Measures for the Implementation of Modern Corporate Governance Practices in Joint Stock Companies

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09.04.2022

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[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies] [ TMS: 1. Civil Legislation. Entrepreneurship / Legal Entities. Commercial Organizations. Non-profit Organizations] Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Decree of the President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element On Measures for the Implementation of Modern Corporate Governance Practices in Joint Stock Companies Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element In order to broadly attract direct foreign investments, fundamentally increase the efficiency of the activities of joint stock companies, ensure their transparency and attractiveness for future investors, implement modern corporate governance practices, and create favorable conditions for strengthening the role of shareholders in the strategic management of enterprises: [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.02.00 Formation, Reorganization and Liquidation of Legal Entities. State Registration of Legal Entities; 2. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies] Send suggestions for the document Listen to audio Get a link from the document element

1. The following are established as the main directions for further development of the corporate governance system: Send suggestions for the document Listen to audio Get a link from the document element

• deep analysis of international experience and, on this basis, implementation of modern corporate governance practices, increasing the efficiency of the use of production, investment, material-technical, financial and labor resources; Send suggestions for the document Listen to audio Get a link from the document element
• creation of favorable conditions for the establishment of joint stock companies with foreign capital participation and broad attraction of foreign investments to joint stock companies; Send suggestions for the document Listen to audio Get a link from the document element
• fundamental reorganization of the management structure of joint stock companies, taking into account the elimination of obsolete divisions and positions and the introduction of new divisions and positions consistent with modern international standards and market economy requirements; Send suggestions for the document Listen to audio Get a link from the document element
• increasing the role of shareholders, including minority shareholders, in the strategic management of joint stock companies and ensuring effective monitoring of the activities of management personnel; Send suggestions for the document Listen to audio Get a link from the document element
• training of management personnel and increasing their professional level based on cooperation with leading foreign educational institutions, as well as attracting highly qualified foreign managers to managerial positions in joint stock companies. [ OKOZ:

03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.02.00 Formation, Reorganization and Liquidation of Legal Entities. State Registration of Legal Entities; 2. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies] Send suggestions for the document Listen to audio Get a link from the document element 2. It is accepted for information that, based on the results of a critical study of operating joint stock companies, 364 joint stock companies were found to be insolvent and should be reorganized or converted into another organizational-legal form. Send suggestions for the document Listen to audio Get a link from the document element The Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System (R. Azimov), established by Resolution No. PQ-2327 of the President of the Republic of Uzbekistan dated March 31, 2015, shall establish strict control over the process of reorganization of the specified joint stock companies by October 1, 2015. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies; 2. 05.00.00.00 Legislation on Labor and Employment of the Population / 05.02.00.00 Labor / 05.02.17.00 Attestation (of employees) (see also 13.02.04.00 and 13.01.16.00); 3. 09.00.00.00 Entrepreneurship and Economic Activity / 09.02.00.00 Legislation on Competition. Natural Monopolies / 09.02.02.00 Monopoly Activity. Competitive Policy] Send suggestions for the document Listen to audio Get a link from the document element 3. The model organizational structure of a joint stock company, developed on the basis of a deep study of the management organization system in leading foreign companies, is approved in accordance with Appendix 1. Send suggestions for the document Listen to audio Get a link from the document element The Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System: Send suggestions for the document Listen to audio Get a link from the document element

• in cooperation with the State Committee of the Republic of Uzbekistan for Privatization, Deregulation and Competition Development, other interested agencies, and supervisory boards of joint stock companies, shall ensure the alignment of the organizational structure of joint stock companies with the model structure within three months, taking into account their industry characteristics; Send suggestions for the document Listen to audio Get a link from the document element
• within three months, conduct an attestation of the leadership of joint stock companies with state shares on their ability to apply modern methods and principles of corporate governance, management and marketing, information and communication technologies, and their application in production management systems; Send suggestions for the document Listen to audio Get a link from the document element
• based on the results of the attestation, take measures to attract innovative, highly qualified managers who meet modern requirements, as well as foreign managers, to vacant positions. [ OKOZ:

