Uzbek leader signs law “On joint stock company and protection of rights of shareholders”

Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 18 February 2014 and the Senate approved the document on 10 April 2014. The law “On joint stock company and protection of rights of shareholders” in new edition came into force on 7 May 2014.

The document was prepared to execute the Concept of further deepening democratic reforms and forming civil society in the country and presidential decree “On measures on further cardinal improvement of business environment and providing more freedom businesses” from 18 July 2012.

The document is directed at further developing corporate management in Uzbekistan through clarification of current legislation, protect rights of shareholders, strengthen management role in joint stock companies, access to information about activities of public companies by investors and shareholders.

The law will help for further democratization of market reforms and liberalize activities of the joint stock companies, improve corporate management, deepen competition in financial market and improve financial environment in Uzbekistan.