BCM Annual Report 2016

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2016BUSINESSCOUNCILOFMONGOLIA
BCM in 2016
January, 2017WWW.BCMONGOLIA.ORG
ANNUAL REPORT

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TABLE OF CONTENT
• BCM Strategy: Purpose, Values and Vision.....................................................4
• Chairman’sMessage.......................................................................................5
• BCMExecutiveDirector’sMessage...................................................................6
• BCM Advocacy Efforts in 2016.................................................................7-10
• BCM Working Groups Highlights of 2016...............................................11-15
• BCM Monthly Meeting Recaps of 2016..................................................16-20
• 2016 Events to Highlight....................................................................... 21-24
• BCM Knowledge Sharing Sessions............................................................... 25
• BCM in the University Calssroom Series........................................................ 26
• BoardofDirectors....................................................................................27-32
• BCM Management Team............................................................................ 33
• BCM Members...................................................................................... 34-37
• Why Join BCM....................................................................................... 38-39

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BCM STRATEGY: PURPOSE, VALUES, & VISION
To be more impactful and effective for our members and broader business community, Business Council of Mongolia
started a journey last August to revisit and to clarify its Purpose, Values, & Vision. The process utilized the proven
Rockefeller Habits format and kicked off with a retreat (Aug 20th, 2016) that included board members, working group
chairs, regular members, as well as key tenured staff. Entire process took several revisions over a four-month period that
completed with approval by the Executive Committee on December 23, 2016.
1. Core Purpose:
• Engage government, business, and thought leaders in promoting & advocating for a fair, stable, and transparent
business environment
• Facilitate effective networking to allow members to make meaningful business connections
• Promote and facilitate sharing of best business practices & knowledge
• Disseminate relevant & timely information to members
2. Core Values:
• We act with integrity; we are ethical & transparent in all our actions
• We are professional in our manners & actions, demonstrating critical thinking, insight, judgment, responsive-
ness, diligence, & excellence
• We drive results; we are tactful, engaging, visible, diplomatic, flexible, & persistent in all our efforts
• We believe in inclusive growth; we work to benefit Mongolia and all its people first & foremost in all our actions
3. Core Competencies:
• Effective advocacy & cooperation at all levels in government and with other key stakeholders
• Capacity, expertise, & international best practices
• Ethics, transparency, & governance with consideration of broader business environment before any self-interest
4. Core Customers:
• International companies with global best practices
• Local market leaders
• Innovative SME’s
• International agencies, Embassies, NGO’s, & academia
5. BHAG:
• FOR BCM: Distinguished as the pre-eminent business association recognized for our values – integrity, profes-
sionalism, results, and inclusive growth (measured by results of activities that support vision, values, & goals as
well as increase in membership & gross dues)
• FROM BCM: Drive growth, investment, and employment by influencing the drafting of new laws/regs or the
repeal or amendment of the most onerous laws and regulations (FDI to 10% GDP), growth (GDP >8%), and
employment (unemployment <8%).

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Dear BCM Member,
My company NovaTerra is a proud member of BCM. I have
been an actively involved in BCM activities since 2010 when I
returned to Mongolia for business. I had a pleasure to serve as its
Chairman since 2012.
For me, the BCM is a source of fresh ideas and information,
BCM is a platform to find and build partnerships, and BCM is a
place where business owners and executives voluntarily come to
voice their concerns and share their experience.
It is no secret that 2016 was a tough year for business. This was
evident in the BCM’s famous monthly meetings, as one can feel
the anxiety and frustration in our members’ chests. I do think
however, that after each meeting people have left with at least
one bit of useful information that would help her/his business to
overcome the difficult times. It is a pleasant experience, particu-
larly at an age where we can be overcrowded with data.
BCM’s founding chairman Peter Morrow was an inspiration to
many of my peers. Pete had lived a great life and was a heavy-
weight in the Mongolian business community over the past 15
years. Pete has touched the lives of many people and I am confi-
dent that his legacies will live on to help many more.
I joined BCM to help grow my business. I hope its activities can
be of great value to your business future.
Sincerely,
Bayanjargal Byambasaikhan
Chairman, BCM
Managing Partner, NovaTerra LLC

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Dear Member, Business Colleague, and Stakeholder,
Thank you for picking up a copy of Business Council of Mongolia’s
2016 Annual Report. Starting from this year, we are creating this new
format, so that we can better report our impact and results to you. In
this Annual Report, you will find details and results of our advocacy
efforts, various fantastic events we had throughout the year, as well as
learning and networking opportunities we provided.
2016 was a year of major improvement. First and foremost, we advo-
cated on your behalf and for a better business environment on ELEV-
EN issues, which are detailed in our Advocacy section of this report.
Most notably, we held our first Annual Summit and from it we creat-
ed Recommendations to The Government (i.e. Summit Proceedings),
with input from representatives of 200+ organizations in the business
community. We delivered this to Prime Minister, Government, Speak-
er, Parliament, President, and other government representatives. We
also worked effectively and very closely with Ministry of Foreign Af-
fairs to ensure Certificate of Origin issue does not deviate from and continues to meet World Customs Orga-
nization (WCO) best practices. We also held community outreach programs through BCM in the University
and BCM in Primary School events as well.
We organized some of the best networking & fun events of 2016 through our wine & cheese, Yelloween, & NY
Ball events as well as our signature Monthly Meetings and Working Group events. BCM’s Wine & Organic
Mongol Cheese event was hailed as “the best cheese event ever!” by the local organic cheese producers. And,
the BCM’s NY Ball with theme “BCM Members Got Talent” was declared as best NY party where “BCM has
set the bar for NY parties!”
BCM’s monthly meeting attendee satisfaction scores improved drastically (from 5/5 rating under 10% in
April to nearly 50% by end of the year). And, the Working Groups continue to be one of the best venues to
gain sector/subject specific knowledge as well as a highly effective and specialized advocacy platform. Our
EIGHT Working Groups with 400 subject matter experts, professionals, and leaders held FIFTY THREE
meetings/events in 2016.
To increase business opportunities for our members, we also held networking events with potential investors
from Austria, Brazil, and Singapore. During ASEM, thirteen investors from Singapore met with BCM mem-
bers in what may have been one of the best investment meetings/events of the year in Mongolia.
Going forward, BCM will be more proactive in issues to drive positive change, through greater focus. In
addition to having clarified our Purpose, Vision, & Values, BCM will have Annual Focus Areas for each of its
Working Groups as well as BCM itself as overarching focus areas.
We hope you will join us in our journey to make positive changes. We believe 2017 will be the best year yet!
Please contact any of our team members or myself directly if there are opportunities/actions we can take.
Let’s drive positive impact together!
Yours sincerely,
Mergen Chuluun
Executive Director
Business Council of Mongolia

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BCM ADVOCACY EFFORTS IN 2016
In 2016, the Business Council of Mongolia has been very active in advocating for improved business environment and
voicing members’ views and concerns related to conducting business in Mongolia. We organized our first Annual BCM
Summit, which served as an effective platform to identify common interests and concerns within the business commu-
nity. In total we initiated and implemented eleven advocacy efforts of which we are highlighting nine efforts below, listed
in the order of initiation date.
1. POLICY RECOMMENDATION DOCUMENT INCORPORATING PRIVATE SECTOR VOICES WAS
DEVELOPED AND DELIVERED TO POLICY MAKERS
Background: As result of the BCM 1st Annual Summit, a comprehensive policy recommendation document was
developed, comprising of views on common issues and recommendation generated from BCM members, sectorial
experts and overall private sector that represent over 200 organizations.
Actions taken:
• Around 1,000 copies of the Summit Proceeding publication in English and Mongolian distributed to policy
makers, embassies, media, international organizations, IFIs, professional associations and other stakeholders
through post, meetings, national and international forums and fairs.
• Ten or more TV and radio appearances, 4 newspaper publications, numerous website and social media posts
Advocacy outcome:
• The Government Action Plan 2016-2020 now includes number of provisions that are in line with the opinions
stipulated in the BCM policy recommendation document.
• BCM Executive Director Ch.Mergen is appointed and started working as a member of the Economic Policy
Council of Prime Minister J. Erdenebat.
2. CORPORATE INCOME TAX LAW AMENDMENT SUCCESSFULLY POSTPONED FROM PARLIAMENT
DISCUSSION
Background and issue: The draft Corporate Income Tax (CIT) law
caused risks to further impact to the businesses; discourage the slowly
regaining foreign investment interest; direct external influences to the
business operations; force business entities do reporting against the
international financial reporting standards; halt mega projects, which
will yield significant benefits to the economy.
Prime Minister’s Economic Policy Council meeting on Dec 13, 2016
Meeting at MONEF with R.Amarjargal, MP and head of Draft legislation Working
Group on 05/24/2016

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Actions taken:
• Two joint Legislative and Tax Working Group meetings
• Consultations with MONEF and other business associations
• The BCM recommendation statement delivered to related authorities
Advocacy outcome: The draft CIT law was successfully postponed from the Parliament discussion planned for Spring
2016 session.
3. BURDEN OF CERTIFICATE OF ORIGIN REQUIREMENT WAS SUCCESSFULLY EASED
Background and issue: Following the revised Customs law, Customs agents started to demand a) original Certificate
of Origin (CO) b) on all items shipped and c) from point of origin, all of which imposes a heavy burden of unnecessary
costs on imports.
Actions taken:
• Consultative meetings among members, business associations and General Customs Authority
• Meetings with MoFA, Embassies and other Government institutions
• The BCM recommendation statement delivered to related authorities
Advocacy outcome: The effective date of Government resolution of CO was postponed from original date of Oct 1st
2016 to Jan 1st 2017. Afterwards, proposed requirement on CO was withdrawn starting 2017/01/01.
4. BCM FEEDBACK REFLECTED IN DISASTER MANAGEMENT LAW DRAFT
Background and issue: Due to the notion that private sector was not involved in the consultations of Disaster Man-
agement Law draft, and therefore, the BCM Risk Working Group concluded that there’s a risk that comments from the
private sector have not been incorporated into the draft version, hence needs our feedback and input.
Actions taken:
• Two joint meeting of Risk and Legal Working Groups
• 14 points in the draft law were suggested for further improvement, and submitted to related authorities
Advocacy outcome: Draft law incorporating some of our feedback is approved by Government of Mongolia and sub-
Risk and Legal Working Groups meeting on June 16, 2016
BCM Consultative Meeting on Certificate of Origin, 3 August 2016