02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers] Send suggestions for the document Listen to audio Get a link from the document element 4. The Ministry of Labor and Social Protection of the Population of the Republic of Uzbekistan and the Ministry of Economy shall, within one month, submit proposals to the Cabinet of Ministers on introducing necessary changes to the "Classifier of Main Positions and Professions of Workers" arising from the new model structure of joint stock companies. [ OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers] Send suggestions for the document Listen to audio Get a link from the document element 5. The proposal of the Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System to establish a Corporate Governance Scientific and Educational Center on the basis of the Higher Business School to be liquidated, involving leading educational institutions of Germany and other economically developed states, is accepted. The Center shall be tasked with methodological support for the introduction of organizational forms and modern methods of corporate governance, as well as training and upgrading the qualifications of management personnel in this field in accordance with international requirements and standards. Send suggestions for the document Listen to audio Get a link from the document element The Cabinet of Ministers shall, within one month, adopt a decision on the establishment of the Corporate Governance Scientific and Educational Center in the established order and define its tasks, structure, quota for accepting listeners, as well as measures to ensure the effective activities of the Center. Send suggestions for the document Listen to audio Get a link from the document element 6. The Program of Measures for Fundamental Improvement of the Corporate Governance System is approved in accordance with Appendix 2. Send suggestions for the document Listen to audio Get a link from the document element The Cabinet of Ministers shall ensure systematic monitoring of the quality implementation of the measures included in the Program within the established deadlines. [ OKOZ: 1. 01.00.00.00 Constitutional System / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.03.00 Basic (Constitutional) Political Rights and Freedoms / 01.06.03.04 Right to Address with Petitions, Suggestions and Complaints; 2. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies; 3. 17.00.00.00 Fair Trial / 17.02.00.00 Court System / 17.02.09.00 Inter-district, District (City) Economic Courts] Send suggestions for the document Listen to audio Get a link from the document element 7. The following procedure is established: Send suggestions for the document Listen to audio Get a link from the document element

• starting from July 1, 2015, the decision on the appointment of the head of the executive body of a joint stock company is usually adopted on a competitive basis, which may include foreign managers; Previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element
• when shareholders, including minority shareholders, apply to the economic court with a statement of claim regarding the violation of their rights and legitimate interests, the deadline for payment of the state fee is extended, and this fee is collected from the guilty party. (The third paragraph of item 7 in the edition of the Decree of the President of the Republic of Uzbekistan No. PF-5187 dated September 11, 2017 — LU, 2017, No. 37, Art. 980) [ OKOZ:

02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Social and Cultural Construction / 02.08.07.00 Accounting. Reporting. Statistics (see also 07.29.00.00); 2. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies; 3. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Auditing Activity / 09.04.05.00 Audit Opinion] Send suggestions for the document Listen to audio Get a link from the document element 8. The Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System, in cooperation with other interested ministries and agencies, shall develop and approve the Corporate Governance Code by August 1, 2015, based on the successful experience of Germany and other developed countries, taking into account international practice, in a single document: Send suggestions for the document Listen to audio Get a link from the document element

• recommendations on the introduction of advanced methods of corporate governance, including the establishment of long-term development strategy and tasks, internal control systems, and mechanisms for effective mutual cooperation between the executive body and shareholders and investors; Send suggestions for the document Listen to audio Get a link from the document element
• introduction of a model organizational structure, taking into account the scale, industry characteristics and directions of activities of joint stock companies; Send suggestions for the document Listen to audio Get a link from the document element
• increasing the transparency of the activities of joint stock companies, publishing audit and financial reporting information by them based on international standards. [ OKOZ:

