BAKU, Azerbaijan, Apr. 1
By Klavdiya Romakayeva - Trend:
Uzbekistan plans to privatize 75 percent of state-owned enterprises within the framework of Uzbekistan's strategy for the management and reform of enterprises with the participation of the state and the targets for its implementation in 2021-2025, Trend reports referring to the press service of the Ministry of Justice of Uzbekistan.
In addition, the strategy provides for the initial and secondary placement of shares in at least 20 enterprises with state participation, as well as achieving the number of independent members on the supervisory boards of enterprises with state participation in the amount of 30 percent by 2025.
According to the ministry, a supervisory board, an internal audit service, an audit committee as part of the supervisory board will be created in enterprises with the participation of the state starting from July 1, 2021.
Also, a compliance system service will be created in joint-stock companies, whose shares are included in the stock exchange quotation list and in the authorized capital of which there is a state share in the amount of more than 50 percent.
From January 1, 2022, the special right of the state to participate in the management of individual joint-stock companies of the strategic industry is canceled, and the powers of the members of the executive body and the supervisory board are extended from one to three years.
In addition, the practice of selecting candidates for members of the supervisory board of enterprises with state participation in accordance with the state share will be introduced in stages.
Also, according to the Strategy, the approval with the Cabinet of Ministers of candidates for the management and members of the executive body of enterprises with the participation of the state and the practice of simultaneously holding the positions of the head (member) of the executive body of enterprises with the participation of the state by civil servants is canceled.
The Ministry of Justice added that Uzbekistan is introducing a liability insurance mechanism for the head and members of the executive body.
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