2nd International Scientific-Practical Conference on Corporate Governance: The Major Trends and Perspectives in Digital Economy

2nd International Scientific-Practical Conference on Corporate Governance: The Major Trends and Perspectives in Digital Economy was hold on May 17, 2018. The event was organized by Scientific-educational Center of corporate governance of the Republic of Uzbekistan.

The main goals of this conference were discussing global trends in the development of corporate governance systems, the impact of modern technologies on management practices, trends and perspectives in the development of economic sectors, as well as the transformation of business models in the digitalization of the world economy, the enhancement of the efficiency of business processes, the development of scientific proposals and practical recommendations for the introduction of effective corporate governance and management methods in joint-stock companies that meeting the requirements of the modern era of the digital economy.


More than 100 participants, including heads and representatives of EBRD, KOTRA, GIZ, JICA, JETRO Offices in Uzbekistan, international experts from Great Britain, Germany, France, South Korea and Japan, representatives of the National Agency of Project Management under the President of the Republic of Uzbekistan, Senate of Oliy Majlis, Cabinet of Ministers, ministries and agencies of the Republic of Uzbekistan, as well as representatives of educational institutions of our country, academic and scientific community.

During the conference, organized a panel discussion on the subject issues related to the current state of development of the digital economy and the main problems of improving corporate governance in Uzbekistan and abroad in digitalization era. Strong emphasis has also been placed the analysis of the influence of the digitization level on the competitiveness of not only business but also whole countries, as well as the advantages of the company’s competitiveness with the maximum use of the benefits of the period of changes.

In plenary sessions presentations were made by experts from Great Britain, Germany, South Korea, heads of ministries and agencies.


Through their presentations, speakers emphasized that within approved decree by President of the Republic of Uzbekistan Strategy of actions on five priority directions of development of the Republic of Uzbekistan in 2017-2021 in Uzbekistan are elaborated and adopted the critical decisions on the further implementation of fundamental reforms aimed at ensuring sustainable economic growth increase of competitiveness and investment attractiveness of the economy as well as the creation of a firm economic foundation for the future development of the country.


During the conference, foreign experts noted the successful implementation of large-scale comprehensively conceived programs, projects and reforms, including the liberalization of monetary policy, in ways that achieve sustainable theme of   economic growth at 5.5 percent, increase in exports by 15 percent, as well as country’s positive trade balance of $854 million. To successfully adapt to the transformation and to narrow the technological gap with the leading countries, Uzbekistan needs to work out effective responses to the challenges of the digital era.

In particular, requires the development long-term informed strategies. Digitalization given the need to ensuring faster development in this direction both at the state level and in the context of industries and enterprises of the republic.

The participants focused on the development of industry programs to modernize the country’s industry based on the principles of Industry 4.0 with the introduction of financial and non-financial mechanisms to stimulate demand from enterprises for technology of this kind. In this context, equally important are measures to capacity building of its own ICT sector, the implementation of which will reduce the critical dependence on imports and increase the export of digital technologies.

In the opinion of the participants, the deepening and expansion of digitalization will increase the competitiveness of the domestic economy on the world stage, provide conditions for a phased transition to the level of an innovative economy and knowledge economy as well as to improve the quality and population’s standard of living.

Having listened to and discussed the reports and addresses given at the plenary and group meetings, participants in the International Conference noted the following main directions and recommendations on the formation of the necessary conditions for transformation into the digital economy and improvement of the system of corporate governance and management in joint-stock companies:

  • the formation of the necessary infrastructure and legal framework to ensure an accelerated transformation into the digital economy;
  • active use of information and communication technologies in improving business processes at enterprises, in optimizing the main production, administrative and operational processes in accordance with the trends in the development of the digital economy;
  • introduction of an e-voting system at a general meeting of shareholders with a view to improving the effectiveness of the decision-making system in joint-stock companies;
  • the abolition of the practice of heads of sartorial executive bodies and government bodies in the management bodies of state joint-stock companies in order to prevent the emergence of a conflict of interest in the corporate governance process;
  • enhance transparency of corporate governance, adoption of the practice of systematic analysis of financial and economic activities of state enterprises,; effective control over the implementation and effectiveness of tasks and responsibilities;
  • development and implementation of measures for further improvement of the system of training, retraining and further training of the top-level managers and specialists of state enterprises in the field of corporate governance;
  • improvement of the structure and content of the current questionnaire to assess the effectiveness of the corporate governance system in joint-stock companies;
  • development and implementation of the methodology of corporate governance rating in joint-stock companies in order to identify the most effective national corporate governance practices among national companies and their wide dissemination.

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