02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Social and Cultural Construction / 02.08.07.00 Accounting. Reporting. Statistics (see also 07.29.00.00); 2. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies; 3. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Auditing Activity / 09.04.05.00 Audit Opinion] Send suggestions for the document Listen to audio Get a link from the document element 9. Starting from July 1, 2015, the use of the word "state" in the names of joint stock companies and other economic societies is prohibited, regardless of the state share in their authorized capital; Send suggestions for the document Listen to audio Get a link from the document element It is accepted for information that in 2015–2018, all joint stock companies shall publish annual financial reports and undergo external audit in accordance with International Auditing Standards and International Financial Reporting Standards. Send suggestions for the document Listen to audio Get a link from the document element The Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System shall approve the schedule for publishing annual financial reports of joint stock companies in accordance with international standards by July 1, 2015. Previous edition. (Item 10 loses its force from January 1, 2023, based on the Decree of the President of the Republic of Uzbekistan No. PF-101 dated April 8, 2022 — National Database of Legislative Information, 09.04.2022, No. 06/22/101/0288) [ OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers] Send suggestions for the document Listen to audio Get a link from the document element 11. The State Committee of the Republic of Uzbekistan for Privatization, Deregulation and Competition Development, in cooperation with the Ministry of Justice and other interested ministries and agencies, shall, within one month, submit proposals to the Cabinet of Ministers on introducing changes and additions to the legislation arising from this Decree. Send suggestions for the document Listen to audio Get a link from the document element 12. Control over the implementation of this Decree is entrusted to the Prime Minister of the Republic of Uzbekistan Sh. Mirziyoyev. Send suggestions for the document Listen to audio Get a link from the document element President of the Republic of Uzbekistan I. KARIMOV Send suggestions for the document Listen to audio Get a link from the document element Tashkent city, Send suggestions for the document Listen to audio Get a link from the document element April 24, 2015, Send suggestions for the document Listen to audio Get a link from the document element PF-4720 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element To the Decree of the President of the Republic of Uzbekistan No. PF-4720 dated April 24, 2015 APPENDIX 1 Send suggestions for the document Listen to audio Get a link from the document element MODEL ORGANIZATIONAL STRUCTURE OF A JOINT STOCK COMPANY Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Note. Joint stock companies may introduce changes and additions to the model organizational structures of joint stock companies, taking into account the industry characteristics of enterprises and the specifics of their activities. LexUZ comment Appendix 1 is an unofficial translation. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element To the Decree of the President of the Republic of Uzbekistan No. PF-4720 dated April 24, 2015 APPENDIX 2 Send suggestions for the document Listen to audio Get a link from the document element Program of Measures for Fundamental Improvement of the Corporate Governance System Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element No. Name of Measures Implementation Mechanism Execution Deadlines Responsible Executors I. IMPLEMENTATION OF MODERN CORPORATE GOVERNANCE PRACTICES BASED ON DEEP STUDY OF INTERNATIONAL EXPERIENCE 1. Implementation of a model organizational structure in joint stock companies, taking into account the industry characteristics and scale of their activities. Resolutions of General Meetings of Shareholders August 2015 State Committee for Competition , executive bodies , joint stock companies 2. Critical analysis of joint stock companies from the point of view of compliance with accepted international practice standards and requirements, and improvement of organizational structure, excluding enterprises with foreign investment participation. Commission Resolution July 2015 Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System 3. Introducing changes to the "Classifier of Main Positions and Professions of Workers" arising from the approved model structure of joint stock companies. Normative-legal document May 2015 Ministry of Labor , Ministry of Economy , Ministry of Justice 4. Development of a Corporate Governance Code providing for: recommendations on the introduction of advanced methods of corporate governance, including the establishment of long-term development strategy and tasks, internal control systems, and mechanisms for effective mutual cooperation between the executive body and shareholders and investors; introduction of a model organizational structure, taking into account the scale, industry characteristics and directions of activities of joint stock companies; increasing the transparency of the activities of joint stock companies, publishing audit and financial reporting information by them based on international standards. Commission Resolution August 2015 Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System 5. Taking measures to liquidate or reorganize joint stock companies that do not meet the established requirements. Resolutions of founders and state registration authorities, court decisions Q3 2015 Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System 6. Development of the Regulation on Criteria for Assessing the Efficiency of Activities of Joint Stock Companies with State Shares and Other Economic Operators. Draft Government Resolution June 2015 State Committee for Competition , Ministry of Finance 7. Deep analysis of financial and economic indicators of joint stock companies with state shares and assessment of the efficiency of management personnel activities based on results. Commission Resolution July 2015 Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System , commercial banks 8. Development of programs for increasing the financial and economic efficiency of joint stock companies based on the important principles of producing competitive products, searching for and bringing new markets for the sale of produced products.\nDevelopment of Programs October 2015 Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System , commercial banks 9. Implementation of the World Bank and International Finance Corporation technical assistance project on improving corporate governance in joint stock companies with state shares and attracting capable foreign investors to them. Technical Assistance Project 2015-2016 State Committee for Competition, Ministry of Finance, Ministry of Economy 10. Introduction of the requirement to recognize transactions and other actions carried out by joint stock companies and other economic societies in violation of the established procedure for disclosing information about them as invalid. Plenum Resolution of the Supreme Economic Court Q4 2015 Supreme Economic Court , State Committee for Competition , Ministry of Justice 11. Establishing a procedure according to which the increase of the authorized capital of a joint stock company is carried out only through the issue and placement of additional shares. Legislative Changes Q1 2016 State Committee for Competition , Center for Coordination and Development of the Securities Market , Ministry of Finance 12. Regular coverage of corporate events in the Republic in TV and radio programs ("Corporate News"), including on the Internet network. Complex Measures From Q4 2015 MTRC , State Committee for Competition , Center for Coordination and Development of the Securities Market , "Tashkent" SEB 13. Implementation of the annual competitions "Best Corporate Governance", "Best Investment Intermediary" and "Best Investment Consultant". Complex Measures From 2016 State Committee for Competition, Center for Coordination and Development of the Securities Market, "Tashkent" SEB , Chamber of Commerce and Industry II. CREATING FAVORABLE CONDITIONS FOR ATTRACTING FOREIGN INVESTMENTS TO JOINT STOCK COMPANIES, INCREASING TRANSPARENCY AND TRANSPARENCY OF THEIR ACTIVITIES, IMPLEMENTING ACCOUNTING AND REPORTING INTERNATIONAL STANDARDS 14. Implementation of modern management systems in Joint Stock Companies based on international experience through the following ways: improvement of business processes, optimization of main production, administrative and operational processes; extension of the quality management system in economic societies, including the introduction of ISO; introduction of modern financial management, management of material, investment and other resources; attracting highly qualified foreign managers in relevant directions. Complex Measures Q3 2015 Cabinet of Ministers ATD, ministries and agencies , "Uzstandart" Agency , Ministry of Information Technologies and Communications, Ministry of Economy 15. Implementation of the publication of annual financial reports by joint stock companies and their external audit for compliance with International Auditing Standards and International Financial Reporting Standards. Complex Measures According to schedule Commission on Increasing the Efficiency of Joint Stock Companies and Improving the Corporate Governance System , joint stock companies 16. Establishment of a list of joint stock companies with state shares in authorized capital, to be sold to strategic foreign investors. Implementation of complex measures to attract strategic foreign investors to joint stock companies with state shares. Government Resolution Complex Measures April 2015 2015-2016 State Committee for Competition , Ministry of Economy, Ministry of Finance , TIACIS , Ministry of Economy, Ministry of Finance 17. Assisting in attracting strategic foreign investors to joint stock companies without state shares. Complex Measures 2015-2016 TIACIS , State Committee for Competition , Ministry of Economy , Ministry of Finance

