The topic "Transformation of corporate governance in companies with state participation, "quick steps" for development" was one of the discussions on the second day of the Tashkent International Investment Forum.

Alvarez & Marsial's managing director Peter Briggs moderated the discussion. He stressed that privatization plays an important role and is particularly active in Uzbekistan. Companies with state shares are being taken over by private companies, and management in this context is a driver in this direction.

- Our agency has international standards and rules by which we work. It was created at the initiative of the head of state," said Shukhrat Vafaev, general director of the Agency for Strategic Reforms under the President of the Republic of Uzbekistan. - I'm sure we'll be able to make progress in corporate governance.

Companies with state ownership play an important role in many economies, but the effectiveness of their work can be a focus of attention. Transformation of corporate governance is one of the ways to increase the productivity and competitiveness of such companies.

Appropriate corporate governance is not only a good tool for reducing risk and ensuring transparency in a company's operations, but it is also a critical determinant of its competitiveness and ability to attract internal and external investment.

- One priority is privatization and reduction of the state's share in the economy," said Akmalhon Ortikov, director of Uzbekistan's State Asset Management Agency. -Recently, a law on managing state assets was passed, which contains new measures in this area. It differentiates such notions as enterprises with state participation, a state agency, and property. A system of reporting on state assets will be put in place on a regular basis. It is important that the reforms are people-oriented. In addition, we have an electronic system E-auksion, which brings together a large number of users. Also, Uzbekistan has created a list of 40 enterprises for a "people's IPO", including some market leaders, like large industrial complexes. The same processes can be implemented in the oil and gas, automotive, aviation, and other sectors. Still, there are questions about whether investors and entrepreneurs are willing to invest in these areas. We are developing approaches that enable investors to submit their proposals.

Experts at TIIF-2023 named "quick steps" to develop corporate governance in companies with state participation. Among them: strengthening board independence, developing a strategic plan, improving corporate culture and ethics, and others.

- Transformation is a process, not a result," remarked Alexander Ikonnikov, chairman of the Supervisory Board of the Independent Directors Association. - I want to recall a quote by George Lucas: "The focus of attention determines our reality". Uzbekistan has this focus, there are agencies that are directly involved in the transformation of public administration. In the transformation process, it is also necessary to change the mindset. It is necessary to learn to treat the business as a separate entity, including its protection. We need conditions to attract top managers to the company. After all, these people do not want to be 'passengers'; they plan to write their own stories and not lose their reputation.

Participants noted that human resources play the main role in transforming management in companies with public administration with a high level of competence, experience and knowledge in their field. In addition to recruiting foreign specialists for top management positions, it is important to train staff within the country.