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Joint-stock companies will create board committees

The Center for Coordination and Development of the Securities Market under the State Committee on Competition proposes introducing a more specific edition of the law regulating the status of the board of the joint-stock company.

The bill, containing amendments to the Law "On Joint Stock Companies and Protection of Shareholder Rights", was published for discussion at web-site “regulation.gov.uz”. This is not the only innovation. More about new initiatives in this direction - in the review of experts, the information and legal portal “www.norma.uz”

One of the proposed innovations is a ban on the acquisition by subsidiaries and dependent companies of shares in the authorized capital of their main companies.

Another innovation - for the consideration of the most important issues and the preparation of recommendations in society, board committees consisting of its members, employees of the company and (or) persons involved can be created. It is mandatory to create an audit committee, consisting exclusively of members of the board.

The procedure for the formation and operation of the committees of the company's management, their number, as well as the number of members, will be determined by an internal document approved by the supervisory board.

It is also proposed to expand the limits of liability of members of the supervisory board, directors or members of the board of the company, trustee, obliging them to reimburse society for lost profits, i.e. income received as a result of making decisions on the conclusion of transactions that caused damage to the company.

A company or a shareholder (shareholders) owning at least 1% of the placed shares will be able to apply to the court with an appropriate suit.

Today, shareholders are guaranteed access to the documents listed in the Article 103 of the Law, but there is an exception. These are accounting documents, minutes of board meetings, as well as orders of the director (chairman of the board) of the company and the register of shareholders of the company. The draft proposes to provide for the possibility for a shareholder to familiarize himself with them by a court decision.

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