Maxam-Chirchiq joint-stock company hosted a seminar in its premises on the practice of modern corporate governance.

Maxam-Chirchiq joint-stock company hosted a seminar in its premises on the practice of modern corporate governance.

The seminar, organized by the State Committee of the Republic of Uzbekistan on privatization, de-monopolization and development of competition, was attended by representatives of a number of joint-stock companies.

It was noted that under the leadership of the President of the country a productive work on wide attraction of foreign direct investment, improving the efficiency of joint-stock companies, ensuring their transparency and attractiveness for future investors, introduction of modern corporate governance practices, creation of conditions to strengthen the role of shareholders in the strategic management of enterprises has been carried out.

The decree of the head of our state "On measures for the introduction of modern methods of corporate governance in joint stock companies" dated April 24, 2015 has played an important role in scaling up the work and its rise to a qualitatively new level.

Implementation of this document promotes the growth of production efficiency, use of investment, logistical, financial and human resources. Many promising projects have been implemented, new modern joint-stock companies have been created with the participation of foreign capital. Instead of obsolete units and positions, new ones are created, which correspond to modern international standards and requirements of the market economy.

- 49 percent of our shares is owned by the Spanish company "MaxamCorp International S.L.", - says head of corporate management department of Maxam-Chirchiq JSC B.Bakiev. - Responsible employees of the company have undergone training and retraining abroad. Foreign managers with high qualification are invited for managerial positions. As a result, the advanced methods of corporate management have been introduced, production volume, product quality and income have risen.

The participants got acquainted with the best corporate governance practices, in particular, on issues of strategy, internal control, cooperation mechanisms between the shareholders and investors.

- We got a lot of necessary and useful new information relating to the activities of joint stock companies - said the head of Uzneftgazmash company A.Oraztaev. - This will enhance the efficiency of our operations.

The participants got acquainted with the activities of Maxam-Chirchiq, modern system of corporate governance and shared their experiences with the manager of other public companies.