In pursuance of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated July 28, 2015 No. 207 “On the introduction of criteria for evaluating the performance of joint-stock companies and other business entities with a state share”, in order to introduce and apply criteria for evaluating the performance of JSS Maxam-Chirchiq, the Executive Board calculated the key performance indicators of the Company for the first half of 2022.

Key performance indicators (hereinafter referred to as KPIs) are quantifiable evaluation criteria used to determine the effectiveness of the organization's Executive Board.

In accordance with the instruction of the Supervisory Board of the Company, the Internal Audit Service conducted an independent audit on the correctness and reliability of the calculated KPI calculation of the Company.

The source of information for calculating KPIs is the information contained in:

accounting documents;

reporting submitted to state bodies (financial, statistical, tax, etc.);

business plan;

other materials obtained or developed in the prescribed manner.

Responsibility for the completeness of the content and reliability of the provided reporting documents, information and other materials lies with the management of JSS "Maxam-Chirchiq".

When comparing the actual values of the KPI calculation with the accounting data of analytical accounting, no deviations were found.

The Company has developed a draft Regulation “On Criteria for Evaluating the Performance of the Executive Body”, which defines the specific weights of KPIs. However, this Regulation has not yet been approved by the Supervisory Board of the Company.

 CONCLUSION

Based on the results of checking the correctness of the calculated KPI, it was found that the calculated value of the integral efficiency ratio (IER) of JSS Maxam-Chirchiq at the end of the first half of 2022 amounted to 103.61% and, according to the Internal Audit Service, the level of efficiency of the executive body of JSS " Maxam-Chirchiq" for the first half of 2022 is recognized as HIGH.

Recommendation:

To submit a proposal for consideration to the Supervisory Board of the draft Regulation "On the criteria for assessing the effectiveness of the Executive Board."