On October 7 this year the first international business summit of Directors "Corporate Governance on the Silk Road" was held in Tashkent, in order to discuss the role of the state, investors and business in the development of corporate governance.

The main objective of the summit is to share experience on achievements and practices in the field of corporate governance in Central Asia and the Silk Road countries, to review the status of the supervisory boards (boards of directors) of companies, as well as trends in their activities.

Deputy Director of the State Assets Management Agency Alisher Miraliyev also made a speech at the summit with information on the fundamentals of corporate governance in Uzbekistan, improvement of legal framework in this area, introduction of modern management practices in the activities of state-owned enterprises. 

In particular, participants of the summit were introduced with the implementation requirements of the Strategy on management and reform of enterprises with state participation for 2021-2025 in the enterprises with state participation, as well as innovations provided by the strategy to improve the effectiveness and responsibility of the management and control bodies.

At the same time the participants shared their views and experience in the field of reducing state participation in the economy, transformation of state-owned enterprises, attracting independent members, qualified specialists with international experience to their supervisory boards and management.

Meanwhile, issues of transforming enterprises with state participation in Uzbekistan, priority directions of developing their management system, priority tasks on improving corporate governance system, as well as plans for the next year were discussed.

The organizers of the summit (Silk Road Board and Management Institute (SR BGI), KPMG Company in Uzbekistan, International Finance Corporation (IFC), Association of Professional Directors (ADI) and TEAM University) expressed confidence that best corporate governance practices in state and private companies, taking into account the economic model and development level of each country, will be improved during the growing economies of Central Asia and the Caucasus region.