Expanding and activating the operations of the "Tashkent" Foreign Exchange Trading Platform, including simplifying the tax system for transactions involving foreign investors. Amendments to Legislation 2015 III Quarter State Committee for Competition, Ministry of Finance, CSB, TIAC, Center for Coordination and Development of the Securities Market, "Tashkent" FETP

Publishing information on share packages sold to foreign investors in foreign mass media, including specialized internet sites. Action Plan 2015-2016 TIAC, "Uzinfinvest" Agency, Ministry of Finance

Establishing a procedure whereby dividends calculated on ordinary shares by a joint stock company are distributed in compliance with the principle of equal rights to receive such dividends. Amendments to the Law 2015 III Quarter State Committee for Competition, Ministry of Economy, Ministry of Justice

Developing cooperation with the International Organization of Securities Commissions (IOSCO) on issues of developing the corporate governance system and the fund market in the Republic. Complex Measures 2015 IV Quarter State Committee for Competition, Center for Coordination and Development of the Securities Market, TIAC

Developing recommendations for economic societies in the industrial sector and other branches of the real economy of the economy, where the state share in the authorized capital exceeds 50 percent, to direct no less than 10 percent of their net profit to prospective research, the development of new products based on market demand, and marketing. Methodological Recommendations 2015 IV Quarter State Committee for Competition, Ministry of Finance

