In line with the government's commitment to improving the efficiency and transparency of state-owned enterprises, the State Assets Management Agency (SAMA) of Uzbekistan has introduced updated Rules of Corporate Governance and a model Code of Ethics.
This includes policies on Anti-Corruption, Conflict of Interest Management, and Whistleblowing. These essential documents were developed with the support of the Asian Development Bank and the European Bank for Reconstruction and Development.
The new Corporate Governance Rules aim to ensure equal rights for all shareholders of state-owned enterprises, safeguard the interests of minority shareholders, and enhance the obligations of these enterprises toward stakeholders such as employees, creditors, customers, and suppliers.
The integration of a control system based on the COSO model, developed by The Committee of Sponsoring Organizations of the Treadway Commission, will strengthen internal controls, risk management, and overall organizational effectiveness. The rules also emphasize transparency through SWOT analysis, increased accountability of the supervisory board and executive body, and strict compliance with corporate governance standards.
The Code of Ethics, Anti-Corruption Policy, Conflict of Interest Management Policy, and Whistleblowing Policy provide a comprehensive framework for ethical conduct within state-owned enterprises. The Code outlines ethical standards for employees, promotes integrity in their dealings with suppliers and business partners, and sets clear guidelines for implementing the anti-corruption policy.
The Conflict of Interest Management Policy focuses on preventing conflicts of interest, identifying potential factors that may lead to such conflicts, and maintaining a register of declared conflicts. The Whistleblowing Policy ensures that employees can report violations of ethical standards, providing protection to whistleblowers and establishing accountability for those who breach the norms.
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