Monday, 21, September, 2020

On December 11, President Shavkat Mirziyoyev chaired a meeting dedicated to the reform progress of companies in which the state holds a stake, the presidential press service said.

The President noted that now the majority of the 2819 companies with state’s stake were being managed " inefficiently, in an outdated style, that they can’t even pay dividends." The President harshly criticized this situation.

“The state is involved state even in those industries where there is no need for it. There haven’t still been made no significant breakthroughs in terms of management,” he added.

Working groups led by the Prime Minister, his deputies and advisers have been set up to achieve new goals entrusted to reform or liquidate, keep the state’s presence or privatization.

Within a month, the group was entrusted to conduct a complete inventory check of each company, analyze profitability, current capacities and prospects, as well as develop specific plans and proposals for 2020.

The President indicated that many companies are stalling in financial reporting, internal control and audit, and attracting independent members to the board. He instructed to accelerate the implementation of corporate governance in these companies, as well as to reform 32 large enterprises.

Key performance indicators should be developed and observed at each company, the statement says.

He gave instructions to set up a project office in the Ministry of Transport and involve the private sector in transport enterprises. He stressed that it is necessary to fundamentally update approaches to privatization and move in this area to a system that meets the requirements of a market economy system.

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