April 28, 2015
On April 24, the President of Uzbekistan approved measures on implementation of modern methods of corporate governance in joint stock companies.
The decree was adopted in order to create favorable conditions for wide attraction of foreign direct investment, indigenous increase of efficiency of activity of joint stock companies, to ensure their openness and attractiveness to potential investors, the implementation of modern methods of corporate management and strengthening the role of shareholders in the strategic management of enterprises.
The decree of the head of state noted that according to the results of critical study of existing joint stock companies, 364 of them are defined as invalid and subject to liquidation or conversion into other legal forms.
Commission institutions on improving the effectiveness of corporate activities and the system of corporate governance (hereinafter – the Commission) entrusted to establish strict control over the completion in the period until 1 October 2015 the process of reorganization of listed joint stock companies.
The decree approved the typical organizational structure of a joint stock company, developed on the basis of a deep study of the system of organization management in leading international companies.
The Commission entrusted to:
– within three months jointly with the State Committee of Uzbekistan on privatization, demonopolization and development of competition, other relevant agencies and supervisory boards of joint stock companies to bring the organizational structures of joint stock companies in line with the model structure, taking into account their specific industry;
– within three months to conduct assessment of managers of joint stock companies with the state share for their knowledge of modern methods and principles of corporate management, management and marketing, skills in information and communication technologies and their application in the production management system;
– following the assessment to take measures to recruit for vacant positions new, modern-minded, highly skilled managers that meet modern requirements, as well as foreign managers.
The Ministry of labour and social protection of population and Ministry of economy of the Republic of Uzbekistan entrusted in a one-month term to submit to the Cabinet of Ministers proposals for the necessary amendments to the “Classification of fixed positions of employees and professions of workers” arising from the new model structure of the company.
According to the decree, on the basis of abolished Graduate school of business, a Scientific-educational center of corporate governance will be created. The institution will be entrusted with the methodological support of the implementation of organizational forms and modern methods of corporate governance, as well as training and advanced training of managerial staff in this area in accordance with international requirements and standards.
The document also approved the Program of measures to radically improve the system of corporate governance.
The Cabinet of Ministers entrusted to provide a systematic control after implementation of activities included in the Program in a timely manner.
The presidential decree also established the procedure, according to which from 1 July 2015:
– the decision on appointment of the head of the Executive body of the joint-stock company shall, as a rule, be approved on the basis of competitive selection, which is open to the participation of foreign managers;
– in cases of claim appeals of shareholders, including minority, about the violation of their rights and legitimate interests to the economic court, they are granted a reprieve from paying the state fee, with subsequent recovery from the guilty party.
The Commission, jointly with other interested ministries and agencies, based on the successful experience of developed countries, commissioned in the period up to August 1, 2015 to develop and approve the Corporate governance code, providing in a single document, taking into account international practice:
– recommendations for the implementation of best practices of corporate governance, including the definition of the development strategy and objectives for the long term, the internal control system and mechanisms for effective interaction between the Executive body with shareholders and investors;
– increase the transparency of joint stock companies, publishing their information on the basis of international standards of auditing and financial reporting.
According to the decree, from 1 July 2015, joint-stock and other business companies are not allowed to use in their names the word “state”, regardless of the state’s share in their authorized capital.
In addition, during 2015-2018, all joint stock companies shall proceed to the publication of annual financial statements and conduct of its external audit in accordance with International standards on auditing and International financial reporting.
Joint stock companies exempt from payment of the single social payment from the fund of remuneration of labor of foreign workers who are involved as management personnel.
Income of foreign specialists derived from their activity as management personnel are also exempt from paying income tax, income tax at source, as well as compulsory insurance payments to the non-budgetary Pension Fund under the Ministry of Finance of the Republic of Uzbekistan.
(Source: UzReport.uz )
Automobile Matiz was named as a winner in nomination of the “City automobile” in Russia within the project “Automobile of the Year 2015”.
An annual solemn ceremony of national award “Automobile of the Year 2015” was held in Moscow on 23 April, which was organized for the 15th time this year.
Automobile Matiz beat Chevrolet Spark and Kia Picanto to win the award in the class of city automobiles, according to the opinion of the Russian car-lovers.
The organizers said that 938,904 people from 85 regions of Russia participated in the voting in 2015.
Overall 403 automobile models, which are officially realized in Russia, competed to win the award “Automobile of the Year 2015”. The winners were determined on 23 classes and such nominations as “New car of the Year”, “Beloved model in mass segment”, “Beloved model in premium segment”, etc.
(Source: UzDaily.com )
A delegation led by chairperson of the inter-parliamentary group of friendship of National Assembly of Kuwait Saud Nashmi Al-Heriji held a meeting with the Deputy Speaker of the Legislative Chamber of Oliy Majlis of Uzbekistan Sarvar Otamuratov on 27 April 2015.
At the meeting, the sides underlined that the relations between two states are developing gradually. The visit of the President of Uzbekistan Islam Karimov to Kuwait in January 2014 served as stimulus to strengthening of bilateral relations, which also helped to form legal base of cooperation, the press service of the Legislative Chamber said.
