores MIK's commitment to sustainable business practices.
MIK places great emphasis on ethical conduct, with the Board of Directors approving the "Code of Ethics" in alignment with IFC recommendations and global best practices. This comprehensive code integrates ethical principles and norms for all authorized officials, managers, and employees, defining the company's values and incorporating social responsibility and environmental stewardship provisions.
Recalling a pivotal moment in MIK's history, on January 10, 2011, three influential organizations—the Mongolian National Chamber of Commerce and Industry, the Mongolian Mortgage Corporation, and the Mongolian National Construction Association—joined forces by signing a Memorandum of Understanding. This strategic alliance aimed to implement a housing program for 10,000 households in the private sector, promoting homeownership among citizens working there. The initiative sought to articulate common rights and interests while fostering the growth of the mortgage loan and asset-backed securities markets. Two years later, the government introduced a discounted interest rate
mortgage loan program, resulting in the securitization of 5.7 million square meters of housing and providing homes for 120,000 families—a testament to the program's enduring success.
