Developed by the Agency for State Asset Management within the framework of Presidential Decree No. 6096 of October 27, 2020 and "Strategies for the Management and reform of enterprises with state Participation for 2021-2025", the Law "On State Property Management" (No LRU-321 of 09.03.2023) was adopted and put into effect.

When developing the law, international experience in this field was taken into account, in particular, the proposals of experts from international financial organizations and a number of other qualified foreign consultants.

The purpose of the law is to regulate relations in the field of state property management.

The Law provides for the following basic norms:

1) directions of state policy in the field of state property management;

2) principles of state property management: in this regard, one of the important principles was the creation of equal conditions for state-owned enterprises and non-state legal entities and the refusal to provide additional benefits and preferences to state-owned enterprises;

3) classification of state property: from now on, state property is divided into republican and municipal property;

4) approval of the list of non-privatized state property (including underground resources, reservoirs, flora and fauna, as well as alleys and botanical gardens, etc.).

5) The Cabinet of Ministers, the State Assets Management Agency, specially authorized state bodies, state institutions, including state bodies and local public authorities and their powers are determined by the subjects of state property management.;

It is determined that the Agency for State Asset Management will be responsible for a unified state policy in the field of state property management.

6) the basic rules of ownership and use of state property are defined: the persons entrusted with state property are responsible for its reasonable and effective management and use, careful maintenance, ensuring its integrity and safety;

7) the rules for the use of state property and the procedure for evaluating the effectiveness of state property management will be developed. At the same time, the state property that is superfluous, unused or not used for its intended purpose will be confiscated.;

8) the establishment of enterprises with state participation is allowed only if it meets the criteria of ownership of state property;

9) the main directions of corporate governance implementation at enterprises with state participation have been determined:

the heads of state-owned enterprises are evaluated based on the results of their activities, and the Supervisory Board is evaluated based on the results of the corporate governance system at enterprises, and the Supervisory Board also reviews the reports of managers, including procurement reports, at least once a quarter;
the mechanism of remuneration of members of the Supervisory Board at enterprises will be developed depending on the results of the assessment of the corporate governance system;
10) established liability insurance for members of the Supervisory Board and executive bodies;

11) it is noted that the members of the Supervisory Board act in the interests of the company and are responsible in accordance with the law;

12) a state unitary enterprise and a state entity that do not meet the criteria for owning state property will be transformed into a business entity (JSC, LLC);

13) the procedure for maintaining the register of state property will be carried out in the form of a single centralized electronic information database.;

14) the requirements for accountability, transparency and disclosure of information in the management of state property and the assessment of the effectiveness of the use of state property are established.

The Agency reports on the effectiveness of state property management to the President of the Republic of Uzbekistan and the Cabinet of Ministers of the Republic of Uzbekistan at least once a year, as well as upon request to the Chambers of the Oliy Majlis of the Republic of Uzbekistan.

The procedure for disclosure of information by all organizations managing state property and posting a consolidated report on the effectiveness of state property management on the Internet resource of the Agency for State Asset Management has been established.

15) in accordance with the criteria for the ownership of state property, a list of enterprises subject to sale is approved annually until October 1;;

Natural monopolies, unprofitable enterprises, assets not subject to privatization, assets of strategic interest and public security, as well as assets determined by the President of the Republic of Uzbekistan remain.

16) separation of ownership and regulation functions by transferring ownership rights to the State Asset Management Agency or regulatory functions to other state bodies;

To date, 61 ministries and departments manage enterprises.

The adoption of this law serves to reduce the state's participation in the economy, further improve the management of state property, clearly define the duties and powers of state authorities and local self-government bodies in this area, and improve the efficiency of state property management.