Official visit of Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to Uzbekistan in July 2008 allowed to lift bilateral relations to new level. Several bilateral agreements directed at strengthening relations between two states and boosting trade-economic and investment cooperation were signed within the visit.
The parliamentary relations also play key role in developing political dialogue. So far, five parliamentary delegations from Kuwait visited Uzbekistan. The delegations held talks with the leadership of Oliy Majlis of Uzbekistan to discuss development of inter-parliamentary relations and exchange of the delegations to strengthen cooperation between parliaments of two nations. Kuwaiti delegations also participated in the parliamentary and presidential elections in Uzbekistan.
At the meeting, the Kuwaiti delegation familiarized with the activities of Oliy Majlis of Uzbekistan, including reforms in Uzbekistan, formation of civil society and strengthening of control functions of the parliament in Uzbekistan.
Saud Nashmi Al-Heriji said Kuwait is interested in further developing cooperation with Uzbekistan. He noted that strong legislative framework in Uzbekistan strengthened authorities of the parliament. He added that there are potential for further development of inter-parliamentary cooperation between two states.
(Source: UzDaily.com )
Ahead of Remembrance and Honor Day, a string of events to honor 1941-1945 war and labor veterans and measures to improve living conditions for elderly people are under way across Uzbekistan.
In line with a Presidential Decree to award medals commemorating the 70th anniversary of World War II to war and labor veterans, local authorities and representatives of governmental and public organizations across the country are honoring people who went through the scourge of war and fought for peaceful life for our generation.
Ninety-nine-year-old Uzbek citizen from Tashkent, Odil Fozilov, was honored with a medal, prize money and commemorative presents on behalf of President Islam Karimov by members of the Ministry of Defense.
“There is no greater happiness than living under a peaceful sky,” Fozilov says. “I am happy that we, war veterans, are never forgotten amidst daily chores.”
The presidential decree “On additional measures to further enhance social protection and material support of the elderly generation” is indicative of proper attention. Citizens who have reached the age of 100 will now receive monthly payment worth a minimum salary in addition to their regular pensions. Starting from May 1, 2015, an updated list of categories is being introduced for people who are provided with monthly compensation for utilities payment.
“This year I turned a hundred. I am celebrating my birthday in the Year of Attention and Care for the Senior Generation. With celebrations of Remembrance and Honor Day and the 70th anniversary of victory in World War Two and considering the Year of Attention and Care for the Senior Generation State Program, I feel the immense attention and care that Uzbekistan lavishing on its veterans,” says Samandar Pardayev, resident of Qoraguppa neighborhood in Samarkand Region. “I recently learned that I will now be receiving benefits in addition to my regular pension. I am going to use it for the benefit of my grandchildren. I want them to be educated and be happier than me.”
In Nukus, chairman of the Zhokorgy Kenes (Supreme Council), Musa Yerniyazov with his entourage, visited war and labor front veterans and honored them with medals.
Healthcare services for war veterans also receive a lot of attention. They benefit from in-depth medical checkups. Those who are unable to come to clinics are visited by doctors at home.
“I have no complaints about my health,” says 91-year-old war veteran Rajab Safarov from Bukhara Region’s Peshkun District. “A group of doctors has recently visited me at home. I was examined by a cardiologist, therapeutist, eye doctor, dentist, urologist, neuropathologist and trauma specialist. They prescribed some treatment, which I will be receiving at the local rural medical post.”
In Bukhara Region alone, over 2,500 elderly people have been examined as part of the health week, among them 110 war and labor veterans. Following medical checkups, veterans are given not only consultations and treatment referrals but also free medication.
Moreover, throughout 2015 citizens, who had reached the age of 75 will have their debt written off for their excessly paid pensions and allowances revealed as a result of checking the correctness of their payment and they will be provided with benefits envisaged by legislation.
On the eve of May 9, Remembrance and Honor Day in Uzbekistan, all educational institutions across the country will be hosting peace lessons and various events commemorating the day. Therefore, war veterans and elderly people as a whole are very welcome guests at these schools.
“These days I have been invited to schools and colleges that are hosting events honoring our fellow countrymen who died in the war fighting to ensure freedom for our homeland. I am delighted to attend every event,” says war veteran Nigmatulla Sadullayev from Tashkent city’s Uchtepa District..“I consider it my duty to let the younger generation know the importance of peace. When you have peace, people can achieve progress and prosperity.”
(Source: «Uzbekistan Today» newspaper)
On April 25-26, the capital sport complex “Uzbekistan” hosted Interclub Asian championship on karate. Over 450 athletes from 20 countries of our continent fought for a victory in the competition.
The competitions were held in six male and five female weight categories in individual and team competition. Each country could submit up to three of the best clubs.
The first position of the championship by a total number of medals went to the representatives of the Islamic Republic of Iran, the team of Uzbekistan ranked second, the team of Kazakhstan the third.
(Source: UzReport.uz )
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