IMPROVING CORPORATE GOVERNANCE IN JOINT-STOCK COMPANIES OF UZBEKISTAN ON THE BASIS OF INTERNATIONAL ESG STANDARDS

Rushana Norova

Авторы

Rushana Norova

Ключевые слова:

corporate governance, ESG, joint-stock company, sustainability reporting, supervisory board, IFRS S1, GRI, stakeholder theory

Аннотация

The growing importance of environmental, social and governance (ESG) criteria in global capital markets is changing the way investors evaluate companies and the way companies are governed. This article examines how corporate governance in joint-stock companies of Uzbekistan can be improved on the basis of international ESG standards. The study uses a comparative analysis of the main international frameworks (the G20/OECD Principles of Corporate Governance, GRI Standards, IFRS S1 and S2 of the International Sustainability Standards Board, and the UN Global Compact), a document-based gap analysis of the national corporate governance framework, and an index-based methodology. The results show that the national framework covers the classical governance pillar reasonably well, while the environmental and social pillars, sustainability oversight by the supervisory board, and non-financial reporting remain weakly regulated. The article proposes an ESG-based Corporate Governance Index (ESG-CGI) for joint-stock companies, consisting of four sub-indices and twenty indicators, as well as an organizational mechanism and a phased roadmap for introducing ESG practices. The proposals can be used by supervisory boards, the State Assets Management Agency, capital market regulators and investors.

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