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mitted to the Parliament for further discussion on 12/28/2016.
5. PROPOSED TAX HIKES SUCCESSFULLY PULLED BACK
Background and issue: The Budget bill proposed by Finance Minister on August 23, 2016, which had number of provi-
sions to tax increase and other matters that may have had impacts on businesses and individuals.
Actions taken:
• Business associations including MONEF, Builders’ Association, Food Association, Leather Industry Association
had a meeting to discuss the advocacy strategy against proposed tax increases
• Ch.Mergen debated at MongolHD TV popular show “NuudelShiidel” and presented members’ standpoints and
opposed increase of taxes in current down economy.
• BCM official letter sent to Ministry of Finance.
Advocacy outcome: The proposed tax increase pulled back by the Government of Mongolia.
6. INVESTOR’S RIGHTS BEING PROTECTED
Background and issue: Complaints and feedback from members were collected related with illegal criminal cases; and
Administrative norms and legislative acts that serve as burden to investors and submitted to a temporary working group
chaired by S.Byambatsogt, Minister for Justice and Internal Affairs (MoJIA).
Actions taken:
• Concerns and feedback from
over 10 member organizations
submitted to Ministry of Justice
and Home Affairs for further
review and possible solution.
• BCM Chairman B.Byamba-
saikhan, Executive Director
Ch.Mergen along with few
BCM members met S.Byam-
batsogt, Minister for Justice
and Internal Affairs and his
secretariat to raise the mem-
bers concerns.
• Follow up meeting was organized
for all members including a panel discussion “Investors’ Protection” in order to provide members with compre-
hensive information on tasks and actions of various government institutions working for investors’ protection.
Advocacy outcome: BCM concerns were introduced to the Prime Minister as part of MoJIA working group analysis to
be used for further improvement of related laws, procedures and actions.
Meeting with Justice and Internal Affairs Minister S.Byambatsogt on Sept 27, 2016

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7. BCM MEMBERS’ FEEDBACK REFLECTED IN UB CITY ACTION PLAN 2016-2020
Background and issue: UB City Action Plan 2016-2020 was then under discussion process. Deputy Governor J.Bat-
bayasgalan requested BCM to submit member’s feedback especially with regards to energy, environment and green
development sectors.
Actions taken:
• Consultative meeting with Deputy Governor
of Ulaanbaatar City J.Batbayasgalan to collect
members’ feedback
• Additional members’ comments received by
mail, were submitted with official letter to Deputy
Governor with Copy to UB City PRH Secretariat.
Advocacy outcome: The approved UB City Ac-
tion Plan 2016-2020 has BCM members’ feedback
included in its sections regarding: study and appli-
cation of international best practices to overcome
air, water, soil and public transport related pressing
issues; creating legal environment that support en-
ergy saving, eco-friendly residential areas; building renewable energy production plants in UB city; implementing taxi
supporting programs in UB city.
8. TRANSPARENT AND ETHICAL BUSINESS PRACTICES ARE PROMOTED
Background and issue: Businesses need to enhance their internal integrity policies, promote best practices and respon-
sible business conduct to enable a healthier business environment.
Actions taken:
• BCM in partnership with TI-Mon-
golia submitted grant proposal and got
approved by The Asia Foundation to im-
plement a grant project on Promoting
transparent and ethical business practices
• Gifts and hospitality exemplary poli-
cy was developed by BCM Business Ethics
Working Group members and shared to
entire membership for further use.
• Two capacity building activities im-
plemented.
Advocacy outcome: BCM Position Statement
Against Corruption was developed and being used as the main advocacy message. BCM cooperation with local agencies
such as Independent Authority Against Corruption as well as international organizations such as The Asia Foundation,
Organization for Security and Co-operation in Europe, Transparency International-UK are strengthened.
9. LIMITING NUMBER OF “NO-ALCOHOL” DAYS PROMOTED IN SUPPORT FOR TOURISM & HOSPITAL-
ITY SECTORS
Background and issue: Following the UB City People’s Representative Khural Decree #91 dated July 1st, 2009, sales of
alcoholic drinks were prohibited on 1st day of each month. Hotel and hospitality businesses expressed that they face re-
duced customer satisfaction in hotel and restaurants, especially for those with international standards; reduced revenue.
Actions taken:
Official letter submitted to the UB City Governor proposing possible solutions including: 1) To have only one no-alcohol
day per month and 2) If additional day/s are required for banning sale of alcohol, international standard hotels, restau-
rants and other entities meeting certain quality standards should be exempted.
Advocacy outcome: According to the Ulaanbaatar City Governor’s Office legal division on Dec 21, it was informed that
our proposal is under review. It was also informed that number of no-alcohol days will certainly not increased from
what it is now.
Energy and Environment Working Group meeting on Sept 15, 2016
Workshop on promoting transparent and ethical business practices on Nov 15, 2016

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BCM WORKING GROUPS HIGHLIGHTS OF 2016
Energy & Environment WG
The Best Working Group of the Year
Tax WG
The Most Informative WG of the Year
Risk WG
The Most Active WG of the Year
Legislative WG
WG with The Strongest Voice
BUSINESS ETHICS WORKING GROUP MEETINGS
The Business Ethics is the newest working group, which was established in December, 2015. Its mission is to offer a plat-
form for BCM members to discuss business integrity issues, share information and experiences, and engage in activities
to advance the level of business integrity, corporate social responsibility, corporate governance, and compliance in the
Mongolian business sector. The Working Group will further advocate for a transparent and enabling business environ-
ment and promote best practices in responsible business conduct.
DATE TOPICS SPEAKERS Attendees
5 11/15/2016
WORKSHOP ON PROMOTING TRANSPARENT AND ETHICAL BUSINESS PRACTICES
40
Workshop on promoting transparent and
ethical business practices to share most
pressing issues regarding business integrity
in Mongolia and identify key advocacy
messages to promote an enabling and
transparent business environment
BCM in partnership with Transparency
International Mongolia and The Asia
Foundation. The key note speaker was
Dr.Mark Lovatt, CEO of Trident Integrity
Solutions
4 9/27/2016
Managing third party risk: Only as strong
as your weakest link
Peter van Veen, Director Business Integri-
ty Program, TI UK
10Completion of gifts and hospitality policy
and discussion on potential future deliv-
erables
Anders Berglund, Christine Hudetz, Co-
Chairs

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Activities planned through TAF project
assistance to BCM BEWG
Christine Hudetz, Co-Chair and Otgongerel
Khalzanbandi, BCM
3 6/7/2016
World Vision: CSR case studies D. Gerelmaa, World Vision
11Gift and hospitality policy, Group exercise
on a template provided by Atlas Copco
Christine Hudetz, Business Integrity Pro-
gram Manager, GIZ, Transparency Interna-
tional and Co-Chair of Business Ethics WG
2 3/2/2016
Insurance sector transparency B. Zaya, Chief Underwriter, Mandal General
Insurance
12
1 1/18/2016
The Business Code of Practice at Atlas
Copco Group
Anders Berglund, General Director, Atlas
Copco and Co-Chair of Business Ethics WG
15
CAPITAL MARKETS WORKING GROUP MEETINGS
The Capital Markets Working Group advocates for sound development of Mongolia`s embryonic capital markets includ-
ing stock markets, debt and mortgage markets, private equity, venture capital, and insurance which are vital to private
sector development.
2 4/5/2016
Oyu Tolgoi Project Finance Dorjpalam Kh., Senior Advisor Corporate
Finance, OT LLC
15Update on Custodian Banking B. Erdenedelger, Director of Treasury and
Investment Banking, Khan Bank
1 1/22/2016
Introduce the new meeting format and
brainstorm Capital Markets WG mission
and objectives
Howard Lambert, Former Country Head and
Chief Representative, ING Bank, Mongolia
Representative Office
12
EDUCATION & INNOVATION WORKING GROUP MEETINGS
Established in February 2009, The Education & Innovation Working Group serves as a bridge linking representatives
from: government agencies; donor groups; NGOs; Mongolian and international institutions of higher education; and
technical and vocational institutions with BCM members in order to improve the skills of the national work force and
upgrade standards to meet international requirements in vocational schools and higher education institutions. WG was
renamed as Education & Innovation WG to promote opportunuties and development in innovation as well.
3 11/23/2016
Mongolian Entrepreneurship Summit 2016
over 300
What: A Mongolian Entrepreneurship Sum-
mit is the largest and most important an-
nual entrepreneurial gathering in Mongolia
where entrepreneurs, investors, research-
ers, thought leaders and policymakers meet
to discuss entrepreneurship development
in Mongolia.
Organizer: Business School, National University of
Mongolian
Co-Organizers: Ministry of Agriculture and Light
Industry, Ministry of Labor and Social Welfare,
Ministry of Education, Culture, Science and
Sports, Information Technology Science Park,
MNCCI, BCM, Development Solutions, Startup
Mongolia, NMIT, Aravt Ventures
2 9/22/2016
Formation of Education & Innovation Working Group
Brief introducation about Fundacion Chile Molly McKeon, Business Research Fellow at Exec-
utive Excellence International Business Center
Innovation Fund Dr. Ch. Khashchuluun, Professor of Economics,
National University of Mongolia

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ENERGY AND ENVIRONMENT WORKING GROUP
BCM’s Environmental Working Group was formed in February 2010. Mission of this group is to use a multi-stakeholder
approach to inform and promote environmentally sound and sustainable development business practices in Mongolia,
as well as to exchange latest information and developments in energy sector and sustainable development opportuni-
ties.
7 12/13/2016
Air Quality Improvement: from research to action
Recap main solutions expressed during the
UNICEF event on Air Pollution
Mr. Roberto Benes, Representative of UNICEF
to Mongolia
35
Air Pollution Refresher & Proposed Actions, Panel
presentation 1
Delgerzul Lodoisamba , MD., Mongolian
National University of Medical Sciences,
Oyuntuya Bayanjargal, MS., Independent
Researcher
Air Pollution Refresher & Proposed Actions, Panel
presentation 2
Enkhbolor –World Bank Consultant on Green
Nation Challenge
6 10/28/2016
Site-visit, development initiatives in the ger districts
8
Site visit tour to several places including Dari
eh, Damba, Attachment space, Smart collection
point,
Made in Mongolia, and Green lake
Guided tour by the Ger Area Community
Mapping Center
5 9/15/2016
2016-2020 Action plan of the capital city of Ulaanbaatar
60Facilitated discussion on the Ulaanbaatar city’s
action plan for 2016-2020
J. Batbayasgalan, Deputy Governor of Capital
City
4 6/24/2016
Energy efficient technologies and roundtable discussion on international work experience
28Energy Efficient Heating and Smart House
Solutions
T. Oyunbat, Founder of Best Energy Savings LLC
ROUNDTABLE DISCUSSION on sharing interna-
tional insights and experience at United Nations
Environment Assembly and Ramsar Convention
S. Oyun, President of United Nations Environ-
ment Assembly
Kh. Solongo, Former Assistant Advisor for
Asia-Oceania, Ramsar Convention Secretariat
3 5/26/2016
Energy efficiency and renewable energy
17
Energy Efficiency Project implemented by GIZ:
Status and Outlook
Michael Timm, Senior Energy Policy Advisor,
GIZ
UB Affordable Housing and Urban Renewal
Project: Renewable energy and energy efficiency
components
Arnaud Heckmann, Senior Urban Development
Specialist, ADB
Innovation and Business Ider-Od Bat-Erdene, COO & Co-Founder of CallPro
LLC & Vice President of Start-Up Mongolia
Entrepreneurship Education and Training Bat-Orshikh Erdenebat, Executive Director of
Development Solutions
Fostering entrepreneurship through civic
innovation: Case of Green Nation Challenge
Enkhbolor Gantulga, WB Consultant
1 5/5/2016
Facilitated discussion on recommendations for the next Government to consider regarding
education issues to include into the First Annual BCM Summit Proceedings
13
Sustainable development goal and the
private sector involvement: Private sector
monitoring and involvement on the actions
to achieve the goals
Dr. Saha Meyanathan, CEO, EEIBC and Co-Chair of
Education & Innovation WG
Proposal on Labor Market Survey for Higher
Education Activities
Z. Manlaibaatar, Independent Research Institute
of Mongolia /IRIM/

