[1] La Porta, Lopez-De-Silanes and Shleifer, “The Economic Consequences of Legal Origins”, (2008) 293–294

[2] Weinrib, Ernest J. “The Fiduciary Obligation.” The University of Toronto Law Journal, vol. 25, no. 1, (1975), 1–22.

[3] Kershaw, David, The Foundations of Anglo-American Corporate Fiduciary Law (July 6, 2018). LSE Legal Studies Working Paper No. 15/2018. Page 5

[4] Ibid, Page 2

[5] Bernard S. Black "The Core Fiduciary Duties of Outside Directors," Asia Business Law Review, 2001. Page 14

[6] Thomson Reuters, “Fiduciary Duties of the Board of Directors” by Practical Law Corporate & Securities., 2023, Page 10

[7] Guth v. Loft Inc, 5 A.2d 503, 23 Del. Ch. 255 (Del. 1939) 

[8] Brophy v. Cities Services Co. (70 A.2d 5 (Del. Ch. 1949)).

[9] Bernard S. Black “The Principal Fiduciary Duties of Boards of Directors” Presentation at Third Asian Roundtable on Corporate Governance Singapore, 2001, Page 1

[10] Rosenblatt v. Getty Oil Co. 493 A.2d 929 (1985)

[11] In re Lear Corp. Shareholder Litigation., 926 A.2d 94, 114 (Del. Ch. 2007)

[12] Practical Law Corporate & Securities., 2023, Page 49

[13] In re Zimmer Biomet Holdings. Inc. Derivative Litigation, 2021 WL 3779155, at *12 (Del. Ch. Aug. 25, 2021)

[14] Bernard S. Black. pp 26-27

[15] Smith v. Van Gorkom 488 A.2d 858 (Del. 1985)

[16] Aronson v. Lewis, 473 A.2d 805, 812 (Del. 1984).

[17] Sinclair Oil Corp. v. Levien, 280 A.2d 717, 720 (Del. 1971)

[18] Bodell v. General Gas & Electric Corp. at 427, 140 A. at 267

[19] Section 102(b)(7) of the Delaware General Corporation Law

[20] In Re Caremark Intern. Inc. Deriv. Lit, 698 A.2d 959, 971 (Del. Ch. 1996)

[21] Ibid, at 967

[22] Marchand v. Barnhill, 212 A.3d 805, 821 (Del. 2019)

[23] In re Citigroup Inc. Shareholder, 964 A.2d 106, 130 (Del. Ch. 2009)

[24] In re Goldman Sachs Group, Inc., C.A. No. 5215-VCG, 70 (Del. Ch. Oct. 12, 2011)

[25] William. T. Allen; Reiner Kraakman; Vikramaditya S. Khanna "Commentaries and Cases on the Law of Business Organization," Sixth edition, 2021, Aspen Publishing, Page 274.

[26]   Bernard S. Black, Brian R. Cheffins and Michael Klausner, “Outside Director Liability: A Policy Analysis”, Journal of Institutional and Theoretical Economics, 2006. Page 18

[27] Stephen M. Bainbridge "The Business Judgment Rule as Abstention Doctrine," Vanderbilt Law Review, Volume 57, Page 114

[28] Eric A. Posner "Theory of Contract Law Under Conditions of Radical Judicial Error," University of Chicago Law School, Chicago Unbound Journal, 2000, Page 758

[29] Stephen M. Bainbridge. Page 121

[30] Caremark, A.2d 959 (Del. Ch. 1996)

[31] Companies Act of 2006. Section 174.2

[32] The Law Commission and The Scottish Law Commission “Company Directors: Regulating Conflicts of Interests and Formulating Statement of Duties”, 1999, Page 49-53.

[33] Damjan Despotović. “Fiduciary Duties and Business Judgment Rule”, University of Tilburg, 2010. Page 10

[34] Andrew Keay, Joan Loughrey, Terry McNulty, Francis Okanigbuan, Abigail, “Business Judgment and Director Accountability: A Study of Case-law Over Time”, 2020, Page 39.

