RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of December 25, 2018 No. PP-4077

About measures for acceleration of process of upgrade of production capacities, technical and technological rearmament of industries

[Extraction]

For the purpose of creating favorable conditions for upgrade of production capacities, technical and processing equipment of key branches of the industry, further increase in their export potential, providing competitiveness of products, and also increase in investment appeal of the companies:

1. Enter procedure according to which transfer of the blocks of shares (share) belonging to the state or bodies of economic board in trust management of the trustee of investment assets is in accordance with the established procedure performed on competitive basis for up to 5 years under condition:

availability of the corresponding license for implementation of professional activity in the security market in the Republic of Uzbekistan;

representation to trustees in the corresponding tender committee of the business plan on further increase in efficiency of activities of the company;

inclusions in structure of the supervisory board of the companies of representatives of the state in number of at least 40 percent from quantity appointed on the share delivered in trust management;

fees of the trustee in the form of monthly remuneration for compensation of its administrative expenses and bonus estimated following the results of financial year depending on accomplishment of parameters of the business plan.

At the same time, in case of attraction of own means by the trustee in the form of money, the equipment, software products for implementation of the approved business plan, these means are subject to compensation in accordance with the established procedure from the company for reasonable calculations and the conclusion of the independent auditor according to the separate schedule between the trustee and the company.

2. Determine that for the companies which blocks of shares (shares) in the authorized capital belong to the state or bodies of economic board, delivered in trust management of the trustee of investment assets in accordance with the established procedure:

a) requirements of the legislation do not extend:

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