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LEGISLATIVE WORKING GROUP MEETINGS
The Legislative Working Group was formed in November 2007 to advocate for certain legal and business practice mat-
ters. The Legislative Working group cooperates with Parliament’s Steering Committees by providing its recommenda-
tions and conducting consultations.
3 11/29/2016
Draft Labor Law, Sebastian Rosholt, Partner, Minter Ellison
15Revised Law on Consumer Protection Presentation from the Authority for Fair
Competition and Consumer Protection
(AFCCP).
2 6/16/2016
Joint Meeting of Risk & Legislative Working Group
15
Update on Draft Proposed Amendment
of Law on Disaster Protection and its
implications to private sector (facilitated
discussion)
B. Bayanmunkh, Specialist of Policy Reg-
ulation and Cooperation Department of
National Emergency Management Agency
(NEMA)
1 4/14/2016
Overview and update of recent changes to
the draft labor law
Sebastian Rosholt, Partner, Minter Ellison
13Proposed tax legislation revision Anthony Woolley, Counsel, Hogan Lovells
Some issues in VAT law and the CIT draft
law
T. Munkhtur, CEO, MCS Energy LLC
2 4/26/2016
Energy economics and green technology
13
Institute of Energy Economics-Who we are and
our innovative approaches
R. Enkhtuvshin, Institute of Energy Economics/
IEE/
Green technology and innovation G. Nyamdavaa, Ministry of Environment,
Green Development and Tourism/MoEGDT/
1 2/5/2016
Green credit - Private and public initiatives
17
Sustainable Finance Initiative: Latest develop-
ments, progress towards private fund establish-
ment.
D. Tumurkhuu, Head of Sustainable Finance
Initiative Steering Committee and CEO of Arig
Bank
National concessions list: Latest developments,
quick look at near-term projects
Ts. Batbayar, Head of Concessions Division,
Invest Mongolia
RISK WORKING GROUP MEETINGS
The Risk Working Group was initially formed in March 2012, as a result of the 3rd annual Risk Forum of Mongolia. The
Working Group mission is to be the leading advocate on risk management issues in Mongolia by offering a platform for
risk management related information sharing, organizing and participating in activities to expand awareness of social
and business risks, contributing to development of risk management field in Mongolia, promoting risk management
best practices of BCM members as well as the wider business community and engaging relevant stakeholders from all
sectors.
7 2016/12/15
RWG Year End Meeting and Recap
Recap of RWG activities in year 2016 and
discussion of action plan in 2017.
B.Zaya, RWG Co-Chair, Mandal General
Insurance hosted dinner and champagne.
9

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6 11/9/2016
7th
Annual Risk Forum, Nov 9
over 350
Provided business community with the most
comprehensive overview of risks in Mongolia
Organizers: Mandal General Insurance,
Golomt Bank, Willis Towers Watson; Sup-
porting organizations: BCM, Bank of Mon-
golia, Financial Regulatory Commission,
OSHMI, National Emergency Management
Agency, ESTO, MIBG, PMI Mongolia
5 10/13/2016
BCM Statement on the Draft Amendment of the Law on Disaster Protection
13
BCM Statement on the Draft Amendment of
the Law on Disaster Protection to submit it in
an official letter to the NEMA and President’s
Office
E. Altankhishig, Strategy, Planning and Part-
nership department, National Emergency
Management Agency /NEMA/
Risk Forum Agenda and Role of BCM members
- Discussion
B. Zaya, Chief Underwriter, Mandal General
Insurance and Co-Chair of Risk Working
Group (WG)
4 6/16/2016
Joint Meeting of Risk & Legislative Working Group
15
Update on Draft Proposed Amendment of Law
on Disaster Protection and its implications to
private sector (facilitated discussion)
B. Bayanmunkh, Specialist of Policy Reg-
ulation and Cooperation Department of
National Emergency Management Agency
(NEMA)
3 4/27/2016
Workplace Risk Managemet and Health & Safety
10
Workplace Risk management Moiltmaa Sarantuya, Executive Director, Oc-
cupational Safety and Health Management
Institute of Mongolia (OSHMI)
Workplace health and safety-Tips on handling
risks, when medical help is not immediately
available
A. Usukhbayar, M.D., M.Sc, Health Insur-
ance Director, Mandal General Insurance
2 3/9/2016
Dzud and Livestock Insurance
9
Status Report on dzud* condition in the
countryside
Ch. Tuya, Specialist of National Emergen-
cy Management Authority of Mongolia/
NEMA/
Index-based livestock insurance scheme and
Introduction of state owned agricultural rein-
surance JSC
G. Enkhtaivan, CEO, Agricultural Reinsur-
ance JSC
1 1/21/2016
Case studies on tax related cases
14Case studies on tax related cases at the Su-
preme Court of Mongolia
Kh. Bolorchimeg, Lawyer, ELC LLP
TAX WORKING GROUP MEETINGS
The Tax Working Group was initially formed in 2003 by the Mongolian branch of North-America Business Council (NAM-
BC). The Tax Working Group advocates on matters that affect general business and/or business sectors.
3 2016-12.01
Tax Workshop –Tax inspection & tax dis-
putes: problems for consideration’
Hosted and Organized by Pwc; Ch. Tsendmaa,
TWG Co-Chair, Pwc Executive Director
30
2 5/18/2016
Facilitated discussion of CIT draft law’s
business implications and drafting of a
position paper on CIT draft law
Update of the CIT draft law
1 3/2/2016
Introducing new VAT law O. Altankhorol, Senior state tax inspector, Reve-
nue department of the General Department of
Customs and Taxation
16

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BCM MONTHLY MEETING RECAPS OF 2016
JANUARY
Former Executive Director Jim Dwyer announced
the appointment of Anthony Woolley of Hogan
Lovells as the new chair to the Legislative Working
Group.
Presentations:
• Michael D. Richmond, the Senior Commercial
specialist for the U.S. Embassy in Mongolia, in-
vited guests to attend the 2016 MinExpo Inter-
national convention in Las Vegas, United States.
• E. Sodontogos, National Coordinator for the
National Secretariat for Development of the
Second Compact agreement between the gov-
ernment of Mongolia and the U.S. Millennium
Challenge Corp. presented on the next phase of
projects from her organization.
• T. Bat-Orgil of the National Labor Party spoke
about corruption in the political system and his
ideas on Mongolian democracy.
• D. Gantugs, Chief Executive Officer of Mon-
golian Mortgage Corp. (MIK) introduced to
members the growth of mortgage lending in
the country through the state-backed 8 percent
mortgage program it participates in.
TRADE & LOGISTICS WORKING GROUP MEETINGS
The Logistics Working Group was established in April 2014. The Working Group aims to leverage best practices and
expertise by implementing research towards identifying and recommending practical solutions for clarification and
further improvement of the Government policies. The mission is to provide development in the fields of process stan-
dardization; cost reduction; market access; customs and compliance; domestic transport/warehousing; cross border
transportation and transit.
2 10/26/2016
Mongolia Strategic Trade Industry Outreach Seminar
over 50
Seminar on trade for high-technology
goods, high-value “strategic” goods and
technologies, and how they are regulated
by the major exporters of the world.
Organizers: The Center for Policy Research, Uni-
versity at Albany, State University of New York,
in partnership with Business Council of Mon-
golia (BCM), AmCham Mongolia, the Mongolia
National Chamber of Commerce and Industry
(MNCCI), and the U.S. Embassy in Mongolia.
1 5/10/2016
AT Mart Project B. Tsetsengua, MunkhZambala Corporation
Facilitated discussion on recommendations for the next Government to consider regarding
logistics issues for the First BCM Summit Proceedings

A N N U A L R E P O R T 2 0 1 6 1 7
FEBRUARY
Presentations:
• D. Uuriintuya, Chairperson of the
Mineral Resources Authority, in-
troduced government’s plans in
this year’s Prospectors & Develop-
ers Association of Canada (PDAC)
conference at the Metro Toronto
Convention Center from 6 to 9
March.
• L. Enkhtuvshin, the Head of human
resources development and partnership manager for the Australia Awards Mongolia, presented
on the ‘Women’s Leadership Program’ that has sent women to Australia to study at universities.
• Jennifer Bielman, the Country Director for MercyCorps Mongolia, gave an update on her agen-
cy’s efforts to build up the country’s resilience and safeguards against disruptions such as the
natural disaster known as the “dzud.
• A. Batpurev, the Director of the markets development department at the Financial Regulatory
Commission, presented recent achievements in the financial sector and the Mongolian Stock
Exchange.
• The last presentation of the evening came from N. Munkhnasan, the General Director of Mon-
polymet, to introduce her company and its active role in gold production, manufacturing and
construction.
MARCH
Former Executive Director Dwyer reminded mem-
bers of the BCM Summit to be held on 21 April, and
encouraged them to submit issues and recommen-
dations for discussion. He added that the Summit
will be different from other conferences because of
its diversity of informative topics and its advocacy
efforts. There will be widespread media coverage of
the Summit Proceedings for the public and political
parties before the upcoming elections.
Presentations:
• Steve Rose, General Manager of Cummins
Mongolia introduced the power solutions the
Cummins brand offers throughout the world as
the largest independent engine manufacturer.
• Barrie Evans, Director of Churchill’s spoke on
food safety in the country’s food manufacturing
and restaurant business.
• President Tsakhia Elbegdorj’s Chief of staff, P.
Tsagaan, updated members on the progress
being made for the 11th Asia-Europe Meeting
(ASEM) summit to be held on 15 and 16 July.

