Five banks with state participation — Microcreditbank, Asaka Bank, Agrobank, Turon Bank and People's Bank — will hold extraordinary general shareholder meetings in the second half of September. Announcements are posted on the Unified Corporate Information Portal.

Meetings will be held from September 18 to 25, all in Tashkent in person.

General agenda: supervisory board updates

The main issue is repeated for all five organizations — election of supervisory board members. In three banks (Agrobank, Asaka Bank, Microcreditbank), changes to the charter and internal governance regulations are additionally considered.

Schedule

  • Microcreditbank — September 18, 10:00, meeting hall at Amir Timur St., 4. Six items on the agenda, including early termination of authority of individual board members and determining the number of independent directors;
  • Asaka Bank — September 18, 15:00, head office in Asaka Tower on Tashkent City territory. Separate item — approval of revised business plan for 2026;
  • Agrobank — September 24, 15:00, head office at Botir Zakirov St., 2a. Four items, including charter and regulation changes;
  • Turon Bank — September 25, 11:00, head office at Abay St., 4a. Three items, main one — election of board members;
  • People's Bank — September 25, 16:00, 14th floor of the central office administrative building.

Digital voting remains rare

Microcreditbank is the only one of the five offering remote participation through the electronic voting platform E-Vote.

For a minority shareholder, this is a significant detail: in-person format during business hours in Tashkent effectively limits participation for holders of small packages from regions.

For comparison: Business Development Bank held its meeting fully remotely via evote.uz service. Its agenda included board elections and approval of new procedures for accepting and realizing assets received as repayment of debt.

What drives supervisory board updates

The wave of meetings is linked to presidential decree PK-74 of February 25, 2026 on improving efficiency of state enterprises and commercial banks.

The document aims to bring the share of independent members on state enterprise supervisory boards to 50%. It also provides for inclusion in boards of representatives of Franklin Templeton Asset Management — trustee manager of the National Investment Fund.

Practical significance of reform

Independent directors are a standard requirement of international investors when assessing corporate governance quality. Without them, listing state assets at fair value is difficult.

The fund management company previously reported that independent directors and its appointees already constitute a majority in boards of eleven of thirteen portfolio companies.

For investors tracking stock prices in the banking sector, changes in governing bodies are a factor affecting medium-term valuations: management quality directly impacts dividend policy and reporting transparency.

This material is for informational purposes only and is not an investment recommendation.