RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 1, 2023 No. PP-83

About measures for acceleration of processes of reforming of the companies with participation of the state

For the purpose of continuation in the country of system work on implementation of corporate management in economic societies from shares of the state and the state unitary enterprises (further - the companies with participation of the state), to increase in operating efficiency and ensuring their openness, and also acceleration of transition of the companies with participation of the state on market mechanisms:

1. Approve the List of the large enterprises with participation of the state which are subject to reforming and increase in operating efficiency in 2023 - 2025 according to appendix.

Assign to the Agency of strategic reforms in case of the President of the Republic of Uzbekistan (further - the Agency of strategic reforms) task of reforming of the specified companies.

2. Determine that:

The agency of strategic reforms performs function of the shareholder (participant) on the state block of shares (share) in JSC UzAssets Investment Company (further - UzAssets Investment company) and at the companies with participation of the state specified in appendix to this resolution;

the state blocks of shares (shares) in the authorized capital of the companies with participation of the state specified in appendix to this resolution are transferred to the control UzAssets Investment company;

decisions concerning appointment of members of executive body and members of the supervisory board, and also distribution of net profit of the companies transferred to the control UzAssets Investment company are accepted by it under approval in accordance with the established procedure;

involvement of the international consulting, auditor and investment consultants by UzAssets Investment company, investment banks and other specialized companies is performed by selection of the best offers. At the same time conducting examination of the agreements signed with them is not required;

government employees can be included in structure of the supervisory boards of the companies with participation of the state, except for workers (except heads of state bodies and their deputies) state bodies to which tasks on licensing, regulation and check of financial and economic activities of data of the companies are assigned;

the requirement about availability of own tangible assets in the amount of at least 5 percent of annual average cost of the managed investment assets is not applied to UzAssets Investment company.

3. Approve the offer of the Agency of strategic reforms on assignment on UzAssets Investment company of the following additional tasks:

reforming of the large enterprises which are important for economy including implementation of the principles of ecological, social and corporate management (ESG), and also attraction of private sector;

increase in profitability and operating efficiency, ensuring financial stability of the companies and business process optimization;

ensuring effective management and stable development of the companies transferred by it to the control and also increase in their cost and investment appeal by implementation of recommendations about corporate management of Organization for Economic Cooperation and Development;

involvement of domestic and foreign qualified managers in executive body and the supervisory board of the companies transferred by it to the control.

4. Determine financing sources of expenses of the Agency of the strategic reforms and UzAssets Investment company connected with reforming and management of the companies with participation of the state:

the dividends on the state share added by the companies with participation of the state given in appendix to this resolution (except for part which according to legal acts is transferred into the Government budget of the Republic of Uzbekistan);

fund of support of the Agency of strategic reforms for the President of the Republic of Uzbekistan;

other sources which are not prohibited by acts of the legislation.

5. To provide to agency on management of the state assets, the relevant ministries and departments in two weeks transfer of the blocks of shares (shares) provided by this resolution, to the Agency of strategic reforms belonging to them.

6. To the agency of strategic reforms (Sh. Vafayev):

a) in a month:

approve organizational structure and internal corporate documentation, and also create structures of executive body and the supervisory board of UzAssets Investment company;

provide involvement of consultants by UzAssets Investment company on each company transferred by it to the control and approve the schedule of reforming of the companies;

together with Agency on management of the state assets to make offers on the changes and amendments in acts of the legislation following from this resolution;

b) in two-month time to approve the business plan of UzAssets Investment company, having provided key indicators of its efficiency;

c) till July 1, 2023 to provide review by UzAssets Investment company of business plans of the companies transferred by it to the control.

7. To impose control of execution of this resolution on the head of Administration of the President of the Republic of Uzbekistan S. U. Umurzakov.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of March 1, 2023 No. PP-83

The list of the large enterprises with participation of the state which are subject to reforming and increase in operating efficiency in 2023 - 2025

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info