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International Finance and Accounting

Abstract

Corporate Governance is a concept that will regulate the correctness and effectiveness of the company operations. Currently the world trends are indicating upgraded version of the management – Corporate Governance 3.0, which entails the usage of well-balanced Board of Directors as well as employment of digital technologies in the managing of the companies. This article provides an analysis of the contemporary conditions related to corporate governance in Uzbekistan and provides a list of recommendations to tackle the shortcomings. The setting of the Board of directors using competence based balanced approach, employing tokenization for financial asset emission and use of artificial intelligence in the digitalization of the corporate governance are proposed as possible measures to catalyst the transformation of corporate governance in Uzbekistan.

References

[1] Green Paper (2011). The EU corporate governance framework. Response to the European Commission’s Green Paper. Brussels [2] Code (2018). The UK Corporate Governance Code. July. Available at: https://www.frc.org.uk/getattachment/88bd8c45-50ea-4841-95b0-d2f4f48069a2/2018- UK-Corporate-Governance-Code-FINAL.PDF [3] Subramanian G (2015). Corporate Governance 2.0 // Harvard Business Review. March. Vol. 93. № 3. P. 96–105. [4] Milovidov, V.D. (2017) Korporativnoye upravleniye 2.0: evolyutsiya sistemы korporativnыx otnosheniy v informatsionnom obщestve, Problemы natsionalnoy strategii № 4(43) 2017, pp 171-189 [5] Grove, H., Clouse, M., Schaffner, L., & Xu, T. (2020). Monitoring AI progress for corporate governance. Journal of Governance & Regulation, 9(1), 8-17. http://doi.org/10.22495/jgrv9i1art1 [6] Lausen, Jens, Regulating Initial Coin Offerings? A Taxonomy of Crypto-Assets (March 31, 2019). Proceedings of the 27th European Conference on Information Systems (ECIS), Stockholm & Uppsala, Sweden, June 8-14, 2019, Available at SSRN: https://ssrn.com/abstract=3391764 [7] Deloitte, (2020) Security token offerings: The next phase of financial market evolution? https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/audit/deloitte-cn-audit-security-token-offering-en-201009.pdf [8] Mark Fenwick, Joseph A. McCahery, Erik P. M. Vermeulen (2020) The End of ‘Corporate’ Governance: Hello ‘Platform’ Governance. // European Business Organization Law Review https://doi.org/10.1007/s40804-019-00137-z [9] Philipp Sandner, Anna Lange and Philipp Schulden The Role of the CFO of an Industrial Company: An Analysis of the Impact of Blockchain Technology. // Future Internet 2020, 12, 128; doi:10.3390/fi12080128 [10] Michael Etter, Christian Fieseler, Glen Whelan Sharing Economy, Sharing Responsibility? Corporate Social Responsibility in the Digital Age, Journal of Business Ethics https://doi.org/10.1007/s10551-019-04212-w

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