A N N U A L R E P O R T 2 0 1 61 8
APRIL
This meeting was Mergen Chuluun’s first in his new role as
Executive Director, and he used the time to introduce his plans
for the organization under his new lead. Mergen also surprised
now-resigned director Jim Dwyer with a framed depiction of
eight horses carrying nine masts. “It’s a symbol of hope,” said
Mergen.
Presentations:
• U.S. Ambassador Jennifer Galt presented on how the United
States will continue to work with Mongolia for the imple-
mentation of the Transparency Partnership.
• Jon Lyons, Global Green Growth Institutes’s Country
Representative for Mongolia and the Business Development
Manager for Engie Mongolia Thomas Papazov presented on
“Energy Efficiency – Business opportunities for Energy Ser-
vices”
• M. Dagva, President of MPIGM and General Director of QMC LLC, introduced his plans to create
an umbrella organization that would draw together Mongolia’s numerous professional organizations
to streamline the standardization process in the country.
• Gold’s Gym General Manager B. Ochkhuu invited members an open house on 14 May.
MAY
Executive Director Mergen highlighted BCM’s advocacy works, includ-
ing the successful joint tax and legal working group meeting to review
the proposed Corporate Income Tax (CIT) draft law and summaries that
came out of this meeting.
Chairman Byambasaikhan summarized the outcome of the BCM Sum-
mit held in April, noting that the main focus of conversations during the
event were creating stability, expanding capacity and improving the busi-
ness environment. He noted that a forthcoming proceedings report from
BCMcoveringtheeventwouldbeahandyguideforbusinesspeoplewhen
looking at what is needed for improving the business sector in Mongolia.
Presentations:
• Sumati Luvsandendev, Director of the Sant Maral Foundation poll-
ing group presented an update on the election polls. “MPP has quite
good chances to go into government without coalition,” Sumati cor-
rectly predicted.
• Anthony Woolley, Hogan Lovells LLP Counsel, “The good, the bad,
and the perplexing” - A thorough overview of Mongolia’s new tax
law.
• D. Bat-Oktyabri, Director the venture capital firm Techstars, spoke
on Mongolia’s budding start-up culture and the new wave of young
entrepreneurs returning the country after receiving an education
abroad.
• Michael Morrow, Executive Director of MACU, and Ya. Enkhee,
Owner and Partner for the Gandan Live House, Mexikhan, and
Guantanamera restaurants presented on their efforts for small-scale
cheese making in Mongolia.

A N N U A L R E P O R T 2 0 1 6 1 9
JULY
BCM Executive Director Mergen congratu-
lated P. Khulangoo, BCM’s Former Working
Group Coordinator, presented figures of how
BCM’s activities, including MMs have im-
proved over the last few months.
PanelDiscussion:“ElectionResults:Impact
on Economic & Business environment”
The late BCM Vice Chairman Pete Morrow
moderated. On the panel were Cameron McRae, CEO, Tarva Investment & Advisory LLC; Jargal-
saikhan De Facto, Political & Economic Observer/Columnist; Ch. Khashchuluun, Executive Direc-
tor, National Council for Private Sector Support.
AUGUST
BCM Chairman Byambasaikhan Bayanjargal
opened the meeting with a few words on the
recent passing of Founding Chairman of BCM
Peter Morrow, followed by a moment of silence.
“Pete was the heart and the soul of BCM,” Byam-
basaikhan said. “I think everyone in the room
knows what Pete achieved for Mongolia.”
Panel Discussion: “Economic Environment &
Recommendations”
Tarva Investment & Advisory LLC Chief Exec-
utive Officer Cameron McRae moderated. The
panel included the Director of the Foreign Trade
and Economic Cooperation Department of the
Ministry of Foreign Affairs, Dr. V. Enkhbold; the
Executive Director of the National Council for
Private Sector Support, Dr. Ch. Khashchuluun;
and Resident Representative of IFC Mongolia,
Tuyen Nguyen.
SEPTEMBER
BCM signed a Memorandum of Understanding with National News Corporation (Bloomberg,
Zasgiin Gazriin Medee, Forbes) and Partnership Agreement with Institute for Global Environ-
ment Strategies (IGES). Afterward, new members gathered for a group photos, while the rest of
the audience moved to the networking portion of the meeting.
Presentations:
• Kazuhisa Koakutsu, Area Leader for Climate and Energy, Institute for Global Environment
Strategies (IGES) – “The Japan-Mongolia Cooperation on the Joint Crediting Mechanism and
Recommendations for Mongolian Enterprises”

A N N U A L R E P O R T 2 0 1 62 0
• E. Dolgion, Chief Exeuctive Officer, National News Corporation – “Bloomberg TV: Using
media to grow your business in Mongolia”
• D. Bolortuya, Chief Executive Officer, Seaberry Farm Products – “Gateway to international
market & challenges”
OCTOBER
BCM continued to follow up on the Certificate of
Origin (CO) issue, which threatens to add additional
burden for importers in Mongolia. Also of focus was
initiatives concerning Ulaanbaatar’s air pollution
and welcomed members to share information & to
join the initative.
Panel Discussion: “Investors’ Protection”
BCM Chairman Bayanjargal Byambasaikhan moderated panel
with State Secretary of the Ministry of Justice G. Bayasgalan; Head
of the Integrated Investment Policy Division of the National De-
velopment Agency G. Jargalsaikhan; Director of the Ulaanbaatar
Investor Protection Council D. Munkh-Erdene; and Executive Di-
rector of Wagner Asia Group Steve Potter.
DECEMBER
BCM Executive Director Mergen Chuluun announced that Foreign Affairs Minister Munkh-Orgil
on 1 December received 72.3 percent support from Parliament to discuss amendments to law on
customs tariff and taxes in Parliament. The Certificates of Origin (CO) issue has been a key concern
for the Business Council of Mongolia because it threatens to bring in new costs and cause delays
for importers in Mongolia. Implementation of the new regulations, which will require COs on all
imports, has been postponed to 1 January 2017.
Presentations:
• Foreign Affairs Minister Munkh-Orgil Ts.
• Hans Holzhacker, Chief Economist, Golomt Bank - “Currency trend in 2017”

A N N U A L R E P O R T 2 0 1 6 2 1
2016 EVENTS TO HIGHLIGHT:
1. 1st
Annual BCM Summit, April 21, 2016
BCM Summit was organized for the first time with twenty five high-level speakers and panelists and with over 200
attendees. Purpose to gather private sector input as recommendation to Government.
2. “Wine & Organic Mongol Cheese” June 07, 2016
During this event, famous chef Eddie’s new cheese “Amarbayasgalant” was unveiled for the first time to public. About
sixty BCM members and friends attended the event.
“Considered the BEST cheese event ever in Mongolia” - Michael David Morrow

A N N U A L R E P O R T 2 0 1 62 2
3. “Meeting with Austrian Trade Delegation” June 8, 2016
Austrian delegation consisted of business representatives from healthcare industry, manufacturing, banking and food
processing, met with fifty BCM members and non-members.
4. “BCM FOOTBALL CUP 2016” July 02, 2016
The Champion of the BCM Cup 2016 became XacBank FC team. The Second Place was taken by Oyu Tolgoi team and
the Third Place was taken by Golomt Bank team respectively.
5. “Networking Luncheon with Singaporean Investors” July 15, 2016
Singaporean delegation, consisting of 13 high level investors and business leaders met with more than thirty members
of BCM to discuss business opportunities in group setting and one-on-one basis.
“Once again, I would like to thank you for inviting SOS Medica Mongolia to sponsor the BCM Football Cup 2016 this past
Sat. It was indeed our pleasure to be your medical standby team” - Shirley Palmer, Clinic Manager, SOS Medica Mongolia

A N N U A L R E P O R T 2 0 1 6 2 3
6. “Evolution of Leadership & Strategy” August 29, 2016
International and local thought leaders shared research and knowledge on nomadic lifestyle best
practices applicable to modern business situations by The Nomadic School of Business for BCM
members.
7. “1st
Brazil – Mongolia Bilateral Business
Meeting” September 19, 2016
This was the first Brazil-Mongolia Bilateral
Trade Meeting and the delegation consisted
of business leaders interested in meat, com-
modity export & import, tourism, cashmere
and leather.
“Your organization is very nice with various useful and interesting events. Also very active on social media, sharing all the
events’ and other information.” - Myagmarsuren.Ts, Marketing Specialist, Mongolian Co-operative Training & Informa-
tion Center
“It was great to work with you guys. And the atmosphere was very nice as the guests mentioned it many times. Thank you
for your professionalism. As well I’d like to thank Mr. Mergen for making the pleasant atmosphere during the reception.” -
Enkhmandakh, General Manager, Quintessentially Mongolia

A N N U A L R E P O R T 2 0 1 62 4
9. BCM New Year Ball – “BCM Members Got Talent, December 08, 2016
BCM New Year Ball was organized for the first time instead of the Renewal Dinner under a special theme “BCM Mem-
bers Got Talent”. Originally planned for 200 seats, the party sold out at 230 guests. Out of eleven incredible compe-
tition, John Ko Band from British School of Ulaanbaatar won the hearts of many ladies (and men) in attendance and
the 3.000.000 MNT grand prize. The other two finalists were “Gorgeous Bankers” from TDB and hilarious comedian
Batbileg from CallPro. UK Ambassador Catherine Arnould, Camerton singer Meedee and Shar Airag singer Gankhuu
were our marvelous judges.
“You have set the standard. BCM has set the standard for New Year Parties.” - Graham Taylor, Director of Xanadu Wines.
“Congrats to you and the BCM staff on a well-organized and enjoyable event!” - Randolph S. Koppa, Executive Vice Chair-
man, Trade & Development Bank of Mongolia
“The best New year party of the year” - Multiple sources
8. “Yelloween Masquerade Ball” October 31, 2016
Famous worldwide Veuve Clicquot Yelloween party, previously organized at Paris, NY, and Tokyo, came to Ulaanbaatar
for the first time this past Halloween. Yelloween Ball was co-organized by MSM Group and Shangri-La Hotel. 200+
people filled the Naadam Bar on Monday night.

A N N U A L R E P O R T 2 0 1 6 2 5
BCM KNOWLEDGE SHARING SESSIONS
Since May 2015 “BCM Knowledge Sharing Sessions” have been offered free of charge to BCM members on
a regular basis. This new activity is aimed to provide opportunity for our members to share their knowledge
with other members and also help them to connect with each other within their field of professional interests.
As of October, 2016 the total of 8 sessions were organized with coverage of over 210 people from member
organizations. The following knowledge sharing sessions have been organized in 2016.
Topic Trainer Date
Focus 333 Amartuvshin Sh, CEO, Axel Fischer Academy 2016.12.22
6 Sigma Yellow Belt Khunshagai B, Training Manager of Wagner Asia
Equipment LLC
2016.10.10
Change Management Discussion Chinzorig E, Training Director of Dale Carnegie Mon-
golia
2016.09.16
Systematizing organization activities
using systems thinking
Jargalsaikhan D, Badral O, Saranchimeg D, Mongolian
Investment Holding Group (MIH)
2016.08.18
Equipment Management Technolo-
gy Solutions for Saving Costs
Munkhdelger E,Wagner Asia Automotive LLC 2016.06.15
Optimizing Costs and Managing in
Downturn
Mergen Ch, Executive Director of Business Council of
Mongolia
2016.05.04
Methods for analyzing current orga-
nizational strategy and identifying
strategic vision
Enkhbold Chuluunbaatar, Ph.D., a consultant at CGDC
and a senior lecturer in the Department of Business
Administration at the Institute of Finance and Eco-
nomics
2016.03.21
Exploring your career, purpose, and
the leader within you
Anthony Willoughby, director of The Nomadic School
of Business
2016.02.24
Benchmarking standards for lan-
guage acquisition in the workplace
Orgilmaa D, Director General of Santis Educational
Services
2016.01.27

