Quarterly payments to members of the supervisory boards of companies with state share limited

Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan adopted a resolution “On measures to further improve the state assets management system”.

In accordance with the resolution, the submission of candidates for membership in the supervisory boards of economic entities is carried out upon agreement:

• in economic entities with a state share in the authorized capital of 50% or more - with the Prime Minister or his deputies and advisers;
• in economic entities with a state share in the authorized capital of up to 50% - with the relevant government secretariats.

The document notes that members of supervisory boards who are heads of state organizations or deputy heads and employees are paid no more than 50 times the minimum wage on a quarterly basis.