A joint stock company is a form of commercial organization in which the authorized capital is divided into a certain number of shares. Shareholders are not liable for the obligations of the company and bear the risk of losses only within the value of their shares.
Management is structured at three levels: a general meeting of shareholders as the highest body, a supervisory board as a body of strategic control, and an executive body (board or director) conducting current operations.
In Uzbekistan, the organizational and legal form is designated by the abbreviation JSC, in Uzbek spelling — АЖ (aktsiyadorlik jamiyati). Joint stock companies are required to conduct external audits annually and disclose financial statements and material facts publicly. This obligation makes JSC the only form through which a private investor can obtain comparable data for analysis.