OREANDA-NEWS. January 21, 2014. The Committee for Budget and Economic Reforms of the Legislative Chamber of Uzbekistan’s Oliy Majlis has hosted a panel discussion to deliberate on the draft law of the Republic of Uzbekistan “On Joint-Stock Companies and Protection of Rights of Stockholders” in a new edition.

Members of the lower house of parliament, representatives of ministries and other government agencies as well as commercial banks, stock companies, lawyers and field experts took part in the event organized jointly with the State Committee of the Republic of Uzbekistan for Privatization, De-Monopolization and Promotion of Competition.

Chairman of the Legislative Chamber Committee for Budget and Economic Reforms B.Iminov, the first deputy chairman of the State Committee of the Republic of Uzbekistan for Privatization, De-Monopolization and Promotion of Competition S.Gafforov and other speakers noted that the wide-ranging measures undertaken in our country under the leadership of the President to accelerate market reforms and liberalization of the economy serve as an important factor in perfecting the business environment, providing for the inviolability of private property and the modernization of production capacities in our country.

Joint-stock companies are major economic entities established in the course of market reforms. Currently, in excess of 1,200 stock companies operate in Uzbekistan. These corporations encompass a great diversity of production sectors and have been making a worthwhile input into marshaling the economic reforms and further development in the society.

Adopted 26 April 1996, the Law of the Republic of Uzbekistan “On Joint-Stock Companies and Protection of Rights of Stockholders” constitutes important normative bedrock for streamlining the activities of such corporate entities. More than ten amendments and addenda have been introduced into this law for the past years.

The current era of transformation and dynamic development of modern information technologies requires perfection in the activities of joint-stock companies.

The Concept of Intensification of Democratic Reforms and Formation of Civil Society in the Country put forward by the head of our state envisages a task of further improvement of normative foundations on this front with an eye to the actual state of affairs in the evolution of market relations at this moment.

Proceeding from the outlined challenges, lawmakers and specialists have elaborated a draft law “On Joint-Stock Companies and Protection of Rights of Stockholders” in a new edition. The bill that is under discussion among the wider public, defines powers, rights and liabilities of corporate management bodies. In addition, the draft law places a particular emphasis on uplifting the role and significance of observer councils of joint-stock companies, general assemblies, revision commissions, as well as on providing for guarantees of minorities, that is, stockholders with minimum number of stocks, on enhancing the powers of stockholders and investors for access to information on the activities of corporations.

The event also included reports explicating the essence and significance of the bill “On Joint-Stock Companies and Protection of Rights of Stockholders” in a new edition, the national and international expertise on this front, its role in accelerating the economic reforms in the country. Specialists voiced their views on the issue.