[35] Ibid, Page 37

[36] The actual wording of the Insolvency Act of 1986. Section 214.4.(a) is "the general knowledge, skill, and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company.”

[37] Andrew Keay, Joan Loughrey, Terry McNulty, Francis Okanigbuan, Abigail, Page 38.

[38] Commercial decision is an interchangeable term for business judgment in the United Kingdom.

[39] Andrew Keay, Joan Loughrey “The Concept of Business Judgment”, 2019, Page 29.

[40] Carsten Gerner-Beuerle, Michael Anderson Schillig “Comparative Company Law”, 2019, Page 512

[41] Wulf A. Kaal, Richard W. Painter “Initial Reflections on an Evolving Standard: Constraints on Risk Taking by Directors and Officers in Germany and the United States”, 2010, Page 1453

[42] Citigroup, A.2d 106, 130 (Del. Ch. 2009)

[43] Goldman Sachs, 73 (Del. Ch. Oct. 12, 2011)

[44] Carsten Gerner-Beuerle, Michael Anderson Schillig. Page 516

[45] Ibid. Page 519

[46]  Having a leverage ratio of 32:1 means that 96.8% of the investment bank's capital consisted of short-term loans rather than its own assets.

[47] The 2007–2009 Financial Crisis: An Erosion of Ethics: A Case Study | Journal of Business Ethics (springer.com)

[48] Governing persons are those individuals who directly and indirectly are involved in making decisions and establishing contracts on behalf of the company, such as board members, members of the management team, chief executive officer, chief financial officer, general accountant, general specialists, and secretary of the board of directors under article 84.1 of the Company Law of Mongolia.   

[49]  Davaanyam.G. (2021). Fundamental legal concepts of Joint Stock Company. Ulaanbaatar, Mongolia: Soyombo printing LLC; Page 96

[50] Wulf A. Kaal, Richard W. Painter, Page 1462.

[51]  Carsten Gerner- Beuerle, “The duty of care and the business judgement rule: A case study in legal transplants and local narratives” (2021), Page 17

[52]  Financial Regulatory Commission v. State Department Store JSC (Case No. 183ShSh2023/00145)

[53] Ikon.mn “When will the lie about State Department JSC not being profitable end?”

[54] Financial Regulatory Commission v. State Department Store JSC. Page 15

[55] Davaanyam.G. Page 96

[56] Harwell Wells, The Life (and Death?) of Corporate Waste, 74 Wash. & Lee L. Rev. 1239 (2017), Page 1287.

[57] La Porta, 310

[58] World Bank, “Mongolia’s economy continues to pick up but growth remains uneven”.

[59] National Statistics Office of Mongolia.

[60] WTO, “Aid for Trade at a Glance 2019: Economic Diversification And Empowerment”, 2019, Page 139

[61] Mongolia - The World Factbook (cia.gov)

[62] Mongolian Stock Exchange - About us (mse.mn)

[63] Kazakhstan Market Capitalization: % of GDP, 1998 – 2024 | CEIC Data

[64] Odbileg Dorjdagva, Enkhtuvshin Dalantaibaatar, “Initial Public Offering in Mongolia”, 2018, Page 48

[65] Bernard S. Black, Page 18-19

[66] Diego G. Pardow, “The Economic Theory of Derivative Actions”, 2011, Page 10

[67] Ibid, Page 5.

[68] FRC Resolution No.443 dated 17th December 2015, “Procedure on disclosure obligations of securities issuers”.

[69] Lemonpress, “Only 11 of the Top 20 MSE index have disclosed their board compensation plan”.

[70] Resolution No.23/01, adopted by the ordinary shareholders’ meeting of “APU” JSC, dated 28 April 2023.

[71] Statistical Report on Average Salary in Mongolia from July-September of 2022 by National Statistics Office.

[72] FRC “Assessment Report on the compliance of public companies in Mongolia with Corporate governance code”, (2023).

[73] Tseveendemberel Bold, “Regulation of Derivative Litigation in Mongolia”, (2021), Page 57

[74] Management liability insurance policy provided by Ard Insurance

[75] Management liability insurance policy provided by Mongol daatgal