OREANDA-NEWS. On August 14, 2007 Uzbek parliament's upper house Committee for Budget and Economic Reforms jointly with the Central Bank of Uzbekistan, Uzbekistan Banking Association (UBA) and Centre for Securities Market (CSM) held a conference on "The main principles of corporate governance system introduced in commercial banks and ways of its effectiveness increase", reported the press-centre of UBA.

The conference was aimed to reveal problems impeding the complete introduction of the principles of corporate governance in the Uzbek banking sector, determine ways of increase of corporate governance system effectiveness in commercial banks taking into account the international requirements, as well as ensure wide participation of commercial banks in investment processes and structural reforms of economy. Special attention was paid to the issues of increase of responsibility and efficiency of activity of commercial banks' boards.

The forum participants discussed actual issues of further development of legal and institutional bases of corporate governance, corporate culture, introduction of corporate governance principles in commercial banks, raising the productiveness of auditing and corporate control in the banking sector, improvement of the system of corporate governance in joint-stock companies and commercial banks, as well as the national legislation in this sphere.

The conference considered issues of activation of participation of banks in investment processes on creation of new and modern productions due to increase of their charter capitals through issue and floatation of shares and other financial tools in the stock market.