A N N U A L R E P O R T 2 0 1 62 6
BCM IN THE UNIVERSITY CLASSROOM
The ‘BCM in the University Classroom’ series was launched in March 2012. This project provides lectures at
universities to help inspire students and give them direction for their future careers. BCM is currently coop-
erating with the total of five universities on this project, including Mongolian University of Science and Tech-
nology (MUST); Mongolian National University (MNU); National University of Mongolia (NUM); Institute
of Finance and Economics (IFE) and University of the Humanities (UH). As of now around 2,700 students
and teachers have participated in the ‘BCM in the University Classroom’ project. Below is the summary table
of all lectures organized in the year of 2016.
Topic Presenter Location Date Attendees
How to write stellar CV & conquer job
interview
Nomin J, Mongolia Talent
Network
Institute of Finance
and Economics
2016.11.24 120
interview
Network
University of the
Humanities
2016.05.05 210
Sustainable Development-in Mongolia
and globally
Oyun S, Former MP, Zorig
Foundation
University of the
Humanities
2016.04.18 200
interview
Network
Institute of Finance
and Economics
2016.03.24 70
Media policy of Mongolia Narantuya D, News Agency University of the
Humanities
2016.03.15 180
New product demand in global tourism
market
Battulga T, Look Mongolia University of the
Humanities
2016.03.03 190
Organizational leadership Anthony Willoughby and Josie
Stoker, Nomadic Business
School
University of the
Humanities
2016.02.25 200
Climate Change of Mongolia & COP21 Gerelt-Od Ts, Ministry of Envi-
ronment, Green Development
and Tourism (MoEGDT)
National University of
Mongolia
2016.02.23 30
Personal development: New season Amartuvshin, CEO-AFAcademy Institute of Finance
and Economics
2016.02.18 70

A N N U A L R E P O R T 2 0 1 6 2 7
Mr. Byambasaikhan is the managing partner of NovaTerra
LLC, a UB based investment and project management firm, he
co-founded in 2013. NovaTerra develops clean energy and
energy efficient real estate projects, and advises domestic
and international clients in financing complex deals.
Mr. Byambasaikhan is a business executive specialized in
energy, infrastructure, mining investments. In 2015-2016,
he was the chief executive of Erdenes Mongol, Mongolia’s
sovereign wealth management company where he chaired
multiple mining company boards and was the director of Oyu
Tolgoi LLC. In 2015, he was the Government’s chief negotiator
who resolved the five-year dispute between the Government
of Mongolia and Rio Tinto, which led to signing a US$4.4bln
project finance deal with 20 leading banks to finance Oyu
Tolgoi’s underground mine construction estimated to cost
US$6bln. From 2010-2013, Mr. Byambasaikhan served as
the chief executive and managing director of Newcom, a
Mongolian technology investor where he managed and built
Clean Energy ($120mln), the first wind farm/IPP in Mongolia.
From 2004-2010, he was an energy banker with the Asian
Development Bank, where he financed power and energy
efficiency transactions in Central Asia, including the region’s
largest CCGT power plant ($1.3bln) in Uzbekistan.
He currently chairs the Green Buildings Council of Mongolia
and is the vice president of the Mongolian Archery
Association. He is a supporter and director of the Arts
Council of Mongolia and Zorig Foundation USA. He also
serves as the honorary consul of South Africa in Mongolia.
Mr. Byambasaikhan has keen interest in regional economic
and infrastructure connectivity and is a believer in clean
energy development. In 2014, he was recognized as a
Young Global Leader by the World Economic Forum. Mr.
Byambasaikhan is the graduate of the National University of
Mongolia and the George Washington University.
Byambasaikhan
Bayanjargal- Nova-
Terra LLC
BOARD OF DIRECTORS
In september of 2007 a group of committed business people in Mongolia met to form the Business Council of Mon-
golia. Our initial organizing Board of Directors composed of 7 members represented a cross-section of the business
and economic mainstays of our economy. This organizing Board has been named as BCM’s Executive Committee,
now with 9 members, as the Board of Directors has expanded to a total of 25 current directors.
EXECUTIVE COMMITTEE
Mr. Randolph was elected as Vice Chairman of the Business
Council of Mongolia in October 2013. He is President of
Trade and Development Bank of Mongolia. He came to
Randolph Koppa,
Trade and Devel-
opment Bank - Vice
Chairman
Mongolia in 2004 as part of the management and technical
assistance program provided to TDB by ING Bank. Mr.
Koppa also serves as a member of the Board of Directors
of the Business Council of Mongolia and the Association of
Development Financing Institutions in Asia and the Pacific
(ADFIAP). Mongolia represents Mr. Koppa’s 12th country in
his 43 year international banking career. He is a graduate
in International Relations from the University of Wisconsin.
Trade and Development Bank is Mongolia’s oldest bank and
the leader in corporate lending, trade finance, payments
and foreign exchange business in the country. In addition,
TDB serves Mongolians with top quality personal banking
services including cards, electronic and SMS banking.
TDB holds the rare distinction of being voted “Best Bank
in Mongolia” two times in a row by “The Banker” and was
awarded “Best Bank of the Year”, “Grand Prix in Banking
and Financial sector of Mongolia”, “Best Business Entity for
its Social Responsibility”, “Best Tax Payer” and many more by
different international and local organizations.
Mr. Jim was elected Vice Chairman of BCM in 2016. He
co-founded BCM in 2007 and was Executive Director from
its formation in 2007 to April 2016. Jim is Chairman of
Mongoljin Private Capital Limited. Mongoljin is the sponsor
of Mongolian Development Finance Fund, the founder and
owner of Mongolia Venture Capital NBFI. He also serves
as an Independent Director of Mandal General Insurance;
Independent Director of Mongolia Growth Group Ltd.
(TSXV); and Chairman & President of Mongolia Education
Foundation. He lived in New York City and worked for Wall
Street-based firms as an investment banker specializing
in Mergers & Acquisitions since the 1970’s including
the position as Global Head of M&A for Union Bank of
Switzerland (UBS). Jim relocated to Ulaanbaatar in May
2001 to manage the successful privatizations of Mongolia’s
two largest commercial banks, Trade & Development Bank
and Khan Bank, and served pro bono as Chief Operating
Officer of NAMBC-Mongolia from 2003 until the formation
of BCM. Jim graduated with a BBA from the University of
Notre Dame and an MBA from Columbia Graduate School
of Business and subsequently was Chair of the Columbia
Business School’s Alumni Association.
Jim Dwyer -
Mongoljin Private
Capital Limited

A N N U A L R E P O R T 2 0 1 62 8
Mr. Bold Magvan was appointed as the Chief Executive
Officer of XacBank LLC in July 2014. Bold has been with
XacBank and its holding company - TenGer Financial Group-
since 2005. Prior to his current appointment, Bold worked
as the CEO and an executive director of TenGer Financial
Group in 2011-2014, as the CEO of XacBank in 2009-2011
and as the President in 2005-2009. Bold is a senior banking
professional with almost 30 years of experience including his
engagements with global financial institutions as the World
Bank and the International Monetary Fund. From 1996 to
2000, Bold was the Deputy Governor of the Bank of Mongolia
(Central Bank). In his prior professional career, he served as
chief executive officer of the Mongolian Export-Import Bank,
member of the boards of the International Investment Bank
and the International Bank for Economic Cooperation in the
Russian Federation and advisor for Da Afghanistan Bank
(Central Bank), Islamic State of Afghanistan.
Bold holds a Master’s Degree in International Affairs with a
major in economic policy management from the Columbia
University, New York. Bold served as the Vice President of
the Mongolian Bankers Association in 2007-2011 and as
the President in 2011-2014. Bold currently serves also as the
Honorary Consul of the Republic of Iceland in Mongolia.
Bold Magvan-
Tenger Financial
Group,Xac Bank
Mr. Jargalsaikhan Dugar, Chairman and CEO of the MIH
Group is an established entrepreneur, business leader, and long
standing public servant in the Mongolia Federal Government. He
began his career as a researcher with the institute of Geology
and Mining in 1983. He later held various positions of authority
including Officer of the Ministry of Geology and Mining, head
of the Mining Department at Ministry of Heavy Industry, Vice
President Finance of the State Owned extraction company Mongol
Erdene Holding, Chairman of the Mineral Resources Authority of
Mongolia, and Head of the Geology and Mines Department of
the Ministry of Trade and Industry. Jargalsaikhan holds a BSc in
Mining Economics from the Moscow State University of Economics
Statistics and Informatics, specialized training from the Colorado
School of Mines and has been awarded an Honorary MBA from
the University of Science and Technology of Mongolia. Since
entering the private sector Jargalsaikhan has focused on building
the MIH Group LLC, of which he is now CEO and Chairman. MIH
Group is one of Mongolia’s most successful private enterprises
with multi-market activities in established and developing sectors.
Among these are Mongolia’s first life insurance provider, first
venture capital firm, investment banking and brokerage services,
commercial and residential construction, property maintenance
services, real estate leasing, food and beverage production,
and agricultural manufacturing. The Group now comprises more
than 20 subsidiaries and affiliated companies with over 200
employees combined. Mr. Jargalsaikhan is the Chairman of the
Young Researchers Foundation at the School of Computer Science
and Management of Mongolia, held a four year term as the
President of the MNMA, and is the current President of Mongolian
Federation of Checkers.
Jargalsaikhan Dugar-
MIH Group
Mr. Bayar Budragchaa graduated from the University of
St. Petersburg of the Ministry of Interior Affairs, Russian
Federation with a Bachelor of Law degree (1985) and the
School of Law, University of Auckland, New Zealand with
a Master of Laws degree (1997). Besides his 12 years of
experience in law enforcement organizations he has been
working as attorney for 16 years. Mr. Bayar is a member
of the Mongolian Bar Association and the International Bar
Association.
Bayar Budragchaa-
Law Firm of ELC LLP
Advocates
Mr. Cameron is Executive Director of Tarva Investment and
Advisory LLC. (www.tarva.org) Tarva is focussed on successful
investing and providing high-level advisory services to client
Cameron McRae-
Tarva Investment
and Advisory
firms working in mining and industry – both private enterprise
and government. Cameron served a 28-year career with Rio
Tinto and in Mongolia was CEO-President of Oyu Tolgoi
LLC (OT) and Rio Tinto’s country director. He was CEO of
Richards Bay Minerals in South Africa, Managing Director
of Murowa Diamonds in Zimbabwe and Project Director for
the Hail Creek Coking Coal Expansion project in Australia.
Cameron led the establishment of the OT business – through
construction to full production. Many logistical, geo-political
and government challenges were overcome and the US$6
billion project was commissioned ahead of schedule. OT
today is operating above nameplate capacity. At OT’s peak
of construction over 15,000 people were employed.
Cameron has led successful Greenfield and brownfield
construction projects in three continents, overarching
business transformations and business improvement projects.
At corporate level Cameron has delivered sectoral and
country strategies, global IS&T projects and sponsored cross
business unit collaboration projects. Cameron also has a
strong commercial negotiating and M&A background.
Cameron is experienced in managing the important issues
with government at the most senior levels, working with
foreign embassies and influencing strategic direction in the
leadership of national business associations.
Cameron is the founding president of the Institute of National
Strategy, and a board director for the Business Council of
Mongolia and the Arts Council of Mongolia.

