At a meeting held in Berlin in December 2024 between Mr. Bakhodir Atakhanov, Chairman of the National Association of Investment Institutions (NAII), and Mr. Mathias Nehm, Director of indecon consulting, the parties reviewed the objectives and progress of their ongoing cooperation.

 

The discussions addressed indecon’s detailed written responses to NAII’s inquiries on international company law, providing both expert assessments and comparisons with German and international practice, the ongoing revision of Uzbekistan’s Corporate Governance Code, originally adopted in 2015, and indecon’s potential role in attracting international custodians to operate in Uzbekistan.

 

NAII and Indecon: Results of Cooperation and New Initiatives – naiiuz.uz

Following a constructive discussion in February 2024 between the Chairman of the National Association of Investment Institutions of Uzbekistan (NAII) and the management of indecon consulting, Dr Michael Lappe, Senior Advisor at indecon, has been appointed to the NAII Advisory Board.

 

This appointment reflects indecon’s long-standing advisory work in Uzbekistan on developing the legal framework for managing state-owned enterprises – including the Law on State Property Management and company law reforms – as well as Dr Lappe’s extensive experience in capital market governance gained during his tenure in various management positions at Deutsche Börse AG.

 

Indecon remains committed to supporting the further development of Uzbekistan’s capital market by sharing expertise, contacts, and insights on key strategic issues.

Between 2 and 9 December 2023, a delegation from Uzbekistan, led by the Uzbek State Assets Management Agency (UzSAMA), visited Berlin. The delegation also included representatives from the Presidential Administration, the Cabinet of Ministers, and the Parliament (Oliy Majlis). These authorities play a significant role in the country’s reform process.

 

The purpose of the visit was to continue and deepen the UzSAMA-led consultations on company law reform, and to share insights into the regulatory framework for corporate governance in state shareholding management. During their stay, the delegation also visited state-owned enterprises to discuss the practical implementation of corporate governance.

 

The visit formed part of a cooperation project between the Federal Ministry of Finance (BMF) and UzSAMA, for which indecon provides advisory services.
Indecon consultants conducted the relevant workshops and moderated the discussions.

In early October 2023, Indecon consultants attended a working group session on the reform of the Joint Stock Companies Law at the State Assets Management Agency (SAMA) in Tashkent. As active working group members, the consultants took part in in-depth discussions on the reform of Uzbekistan’s Joint Stock Companies Law, with a particular focus on integrating international best practices. They also held background discussions with other key Uzbek stakeholders involved in the reforms.

 

 

On the invitation of the National Association of Investment Institutions (NAII), the organizer of the “Capital Market of the Republic of Uzbekistan” conference, an indecon consultant delivered a keynote speech on September 7, 2023, addressing the development of corporate law in Uzbekistan. The conference featured discussions on Uzbekistan’s financial market, the investment environment and investment opportunities in Uzbekistan, as well as new investment instruments such as Islamic finance and digital financial assets. The attendees included representatives from regulatory and government bodies, investment banks, brokers, and issuers.

Indecon is advising the State Assets Management Agency (SAMA) of Uzbekistan on the reform of the Joint Stock Companies law. The current Law “On Joint-Stock Companies and Protection of Shareholders’ Rights” dates back to 2014. The mandate for reform was assigned to SAMA in November 2022 through a presidential decree.

The main objectives of the reform are:

• Improving the legal framework for joint-stock companies
• Increasing the efficiency of state-owned enterprises
• Alignment with international standards (OECD)
• Strengthening capital market financing through shares and bonds
• Enhancing the protection of shareholders
• Strengthening oversight of management bodies, in particular the executive body
• Ensuring reliability of legal transactions

Currently, there are 611 joint-stock companies in Uzbekistan. The state holds shares in about one third of them (234), many of which are scheduled for initial or follow-on public offerings (IPOs/FPOs).

To carry out the reform, a dedicated working group was established, with Indecon consultants appointed as members. They developed a reform concept for the law, prepared position papers on priority reform issues, and conducted workshops as well as online consultations on detailed drafting proposals. The first draft of the revised law is scheduled to be submitted to the Cabinet of Ministers on December 1.