Cabinet of Ministers has adopted its Decree "On approval of the strategy for managing and reforming of state-owned enterprises for 2021-2025" No. 166 of 29.03.2021. 

The Decree approves the strategy for managing and reforming of state-owned enterprises for 2021-2025, a roadmap on its implementation in 2021-2022, and target parameters.

The strategy was developed with participation of international financial institutions, in particular experts, attracted by the European Bank for Reconstruction and Development and provides for the following:

Development of Draft laws “On State Property Management” and “On Privatization”;

defining ownership criteria for enterprises with state share (enterprises operating in the field of natural monopoly, strategic interest, etc.) based on these criteria, a new "sell or explain" principle is introduced, i.e. if an enterprise does not meet the criteria and there is no justification for its retention by the state, it must be sold out;

defining the commercial and non-commercial objectives of enterprises with state participation, creating equal conditions for state enterprises and non-state legal entities, including the transformation of state unitary enterprises into business entities, and separating state’s ownership (shareholder, participant, founder) and control functions;

staged transition to competitive election of members of governing bodies, involving independent members (directors) into supervisory boards, establishment of committees under boards, abolition of the activities of audit commissions;

 Introducing the practice of reporting on the performance of the SOE’s and on the implementation of the Strategy to the Chambers of the Oliy Majlis of the Republic of Uzbekistan, creating websites of enterprises, etc.

election (appointment) of members of the supervisory board and the executive body of companies with state participation, independently, based on the principles of corporate governance (by decisions of the general meeting, supervisory board, founder);

establishment of supervisory boards, internal audit service and audit committees at supervisory boards in state-owned enterprises;

establishment of a "compliance system" (compliance) service in listed joint-stock companies, and with the state share more than 50 percent

Formation a consolidated report on the results of the activities of state-owned enterprises and posting it on the official website of the State Assets Management Agency annually starting from 2022.

 At the same time, it is planned to extend the powers of the executive body and members of the supervisory board from one to three years and to cancel the exclusive right of the state - "golden share".

In addition, it is planned to establish an Expert Council with the involvement of local and international experts to assist in the organization of the Agency's activities on the basis of modern approaches and methods.

Implementation of the Strategy is expected to result:

 the number of independent members in the supervisory boards of state-owned enterprises will be gradually increased to 30%;

the number of state-owned enterprises will be reduced by 75%;

IPO’s and SPO’s of 20 state-owned enterprises.