Developed by the State Assets Management Agency within the framework of the Presidential Decree No. 6096 dated October 27, 2020 and the "Strategy of management and reform of enterprises with state participation for 2021-2025" Law "On state property management" is adopted and enacted (No. LRU-321 dated 09.03.2023).

In the development of the law, international experience in this area was taken into account, in particular, the suggestions of experts of the International Financial Organizations and a number of other qualified foreign consultants.

The purpose of the law is to regulate relations in the field of state property management.

The law provides the following main norms:

1) directions of state policy in the field of state property management;

2) principles of state property management: in this, one of the important principles was the creation of equal conditions for state enterprises and non-state legal entities and abandonment to provide additional benefits and preferences to state enterprises;

3) classification of state property: henceforth state property is divided into republican and municipal property;

4) approval of the list of non-privatizable state property (including underground resources, reservoirs, flora and fauna, as well as alleys and botanical gardens, etc.).

5) The Cabinet of Ministers, State Assets Management Agency, specially authorized state bodies, state institutions, including state bodies and local public authorities and their authority are defined as subjects of state property management;

It is determined that the State Assets Management Agency will be responsible for the single state policy in the management of state property.

6) main rules for the ownership and use of state property are defined: individuals who are entrusted with the state property are responsible for its reasonable and efficient management and use, careful maintenance, ensuring its integrity and security;

7) rules for using state property and the procedure for assessing the effectiveness of state property management will be developed. In this, redundant, unused or not used for its intended purpose state property will be confiscated;

8) establishment of enterprises with state participation will be allowed only if it complies with the criteria of state property ownership;

9) the main directions of implementation of corporate governance in enterprises with state participation are determined:

• executives of enterprises with state participation are evaluated according to the results of their performance, and the Supervisory Board is evaluated according to the results of the corporate governance system in enterprises, also the Supervisory Board considers reports of executives, including reports on procurements, at least once a quarter;
• the mechanism of remuneration of Supervisory Board members in enterprises will be developed depending on the results of the evaluation of the corporate governance system;

10) established liability insurance of Supervisory Board members and executive bodies;

11) it is noted that Supervisory Board members act in the interests of the enterprise and are responsible in accordance with the law;

12) state unitary enterprise and state entity that do not comply with the criteria of state property ownership will be transformed into a business entity (JSC, LLC);

13) the procedure for maintaining the register of state property will be carried out in the form of a single centralized electronic information database;

14) requirements for accountability, transparency and disclosure of information in the management of state property and implementation of the effectiveness assessment of the use of state property are established.

The Agency reports on the effectiveness of state property management to the President of the Republic of Uzbekistan and the Cabinet of Ministers of the Republic of Uzbekistan at least once a year, as well as upon request to the chambers of the Oliy Majlis of the Republic of Uzbekistan.

Established the procedure for disclosure of information by all organizations managing state property and placement of a consolidated report on the effectiveness of state property management on the website of the State Assets Management Agency.

15) in accordance with the criteria of state property ownership, a list of enterprises to be sold is being approved annually by October 1;

Natural monopolies, unprofitable enterprises, assets not subject to privatization, assets of strategic interest and public security, as well as assets determined by the President of the Republic of Uzbekistan are preserved.

16) ownership and regulatory functions are to be separated, by transferring ownership rights to the State Assets Management Agency or regulatory functions to other state agencies;

To date, enterprises are managed by 61 ministries and agencies.

The adoption of this law serves to reduce state participation in the economy, further improve the state property management, clearly define the responsibilities and authorities of public authorities and local government authorities in this area, and improve the effectiveness of state property management.