Methods for Improving Corporate Governance in Joint Stock Companies

Abstract

The need to establish a corporate governance policy in order to ensure the national economy's competitiveness and sustainable development, as well as enhance the systemic government's regulatory mechanisms, is one of the main directions of our time. The primary directions for the corporate governance system's future development include an examination of global experience, a fundamental overhaul of the management structure, and the expansion of the role of shareholders. The most important details in this text are the steps to increase the effectiveness of the corporate governance system in Uzbekistan.

These include evaluating the general board's activities, compensating each member based on their contribution to the overall effectiveness of the board, ensuring that the Supervisory Board has a minimum of independent members, defining who will propose an independent member of the Supervisory Board, creating a database for them, and ensuring the balance of key performance indicators (KPIs).

To significantly boost joint-stock company efficiency, it is important to ensure that they are open and appealing to potential investors, introduce modern corporate management techniques, and create favorable conditions for strengthening the role of the Supervisory Board.