Corporate Governance Code is an important factor in increasing the efficiency of management
14/03/2016 20:04
Corporate Governance Code is an important factor in increasing the efficiency of management
14/03/2016 20:04
Tashkent, Uzbekistan (UzDaily.com) -- On 14 March, the Executive Committee of the Political Council of UzLiDeP and its faction together with the Committee on Budget and Economic Reforms of the Legislative Chamber of the Oliy Majlis organized a “round table” on the theme: “Corporate Governance Code is an important factor in increasing the efficiency of management in joint-stock companies”.
As previously reported, the Commission on enhancing the effectiveness of joint-stock companies and improve corporate governance approved the “corporate governance code”, based on the legislation of the Republic of Uzbekistan and international principles of corporate governance.
During the round table, participants discussed topical problems and issues on further strengthening and improvement of legislation in this area, as well as ensuring its implementation mechanisms.
Special attention is being paid to the wide attraction of foreign investors and managers into the joint-stock companies, creation of favorable conditions for their active participation in corporate governance, modernization, technical and technological re-equipment of production processes, arrangement of output of the high-quality, competitive products and their promotion into the external markets, as well as the radical reduction of the State’s presence in the economy at cost of decrease in the state-owned assets and shares at the Charter capital of the joint-stock companies.
The speakers of the event explained the essence and meaning of the Corporate Governance Code to the participants.
“Corporate Governance Code” – it is system aimed at improving the effective management of the joint-stock companies with achieving the balance of interests of the management bodies, shareholders and the employees of the company, modernization, technical and technological re-equipment of production facilities, production of competitive products and its export to foreign markets, - said a member of UzLiDeP faction in the Legislative Chamber of Oliy Majlis of Uzbekistan M. Tursunov. - General meeting of shareholders by a simple majority takes the decision to accept the obligation to follow the recommendations of the Code”.
The pre-election platform of UzLiDeP includes priorities to ensure the involvement of private, including foreign, investors, reduce the state’s share in the economy, and increasing the share of the value of private property, a radical improvement of the corporate governance system through the introduction of its best practices, improve transparency of joint stock companies. In this regard, the Corporate Governance Code is very important for UzLiDeP electorate, who take their active participation in the large-scale reforms in the country’s economy.
Stock companies representatives noted that on the basis of the best international corporate business management experience in the country has developed and approved a new standard structure of the company, where 566 new classifications of fixed positions of employees and professions of workers were developed.
Participants of the event highlighted that leading foreign companies, professionals and experts carry out training of employees of joint stock companies in accordance with international standards and improve their skills.
In general, according to UzLiDeP opinion, Corporate Governance Code will create favorable conditions for attraction of foreign direct investments, improve efficiency of activities of the joint stock companies, and ensure their openness and attractiveness for potential investors.
In the “round table” was attended by heads and representatives of ministries and departments, public companies, enterprises, experts and media. At the end of the event, the participants exchanged views and practical suggestions for improving the legislative framework of corporate governance.
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