III. CLEAR DELIMITATION OF FUNCTIONS AND POWERS BETWEEN STATE BODIES, SHAREHOLDERS, AND MANAGEMENT IN THE ACTIVITIES OF JOINT STOCK COMPANIES

Removing the word "state" from the names of economic associations, joint stock, and other economic societies, regardless of whether there is a state share in the authorized capital. Amendments to Founding Documents 2015 September Ministry of Justice, economic management bodies

Introducing the practice of selecting heads of executive bodies of joint stock companies through competition, including the possibility of appointing foreign managers. Amendments to Company Charters 2015 July 1 Ministry of Justice, State Committee for Competition, TIAC

Prohibiting the formation or increase of the state share in the authorized capital of joint stock companies on account of tax or other debts to the state without the consent of at least two-thirds of private shareholders. Amendments to Legislation 2016 I Quarter State Committee for Competition, Ministry of Finance, Ministry of Justice

Improving the requirements for commercial organizations to establish entities with a state share in joint stock or other economic subjects. Amendments to Government Resolutions 2016 I Quarter State Committee for Competition, Ministry of Economy, Ministry of Justice

Establishing a prohibition on law enforcement and other state bodies, economic management bodies, and state authority bodies and their officials from: issuing normative documents regarding transactions, issuing orders and other instructions to joint stock companies, distributing profits, hiring managerial staff, and other matters within the competence of the management bodies of economic societies, except for special cases provided by legislation; applying measures of liability to members of the management bodies of joint stock companies for decisions made within their authority based on accepting business risks that caused financial losses. Amendments to Legislation Permanent Ministry of Justice, Prosecutor General's Office, State Committee for Competition, Ministry of Economy

Improving the current procedure for paying for trust management services for investment assets, taking into account that the amount paid for managing state assets should be more closely linked to the fulfillment of business plan parameters. Amendments to Normative Documents 2015 III Quarter State Committee for Competition, Ministry of Finance

Introducing administrative liability for officials of state authority bodies and heads of joint stock companies for violations of shareholders' rights to participate in the management of the company. Amendments to the Code of Administrative Liability 2015 IV Quarter Ministry of Justice, State Committee for Competition

Transferring the state share in enterprises and communication technologies in the energy, oil and gas, chemical, railway, cotton ginning, milling, pharmaceutical industry, construction materials production, and hard metal recycling sectors to the authorized capital of economic management bodies. Resolution of the Cabinet of Ministers 2015 III Quarter State Committee for Competition, Ministry of Finance, Ministry of Economy

IV. INCREASING THE ROLE OF SHAREHOLDERS, INCLUDING MINORITY SHAREHOLDERS, IN ENSURING STRATEGIC MANAGEMENT AND CONTROL OVER THE ACTIVITIES OF JOINT STOCK COMPANIES

Allowing shareholders, including minority shareholders, to file complaints with the economic court regarding delays in dividend payments due to violations of their rights and legitimate interests, including the payment of state duty and its subsequent recovery from the guilty party. Amendments to Legislation 2015 III Quarter Ministry of Justice, Supreme Economic Court, State Committee for Competition

Improving the procedure for placing and introducing share packages into circulation in organized sales, taking into account the optimization of lot splitting. Amendments to the Rules of Sales Organizers 2015 III Quarter State Committee for Competition, Center for Coordination and Development of the Securities Market, "Tashkent" FETP

Introducing a simplified procedure for clearing services for direct mutual settlement of share purchase and sale agreements between individuals in organized sales. Amendments to the Rules of Sales Organizers 2015 IV Quarter State Committee for Competition, "Tashkent" FETP, Center for Coordination and Development of the Securities Market

Introducing a procedure whereby, when one shareholder acquires 50 percent or more of the company's shares, other shareholders have the right to sell their shares at market price in the prescribed manner. Amendments and Additions to Legislation 2016 II Quarter State Committee for Competition, Ministry of Economy, Ministry of Justice

