Uzbekistan to introduce criteria for evaluation of efficiency of enterprises with state share
03/08/2015 13:05
Cabinet of Ministers of Uzbekistan
03/08/2015 13:05
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan introduces criteria assessment of efficiency of activities of the joint stock companies and other economic entities with the state share.
The Government of Uzbekistan with his resolution from 28 July 2015 approved the regulation.
The document determines criteria for assessment efficiency of activities of joint stock companies, limited liability companies and other enterprises with the state share in charter capital.
The regulation will not be applied to banks and insurance companies. Business entities, which have no state stake in their charter capital, can use the regulation in line with the decision of the management.
Key figures of efficiency are evaluation criteria, which can be used to assess efficiency of the activities of the executive bodies of the companies.
The key efficiency figures (KEF) can include economic, energy, production, innovative and other figures of efficiency, the regulation said. The KEF is approved by the management of the companies.
The information source of KEF evaluation can be balance sheet, reports, business plans and other materials of the companies.
Each year, the forecasted KEF figures should be approved in the business plan as separate appendix. The size of remuneration of head and members of executive body will depend on implementation of the KEF. If KEF realization is poor, management will not receive remuneration.
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