On October 28, 2025, the Second International Forum of Independent Members of Supervisory Boards of State-Owned Enterprises was held in Tashkent.

The event was organized by the Ministry of Economy and Finance of the Republic of Uzbekistan in cooperation with UzAssets JSC.

The main objective of the Forum was to discuss the ongoing large-scale reforms aimed at transforming state-owned enterprises, improving corporate governance systems, and ensuring the effective management of state assets.

It was emphasized that these processes are being implemented within the framework of the strategic initiatives of the President of the Republic of Uzbekistan, Shavkat Mirziyoyev.

The Ministry of Economy and Finance has identified priority tasks for further improvement of corporate governance and increasing the investment attractiveness of state-owned enterprises.

During the opening session, Deputy Minister of Economy and Finance Khurshed Mustafayev highly appreciated the progress achieved over the past year in enhancing corporate governance, transparency, and investment attractiveness in state-owned enterprises.

It was noted that thanks to the high professionalism of independent members, new control mechanisms have been introduced, management accountability has improved, and risk management and internal audit have become part of systematic practice.

In addition, seven state-owned enterprises received public ESG ratings, confirming the country’s commitment to sustainable development and transparency, while strengthening the confidence of international investors.

The Forum also presented the results achieved over the past year.

In particular, a number of Uzbekistan’s state-owned enterprises obtained international credit ratings from S&P and Fitch and successfully issued Eurobonds.

This reflects the growing financial stability, transparency, and investor confidence in the governance of state-owned enterprises.

Specifically, three enterprises obtained credit ratings for the first time, bringing the total number of state-owned enterprises with international ratings to 17.

At the same time, seven enterprises had their sovereign credit ratings upgraded from “BB-” to “BB”.

In the ESG sphere, four enterprises received new ESG ratings, and two others improved their indicators, bringing the total number of rated enterprises to seven.

Representatives of the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and the Franklin Templeton Investment Company took part in the Forum.

International experts shared their views and recommendations on improving the investment attractiveness of state-owned enterprises, promoting sustainable development, and advancing transformation processes.

The Forum was also attended by representatives of 23 state-owned enterprises, corporate secretaries, and independent members, as well as members of the supervisory boards from the Franklin Templeton and UzNIF portfolio companies, and representatives of international consulting firms.

A total of 26 independent members of supervisory boards participated in the discussions.

The sessions covered issues related to transparency, strategic oversight, ESG indicators, evaluation of supervisory board performance, corporate structure transformation, IPO preparation, and attracting strategic investors.

For reference:

Currently, international independent directors from the United States, the United Kingdom, Germany, Spain, Turkey, India, Poland, Mauritius, and other countries are serving on the supervisory boards of Uzbekistan’s state-owned enterprises.

This is part of the ongoing reform agenda aimed at ensuring corporate sustainability and the formation of competitive market structures aligned with international standards.

At the conclusion of the Forum, the following practical recommendations were developed:

1.   Strengthening the institution of independent directors as a strategic oversight mechanism;

2.   Further developing the institutional foundations of corporate governance;

3.   Improving the structure and powers of supervisory boards;

4.   Enhancing transparency and management efficiency in the operations of state-owned enterprises.

Participants noted the expanding international cooperation and the progress achieved in advancing corporate governance reforms in state-owned enterprises.

Information Service

Ministry of Economy and Finance