In accordance with the Presidential Decree No.PD-101 dated March 24, 2023 and the "Strategy of Management and Reform of Enterprises with State Participation for 2021-2025", the State Assets Management Agency has developed updated Rules of Corporate Governance for Enterprises with State Participation and a model Code of Ethics, as well as, as an integral part of the Code, an Anti-Corruption Policy, Conflict of Interest Management Policy and Whistleblowing Policy. These documents were developed with the participation of the Asian Development Bank and the European Bank for Reconstruction and Development.

In order to improve the efficiency of enterprises and management bodies and prevent conflicts of interest, the following norms have been incorporated into these documents:

I. In the Corporate Governance Rules for enterprises with state participation:

• Ensuring equal rights of all shareholders (participants) of state-owned enterprises, and protecting the rights of minority shareholders;
• increasing the obligations of state-owned enterprises to all stakeholders, including employees, creditors, customers, suppliers, etc..;
• introduction of an integrated control system based on the COSO model (The Committee of Sponsoring Organizations of the Treadway Commission) in order to improve the internal control system at enterprises, risk management and effective organization of the internal control system;
• ensuring openness and transparency of SWOT-analysis of enterprises, increasing the responsibility of the supervisory board and the executive body in the management of enterprises, control over compliance with corporate rules.

II. The Code of Ethics, as well as the Anti-Corruption Policy, the Conflict of Interest Management Policy and the Whistleblowing Policy:

• Ethical standards for employees of state-owned enterprises, basic principles of ethical standards, implementation of the anti-corruption policy, ethical standards in relations with suppliers and business partners;
• prevention of conflicts of interest and elimination of their consequences, identification of possible factors of conflicts of interest, keeping a register of admitted conflicts of interest;
• obligations to report violations of ethical norms, guarantees of whistleblower protection, liability of persons violating the norms.

These documents were approved by the Order of the State Assets Management Agency No.145 dated June 23, 2023 and in accordance with the schedule were forwarded to 62 enterprises for familiarization and implementation within the authority of the management bodies.