RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY AND SUPPORT OF THE ENTREPRENEURSHIP

of July 21, 2004 No. 01/06-15

About approval of the Regulations on procedure for conducting monitoring of efficiency of activities of trustees for management of the state shares

For the purpose of ensuring proper control of efficiency of activities of trustees with participation in corporate management process by the privatized companies the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition decides:

1. Approve Regulations on procedure for conducting monitoring of efficiency of activities of trustees for management of the state shares according to appendix.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the Resolution of the State Property Committee of the Republic of Uzbekistan of July 21, 2004 No. 01/06-15

Regulations on procedure for conducting monitoring of efficiency of activities of trustees for management of the state shares

I. General provisions

1. This Regulations on procedure for conducting monitoring of efficiency of activities of trustees for management of the state shares determine the purposes and tasks of monitoring, information sources for its maintaining, criteria for evaluation of efficiency of activities of the state attorneys, trustees the state assets and the state attorneys (further - trustees) investment assets and trustees with participation in process of management of the state shares, their responsibility for ensuring proper execution of obligations assumed according to trust management agreements.

2. Monitoring of efficiency of activities of trustees for management of the state shares is conducted by Agency on management of the state assets under the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - the Center).

II. Reporting, terms and form of its representation

3. Are conducted by the center of the Republic of Uzbekistan:

the register of economic societies, the state share in which authorized capitals is delivered in trust management of the state attorney (appendix No. 1);

the register of economic societies, the state share in which authorized capitals is transferred to the control to trustees (legal entities) (appendix No. 1);

the register of economic societies, the state share in which authorized capitals is delivered in trust management of the trustee of the state assets (appendix No. 1);

4. Information sources for conducting monitoring are the following documents on economic societies, the state share in which authorized capitals is delivered in trust management:

the report on management of the state shares according to appendices No. No. 3 and 3-. If the state share in economic consolidation is delivered in trust management to the trustee, information on the main results of activities of the companies which are part of economic consolidation for the form specified in appendix No. 3-b is also attached to the report;

analytical note about activities for management of the state shares, for the structure specified in appendix No. 4;

copies of protocols of meetings of the supervisory boards, general shareholder meetings (participants) who are carried out during the last reporting quarter;

copies of payment orders (other payment documents) about transfer of the corresponding part of dividends on the state share in the government budget (in case of adoption of the government decision on use of dividends on the state share for other purposes, submission of copies of payment orders about transfer of the corresponding amounts to the specified purposes is necessary);

copies of the balance sheet and the report on financial results for the accounting period with confirmation about acceptance by tax authorities;

copy of the conclusion and report of the external auditor;

copy of the Summary report of service of internal audit;

the copy of the annual business plan approved at meeting of the supervisory board no later than December 1 of prior financial year (for joint-stock companies);

the copy of the annual business plan approved at general meeting of shareholders (founders) or at meeting of the supervisory board;

the copy of constituent documents with all registered changes and amendments.

5. The trustee represents to the Agency of the Republic of Uzbekistan:

following the results of the I quarter till the 30th following for reporting, and on the economic societies which are handing over the consolidated statements - within 40 days after completion of reporting quarter the report on management of the state shares, and also the documents specified in paragraphs three - the eighth item 4;

following the results of the I half-year till the 30th following for reporting, and on the economic societies which are handing over the consolidated statements - within 40 days after completion of reporting quarter the report on management of the state shares, and also the documents specified in paragraphs three - item 4 pole;

following the results of the I quarter till April first the copy of the conclusion and the report of the external auditor, in case of not completion of audit inspection to the specified number, represents them together with the report for the second quarter;

following the results of 9 months till the 30th following for reporting, and on the economic societies which are handing over the consolidated statements - within 40 days after completion of reporting quarter the report on management of the state shares, and also the documents specified in paragraphs three - the sixth and eighth;

following the results of year till March 1, and on the economic societies which are handing over the consolidated statements and the companies with foreign investments - no later than March 25 of the year following for reporting, the report on management of the state shares, and also the documents specified in paragraphs three - the sixth and the eighth, ninth and eleventh item 4.

till December 15 the document specified item 4 in paragraph nine;

within two weeks after holding general shareholder meeting (founders) or meeting of the supervisory board on which the annual business plan the document specified item 4 in paragraph ten is approved.

The documents specified item 4 in paragraph six on small enterprises and microfirms and also are represented to the companies with foreign investments only following the results of year with the annual statement.

In case of coincidence of date of submission of the reporting to non-working day the date of its representation is postponed for the working day following it.

The submitted documents numbering more than one leaf shall be numbered, stitched and signed on insertion the trustee, and in case of submission of the report by the trustee - the legal entity, are signed by the head of the legal entity or his deputy and are under seal (in the presence of seal) the legal entity (the requirement of seal does not extend to entrepreneurship subjects).

6. Non-presentation, untimely representation or representation in incomplete amount by the trustee in the Agency of the reporting and other necessary documents is at the scheduled time the basis for nonpayment to it remunerations.

7. Non-presentation by the trustee in the Agency of the reporting and other necessary documents following the results of two and the accounting periods which were more following one after another is the basis for the termination with the trustee of the trust management agreement.

If the trust management agreement is signed based on the decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers, the termination with the trustee of the agreement is performed according to the relevant decision of the Government.

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