Introduction of the Board of Directors

The Board of Directors of M Bank implements good corporate governance in accordance with Mongolia’s relevant laws, regulations, and instructions approved by the Central Bank of Mongolia, the Charter of M Bank, the Code of Corporate Governance, the Board of Directors operating procedures, and other relevant legal acts. The major transactions and transactions with conflict of interest are reviewed and approved per the Company Law of Mongolia, the Charter of M Bank, relevant regulations, and instructions. The remuneration of independent Directors is approved by the Shareholders' Meeting as specified in Article 62.1.13 of the Company Law, Article 29.2.9 of the Banking Law, and Article 3.3.3 of the 'Operational Procedures of the Board of Directors' of M Bank.

Committees under the Board of Directors

The Board of Directors has three committees in charge of Audit, Risk management and sustainable development, Governance, and nomination. Each committee works according to the operating procedures the Board of Directors approved.