A N N U A L R E P O R T 2 0 1 6 2 9
Orgil Luvsantseren
General Manager,
External Affairs and
Communications,
Oyu Tolgoi LLC
Mr. Orgil Luvsantseren joined Oyu Tolgoi in October 2016
as General Manager, External Affairs and Communications.
Prior to Oyu Tolgoi, Ambassador Orgil served as senior
official for the 11th Summit of the Asia-Europe Meeting held
in Mongolia in July 2016.
Ambassador Orgil has a broad government and business
experience and is a former Ambassador to Switzerland
and a Permanent Representative of Mongolia to the United
Nations in Geneva and the World Trade Organization.
In 2008 and 2009, he advised the President of Mongolia
on foreign policy, foreign investment, national security and
public relations. In 1990s he worked for the United Nations
peacekeeping mission in Tajikistan and joined the Mongolian
diplomatic service in 1986.
Ambassador Orgil graduated the Moscow Institute of
International Relations and holds a master degree from
the Elliot School of International Affairs at the George
Washington University.
Mr. Sumati Luvsandendev graduated from Moscow State
University in 1979 in applied mathematics. From 1979 to
1994 he worked as a researcher in Mongolian Academy of
Sciences. After the collapse of the socialist state institutions
he joined the non-government sector.
Since 1994 Sumati has headed the Sant Maral Foundation
which under his leadership has become one of the prominent
research centers in Mongolia.
Sumati had participated as a board member in various
NGOs activity such as Mongolian Open Society Forum,
Transparency International - Mongolia, Art Council of
Mongolia and BCM.
Sumati Luvsand-
endev- Sant Maral
Foundation- Former
Vice Chairman
BOARD OF DIRECTORS
Mr. Achit-Erdene Darambazar has been the President of
Mongolia International Capital Corporation (MICC) since
2005, - the first investment bank offering corporate finance,
stock underwriting, and brokerage services in the country.
Achit-Erdene has been an innovator in the Mongolian
financial sector and spearheaded many of the largest and
most important recent finance transactions in Mongolia.
Achit-Erdene completed a Master’s degree in International
Relations from Columbia University and a Bachelor’s degree
from Middlebury College. Achit-Erdene is fluent in English
and Russian and proficient in Japanese and Korean.
Achit-Erdene D -
Mongolia
International Capital
Corporation
Mrs. Amarzul T is a Mongolian citizen, educated in
Singapore. Amarzul worked in the Mongolian Government’s
Foreign Investment and Foreign Trade Agency (FIFTA). She
then joined the resources sector in Mongolia, holding senior
management positions in private sector resource companies.
Amarzul is Board member & Executive Director of Petro
Matad. Petro Matad Limited is the parent company of a
group focused on petroleum exploration as well as future
development and production in Mongolia. The Group’s assets
consist of Production Sharing Contracts over Matad Block
XX (10,340 km2 in eastern Mongolian), and Bogd Block IV
and Ongi Block V (total 50,000 km2 in southwestern central
part of Mongolia). Petro Matad is the first substantially
Mongolian- owned company to list on an international stock
exchange.
Amarzul T - Petro
Matad
Mr. Benoit Ribesse is the CEO of ENGIE Energy Mongolia
(new name for GDF SUEZ), and General Manager of the
CHP5 LLC company incorporated by Newcom, ENGIE,
Posco Energy and Sojitz Corporations for the development
and construction of the CHP5 power plant. Benoit is an
executive manager with 22 years of experience in the fields
of project finance, power generation and water treatment
processes.
Benoit holds a Master degree in Engineering from the
University of Brussels (Belgium).
Benoit Ribesse -
ENGIE Mongolia
Betina Moreira
Infante - Break-
through Communi-
cations

A N N U A L R E P O R T 2 0 1 63 0
Mrs. Betina Moreira Infantehas worked in marketing
communications, public affairs and public relations in the
Americas, Europe and Asia for over 25 years. Working with
private, public and non-governmental institutions, Betina has
conceived and implemented communications strategies that
have influenced opinions, changed behavior and built brand
value.
In 2008, Betina launched Breakthrough Public Relations
(now Breakthrough Communications), a specialized PR and
marketing communications agency, and the first international
agency in Mongolia. In the early years, Breakthrough’s client
list was comprised exclusively of mining and energy clients
that needed strategic communications and stakeholder
engagement. In 2011, Breakthrough signed a strategic
alliance with Ogilvy expanding Breakthrough’s offerings,
network and ability to service clients worldwide.
Betina leads a team of local and international professionals
who provide 360° communications services to clients in key
growth sectors. The services range from community and
stakeholder engagement, brand and reputation management
to marketing communications, creative content development,
media relations, and social media management. Prior to
launching Breakthrough, Betina helped pioneer the U.S.
Agency for International Development’s development
outreach and communications functions, institutionalizing
communications as an integral component of the U.S.
foreign development assistance program at USAID. She
established the first full-functioning Development Outreach &
Communications Office in Serbia & Montenegro that served
as an agency-wide model. In Indonesia, she developed
an award-winning campaign for USAID that changed the
way tsunami-affected populations and the general public
viewed the U.S., turning predominantly negative sentiments
around. While at USAID she provided technical assistance
and communications training to USAID missions across
Southeastern Europe, Russia, and South Asia.
Mr. Daniel has worked and resided in Mongolia since 1997
as a partner in the law firm of MahoneyLiotta. Mr. Mahoney
received his Bachelor of Science in Management degree,
with high honors, from Tulane University of Louisiana, where
he was a member of the Tulane Scholars and Honors
Program and Beta Gamma Sigma honorary business
fraternity. He then received his Juris Doctor degree, with high
honors, from George Washington University in Washington
DC. MahoneyLiotta has advised and assisted clients on
major projects in the minerals, corporate, energy, financing,
banking, securities, concessions, aviation, real estate and
other rapidly developing sectors in Mongolia.
Mr. Ganzorig was recently appointed as the first President
of Golomt Bank and he also continues as Chairman of
the Mandal Daatgal LLC, which is owned by Golomt and
UMC. Mandal is the largest insurer in Mongolia in terms
of equity and 3rd largest insurance company in terms of
assets. Mandal Daatgal LLC is introducing innovative risk
management products through a multi-national experienced
team. He has previously been a senior banker and advisor to
large banks in Mongolia. Mr. Ganzorig has a postgraduate
degree in Financial Management from Maaschricht School of
Business in Netherlands, and BBA in accounting from ICB in
Mongolia. He holds an ACI Dealing certificate. Ganzorig is
an independent Director of the Mongolian Stock Exchange.
Daniel Mahoney –
MahoneyLiotta
Ganzorig U - Mandal
Daatgal, Golomt Bank
Mr. Harris Kupperman is the founder of Praetorian Capital,
a hedge fund focused on using long-term macro-trends to
guide stock selection. Mr. Kupperman is also the Chairman
and CEO of Mongolia Growth Group (YAK: Canada and
MNGGF: USA), a publicly traded company focused on
gaining leverage from the rapid growth of the Mongolian
economy. In addition, Mr. Kupperman is the chief adventurer
at AdventuresInCapitalism.com
Harris Kupperman-
Mongolia Growth
Group
Mr. Bold Baatar assumed accountability for Rio Tinto’s Iron
Ore Sales and Marketing in July 2015, in addition to the
role of managing director Marine which he has held since
May 2014, leading Rio Tinto’s ocean freight business. Bold is
also a member of Rio Tinto’s Iron Ore Executive Committee.
Previously, Bold was the President of International Operations
for the Rio Tinto Copper group based in London. In this role he
was accountable for a diverse portfolio of both green field and
operating sites including Palabora in South Africa, Northparkes
in Australia, nickel project in Indonesia, copper/ gold deposit
in the USA and coal operations in Mongolia. Before joining Rio
Tinto, Bold served as an advisor to the Group on its investments
in Oyu Tolgoi, copper and gold mine in Mongolia. He also held
senior leadership positions with a gold mining company and a
diversified investment management business in Mongolia. Prior
to that he has worked in New York, London and Moscow for
JPMorgan as an investment banker for over 11 years involved
in leveraged buyouts, mergers and acquisitions and IPOs. Bold
graduated from Mongolian Technical University with a Bachelor
of Industrial Engineering and also holds an MBA degree from
the University of Bridgeport, USA.
Bold B - Rio Tinto

A N N U A L R E P O R T 2 0 1 6 3 1
Mr. Laurenz Melchers is co-founder and Chairman of
MSM Group. Laurenz was Chairman of BCM from 2010
to 2012. MSM (www.msmgroup.mn) is a Trade and Service
company, active in the following fields of business: Mining
& Construction Supply, Automotive Retail and Service,
Chemicals Formulation and Supply, Agricultural Machinery
Sales and Service and Beverage Distribution. MSM is known
for quality of Services and Products and is the General
Agent in Mongolia for many reputable brands including:
Mercedes-Benz, BASF, John Deere, Atlas Copco, Moet
Hennessy and others. Laurenz also acts as Mongolia country
representative for the Hamburg based German-Asia-Pacific
Business Association (OAV).
Mr. Mark Bailey is the Executive Director of Thiess Mongolia
(former Leighton LLC). He holds an Engineering degree (civil)
and has more than 30 years of experience in the mining
industry of which the past 27 years have been with the
Leighton Group. Mark has spent 11 years in Kalgoorlie,
Western Australia before taking on the role of Operations
Manager and Mining Manager in Perth and as the Regional
Manager – Mining, was instrumental in building a mining
business for Leighton Asia Limited while based in Hong
Kong. He has extensive experience at the operational,
technical and corporate levels of the contract mining
Mr. Bell joined Khan Bank as the First Deputy CEO in Charge
of Business in August 2015 and he has been appointed as
new Chief Executive Officer with an effective date of April
1, 2016. Mr. Bell has more than 20 years of international
expertise in the banking business, particularly in retail
banking, investment, cost management, payment cards,
credit, risk management, banking strategy, and business
growth. John Bell has been in the banking and financial
industry since 1994, taking the positions of Personal Banker,
Branch Operations Supervisor, Liabilities and Investment
Product Manager, and Wealth Management Business Head
at Citibank. Mr. Bell held senior Citibank positions in USA,
Poland, and Czech Republic.
He moved to ABN AMRO as a Retail Product Management
and Distribution Head in 2006, and later in 2008 joined the
Royal Bank of Scotland in Romania as Retail Banking Head.
John Bell -
Khan Bank
Laurenz melchers -
MSM Group
Mark Bailey – Thiess
Mongolia
Mr. Fujiwara is General Manager of Sumitomo Corporation
Ulaanbaatar Office. Fujiwara has engaged in Mongolian
Business since 1997. He has stayed more than 10 years
in Mongolia during his 3 times mission. Fujiwara was a
person responsible for Mobicom Corporation and Transwest
Mongolia LLC in Sumitomo. Fujiwara was given a decoration
of Friendship Medal (Nairandam Medal) from President of
Mongolia in 2012 for his contribution in business sector
between Mongolia and Japan.
Sumitomo Corporation is a leading Japanese Trading and
Investment company. Sumitomo has more than 900 overseas
office and subsidiary all over the world. Sumitomo has
established a representative office in 1992. Sumitomo has
2 subsidiary such as Mobicom Corporation and Transwest
Mongolia LLC in Mongolia.
Hiroto Fujiwara- Su-
mitomo Coporation
Ulaanbaatar Office
Mrs. Khulan Dashdavaa is a co-founder and an Executive
Vice President of Tavan Bogd Group. She is also a CEO of
KFC Mongolia and Pizza Hut Mongolia.
Khulan Dashdavaa -
Tavan Bogd Group
With her background in international banking and economics,
Mrs. Khulan’s career highlights include experiences as an
economist at the Ministry of Finance of Mongolia, sales
manager of international division of Gobi cashmere in
Tokyo, Japan, and Vice President of Trade & Development
Bank of Mongolia. Currently she is a board director of Khan
Bank, Gobi Cashmere and SSM LLC, which are affiliated
and subsidiary companies of Tavan Bogd Group.
Tavan Bogd Group is a diversified private group with core
businesses in manufacturing, trade, travel, importing and
wholesaling nationwide in Mongolia.
Tavan Bogd has rapidly grown and currently known as an
official distributor for various prestigious brands such as
Toyota, Volkswagen, Toto, L’Оccitane, Bridgestone, Xerox,
KFC, Pizza Hut and Hitachi, to name some.
Tavan Bogd Group’s significant contribution to Mongolian
economy and development can be measured by the
successes in many sectors, such as banking, cashmere
industry, flour milling, car dealership, hospitality and food
and beverages.

