Tashkent, Uzbekistan (UzDaily.com) -- The Law "On amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with the improvement of the corporate governance system" was signed by the President of Uzbekistan.

In accordance with the amendments made to the Civil Code, it is established that a supervisory board must be created at a unitary enterprise, which can be the management body of the enterprise.

The norms relating to the Golden Share, which gives the state the right to participate in the management of certain joint-stock companies, have been excluded from the legislation. 

The powers of the members of the supervisory board of the joint-stock company have been extended from 1 year to 3 years.

It is established that participants and shareholders with a share of at least 5 percent in the authorized capital of legal entities can be customers of an audit. Previously, it was 10 percent.