Information on the principle «comply or explain»

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Information on the principle «comply or explain»


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April 13, 2018 03:04,

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Information on the principle «comply or explain»

In accordance with paragraph 8 of the Corporate Governance Code, if the individual recommendations of the Code can not be complied with, the company discloses its causes in the media in detail, following the international principle of "comply or explain".
According to clause 18 of the Code, joint-stock companies include at least one independent member (but not less than 15% of the number of members of the supervisory board provided by its charter) to the supervisory board, in accordance with the requirements of the provision on the supervisory board.
According to the charter of JSC "Uzburneftegaz", a quantitative composition of the supervisory board of 9 persons was established.
Article 63 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of the Rights of Shareholders" stipulates that shareholders who collectively own at least one percent of the company's voting shares are entitled to nominate candidates to the supervisory board, the number of which can not exceed the quantitative composition of this body.
Joint Stock Company "Uzburneftegaz" informs that in 2017 independent members are not included in the Supervisory Board due to the lack of candidates nominated by shareholders in the composition, nominated for the criteria of independent members of the supervisory board pursuant to clause 19 of the Code.

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