The system of corporate governance has many challenges, the president of Uzbekistan

Almaty. January 19. Silkroadnews - President Islam Karimov at the government session on the results of 2014 and prospects for 2015 criticized the system of corporate governance practiced in the country, reports the Telegraph Agency of Uzbekistan (UzTAG).
"Serious attention requires a radical change in the principles and approaches of corporate governance, introduction of advanced international standards of corporate management of production, foreign trade and investment processes", - said Islam Karimov.
According to the President, first of all it is necessary to critically evaluate the effectiveness of the Uzbek enterprise or joint stock association, compared with similar foreign, especially in economically developed countries, especially in the sphere of industrial production, where the ownership is dominant today.
"It must be admitted that the increase in the scale of corporatization demonstrates many unsolved problems in corporate governance and the distribution of income from the activity, a number of other areas of the privatization process. This is especially true of joint stock companies where the owner of stakes in the state. In such societies, shareholders, especially minority shareholders, effectively cut off from the real management and decision-making due to the low volume and fragmentation of stocks",- said the president of Uzbekistan.