Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis has reviewed and approved in its first reading a draft law aimed at increasing the accountability of executive bodies, supervisory boards, and majority shareholders of business entities.

The document introduces amendments and additions to the laws "On Joint-Stock Companies and Protection of Shareholders' Rights" and "On Limited and Additional Liability Companies". The key changes clarify the duties of executive body members, supervisory board members, and majority shareholders, as well as their responsibilities towards the company and its stakeholders.

During the discussions, it was noted that Uzbekistan has made significant progress in corporate governance in recent years. However, clearer legal regulations are still needed to define the obligations of corporate executives and major shareholders, ensuring greater transparency and protection of stakeholder interests.

Lawmakers provided feedback and suggestions on the bill, which were addressed in detail by the initiators.

The adoption of this law is expected to enhance corporate accountability, strengthen shareholder and stakeholder protections, and improve the governance of business entities across the country.