Tashkent, Uzbekistan (UzDaily.com) - The Government resolution approved the Strategy for Management and Reform of Enterprises with State Participation and targets for its implementation in 2021–2025.

Within the target indicators:

- the number of enterprises with state participation will be reduced by 75 percent:

- shares of at least 20 enterprises with state participation will be offered in primary and secondary placement;

- The number of independent members on the supervisory boards of enterprises with state participation will reach 30 percent by 2025.

From 1 July 2021:

- in enterprises with the participation of the state, a supervisory board, an internal audit service, an audit committee as part of the supervisory board will be created;

- in joint-stock companies, whose shares are included in the stock exchange quotation list of the stock exchange (listing) and in the authorized capital of which there is a state share in the amount of more than 50 percent, a “compliance system” service (compliance) will be created.

From 1 January 2022:

- the special right of the state to participate in the management of individual joint-stock companies in the strategic industry is abolished;

- the powers of the members of the executive body and the supervisory board are extended from 1 year to 3 years;

- the practice of selecting candidates for members of the supervisory board of enterprises with the participation of the state according to the state share is being introduced step by step.

Also, according to the Strategy, the following is canceled:

- coordination with the Cabinet of Ministers of candidates for management and members of the executive body of enterprises with the participation of the state

- practice on the simultaneous occupation by civil servants of the positions of the head (member) of the executive body of enterprises with the participation of the state.

A mechanism of liability insurance for the head and members of the executive body is being introduced.