Implementation Of International Standards In The Corporate Governance System Of Joint-Stock Companies Of Uzbekistan

Abstract

This paper investigates the transition of corporate governance practices within joint-stock companies in Uzbekistan toward international benchmarks, including the OECD Principles of Corporate Governance. Historically characterized by significant state involvement and weak protection of minority shareholders’ rights, Uzbekistan’s corporate ecosystem has undergone substantial modernization through comprehensive legislative reforms. Using a mixed-methods approach that combines qualitative legislative analysis with quantitative monitoring of governance indicators across 45 major listed and state-influenced joint-stock companies, the study evaluates the depth of institutional alignment. The findings reveal a significant reduction in direct state intervention through the abolition of the golden share mechanism, an increase in the representation of independent board members, and the formalization of fiduciary duties. Nevertheless, challenges remain regarding market liquidity, the institutional independence of supervisory boards, and the depth of compliance with international standards. The paper outlines policy directions aimed at narrowing the gap between the formal adoption of governance standards (de jure) and their effective implementation in practice (de facto).