PROBLEMS OF THE FIDUCIARY DUTY OF MAJORITY SHAREHOLDERS IN UZBEKISTAN
Keywords:
Fiduciary duty; Majority shareholders; Minority shareholder protection; Corporate governance; Shareholder rights; Corporate law; Abuse of control; Conflict of interest; Joint-stock companies; Uzbekistan.Abstract
The relevance of this topic is determined by the fact that majority shareholders play a decisive role in corporate governance. In this regard, the establishment of fiduciary duties for majority shareholders could strengthen the investment attractiveness and efficiency of joint-stock companies. The scientific problem lies in the fact that the duty of a majority shareholder is formally established, but its detailed content has not been fully disclosed, including the boundaries of personal benefit, the evidentiary aspects of proving actual knowledge of harm, and other related issues. The purpose of this article is to examine the issues of the fiduciary duty of majority shareholders in Uzbekistan. The research is based on a combination of formal legal, systemic-structural, comparative legal, doctrinal, and analytical methods. The result of this study is that the duties of a majority shareholder contain fiduciary elements and may be qualified as a limited duty of loyalty towards the company and other shareholders.
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