“UzAssets” Joint Stock Company has been awarded a national prize for its contribution to the development of Uzbekistan’s economy
Seminar held on effective organization of corporate secretariats in large state-owned enterprises
In accordance with Presidential Decree No. PD-163 of the Republic of Uzbekistan dated April 19, 2024, starting from July 1, 2024, corporate secretariats reporting to the supervisory board will be established in large state-owned enterprises. This initiative aims to improve the corporate governance system and enhance the efficiency of management bodies.
In this regard, on February 21 of this year, the Ministry of Economy and Finance, in cooperation with “UzAssets” JSC, organized a seminar on “Effective Organization of Corporate Secretariats in Large State-Owned Enterprises”. The event was attended by representatives of 22 major state-owned companies.
During the seminar, the Ministry of Economy and Finance outlined specific tasks for increasing investment attractiveness, creating transparent and efficient corporate governance systems, and attracting investments to the national economy through the transformation of state-owned enterprises.
Additionally, the management of “UzAssets” JSC emphasized the significance of corporate secretariats in the effective management of state assets. The key role of corporate secretariats in ensuring interaction between shareholders, supervisory boards, and company management was highlighted, as this is essential for achieving stability and growth in state-owned enterprises.
Particular attention was given to improving the structure of corporate secretariats and enhancing the professional development of their employees.
At the seminar, Richard Frederick, an expert from the Asian Development Bank on state-owned enterprises, underscored the importance of cooperation between corporate secretariats, shareholders, supervisory boards, and the management of state-owned companies. He stressed the need to ensure transparency, effective communication, and the development of a clear risk management strategy, all of which contribute to improving corporate governance and boosting investor confidence.
Olzhas Omarov, Director of the Consulting Department at KPMG, discussed the evaluation of supervisory boards’ performance and the professional development of corporate secretariats. He noted that regular performance assessment of management bodies is a crucial tool for enhancing their efficiency and implementing best corporate governance practices.
Denis Spirin, Director of Corporate Governance at Prosperity Capital Management, emphasized the importance of planning and organizing the work of supervisory boards. He highlighted the necessity of a strategic approach in managing these boards, which contributes to the long-term development of enterprises.
At the end of the event, participants exchanged views and discussed pressing issues related to the development of corporate governance in state-owned companies, strengthening cooperation between management bodies, and enhancing the role of corporate secretariats.
As a result of the seminar, recommendations were formulated to improve corporate governance and increase transparency in the activities of state-owned enterprises, with the goal of ensuring sustainable economic growth and attracting investments into the public sector.