CORPORATE GOVERNANCE
Uztransgaz JSC builds its corporate governance system on the principles of transparency, accountability, and responsibility, balancing the interests of shareholders and other stakeholders.
Ethics and integrity are key elements of Uztransgaz JSC's corporate culture. The company adheres to zero tolerance for corruption, conflicts of interest, and any form of unfair practices. Employees and counterparties are subject to business conduct rules and compliance mechanisms, including procedures for disclosing conflicts of interest and handling complaints.
Uztransgaz JSC ensures compliance with ethical standards through internal control procedures, employee training and information, as well as feedback channels and the handling of violation reports. This approach fosters trust with partners and the public, improves business sustainability, and enhances the quality of management decisions.
CORPORATE GOVERNANCE
Uztransgaz JSC is building a sustainability management system at all levels of responsibility.
| Supervisory Board | Defining the overall agenda and development vector of Uztransgaz JSC, its strategic goals and priorities. Sustainable development issues are included in the agenda of Supervisory Board meetings, including non-financial reporting, safety of production facilities and infrastructure, personnel issues, climate change, and other aspects. |
| ESG and OHIS Committee | Defining priority areas of activity for Uztransgaz JSC in the areas of environmental, social, and governance responsibility, occupational health and safety. Preparing recommendations to the Supervisory Board on the development, implementation, and monitoring of relevant policies, programs, targets, risks, and the ESG management system. |
| Acting First Deputy Chairman of the Management Board | Monitoring the level of development of Uztransgaz JSC's sustainable development system and ensuring the distribution of responsibilities for managing environmental, social, and economic aspects among the functional units of the management company. |
| Working Groups | Formed as needed to address specific issues at the management company level with the participation of the management of production branches and subsidiaries. |
| Headquarters | Collection and consolidation of quantitative ESG data, conducting internal audits on ESG issues, and compiling non-financial information. Organizing interactions with departments on methodology, data submission deadlines, addressing concerns, and stakeholder engagement. |
| Operational Level | Primary collection and maintenance of ESG data within the Company's operations, implementation of approved measures and requirements, and execution of internal control procedures on-site. Timely submission of quantitative and explanatory information, supporting materials, and participation in the processing of comments to the central office. |
The Supervisory Board of Uztransgaz JSC is a collegial body for strategic management and control, exercising general governance over the Company's activities within the powers established by law and internal documents. The Board reviews and approves key development areas, monitors the implementation of strategies and programs, oversees the risk management system and the quality of corporate governance, and evaluates the performance of the executive bodies. The Supervisory Board consists of nine members, including seven dependent and two independent members.
| No. | Members of the Supervisory Board of Uztransgaz JSC |
|---|---|
| 1 |
Mustafayev Khurshed Bakhtiyorovich – Chairman of the Supervisory Board Ministry of Economy and Finance of the Republic of Uzbekistan Education: Work experience: |
| 2 |
Omarov Muratzhan Yulchivaevich JSC Uzbekneftegaz Education: Work Experience: |
| 3 |
Rakhimov Sarvar Furkatovich Ministry of Energy of the Republic of Uzbekistan Education: Work Experience: |
| 4 |
Mamadaliyev Salohiddin Shahobiddin Oghli Ministry of Economy and Finance of the Republic of Uzbekistan Education: Work Experience: |
| 5 |
Zhumanazarov Akmal Ruzikulovich Agency for Technical Regulation of the Republic of Uzbekistan Education: Work Experience: |
| 6 |
Kurbonaliev Sanjar Sabriddinovich Agency for State Assets Management of the Republic of Uzbekistan Education: Work Experience: |
| 7 |
Jon Ferrier Independent Member of the Supervisory Board Education: Experience: |
| 8 |
Artem Simonov-Beshinsky Independent Member of the Supervisory Board Education: Experience: |
УПРАВЛЕНИЕ РИСКАМИ
As part of the development and improvement of the risk management system at Uztransgaz JSC, a series of measures has been implemented aimed at increasing the effectiveness of corporate governance and developing a modern risk management culture.
In 2025, work began on implementing a risk management system.
- A Risk Management and Change Analysis Group was created within the Transformation Office;
- Specialists were appointed to the positions of group leader and risk manager.
- The formation of a risk register has begun, within which nine strategic risks have been identified.
- Work has been established to implement the "three lines of defense" model in the risk management system.
- Reporting templates have been developed, and a system for regular reporting to management has been implemented.
Currently, the activities outlined in the Risk Management System Roadmap are being implemented in collaboration with all departments and independent units.
Risk Categories:
- Financial
- Operational
- HR
- Legal
| Risk Category | Risk Description | Risk Level |
|---|---|---|
| Operational Risk | Cyber Threats: Data Leaks, Attacks on Automated and Technological Systems (including ACSMS), Unauthorized Access, Phishing, Corruption of Commercial and Technical Data. | Critical |
| Financial Risk | The approved transportation tariff is insufficient. | Critical |
| Strategic Risk | The occurrence of man-made, natural, or environmental emergencies (explosions, fires, gas leaks, earthquakes, floods), as well as technological accidents (equipment damage, operational disruptions), leading to the shutdown or malfunction of gas transportation infrastructure facilities. | High |
| Financial risk | Expenses incurred on projects not included in the annual "Address List" approved by the company for construction and installation work. | High |
| Financial risk | Incorrect and untimely fulfillment of contract terms with suppliers of goods (works, services) due to insufficient funds in the company's account. | High |
| Financial risk | Decline in transportation volumes due to a decrease in the actual amount of gas transported and the difference between the volumes of natural gas transported based on previously agreed upon volumes. | High |
| Operational Risk | Wear and tear of main gas pipelines and branch gas pipelines, as well as critical equipment. | Medium |
| Financial Risk | Excess of actual expenses over the annual "Income and Expenditure Plan" approved by the company. | Moderate |
| Operational Risk | A short-term interruption of power supply to the compressor station by the power supply organization, leading to equipment shutdown or malfunction. | Low |
WORKING WITH STAKEHOLDERS
Uztransgaz JSC builds open and regular engagement with stakeholders to address their expectations and enhance the sustainability of its operations. The company maintains dialogue with employees, local communities, government agencies and regulators, customers and partners, suppliers and contractors, as well as financial institutions and investors.
Interaction occurs through working meetings and consultations, official correspondence, appeals from citizens and organizations, and joint projects and events. Feedback received is analyzed, action plans are developed where necessary, and the implementation of decisions is monitored.