A N N U A L R E P O R T 2 0 1 63 2
Steve Potter -
Wagner Asia Equip-
met LLC
Mr. Steve Potter joined Wagner Asia Equipment as Managing
Director in August 2011 after 40 years of management
Mr. Tumentsogt Tsevegmid is Executive Director of Erdenes
Mongol since Oct 2016. He was Executive Director of
General Electric between 2011-2016. His responsibilities
include representing, promoting and protecting GE’s interests,
carrying out business liaison, conducting market research
and study, exploring and developing business opportunities
in Mongolia. Some recent projects include supplying wind
turbines for Mongolia’s first grid connected Salkhit wind
park, supplying SuperSkids locomotives for Ulaanbaatar
railways and supplying of healthcare equipment.
Tumentsogt worked at the World Bank from 2007 to 2011
and managed projects in energy, renewables, urban, water
supply, and air pollution and contributed to several analytical
studies. Tumentsogt held various positions at the Government
of Mongolia, including Advisor to Minister of Fuel and Energy
of Mongolia, Ministry of Infrastructure of Mongolia and State
Property Committee and his responsibilities included energy
policy & planning, restructuring, private sector participation,
management of state owned assets, NEA regional energy
cooperation. Tumentsogt served as a Commissioner at the
Energy Regulatory Authority (ERA) of Mongolia and dealt
with issues of power sector regulation, licensing of energy
activities, tariff setting, consumer rights, developing power
market rules. Tumentsogt was also appointed as a President
of CEO Club in 2014. Tumentsogt holds Master’s in Electrical
Engineering from Moscow Power Engineering Institute
(Russia, 1993), and Master’s in Public Affairs from Indiana
University (USA, 2001).
Tumentsogt Ts -
Erdenes Mongol LLC
A trilingual financial engineer with World Bank, Central Bank
of Mongolia development economics experience that ventured
both in public and private sectors. Received cum laude
diplomas with double majors in undergrad and graduate
studies from George Washington University in Washington,
DC, USA and the University of San Francisco, CA, USA
in Finance and Economics. At Monpolymet, she oversees
the Group’s various business activities in mining, mineral
explorations, rehabilitation, construction and production of
building materials consisting close to 1000 employees. As
the CEO of Monpolymet Group, her latest accomplishment
was implementing the company’s MonCement project and
successfully commissioning Mongolia’s first technologically
advanced and environmentally friendly cement plant that
supplies half of cement demand of Mongolia. She raised
US$250 million through project financing with European bank
for Reconstruction and Development in 2013. She delivers
the Group’s business goals with substantial improvement to
governance, standardization, and business performance.
Nasaa’s career includes economist role at the World
Bank producing over 20 Mongolia Monthly and Quarterly
Updates from 2009-2012 focused on improving the public’s
understanding of the economic situation and the rationale
of the government’s policy reforms, thus helping to forge
consensus around the policy reform agenda. She also
worked at the Central Bank of Mongolia as an economist
and produced the country’s balance of payments statistics by
updating its methodology. Currently, a member of the Board
of Business Council of Mongolia, the Young President’s
Association, Who’s Who of Professionals Historical Society,
Alpha Sigma Nu Honor Society and a recipient of “Altan
Gadas” medal from the President of Mongolia.
Munkhnasan N -
Monpolymet Group
industry. Over the years, he has successfully delivered
the safety, environmental, productivity and commercial
objectives for over 25 significant mining projects covering
gold, nickel, iron ore and coal. He has been the driving
force behind the implementation and success of numerous
alliance/relationship styled contracts which have delivered
the safest and lowest cost production, achieving a win/ win
outcome for both Leighton and the Client. Mark resides in
and is responsible for growing Thiess’s business in Mongolia.
Leighton LLC was changed to Thiess Mongolia in 2015. Mark
is an honorary member of Rotary and in 2005 was awarded
a Paul Harris Fellow for his service to the community.
experience with Caterpillar and Caterpillar Dealers in 10
countries spanning the UK, Middle East and Asia. Steve
earned a BA (Hons) in Economics from the University of
Keele, an MBA from the Scottish Business School, University
of Edinburgh. He also has a Mining Diploma from the
Colorado School of Mines and Safety & Environmental
Diploma from the Indonesian Ministry of Mines. Wagner Asia
Equipment is the authorized dealer for Caterpillar mining,
construction and power generation equipment and since
commencing operations in Mongolia in 1996 has become
the largest distributor and rental company in the country,
with a reputation for quality products and support services.
The company runs the largest technical training institute
in the country and typically graduates 200 Mongolian
apprentice technicians annually. Wagner also operates the
largest equipment leasing company in Mongolia and is a
leading automotive distributor representing Ford and Land
Rover. Mr. Potter is also Executive Director of Wagner Asia
Group Ltd and South Gobi Mining Services LLC and sits on
the Board of the USAID-BPI sponsored QSDC, an NGO
that helps develop Mongolian SME’s.

A N N U A L R E P O R T 2 0 1 6 3 3
Baljaa joined BCM as а Working Group Coordinator in October
2016. She will manage BCM’s 8 Working Groups (WGs) with over
420 member individuals from our 245 member organizations on
Capital Markets, Tax, Legislation, Energy & Environment, Education
& Innovation, Trade & Logistics, Risk, and Business Ethics. Baljaa will
also be in charge of organizing BCM in the University/High School
Classroom series, developing and implementing new projects at
BCM, and expanding BCM’s partnership with universities, sectorial
associations as well as line ministries and agencies at government
level that are relevant to each working group.
Baljaa lived in the USA for over 10 years, completed her MBA
in International Business and BA in International Studies from
Lindenwood University, USA. She worked in the USA for over 6
years including 2 years at Rio Tinto’s Kennecott Utah Copper in Utah
as Market and Business Analyst, and 4 years at the International
Food Policy Research Institute (IFPRI) - an international research
organization in Washington, DC. After returning to Mongolia, she
worked at Oyu Tolgoi as Senior Project Coordinator and Customer
Liaison. She is a Co-Founder and Executive Director of “YMPA”-
Young Mongolian Professionals Association, Founder and Director
of Bfit program, certified Yoga instructor and holder of silver medal
from Miss & Mister Fitness competition.
Mergen Chuluun was appointed Executive Director of Business
Council of Mongolia on 22nd April 2016. Previously, Mergen was
the Managing Director for Wagner Asia Automotive, and while
there, he founded Mongolian Automobile Distributors Association.
He was also elected to serve on the Ford Dealer Advertising Fund
(FDAF) Board for Asia Pacific Region. Prior to Wagner Asia, he
founded and managed Webguru, Mongolia’s first web development
and internet marketing agency, from 2008 to 2011.
2003-2007 worked as financial analyst in USA for large distribution
and manufacture companies.
From 2009-2010, Mergen ran Mongolia’s first ever podcast, a
weekly talk show called Mongolia Business Podcast that focused on
doing business and investing in Mongolia.
Mergen graduated from Colorado State University with Bachelor of
Science in Business Administration with majors in Finance, Computer
Information Systems and Entrepreneurship. He also attended
Harvard Business School Executive Education YPO-WPO Presidents’
Program in 2014 and 2015. Mergen is also Chapter Chair of Young
Presidents Organization Mongolia and Board Member of North
Asia Region, President of Rotary Club of Ulaanbaatar, and a former
Chairman of Board of Advisors for AIESEC Mongolia.
Dolgorsuren joined BCM as a Communications Assistant in Jan
2016. She holds her Bachelor Degree of Biotechnology & Food
Science from the Mongolia International University and Master
Degree in Natural Science, Immunology from the Kangwon
National University (KNU) , South Korea. Dolgorsuren previously
worked as a Research Assistant at KNU and Training Coordinator
in USAID funded Quality Supplier Development Center.
Baljinnyam Ch -
Working Group
Coordinator
Mergen Ch -
Executive Director
Dolgorsuren B -
Communications
Officer
BCM MANAGEMENT TEAM
Saruul joined BCM in June 2010 and was named Project Manager
in February 2013. She manages BCM's membership campaigns,
conferences and special projects. She holds her Bachelor's degree
of Linguistics from the University of the Humanities, Mongolia and a
License degree in LEA (Affiliated Foreign Languages - specialized in
International Commerce) from the University "Le Mirail", Toulouse,
France. Saruul previously worked for one year as an Officer in the
Department of Foreign Relations in the Ulaanbaatar City Governor's
Office. She's been serving as a Continental Judge of Archery since
2013. Saruul was officially certified as an International Judge by
World Archery in June 2014, USA.
Saruul E -
Membership & Events
Manager
Tuguldur was named BCM’s Office Manager in November 2007 in
charge of day-to-day administrative affairs of BCM. She holds her
bachelor’s degree of Linguistics from the University of Humanities
and a master’s degree in International Relations from the National
University of Mongolia. Tuguldur previously worked for two years
for the Alliance Francaise Mongolia as secretary.
Tuguldur B -
Office Manager
Otgongerel joined BCM as Partnership Manager in 2014. She
works in developing and implementing new partnership initiatives,
marketing and coordinating media and public relations activities.
Otgongerel has worked as translator, project administrator and
public relations specialist in number of international projects and
programs funded by Swedish Development Agency, European
Union and US Millennium Challenge Corporation. She has Bachelor
Degree in English-Russian translation from Institute of Humanitarian
Science and Master Degree in Organizational Communication from
Gothenburg University of Sweden.
Otgongerel Kh -
Partnership
Manager

