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Improvement of legal regulation of dividend payments in
the Republic of Uzbekistan
Bekzod UMAROV
1
Tashkent State University of Law
ARTICLE INFO
ABSTRACT
Article history:
Received January 2023
Received in revised form
15 January 2023
Accepted 25 February 2023
Available online
15 March 2023
This article examines the theoretical and practical issues of
legal regulation of the payment of dividends in joint-stock
companies, various models, and features of the dividend policy,
as well as the main directions for improving the legal regulation
of decision-making and the payment of dividends by types of
shares
In addition, the article analyses the topical problems of legal
regulation of the procedure for paying dividends in joint-stock
companies and ways to improve them based on national and
best practices in foreign countries.
2181-
1415/©
2023 in Science LLC.
https://doi.org/10.47689/2181-1415-vol4-iss2/S-pp336-345
This is an open access article under the Attribution 4.0 International
(CC BY 4.0) license (https://creativecommons.org/licenses/by/4.0/deed.ru)
Keywords:
joint stock company,
share,
dividends,
dividend policy,
corporate governance.
O’zbekiston respublikasida dividendlarni to‘lashga oid
huquqiy munosabatlarni takomillashtirish
ANNOTATSIYA
Kalit so
‘
zlar:
aksiyadorlik jamiyati,
aksiya,
dividendlar,
dividend siyosati,
korporativ boshqaruv.
Ushbu maqolada aksiyadorlik jamiyatlarida dividendlar
toʻlash munosabatlarini huquqiy tartibga solishning nazariy va
amaliy masalalari, dividend siyosatining turli modellari va
xususiyatlari, shuningdek, ularni to’
lash yuzasidan qarorlar
qabul qilish va aksiyalarning turlariga ko’ra toʻlash jarayonini
huquqiy tartibga solishni takomillashtirishning asosiy
yoʻnalishlari oʻrganiladi.
Shu bilan birga, aksiyadorlik jamiyatlarida dividendlar
to‘lash tartibini huquqiy ta
rtibga solishning dolzarb
muammolari o’rganilgan va ularni milliy amaliyot hamda ilg‘or
xorijiy mamlakatlar tajribasi asosida takomillashtirish yo‘llari
tahlil etilib tavsiyalar ishlab chiqilgan.
1
Senior Lecturer, Department of Business Law, Tashkent State University of Law. E-mail:
b.a.umarov@tsul.uz
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Совершенствование правового регулирования выплаты
дивидендов в Республике Узбекистан
АННОТАЦИЯ
Ключевые слова:
акционерное общество,
акция,
дивиденды,
дивидендная политики,
корпоративное
управление.
В
данной
статье
изучается
теоретические
и
практические вопросы правового регулирования выплаты
дивидендов в акционерных обществах, различные модели
и особенности дивидендной политики, а также указаны
основные направления совершенствования правового
регулирования принятия решения и выплаты дивидендов
по видам акции.
Вместе с тем, проанализированы актуальные проблемы
правового регулировании порядка выплаты дивидендов в
акционерных обществах и пути их совершенствования на
основе национальной практики и передового опыта
зарубежных стран.
Recent transformations in the economy of Uzbekistan have gradually increased the
role of joint-stock companies as one of the most convenient forms of entrepreneurship
for raising capital. They use the capital and opportunities of shareholders to develop
businesses. Simultaneously, joint-stock companies use modern methods and mechanisms
of corporate governance to optimize the management process from directors to ordinary
employees.
The effectiveness of a company's activities is characterized by various indicators,
including the number and price of issued shares. According to these shares, which are
one of the types of securities, interest is paid in the form of dividends. They represent a
type of profit from shares for the participation of shareholders in the management of the
company and contribute to its development.
In this regard, on April 16, 2021, Decree of the President of the Republic of
Uzbekistan “On measures for the further development of the capital market” No. 6207
was adopted [1], according to which key tasks for the development of the securities and
capital market were established. This decree also approved Appendix No. 3 of the
roadmap for the implementation of the Capital Market Development Program from 2021
to 2022. Paragraph 27 of the roadmap establishes the introduction of a corporate action
standard and the improvement of the procedure for paying dividends, taking into
account the experience of foreign countries with more developed capital markets.
In modern conditions of the development of relations, to regulate the activities of
joint-stock companies and improve their management, one of the key tasks is the
formation and implementation of an effective dividend policy aimed at using the financial
resources and resources of the company. At the same time, the basis for the effectiveness
of these actions is the decision of the management bodies of the joint-stock company
regarding the investments and financial resources of the company. Some companies
prefer to use net income to develop their activities, resulting in a low dividend payout,
while others, on the contrary, prefer to pay a high dividend, while financing the
company's development through loans and borrowings. Therefore, optimization of the
dividend policy of a joint-stock company is one of the most important tasks in the
financial sector.
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Dividends are not only the profit of shareholders but also show that the company
is not unprofitable and can pay dividends from the net profit for the current year. The
payment and number of dividends play important roles in determining the attractiveness
of this business for investors. This is due to the fact that investors invest their funds only
in those firms that will bring them income. Therefore, it is important to determine the
i
ssues in maintaining a company’s dividend policy. It is necessary to regulate the rules
and quality indicators when paying dividends to shareholders, determine the period in
which they are paid, and determine the amount. The purpose of legal regulation of the
activities of joint-stock companies should be to create the necessary conditions
conducive to raising capital in a joint-stock company and satisfying the requirements of
investors who have invested in the activities of a joint-stock company in the future.
