The Chairman of the National Association of Investment Institutions (NAII), Bahodir Atakhanov, held a working meeting with the head of the German company "Indecon Consulting," Mathias Nehm on December 18th, 2024, Berlin, Germany.

During the meeting, the parties discussed the results of their collaboration in 2024, expressing high regard for the progress made. A key topic of discussion was the potential involvement of "Indecon Consulting" in attracting international custodians to Uzbekistan.

Mathias Nehm also presented a draft of the new Corporate Governance Code for Uzbekistan, developed by a joint working group from the State Assets Management Agency of Uzbekistan (SAMA) and "Indecon Consulting." In response, Bahodir Atakhanov highlighted the need to refine the existing version of the Code, which was adopted at the end of 2015. Atakhanov emphasized that the current version requires updates to align with ongoing corporate governance reforms in Uzbekistan and globally.

The NAII presented its proposals and comments on the draft of the new Code. Key initiatives included:

• Strengthening the protection of the rights and legal interests of minority shareholders through the establishment of dedicated association.
• Promoting the widespread adoption of amicable dispute resolution mechanisms (mediation) between enterprises, their shareholders, and other stakeholders.

At the conclusion of the meeting, both sides expressed their readiness to further strengthen cooperation across all areas of NAII’s activities. The participants concluded the discussion by exchanging warm wishes for Christmas and the New Year.

As part of longstanding cooperation with the Federal Ministry of Finance of Germany, the SAMA held a seminar in Tashkent on December 3, 2024, dedicated to discussing the new draft of the Corporate Governance Code. Representatives of the NAII also attended the seminar and presented their proposals for the draft.