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This paper examines the issues of managing the state shares (block of shares) in corporations of Uzbekistan. There studied the specificities of establishment of the corporations, including the ones with state sharing in the privatization process of state enterprises. There also specified the essence of state shares management, revealed the role, duties and rights of state representatives, government attorneys and proxy managers of state shares in the corporations, researched the criteria for valuation of efficiency of managing the state shares, presented the suggestions and recommendations on improvement of the current system of state shares management in the corporations. Keywords: management, state share, block of shares, corporations, joint-stock company, privatization, state representative, government attorney, proxy manager. One of the common forms of organizing business activity in Uzbekistan is corporations i.e. joint-stock companies and limited liability companies. During the period of the former Soviet Union, the state ownership was dominating in the country's economy, and the state-owned enterprises were the main form of company. With the attainment of national independence and the beginning of market reforms, establishment of corporations, particularly of joint-stock companies, started on government's initiative together with the processes of privatization of state-owned enterprises. In the initial stages of privatization, many state-owned medium-sized and even small enterprises were transformed into joint stock companies. However, the practice has shown that the shareholding form of business organization is the most suitable for the large-scale production. Therefore, later on as the privatization processes developed, medium-sized and small enterprises were transformed into limited liability companies and private enterprises. The joint-stock companies were established mainly on the basis of large state-owned enterprises and companies. In the 90s in most joint-stock companies, especially in large ones, there retained a certain sharing of the government in their authorized capital. As the privatization processes developed, the reforms on restriction of state intervention in the economy and on expansion of private sector implemented, a number of corporations with the state sharing has gradually decreased. Thus, a number of joint stock companies with state shares decreased 9.8 times from 2000 to 2013. When the enterprises are incorporated, the transformation of a property happens. The government, like any other shareholders, does not own the property in its natural-material and cash forms but shares. The government in this case should have the same rights as other shareholders (Butikov, 2002, p. 63). World practice of economic development shows that the government always takes specific part in business activity of corporations. The state participation in the capital of corporations is typical even for the countries with developed market economy. In this case, determination of an optimal level and formation of an effective system of state participation in the share capital has always remained a key issue for economic researches.

Specificities of Managing the State Shares in Corporations of Uzbekistan