Company announcements

“Comply or Explain”

(«Rioya qil yoki tushuntir», «Соблюдай или объясняй») principle

O‘zqishloqelektrqurilish JSC, demonstrating its commitment to fair and open business conduct, voluntarily follows the recommendations of the Corporate Governance Code approved by the minutes of the meeting of the Commission “On improving the efficiency of joint-stock companies and enhancing the corporate governance system” dated 31 December 2015, pursuant to the resolution of the general meeting of shareholders of 15 June 2019.

From 1 January 2021 to 31 December 2021, O‘zqishloqelektrqurilish JSC conducted its activities in accordance with the recommendations of the Corporate Governance Code (hereinafter — the Code) and intends to continue to follow them.

At the same time, during the reporting period the recommendations of the Code were implemented with certain exceptions, namely:

I. Regarding the recommendation of paragraph 3, item 12, section II of the Code…

Measures are being considered to publish information subject to mandatory disclosure in English translation as well — on the company’s website and in other sources provided for by law.

II. Regarding the recommendation of paragraph 6, item 15, section III of the Code…

In accordance with the Law “On joint-stock companies and protection of shareholders’ rights” and the company’s charter, the competence of the general meeting of shareholders includes adopting resolutions on major transactions and on transactions with affiliated persons in the cases provided for by law.

At the same time, the question of identifying transactions related to the company’s ordinary business activities is planned for consideration at the general meeting of shareholders.

III. Regarding the recommendations of paragraphs 8 and 10 of the said item…

An action plan has been developed for the practical application of the recommendation that the meeting of the company’s supervisory board determine the voting procedure for its representatives acting on behalf of the company at meetings of the governing bodies of organisations within the company, and that the company’s executive body be regularly required to report on the activities of the enterprises within the company — on the work performed and the indicators achieved in accordance with their approved business plan.

IV. Regarding the recommendation of paragraph 10, item 25, section VI of the Code…

A separate unit has been established in the company to monitor compliance with corporate law requirements, and therefore no need arose to introduce the position of corporate adviser for 2021.