The regular meeting of the Legislative Chamber of the Oliy Majlis was held.
After approving the agenda proposed by the Council of the lower house, the deputies discussed a number of drafts.
In particular, in the second reading was discussed the draft law "On joint-stock companies and protection of shareholders' rights" in the new edition, as well as amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with its adoption.
At the meeting it was noted that a new edition of the Law "On Joint-Stock Companies and protection of shareholders' rights" will contribute to the further development of the corporate governance system based on the specification of the existing provisions of the law, to legal protection of shareholders, to increase the role and importance of management and control of JSC, as well as expansion of access to information on their activities.
- Openness and transparency of JSCs’ activity is an important factor for shareholders and potential investors. Shareholder’s trust in the activities of a company rises when they he/she knows where his/her money is going and how much profit he/she can get from it, - said the deputy of the Legislative Chamber Tulkin Abdusattarov.
Along with this, the draft will promote further development of corporate relations by better regulation of creating of JSCs, formation of their charter fund, determination of the market value of securities, as well as placing them through a public offering. Deputies noted that along with all that the document gave sufficient emphasis on improving legal protection of shareholders, especially minority, and in particular, a clearer definition of the mechanism of their participation in the management of the company, as well as the creation of a special body representing the interests of shareholders.
After a line-item discussion, the deputies approved the draft law "On joint stock companies and protection of shareholders' rights " in the new edition.
In connection with the adoption of this draft in order to bring certain legal regulations in line with the newly introduced amendments, changes and amendments will be introduced to some legislative acts. In particular, appropriate amendments are proposed to the Civil and Land Codes, Laws “On Limited and Additional Liability Companies", "On the Securities Market”, as well as other legal norms.
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