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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 28, 2015 No. 207

About implementation of criteria for evaluation of efficiency of activities of joint-stock companies and other business entities from shares of the state

In pursuance of the Presidential decree of the Republic of Uzbekistan of April 24, 2015 the No. UP-4720 "About Measures for Implementation of Modern Corporate Management Methods in Joint-stock Companies" Cabinet of Ministers decides:

1. Approve Regulations on criteria for evaluation of efficiency of activities of joint-stock companies and other business entities from shares of the state according to appendix.

2. Of the Republic of Uzbekistan together with bodies of the public and economic board, public authorities on places to provide to Goskomkonkurention implementation of criteria for evaluation of efficiency of activities, with the organization of consideration of the matter by governing bodies of joint-stock companies and other business entities from shares of the state.

3. Recommend to bodies of economic board implementation of criteria for evaluation of efficiency of activities in the organizations in which they are founders (shareholders, participants).

4. Establish procedure according to which the business plan of the organization the next year, with quarterly hearing of the report of executive body of the organization on the course of its execution affirms as the state companies, and also the unitary enterprises which founders are bodies of economic board the founder annually till December 1.

5. Goskomkonkurention of the Republic of Uzbekistan together with bodies of the public and economic board, public authorities on places:

organize information and explanatory work on illumination of provisions of this resolution;

till March 1, 2016 to enter in the Cabinet of Ministers information on condition of implementation of provisions of this resolution in activities of joint-stock companies and other business entities from shares of the state.

6. This resolution becomes effective since January 1, 2016.

7. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov.

Prime Minister of the Republic of Uzbekistan

Sh. Mirziyoev

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 28, 2015 No. 207

Regulations on criteria for evaluation of efficiency of activities of joint-stock companies and other business entities from shares of the state

I. General provisions

1. This Provision according to the laws of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights", "About societies with the limited and accessorial liability", the 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", the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of October 16, 2006 No. 215 "About measures for ensuring effective management of the companies with the state share in authorized fund and proper accounting of state-owned property" determines criteria for evaluation of efficiency of activities of joint-stock companies, societies with the limited and accessorial liability from shares of the state in the authorized capital, the state companies (further - the organizations).

2. This Provision is not applied to banks and insurance companies.

The economic societies which do not have the state share in the authorized capital can according to the decision of governing bodies of society apply this Provision to efficiency evaluation of the activities.

3. Implementation and use of criteria for evaluation of efficiency of activities of joint-stock companies and other business entities from shares of the state is performed according to the scheme according to appendix No. 1.

4. Criteria for evaluation of efficiency include the key performance indicators calculated with the established frequency.

5. Key performance indicators (further - KPE) represent the estimative criteria which are giving in to quantitative measurement used for determination of efficiency of activities of executive body of the organization.

6. The list of KPE can include indicators of cost, energy, production, innovative efficiency and other performance indicators.

7. The list of KPE affirms the decision of authorized body of management of the organization which the supervisory board is, and in case of its absence - the supreme body of management (for economic societies) or the founder (for the state companies).

8. Frequency of calculation of KPE is established by the decision of authorized body of management of the organization and is quarterly.

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