Erdenes Tavan Tolgoi to disburse 90 MNT per share
-- 34 laws reviewed during 2019 fall session
State-owned Erdenes Tavan Tolgoi JSC will distribute dividends of more than 200 billion MNT, or 90 MNT per share, to shareholders, announced Minister of Mining and Heavy Industry D.Sumiyabazar on Monday.
It was reported that people with 1,072 shares will receive 96,480 MNT, those with 750 shares will receive 67,500 MNT and those with 527 shares will receive 47,130 MNT in dividends. Currently, 2.5 million people have stakes in the company and while 1.8 million people have securities accounts, 580,000 people don’t, according to Erdenes Tavan Tolgoi. These people without securities accounts are said to be mostly children and people living abroad. The government owns 85 percent of the company.
The mining company plans to discuss the dividend issue on April 17 and issue dividends in May.
“Erdenes Tavan Tolgoi has never distributed dividends in accordance with the Company Law in the last decade or so it has operated. The board has approved for the first time to distribute dividends to shareholders according to the Company Law. In the past, the state used its preferential rights to buy stakes from some people in cash. This time, it’s not cash payout but legal dividend distribution,” Minister D.Sumiyabazar said. “For each share, the company will pay 90 MNT and people will receive 96,000 MNT for their 1,072 shares.”
During the fall session of 2019, the Standing Committee on Environment, Food and Agriculture (SCEFA) convened 10 times and reviewed drafts for 34 laws, reviewed three Parliament draft decrees, heard and received two reports of ministries and agencies, and initiated and approved two Parliament decrees.
The standing committee itself approved a number of decrees, including two presentations by taskforces, and 10 presentations on bills with major and minor disagreements on principles and contradictory legal terms.
The standing committee nullified the Law on Iodizing Salts and Avoiding Iodine Deficiency on October 8, 2019. This nullification came after the approval of the new Law on Nutritious Foods in 2018, which included provisions that covered the law on iodizing salts. The associated clauses in the Criminal Code were also nullified, but were carried out by the Standing Committee on Law, as this standing committee was conducting larger and much more comprehensive amendments to the Criminal Code, and the SCEFA’s Criminal Code changes were therefore combined into this amendment task.
During a September 25 session of Parliament, it was decided a new state agency responsible for water management should be established, by a proposal from the SCEFA. The new water agency will oversee and implement all water-related policies of the country, including strategic goals such as water preservation and sustainable consumption of water. The new water agency, as per an addendum to a Parliament Decree issued on July 21, 2016, will be operated under the Ministry of Environment and Tourism.
The SCEFA was largely responsible for the nation’s preparation of the 2019 to 2020 winter, and it organized a number of meetings and conventions between relevant parties to plan for winter preparations.
During the fall session, taskforces established by the SCEFA convened eight times in total.