Uzbekistan Strengthens Oversight and Transparency of State-Owned Companies and Banks

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is set to increase oversight and improve the efficiency and transparency of state-owned enterprises and commercial banks.

The relevant decree was signed by President Shavkat Mirziyoyev.

The document outlines a comprehensive set of measures aimed at fostering a modern corporate governance culture and implementing advanced management practices.

Among the key requirements is raising the proportion of independent members on the boards of state-owned enterprises and banks to 50%.

A central provision of the decree mandates the initial public offering (IPO) of shares. By the end of 2026, up to 30% of the charter capital of the National Investment Fund of Uzbekistan is planned to be offered on both international and domestic stock markets.

Additionally, companies with shares held by the Fund will face new obligations. They are prohibited from adopting regulations that would allow retained dividends to remain at the company’s disposal.

It is also stipulated that information regarding the role and share of these companies in the economy, their financial results, business plan performance, and other key data must be provided to the Agency for State Assets Management only after prior approval by the Fund.

The measures are intended to enhance the investment attractiveness of state assets, strengthen investor confidence, and establish a more transparent and accountable governance system within the public sector of the economy.