Tashkent, Uzbekistan (UzDaily.com) -- At the thirty-fifth plenary session of the Senate, the Law "On amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with further improvement of the corporate governance system" was considered.

During the discussion, it was noted that in recent years, systemic reforms have been carried out in our country to create a favorable investment climate, protect the rights and legitimate interests of private owners.

In particular, effective measures are being taken to introduce modern management methods, openness, transparency and market principles in enterprises with the participation of the state, increase incomes, create additional opportunities for the participation of private capital in the reform process, reduce the participation of the state in the economy and further improve the competitive environment.

The legal foundations of the reforms carried out in this area are being strengthened.

The law amends and supplements the laws “On Joint Stock Companies and Protection of Shareholders’ Rights”, “On Limited and Additional Liability Companies”. That is, they fix the requirement to include independent members in the supervisory board, the procedure for nominating candidates for independent members, the requirements for independent members and the rules related to maintaining and making public their register.

The law is aimed at introducing modern standards and methods of corporate governance, strengthening the role of the supervisory board in the strategic management of enterprises.

The senators stressed that the adoption of the Law will increase the number of independent members in the supervisory board of the company, reduce the participation of the state in the economy, introduce modern methods of management and corporate governance in companies, and attract professional specialists to the supervisory board.

The law was approved by the senators.