V. INTRODUCTION OF MODERN INFORMATION TECHNOLOGIES IN THE FIELD OF CORPORATE GOVERNANCE

Creating a Unified Corporate Information Portal based on the website of the Center for Coordination and Development of the Securities Market, placing the following, taking into account international standards: financial reports and audit opinions; information on significant facts in the activities of joint stock companies; prospectuses of emissions, shares to be placed, the amount of share capital, and other information for qualified investors; changes in the normative-legal base regarding corporate governance and securities market issues. Creation of a Unified Corporate Information Portal 2015 IV Quarter Ministry of Information Technologies and Communications, Center for Coordination and Development of the Securities Market, State Committee for Competition

Introducing modern information systems for managing investment and production processes, material and financial resources (ERP and other software products) in joint stock companies based on international experience. Implementation of Projects According to schedules Cabinet of Ministers IT Department, Ministry of Information Technologies and Communications, ministries and departments

Improving the state asset accounting system, taking into account the following: creating an electronic database for managing state assets that enables interactive cooperation; keeping centralized accounting of the state share in economic societies and state enterprises; Resolution of the Cabinet of Ministers software development 201 6 I Quarter 201 6 III Quarter State Committee for Competition, Ministry of Information Technologies and Communications, Central Depository of Securities forming and publishing on the Internet a single list of state assets offered for sale to investors (shares, stakes, DUK).

VI. FURTHER DEVELOPMENT OF THE SECURITIES MARKET, ESPECIALLY THE SECONDARY MARKET, AND STRENGTHENING ITS INFORMATION-TECHNICAL BASE

Expanding cooperation with the Korea Exchange on modernizing the securities market, including the introduction of a modern Unified Software and Technical Complex for the fund market. Complex Implementation 2016 IV Quarter State Committee for Competition, Ministry of Finance, Central Bank

Establishing an information-resource center under the Center for Coordination and Development of the Securities Market based on the Unified Software and Technical Complex introduced by the Korea Exchange. Establishment of an Information-Resource Center 2016 I Quarter Center for Coordination and Development of the Securities Market, Ministry of Finance, Ministry of Justice

Creating market-maker investment intermediaries that undertake obligations to ensure the liquidity of the securities market, taking into account appropriate restrictions on investment risks in the fund market. Complex Measures 2016 II Quarter Commercial Banks and Insurance Companies, State Committee for Competition, Central Bank, Ministry of Finance

Creating an information system for technological updating of information analytical monitoring of data bases of securities trade organizers and reserve trades, as well as modernizing the republic's exchange center. Complex Measures 2016 III Quarter State Committee for Competition, "Tashkent" FETP, Tashkent City Khokimiyat, Ministry of Finance

Holding international conferences, round tables, and seminars together with the International Organization of Securities Commissions, representatives of regulators of securities markets and stock exchanges of foreign countries, and research centers in the field of corporate governance and financial markets. Complex Measures Annually from 2016 State Committee for Competition, Center for Coordination and Development of the Securities Market, Bankers Association, Ministry of Finance

VII. TRAINING AND ADVANCING QUALIFICATIONS OF PERSONNEL IN THE FIELD OF CORPORATE GOVERNANCE

Assessing the composition of heads of joint stock companies with a state share and economic associations on the basics of market economy and corporate governance, management and marketing, modern production principles and information-communication technologies, as well as the current state of the enterprises they manage. Commission Resolution According to schedule Commission on Increasing the Efficiency of Joint Stock Company Activities and Improving the Corporate Governance System

Taking measures to attract innovative, highly qualified managers meeting established requirements, as well as foreign managers, for vacant positions based on the results of the assessment. Complex Measures 2015 IV Quarter Cabinet of Ministers IT Department, ministries and departments, joint stock companies

Establishing a Corporate Governance Scientific and Educational Center on the basis of the Closing Higher Business School, involving leading educational institutions of Germany and other economically developed countries. Resolution of the Cabinet of Ministers By June 1, 2015 State Committee for Competition, Ministry of Finance, Ministry of Economy

Introducing into practice the appointment of members of the supervisory boards of economic societies with state trust and state shares from persons holding a certificate of qualification in corporate governance. Normative-Legal Document From January 1, 2016 State Committee for Competition, Ministry of Finance, Ministry of Economy

LexUZ Commentary Appendix 2 unofficial translation. (Collection of Legislation of the Republic of Uzbekistan, 2015, No. 17, Article 204; 2017, No. 37, Article 980; National Database of Legislative Information, 09.04.2022, No. 06/22/101/0288)