Tashkent, Uzbekistan (UzDaily.com) -- The ongoing work in the country to further improve the business environment and support entrepreneurship is aimed at improving the position of Uzbekistan in international ratings and indices. However, the annual report of the World Bank and the Doing Business International Finance Corporation noted problems in the law.

At the next plenary meeting of the Legislative Chamber of the Oliy Majlis, a draft law that amends and supplements the Laws “On Joint-Stock Companies and Protection of Shareholders’ Rights”, “On the Securities Market”, as well as the Economic Procedural Code was considered in the first reading.

The document is significant in that it aims to eliminate existing problems. The explanation of the damage caused to the company by the actions and (or) inaction of the governing bodies of the company, in particular a member of the supervisory board, director or member of the board, as well as a trustee, and determines the responsibility for this.

Thus, the project determines the right of the shareholder, even if he owns at least one percent of the company’s shares, to demand compensation for losses incurred by the company as a result of the inaction of the company’s management.

In addition, it was determined that when entering into transactions between a company and an affiliate, the publication of information is required within 72 hours from the date of its conclusion.

During the discussions, in connection with the relevance of the issue, the Committee on Budget and Economic Reforms was recommended to conduct an anti-corruption and investment examination of the project. It should be noted that the investment examination of laws will be carried out for the first time.

According to the deputies, the adoption of the bill will strengthen the rights of minority shareholders, increase their interest, improve the investment attractiveness of the country and its image in the international arena, the position of Uzbekistan in international ratings and indices, and ensure the stability of the business environment.