NAII and Indecon: Results of Cooperation and New Initiatives

On December 18, 2024, in Berlin, Germany, the Chairman of the National Association of Investment Institutions (NAII), Bakhodir Alisherovich Atakhanov, held a working meeting with the head of the German company Indecon Consulting, Mathias Nehm.

During the meeting, the parties discussed the outcomes of their joint cooperation for the year 2024 and highly appreciated the results achieved. One of the key topics was the potential involvement of Indecon Consulting in attracting international custodians to operate in Uzbekistan.

Mathias Nehm also presented the draft of a new Corporate Governance Code of Uzbekistan, developed by a joint working group of the Agency for State Asset Management of Uzbekistan and Indecon Consulting. During the discussion, Bakhodir Atakhanov emphasized the need to improve the current version of the Code, which was adopted at the end of 2015. He noted that the existing version requires adaptation to the modern reforms in corporate governance taking place both in Uzbekistan and globally.

NAII, in turn, presented its proposals and comments on the draft of the new Code. Among the key initiatives were:

• Strengthening the protection of rights and legal interests of minority shareholders through the creation of an association;

• Wide implementation of alternative dispute resolution (mediation) between companies, their shareholders, and other stakeholders.

At the end of the meeting, both sides expressed their readiness to further strengthen cooperation in all areas of NAII’s activities. The participants exchanged warm holiday greetings on the occasion of Christmas and the New Year.

As part of long-term cooperation with the Federal Ministry of Finance of Germany, a seminar was held on December 3, 2024, in Tashkent by the Agency for State Asset Management to discuss the new version of the Corporate Governance Code. NAII representatives also participated in the seminar and shared their proposals for the draft.