On December 3 this year a seminar dedicated to the discussion of the draft Corporate Governance Code in new edition was organized, in cooperation with a delegation headed by Dr. Andreas Kerst, Director of the Department of the Federal Ministry of Finance of Germany.
This event under the leadership of the First Deputy Director of the State Assets Management Agency Nodirbek Khusanov was attended (including remotely) by more than 200 employees of the central office and territorial departments of the State Assets Management Agency, specialists of relevant ministries and departments, as well as representatives of enterprises with state participation.
In the speech, Nodirbek Khusanov noted that the current version of the Code was first adopted in 2015, and its adoption was an important stage on the way to the development of corporate governance in Uzbekistan. The draft new edition of the Code has been developed taking into account the best international practices, including the OECD principles. These principles underpin the best standards of corporate governance, and their integration into the document will allow our companies to follow the most modern approaches in this area.
Among the speakers at the seminar were Dr. Andreas Kerst, Director of the Department of the German Federal Ministry of Finance, Johannes Kamm, Department Specialist, Dr. Berthold Wolberg, Project Director of the German Organisation for International Cooperation (GIZ), and Matthias Naim, Head of Indecon consulting.
Dr. Andreas Kerst noted in his speech that the Code includes principles and recommendations aimed at effective, transparent and responsible governance of society. He emphasized that the implementation of the Code would be useful not only for joint stock companies with state participation, but also for the activities of private companies.
Speakers also noted that together with colleagues from Germany it was decided to completely revise the structure of the current Code. In particular, in the current edition, sections similar in content and essence were merged, and recommendations that have lost their relevance were deleted. Some articles were divided as this was deemed appropriate. As a result, the number of sections of the Code was reduced to 2 and the number of articles increased from 42 to 130.
In turn, this seminar, which raised great interest among the participants, was full of questions and answers and effectively served to improve the professional knowledge of the participants.
