Deputy prime minister of the republic of uzbekistan

Unofficial translation

DEPUTY PRIME MINISTER OF THE REPUBLIC OF UZBEKISTAN

Ministry of Finance (to Ishmetov),

State Assets Management Agency (to Bekenov)
Central Bank (to Zohidov), commercial banks (according to the list)

To take measures to approve independent candidates proposed to the supervisory boards of commercial banks (No. 01/01-02-29-32/174 of September 29, 2020) in the prescribed manner.

To A.A. Kamalov - for control

Signed Dj. Kuchkarov

October 23, 2020

No. 02/1-3331

MINISTRY OF FINANCE REPUBLIC OF UZBEKISTAN

September 29, 2020 #01/01-02-29-32/174

To Deputy Prime Minister of the Republic of Uzbekistan - Minister of Economic Development and Poverty reduction Dj.A.Kuchkarov


Dear Djamshid Anvarovich!
In accordance with the decree of the President of the Republic of Uzbekistan dated October 9, 2019 PD-4487 "On further measures to increase the financial stability of the banking sector of the Republic of Uzbekistan" the Ministry of Finance is responsible for improving the quality of the corporate management system of commercial banks with state participation and review the composition of the supervisory boards in this regard.
In order to strengthen the activity of supervisory boards in commercial banks with state participation and increase their effectiveness, the Ministry of Finance negotiated with world class experts with practical experience, and agreements were reached on including them as independent members of the supervisory boards of commercial banks with state participation.
By integrating the supervisory boards of banks with international experts, it is possible to accelerate the transformation process commercial banks, to strengthen control over banking activities and to introduce modern standards to the corporate governance system.
Based on above mentioned, also in accordance with the requirements of the decree of the Cabinet of Ministers of the Republic of Uzbekistan dated April 26, 2019 №356 "On measures to further improve the state asset management system", the list of independent candidates proposed to the supervisory boards of commercial banks with state participation is included in the appendix for approval.
The renumeration expenses of the experts involved as independent members of the supervisory boards shall be covered by the banks, here the amount of the annual renumeration is determined by agreement, but based on the internal regulations within the framework of 50,000 USD per year (except for living and transportation expenses during the visit to the Republic of Uzbekistan as well as remuneration for membership in the committees under the supervisory board) is proposed to be determined.
The proposed independent members are elected and removed by the decisions of the general meetings of shareholders of the banks.

Appendix___ on the sheet.

Minister Signed T. Ishmetov