A N N U A L R E P O R T 2 0 1 63 4
In 2007 BCM started with 35 founding
members. Today, BCM represents largest
number of investors in Mongolia as well
as local market leaders, innovatiove start-
ups, embassies, International NGO’s and
educational sector.
MEMBERSHIP GROWTH & DECLINE
Year Beginning Declines (-) New Members (+) Total
2007 0 35 35
2008 35 76 111
2009 111 8 26 129
2010 129 7 40 162
2011 162 7 39 194
2012 194 22 78 250
2013 250 6 24 268
2014 268 26 27 269
2015 269 62 34 241*
2016 241* 37 42 246
*10 trade members were removed.
Member - Main sector of Operation
1Title
Date
Bank
Construction
Consulting
Commodities Trading
Energy
Engineering/Equipment
Embassy
Education
Expo Organizer
Food & Beverage
Financial Services
Hotel
Human ResourcesIFI & Int’l
IndividualInsurance
IT
Law
Firm
Mining
Manufacturing
Media
Medical
NGO, Association,
Council
Real Estate
Restaurant
Services
Tourism
Training
Members - Main sector of Operation
Battur received a PhD in agricultural science from Hokkaido University
in 2010. He has studied Mongolian dzud for his thesis. He is working
for BCM since 2011. In addition to his BCM work he is a free-lance
business coordinator and translator for international companies that
have interest in Mongolia. His clients include Cameco Mongolia,
SIAR Consulting, Skill Tech Global and Japanese companies such as
Mikasatokai, Ichikawa Kankyo Engineering, Fujiki Tekkou. He knows
English, Japanese and Russian.
Battur S - Assistant
Editor
Terrence has been in Mongolia since 2009. Mr. Edwards came to
Mongolia with a background in Journalism to serve with the U.S.
Peace Corps teaching English as a Foreign Language (TEFL) volunteer
in Uyanga Soum, Uvurkhangai Aimag. After finishing his service with
the Peace Corps in 2011, he joined the BCM staff as Editor-in-Chief
of BCM's NewsWire. In addition to his duties as editor, Mr. Edwards
is a reporter for the Thomson Reuters news agency and is a regular
contributor for the publication Business News Europe (BNE) and
Nikkei Asian Review.
Terrence Edwards -
Editor-in-Chief
BCM MEMBERS

A N N U A L R E P O R T 2 0 1 6 3 5
AirTrans Hunnu Resources News.mn
All In One Spot/Orchuulga 24- Your translation
agency
IARUDI Consulting Nomadic Expeditions Mongolia
APIP Ikh Uilsiin Ereld Nomadic School of Business
Ard Capital Group Integrated Financial Services Nomads Catering and Integrated Services
Ard Financial Group JTIS Novaterra
AREC Mortgage Khaan Daatgal NPC & Mandal
Arig Bank Khan Bank Observe Consulting
Axel Fischer Academy Khan Investment Management Orica Mongolia
B & T Consulting Kito OSHMI
B Production KPMG Audit OTV
BD Sec Lanz Brand PATC
Blue Sky Hotel Look Mongolia Petro Matad
Bodi Insurance MACU Porsche Монгол
Breakthrouph PR Mahoney Liotta Precom
Bureau Veritas Major Drilling Prosum
BDO Tax Mandal Insurance QMC Group
CallPro Matoza Ramada
Chinggis Law LLP MERA RTHR Services
Chinggis Khan Bank Metro Express Sandvik Mongolia
Churchill's MICC SB Logistics
Clear Lakes Capital MIG Insurance Seaberry Farm Products
Club Coworking MIH Group Smartcard
Cummins Mongolia Investment MIRIM Consultant LLC Sopoco
Deloitte Onch MMCG Specialized Career Consulting
Development Solutions Monhorus Standard Investment
EastMaven Mongol Express Start-Up Mongolia
EEIBC Mongolia Growth Group Steppe Learning
Eermel Mongolia Quest Supply & Allied Services
ELC Mongolian Economy Magazine Tavan Bogd
Erdenes Mongol Mongolian Mortgage Corporation Tenger Insurance
Erdenes Tavan Tolgoi Mongolian National Broadcasting The Cycling World
EuroKhan Mongolian Opportunities Partners The Morning Star
Fiscal Audit Mongolian Properties Trade and Development Bank
Free Good Era Mongolian Stock Exchange Valiant Art
Friends of Mongolia Monos VIP 76
G and DS Monpolymet Vocational education training Center (VETP)
GEE Namaste Indian Restaurant XacBank
Golomt Bank National life XacLeasing
GTs Advocates National News Corporation (NNC) Xanadu Mines
GWMS New Media Group Xanadu Wines
Horizon Partners Newcom ZaMine Services
MONGOLIAN COMPANIES

A N N U A L R E P O R T 2 0 1 63 6
INTERNATIONAL COMPANIES
EMBASSIES AND COUNCILS
ABB Mongolia Representative Minter Ellison
Advanced Facilities Management Mongolia Mitsubishi Corporation
Allens Linklators Mitsui & Co
Als Group Monadelphous
Anderson & Anderson Mongolia Talent Network
APIAG Mongolia Mongoljin Private Capital
Archetype Mongolia MSM Group
Areva Mongol Noble Group
Aspire Mining Ocean Partners
Atlas Copco Mongolia Oyu Tolgoi
Bank of Tokyo Mitsubishi PricewaterhouseCoopers (PWC)
BG Group Real Centre Holding Pte
Birches Group Rimu Resource
Boroo Gold Rio Tinto
Cim Bank Switzerland RungePincockMinarco
Clyde & Co Saki Partners
COTES Engineering Salmira Investment Fund
Dale Carnegie Training Santa Fe Relocation Services
EBRD Schneider Electric Mongolia
ENGIE Mongolia Sedgman Consulting
Ernst & Young Shangri-La Hotel Ulaanbaatar
Falcon Drilling Mongolia Siemens Mongolia
Firebird SMEC Mongolia
Frontier Land Group (MDR) Sumitomo Corporation
General Electric Sumitomo Mitsui Banking Corporation
Global Welding Sustainability East Asia
Gunvor LLC Tarva Investment & Advisory
Hogan Lovells TCKMO
IBEX Mongolia Techenomics Mongolia
IGES Terra Energy
ING Bank Thiess Mongolia
International SOS Trafigura Mongolia
Kempinski Hotel Khan Palace Transparenvy International- Mongolia
KURVERS Transwest Mongolia
LehmanLaw Mongolia Wagner Asia Equipments
Australian Embassy Indian Embassy
Australian Embassy- Seoul Japanese Embassy
British Embassy Korean Embassy
Canadian Embassy Swedish Trade Council (Beijing Office)
Czech Embassy Turkish Embassy
French Embassy US Embassy
German Embassy

A N N U A L R E P O R T 2 0 1 6 3 7
NON GOVERNMENTAL ORGANIZATIONS
INTERNATIONAL FINANCIAL INSTITUTIONS
UNIVERSITIES & SCHOOLS
INDIVIDUAL & OTHERS
American Center for Mongolian Studies NAMBC
Arts Council of Mongolia Sant Maral Foundation
Australian Trade Commission Save the Children in Mongolia
British Mongolian Chamber of Commerce South Gobi Business Council
Corporate Covernance Development Center Taipei Trade & Economic Representative Office
Cover Mongolia The Asia Foundation
German Mongolian Business Association The Nature Conservancy
Global Green Growth Institute Unicef
Mongolian Coal Association Wildlife Conservation Society
Mongolian Exporters Association World Vision
Mongolian National Mining Association Zorig Foundation
Asian Development Bank Swiss Development Cooperation
GIZ USAID
International Monetary Fund World Bank
MercyCorps Mongolia
Mr. Dale Choi Mr.Roger Perry
Mr. Enkh-Amgalan Sengee Oxford Business Group
Mr.Lewis Marks Forbes Mongolia Magazine
Mr. Bill Thomson
American School of Ulaanbaatar Mongolian National University (МҮИС)
American University of Mongolia- AUM Mongolian National University's Economic School's Man-
agement Department
British School of Ulaanbaatar Santis Educational Services
International School of Ulaanbaatar University of the Humanities

A N N U A L R E P O R T 2 0 1 63 8

A N N U A L R E P O R T 2 0 1 6 3 9
Display your banner/logo at reasonable rates on BCM NewsWire issues,
distributed to over
1500member individuals plus
500+
PUBLICIZE YOUR
COMPANY/ENTITY4
INTERNATIONAL ENTITIES
Dues based on Gross Revenue of Parent Company
(Entities with the majority of ownership outside Mongolia.)
Large (over $1 billion) 9’000’000
Medium ($250 million-$1 billion) 4’500’000
Small/Individuals (under $250 million) 2’500’000
Not-for-profit 1’500’000
MONGOLIAN ENTITIES
Dues based on Gross Revenue of Parent Company
(Mongolian entities which have their headquarters office, primary
economic activity and majority ownership in Mongolia including
ownership by foreigners with permanent residency in Mongolia.)
Large (over $15 million) 4’500’000
Medium ($1-$15 million) 2’500’000
Small/Individuals (under $1 million) 1’000’000
Not-for-Profit/Embassy/IFI 800’000
Introduce your entity during
BCM Monthly Meeting with
brochures for distribution
Create you profile on BCM
website with introduction,
logo and direct links to your
website and social media
Member Profile includes information about MEMBER ENTITIES’ SERVICES, SIZE,
NUMBER OF EMPLOYEES, CONTACT INFORMATION AND DIRECT LINKS TO
WEBSITE AND SOCIAL MEDIA PAGES.
POST VACANCY NOTES OF YOUR ENTITY
at BCM web system and weekly
NewsWire; see vacancy
updates of other organizations
Introduce your organization,
project or activity during the
BCM IN THE UNIVERSITY
CLASSROOM SERIES,
ORGANIZED IN THE BIGGEST
NATIONAL UNIVERSITIES OF
MONGOLIA AMONG HUNDREDS
OF STUDENTS
MAKE USE OF BCM’S MAILSHOT
AND SEND SPECIAL “Paid
Advertisement” TO ALL BCM
MEMBERS MAILING LIST
MEMBERSHIP DUES
SCHEDULE
Dues are for one calendar year. Categories are
based on gross annual revenue, except for indi-
viduals, not-for-profit organizations and embas-
sies, IFIs.
Gross annual revenue is not limited to revenue
derived in Mongolia but rather is the gross reve-
nue of the parent plus all subsidiaries, branches or
similar entities that are more than 50% owned or
otherwise controlled by the parent company.
(AllduesratesinMNT.)
Follow us on Facebook, Twitter, LinkedIn, Slide share and Flickr.
New members are also invited to give interviews to
VIP76 (BCM’s media partner) to be posted on their
website with brief introductory coverage.
Post your entity banner on
BCM website in
‘NEW MEMBER SECTION’
Company link of new mem-
bers is given on the Monthly
Meeting Agenda notice, sent
to all BCM members in a
distribution list of over
1500 individuals two
times.
people at government, media and diplomatic missions.
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A N N U A L R E P O R T 2 0 1 64 0
E mail: info@bcmongolia.org
The Business Council of Mongolia
Express Tower, 12th floor Peace Avenue,
P.O.Box-29 Ulaanbaatar, Mongolia 15160,
Tel/fax: 976 11 317027, 976 70114442
Website: www.bcmongolia.org

BCM Annual Report 2016

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BCM Annual Report 2016