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 attractiveness for 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.

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