Kyrgyz Government to change board structure in companies with state participation
Kyrgyz Government intends to introduce changes in the board of companies with state participation. The statement was made public by the Chairman of the Supervision and Financial Market Regulation Service Nurbek Elebaev on November, 26, 2010, news agency "24.kg" reported.
According to him, most ministries and departments support the idea that Kyrgyzstan needs to develop corporate governance in state-owned companies.
"Unfortunately, the state with 50 percent ownership deals with the executive bodies, not taking into account the boards of directors, complained Nurbek Elebaev. They still have no due control in those organizations. But their activity is pivotal. We are working on the problem of selection and election of independent directors. There must be 30 percent of such people. These are professionals who contribute to development."
He said that Kyrgyzstan will develop a code of corporate governance. According to Nurbek Elebaev, it has great importance for the companies. Transparency of corporate governance will help them to enter international market and attract investment.