Second International Forum of Independent Directors Held in Tashkent

Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Economy and Finance of Uzbekistan, together with JSC UzAssets, hosted the Second International Forum of Independent Members of Supervisory Boards of State-Owned Enterprises.

The event aimed to further develop corporate governance systems and enhance the operational efficiency of state companies.

Opening the forum, Deputy Minister of Economy and Finance Khurshed Mustafayev highlighted significant progress over the past year in strengthening transparency, accountability, and investment attractiveness. He noted that the professionalism of independent directors has helped introduce modern control and risk-management mechanisms in the public sector, while internal audit functions are becoming an integral part of corporate culture.

Participants included representatives from the Asian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the World Bank Group, as well as experts from McKinsey & Company and Franklin Templeton Asset Management LLC, which manages Uzbekistan’s National Investment Fund.

Speakers included independent directors and board members of major state enterprises such as Uzbekneftegaz, Navoi Mining & Metallurgy Combinat, and JSC Navoiuran, who shared their experience implementing best international governance practices.

UzAssets Chairman Bobur Abdinaazarov emphasized: “Reforms in Uzbekistan are entering a new phase focused on institutional sustainability. Strengthening corporate governance and expanding the powers of independent directors ensures effective and transparent operations of state enterprises in line with international standards.”

The forum continued initiatives launched in 2024, when several major state companies included international independent directors on their boards. Their collaboration with local specialists has been instrumental in improving accountability, operational efficiency, and preparing companies for upcoming IPOs scheduled for 2026.

Discussions in Tashkent focused on exchanging international experience, developing recommendations to further improve corporate governance, and aligning national practices with ongoing economic reforms.

The forum marked another step in strengthening the institutional foundations of state asset management and enhancing Uzbekistan’s investment appeal.