CORPORATE GOVERNANCE OF JOINT-STOCK COMPANIES WITH STATE PARTICIPATION: CIVIL-LAW ASPECTS AND REFORM IN UZBEKISTAN
- Authors
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Shavkatbek Tursunkulovich Juraboev
Associate Professor, Department of Civil and Economic Procedural Law, Namangan State University
Author
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- Keywords:
- Corporate governance, joint-stock company, state participation, general meeting of shareholders, supervisory board, minority shareholders, corporate secretariat, state property.
- Abstract
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The article examines the corporate governance of joint-stock companies with state participation as a civil-law mechanism for managing state property, on the basis of the Law of Uzbekistan “On Joint-Stock Companies and Protection of Shareholders’ Rights” (No. ZRU-370) and the corporate-governance reform of 2024. It analyses the governing bodies of the company — the general meeting of shareholders as the supreme body (Art. 58), the supervisory board (Arts. 74–78) and the executive body (Art. 57) — together with the committee of minority shareholders, the audit commission and the newly introduced corporate secretariat. Particular attention is paid to the specifics of state participation, where the state acts as a shareholder through the State Assets Management Agency. The study identifies civil-law problems — the state-as-shareholder, minority protection, the liability of directors, the separation of ownership and regulation, and board independence — and proposes directions for their resolution in line with international standards.
- References
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1.Constitution of the Republic of Uzbekistan (as amended, 2023). — Tashkent, 2023.
2.Civil Code of the Republic of Uzbekistan (Part One, 21 December 1995; Part Two, 29 August 1996), including the corporate (shareholders’) agreement. Available at: lex.uz.
3.Law of the Republic of Uzbekistan “On Joint-Stock Companies and Protection of Shareholders’ Rights”, No. ZRU-370, 6 May 2014 (as amended). Available at: lex.uz/docs/2382409.
4.Law of the Republic of Uzbekistan “On Amendments and Addenda to Certain Legislative Acts in Connection with the Introduction of Modern Methods of Corporate Governance in Joint-Stock Companies”, 2024. [number and date to be verified].
5.Decree of the President of the Republic of Uzbekistan No. PP-162 “On Additional Measures to Reduce the State’s Participation in the Economy”, 19 April 2024.
6.Corporate Governance Code of the Republic of Uzbekistan (recommendatory act).
7.Corporate Governance Rules for enterprises with state participation. [registration details to be verified].
8.OECD. OECD Guidelines on Corporate Governance of State-Owned Enterprises. 2015 Edition. — Paris: OECD Publishing, 2015.
9.World Bank. Corporate Governance of State-Owned Enterprises: A Toolkit. — Washington, D.C.: World Bank, 2014.
10.Rakhmonkulov H.R., Gulyamov S.S. Corporate Law. — Tashkent: Tashkent State Institute of Law, 2007.
11.Fuqarolik huquqi. 2-qism: Darslik / mas’ul muharrir N.F. Imomov. — Tashkent: TDYU, 2023. (in Uzbek).
12.Sukhanov E.A. Grazhdanskoe pravo: uchebnik: v 4 t. T. I: Obshchaya chast’. — Moscow: Statut, 2019. (in Russian).
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- Published
- 2026-05-31
- Issue
- Vol. 2 No. 5 (2026)
- Section
- Articles
- License
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This work is licensed under a Creative Commons Attribution 4.0 International License.
