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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

(as amended of the Resolution of the President of the Republic of Uzbekistan of 18.08.2023 No. PP-283)

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 Ministry of Economics and finance task of reforming of the specified companies.

2. Determine that:

The Ministry of Economics and finance 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 Ministry of Economics and finance 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. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 18.08.2023 No. PP-283

5. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 18.08.2023 No. PP-283

6. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 18.08.2023 No. PP-283

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.

President of the Republic of Uzbekistan

Sh. Mirziyoev

 

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

Name of the companies

The acting shareholder (the participant, the founder)

State share, %

1.

JSC Navoiysky MMC

Ministry of Economics and finance

100,0

2.

GP "Navoiyuran"

Agency on management of the state assets

100,0

3.

JSC Almalyksky MMC

Agency on management of the state assets

98,5

4.

JSC Uzmetkombinat

Agency on management of the state assets

81,1

5.

JSC Uzbekneftegaz

Agency on management of the state assets

99,9

6.

JSC Uztransgaz

Ministry of Economics and finance

99,5

7.

JSC Hududgaztajminot

Ministry of Economics and finance

100,0

8.

JSC UzGasTrade

Ministry of Economics and finance

100,0

9.

JSC Natsionalnye elektricheskiye seti Uzbekistana

Ministry of Economics and finance

100,0

10.

JSC Thermal Power Plants

Ministry of Economics and finance

100,0

11.

JSC Regionalnye elektricheskiye seti

Ministry of Economics and finance

100,0

12.

JSC Uzbekgidroenergo

Ministry of Economics and finance

100,0

13.

JSC Uzkimyosanoat

Ministry of Economics and finance

100,0

14.

JSC Navoiyazot

Ministry of Economics and finance, JSC Uzkimyosanoat

100,0

15.

JSC Uzbekiston temir yullari

Ministry of Economics and finance

100,0

16.

JSC Uzbekistan Airways

Ministry of Economics and finance

100,0

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