PROSPECTS FOR IMPLEMENTING ESG STANDARDS IN CORPORATIVE GOVERNANCE IN UZBEKISTAN
Keywords:
ESG standards, corporate governance, corporate law, sustainable development, financial and non-financial reporting, state-owned enterprises, IFRS Sustainability Disclosure Standards, investment attractiveness, fiduciary duties, stakeholdersAbstract
This article analyzes the history of the emergence, essence, and role of ESG (environmental, social, governance) standards in modern corporate governance relations from the perspective of corporate law. In recent years, the modernization of state and public life and the liberalization of the economy in Uzbekistan have significantly influenced the qualitative development of corporate legal relations. The article systematically examines the importance of the ESG concept in attracting investments, the state policy aimed at introducing these standards in Uzbekistan, and the regulatory legal acts adopted over the last decade. Based on reports from international and national organizations, as well as research by local and foreign scholars, the main models of legal formalization of ESG are compared, and substantiated proposals for the effective implementation of ESG standards in Uzbekistan are developed. The main conclusion of the article is that the success of implementing ESG standards in Uzbekistan depends not on the adoption of international standards, but on the extent to which they are linked to national corporate law institutions — the powers of the supervisory board, directors' duties, information disclosure, audit confirmation, investor rights, and liability for independent audit. In this sense, ESG can be a key tool for transitioning corporate governance in Uzbekistan from a formal reporting model to a strategic legal accountability model.Downloads
References
[1][1] Bekmirzayeva Umida Abdug‘ani qizi. (2026). O’zbekiston Respublikasi ESG standartlarini joriy qilishni huquqiy tartibga solish . tadqiqotlar, 81(3), 9-17.
[2] UN Global Compact. Who Cares Wins: Connecting Financial Markets to a Changing World. New York: United Nations, 2004.
[3] IFRS Foundation. IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; IFRS S2 Climate-related Disclosures. London: ISSB, 2023.
[4] The Corporate Governance Institute. A brief history of ESG: From pioneer to mainstream. 2025. URL: https://www.thecorporategovernanceinstitute.com/
[5] The Corporate Governance Institute. A brief history of ESG: From pioneer to mainstream. 2025. URL: https://www.thecorporategovernanceinstitute.com/
[6] Aboud A., Khaireddine H. A literature review on corporate governance and ESG research: Emerging trends and future directions // International Review of Financial Analysis. 2024. Vol. 96. https://doi.org/10.1016/j.irfa.2024.103620
[7] Claessens S., Yurtoglu B. B. Corporate governance in emerging markets: A survey // Emerging Markets Review. 2013. Vol. 15. P. 1–33.
[8] Suyunova D. Aksiyadorlik jamiyatlarida raqamli korporativ boshqaruv va ESG tamoyillari // Marketing jurnali. 2024. URL: https://marketingjournal.uz/
[9] Sharipov K. A., Buzrukxonov S. M., Axmedov D. K. Korxonalarda barqaror rivojlanishni tatbiq etish istiqbollari. Toshkent: O‘zR Oliy ta’lim, fan va innovatsiyalar vazirligi, 2024.
[10] O‘zbekiston Respublikasi Prezidentining 2020-yil PQ-4611-son qarori “Moliyaviy hisobotning xalqaro standartlariga o‘tish bo‘yicha qo‘shimcha chora-tadbirlar to‘g‘risida”. URL: https://lex.uz/
[11] O‘zbekiston Respublikasi Prezidentining 2026-yil 16-fevraldagi PF-21-son Farmoni bilan tasdiqlangan “O‘zbekiston — 2030” strategiyasi. URL: https://lex.uz/
[12] O‘zbekiston Respublikasi Prezidentining 2026-yil 16-fevraldagi PF-21-son Farmoni bilan tasdiqlangan “O‘zbekiston — 2030” strategiyasi. URL: https://lex.uz/
[13] Jumadullaeva D. Sh. Integration of ESG Principles in the System of Corporate Governance of State-Owned Enterprises in Uzbekistan: Key Barriers and Practical Solutions // International Journal of Management and Economics Fundamental. 2025. Vol. 5, Issue 12. P. 1–8. https://doi.org/10.37547/ijmef/Volume05Issue12-01
[14] O‘zbekiston Respublikasi Vazirlar Mahkamasining 2026-yil 4-maydagi 221-son qarori “Barqaror rivojlanish va atrof-muhit, ijtimoiy hamda korporativ boshqaruv (ESG) tamoyillarini joriy etish chora-tadbirlari to‘g‘risida”. URL: https://lex.uz/uz/docs/-8171367
[15] O‘zbekiston moliya bozorini ESG tamoyillari asosida rivojlantirish istiqbollari // Iqtisodiy taraqqiyot va tahlil. 2025. URL: https://sci-p.uz/
[16] Barqaror moliyaviy mahsulotlar: rivojlanish imkoniyatlari va istiqbollari. ResearchGate, 2025.
[17] Jumadullaeva D. Sh. Integration of ESG Principles in the System of Corporate Governance of State-Owned Enterprises in Uzbekistan: Key Barriers and Practical Solutions // International Journal of Management and Economics Fundamental. 2025. Vol. 5, Issue 12. P. 1–8. https://doi.org/10.37547/ijmef/Volume05Issue12-01
[18] Jumadullaeva D. Sh. Integration of ESG Principles in the System of Corporate Governance of State-Owned Enterprises in Uzbekistan: Key Barriers and Practical Solutions // International Journal of Management and Economics Fundamental. 2025. Vol. 5, Issue 12. P. 1–8. https://doi.org/10.37547/ijmef/Volume05Issue12-01
