IMPLEMENTATION OF ICGN PRINCIPLES INTO UZBEK JOINT-STOCK COMPANIES: THE CASE OF DORI-DARMON JSC
;
Corporate Governance, ICGN Principles, Uzbekistan, Dori-Darmon JSC, Board Independence, TransparencyAbstrak
This paper analyzes the implementation of the International Corporate Governance Network (ICGN) Principles into the corporate governance system of Uzbek joint-stock companies, with a focus on the pharmaceutical enterprise Dori-Darmon JSC. The study identifies the alignment between ICGN’s global governance standards and Uzbekistan’s national reforms since 2015, particularly through the Presidential Decree No. PQ-4720 and the Corporate Governance Code. A comparative analysis demonstrates the gradual institutionalization of transparency, shareholder rights, board accountability, and executive remuneration standards in Dori-Darmon JSC. The results indicate that Uzbekistan’s corporate governance system is evolving toward global best practices, though further progress is required in independent board oversight, sustainability reporting, and investor engagement.
Iqtiboslar
International Corporate Governance Network (ICGN). ICGN Global Governance Principles: Revised 2021. London, UK: ICGN, 2021. Available at: https://www.icgn.org/policy/global-governance-principles
Decree of the President of the Republic of Uzbekistan No. PQ-2327. On Measures to Improve the Efficiency of Joint-Stock Companies and Introduce Modern Corporate Governance Methods. March 31, 2015. Available at: https://lex.uz/docs/2617143
Decree of the President of the Republic of Uzbekistan No. PQ-4720. On Measures to Further Improve the Corporate Governance System. May 24, 2020. Available at: https://lex.uz/docs/4827621
Dori-Darmon JSC. Charter of the Company. Tashkent, 2023.
Dori-Darmon JSC. Corporate Governance Code of Dori-Darmon JSC. Tashkent, 2023.
State Assets Management Agency of Uzbekistan. Corporate Governance Reform Overview. Tashkent, 2022. Available at: https://davaktiv.uz/en
OECD. G20/OECD Principles of Corporate Governance. Paris: OECD Publishing, 2023. Available at: https://www.oecd.org/corporate/principles-corporate-governance.htm
World Bank. Uzbekistan: Enhancing Corporate Governance and Transparency. Washington, D.C.: World Bank, 2022. Available at: https://documents.worldbank.org/en/publication/documents-reports
