Within the framework of the memorandum on cooperation signed between the Federal ministry of finance of Germany and UzSAMA, members of the delegation that included representatives of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan, the Presidential Administration of the Republic of Uzbekistan, the Cabinet of Ministers and UzSAMA visited the Federal Republic of Germany on 2-9 December this year.
As part of this memorandum, the laws "On state property management" and "On protection of rights of Joint stock companies and shareholders", as well as the Code of corporate governance have been drafted in cooperation with experts engaged on the basis of technical support of the Federal ministry of finance of Germany.
Germany is a country that has undergone privatisation processes and has extensive experience in managing state assets.
The current visit, organised by the Society for International Cooperation (GIZ) of the Federal ministry of finance of Germany, was a logical continuation of the seminars with the participation of German partners and experts of Indecon consulting on effective management of state assets, best practices of corporate governance and privatisation, held at UzSAMA on 9-11 October this year.
As part of the event, representatives of the Uzbek delegation familiarised with the activities of the Federal ministry of finance of Germany, the German Society for International Cooperation (GIZ), the Department of trade and investment of Saxony.
Also, during the visit to Deutsche Bahn, Volkswagen and Tollcollect companies, their activities, construction of corporate governance system and further plans regarding transformation processes were investigated.
The main topic of the meeting was the draft law of the Republic of Uzbekistan "On Joint Stock Companies", which was widely discussed together with officials of the Federal ministry of finance, which supervises the policy of state property management, and experts from Indecon consulting. The parties also shared their experience in the sphere of state property management.
At the same time, members of the delegation were informed about new trends in corporate governance, including the principles of CSR (Corporate Social Responsibility), ESG (Environmental, Social Policy and Corporate Governance), SDG (Sustainable Development Goals), which ensure a high level of accountability and transparency in the management of state assets, as well as learnt about the experience of effective use of property used by state organisations.
During the visit, it was decided to introduce the best international experience in the area of state asset management, to continue dialogue with the Federal ministry of finance of Germany in order to improve legislation in this area, and to jointly develop a new version of the Corporate Governance Code.
The above-mentioned friendly relations and co-operation are important for the growth of our country's economy, including the sustainable development of state-owned enterprises.
