Today during the twenty-seventh plenary session of the Senate of Oliy Majlis, the Law “On management of state property” was discussed and approved.
The purpose of the law is to regulate relations in the management of state property, in which:
1) The principles of state property management are established. One of the important principles is to create equal conditions for state-owned enterprises and non-state legal entities to conduct economic activities, and not to provide additional benefits and preferences to state-owned enterprises;
2) the criteria of ownership of state property are established;
The state retains only objects of strategic interest and security of the population, natural monopolies, unprofitable for the private sector territories, and non-privatized objects.
3) state property is divided into republican and municipal property;
4) introduction of mechanism of appraisal of efficiency of state property use is implied;
According to the results of evaluation, the balance holders take measures to ensure the effective use by custodians of excessive, unused or misused property, by withdrawing it.
5) the subjects of state property management and their powers are determined, that is, the Cabinet of Ministers, the State Assets Management Agency, the Ministry of Finance, state bodies, as well as khokimiyats;
6) the main directions of the introduction of corporate governance in enterprises with state participation are determined;
The heads of state-owned enterprises are evaluated by the effectiveness of their activities, and the supervisory board is evaluated by the results of corporate governance at enterprises, the supervisory board reviews the reports of managers, including procurement reports, at least once a quarter.
7) management of economic companies with state participation is implied – by the State Assets Management Agency, commercial banks and strategic enterprises with state participation – by Ministry of Finance, economic enterprises of municipal significance – by khokimiyats;
8) the basic rules of organization, conduction of activities and reorganization of state unitary enterprises and state institutions are established;
State unitary enterprises and state institutions which do not meet the criteria for preservation of state property will be transformed into economic companies (JSC, LLC).
9) requirements for accountability, transparency and disclosure of information in the management of state property are established.
The adoption of this law will reduce state involvement in the economy, further improve the management of state property and clearly define the responsibility and credentials of public authorities and local khokimiyats in this area, increase the effectiveness of state property management.
For reference: The Law of the Republic of Uzbekistan "On the management of state property" was passed by the Legislative Chamber of the Oliy Majlis on March 15 of this year.
