Improvement of Corporate Governance in the Commercial Banks as the Factor of Sustainable Development of Banking and Financial System
Annotatsiya
One of the factors favouring the successful development of national economy is the sustainable functioning of the banking and financial system. Today in Uzbekistan there has been taken the important steps towards developing the banking and financial system. In this, creation and development of a flexible structure of bank management, which we also call corporate governance, plays an important role, as raising the level of corporate governance in commercial banks and further improving the system of banking supervision have become the task for the next phase of developing the banking system in Uzbekistan. This paper studies the measures undertaken to introduce the modern system of corporate governance of banks which have led to enhancement of the role of shareholders and Bank’s Boards in the bank management as well as to creation of effective mechanisms for protection of shareholders’ interests and rights. At the end, the paper gives special recommendations to further improve and enhance the level of effectiveness of corporate governance in the commercial banks of the country.