Tashkent, Uzbekistan (UzDaily.com) —  On 3 December 2024, a practical seminar was held at the State Assets Agency to explain and discuss the draft of the updated Corporate Governance Code.

The event, organized with the participation of a delegation led by Dr. Andreas Kerst, Director of the Department at the Federal Ministry of Finance of Germany, was attended by over 200 people, including employees from the central office and regional departments of the Agency, specialists from ministries and agencies, as well as representatives of state-involved enterprises.

Nodirbek Khusanov, First Deputy Director of the State Assets Agency, noted that the current version of the Code, adopted in 2015, marked an important step in the development of corporate governance in Uzbekistan.

The draft of the new edition of the Code was developed taking into account the best international practices, including OECD principles, which will enable companies to follow modern approaches in this area.

Among the speakers at the seminar were Dr. Andreas Kerst, Department specialist Johannes Kamm, Project Director of the German Society for International Cooperation (GIZ) Dr. Berthold Wolberg, Indecon Consulting Company Director Matthias Naim, as well as employees of the State Assets Agency.

Dr. Kerst emphasized that the new Code includes principles and recommendations for effective, transparent, and responsible governance, which will be useful for both state-involved joint-stock companies and private companies.

During the seminar, it was also decided to completely revise the structure of the existing Code. Similar sections were consolidated, outdated recommendations were removed, and some articles were divided for greater clarity. As a result, the number of sections was reduced to two, and the number of articles increased from 42 to 130.