PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of April 24, 2015 No. UP-4720

About measures for implementation of modern corporate management methods in joint-stock companies

For the purpose of creating favorable conditions for broad attraction of direct foreign investments, radical increase in efficiency of activities of joint-stock companies, ensuring their openness and appeal to potential investors, implementation of modern corporate management methods, strengthening of role of shareholders in strategic management by the companies:

1. Determine the main directions of further development of corporate management system:

the deep analysis of the international experience and implementation on this basis of modern corporate management methods, increase in efficiency of use production, investment, material, financial and manpower;

priority creation of joint-stock companies with participation of the foreign capital, forming of favorable conditions for broad attraction in joint-stock companies of foreign investments;

radical reorganization of management structure by joint-stock companies, meaning liquidation of the become obsolete, obsolete divisions and positions, implementation new, conforming to modern international standards and requirements of market economy;

increase in role of shareholders, including minority, in strategic management by joint-stock company, in ensuring control of effective activities of managerial personnel;

preparation and increase in professional level of managerial personnel on the basis of cooperation with the lead foreign educational institutions, and also involvement of highly skilled foreign managers on executive positions in joint-stock companies.

2. Take into consideration that by results of the carried-out critical studying of the operating joint-stock companies of 364 joint-stock companies are determined as the cancelled and subject liquidation or transformation to other forms of business.

The commissions on increase in efficiency of activities of joint-stock companies and to enhancement of the corporate management system formed by the resolution of the President of the Republic of Uzbekistan of March 31, 2015 No. PP-2327, (Azimov R.) to establish tough control of completion till October 1, 2015 of process of reorganization of the specified joint-stock companies.

3. Approve the standard organizational structure of joint-stock company developed on the basis of deep studying of system of the organization of management in the leading foreign companies according to appendix No. 1.

Commissions on increase in efficiency of activities of joint-stock companies and to enhancement of corporate management system:

in three-months time together with the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition, other interested departments and the supervisory boards of joint-stock companies to provide reduction of organizational structures of joint-stock companies in compliance with standard structure, taking into account their industry specifics;

to carry out certification of administrative board of joint-stock companies from shares of the state regarding knowledge to three-months time by them modern methods and the principles of corporate management, management and marketing, ownership of information and communication technologies and their application in production management system;

following the results of certification to take measures for attraction on vacant posts of new, it is modern the conceiving, highly skilled heads conforming to modern requirements and also foreign managers.

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