Therefore, the problems associated with improving the legal regulation of the payment of
dividends in joint-stock companies require close study and analysis, which was the
subject of research in this article.
The action is beneficial in that it allows one to accumulate significant capital in a
relatively short time without the obligation to return it; this is the main investment
attractiveness of the issue of shares. The shares represent the company’s properties.
When an individual buys shares in a company, they become one of its owners.
Shareholders choose who runs the company and are involved in key decisions, such as
whether to sell the business or expand it.
While equities are most clearly associated with the stock market, most small
businesses never get close to the stock market during their entire period of activity. They
are more likely to issue shares in their companies in exchange for a one-time investment.
These investments can either come from acquaintances or businesses looking for capital
to finance high growth through formal equity financing. When forming a corporation,
owners can choose to issue ordinary or preferred shares to their investors. Companies
issue shares to investors in exchange for capital, which is used to grow and run firms.
Corporations usually pay dividends in cash; therefore, dividends refer to the
money paid out of profits. Corporations also periodically pay dividends in the form of
shares and certain forms of assets. For example, whiskey producers in the United States,
in addition to the usual dividends, distribute additional dividends in the form of their
products to their shareholders. All dividends, except stock dividends, reduce a
corporation's total equity.
There are differing opinions in the literature on how dividend payments affect a
company. In particular, one of the classics of financial literature, B. Graham [2], believed
that the sole purpose of the existence of a company is to pay dividends to shareholders,
while equally well-known economists M. Miller and F. Modigliani [3] believed that the
dividend policy has absolutely no effect on the value companies.
Since dividends are paid out of net income, dividends per share are usually lower
than the earnings per share. However, shareholders do not only receive income from
dividends. It is important to them that the company is doing well and that the market
price of their share rises because that is how they generate their income based on the
difference in share price. Another source of shareholder income is capital gain. However,
keep in mind that when investors sell their shares, they are paid by other investors and
not by corporations. Except when a corporation buys back its own shares (which is a
form of dividend payout), the only money paid out to investors is a dividend payout.
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The literature distinguishes the following types of dividends.
Cash Dividends: This is one of the most common types of dividends paid in cash.
The company announces the amount that will be paid to shareholders on the "date of the
announcemen
t”. The amount is then assigned to the shareholders on the "record date"
and final payments are made on the "payment date". Companies must have adequate
retained earnings and sufficient cash balances to pay shareholders in cash.
Certificate Dividends: Under this form, a company issues a bill of exchange to
shareholders certifying future dividend payments. A certificate dividend has shorter
maturities and may or may not bear interest. These dividends are issued when a
company lacks liquidity and takes some time to convert its current assets into cash.
Bond Dividends: Bond dividends are similar to certificate dividends, but the only
difference is that they have a longer maturity period and earn interest.
Share Dividends/Bonus Shares: These types of dividends are issued when a
company is short of operating cash but still issues ordinary shares to keep shareholders
happy. Shareholders receive additional shares in proportion to the shares they already
own, and do not have to pay extra for these bonus shares. Despite the increase in the
number of outstanding shares of the firm, the issue of premium shares has a favorable
psychological effect on investors.
Property Dividends: These dividends are paid in the form of property rather than
cash. If the company does not have enough operating cash, investors are paid noncash
dividends. Property dividends can be in any form: inventory, assets, vehicles, real estate,
and so on. Companies record the property transferred as a dividend at fair market value,
as it may differ from the book value, and they may then account for the difference in
profit or loss.
Liquidation dividend: When the board of directors decides to pay out the initial
capital contributed by shareholders as a dividend, this is considered a liquidation
dividend. They are usually paid at the time of liquidation of the firm's operations, or at
the time of the final closing of the business.
Dividends reflect the success of the activities of the commercial organization in
which shareholders invested shares. At the same time, for most companies, reinvested
profits are the main tool to ensure the development of their enterprises.
Let us now define the concept of dividends according to the legislation of the
Republic of Uzbekistan. According to Article 51 of the Law of the Republic of Uzbekistan
"On joint-stock companies and protection of shareholders' rights": dividends are paid
from the net profit of the company remaining at the disposal of the company, and (or)
retained earnings of previous years. Dividends on preferred shares may also be paid out
of the company's funds, specially designed for this purpose [4]. That is, the payment of
dividends is carried out not only from net profit but also from funds specially created for
this purpose. Therefore, many scientists believe that dividend payments and their size do
not reflect the financial stability of the company and its profitability.
Both the holders of preferred and common shares are entitled to receive dividend
payments. The owners of ordinary shares have the right to participate in the general
meeting of shareholders with the right to vote on all issues within their competence, as
well as to receive a dividend if a decision on its payment is made by the company [5].
Based on national legislation, the management of a joint stock company must determine
the number of dividends and/or () the value paid on the liquidation of the company
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(liquidation value) on preferred shares. According to Part 4 of Article 51 of the Law of the
Republic of Uzbekistan " On joint-stock companies and protection of the rights of
shareholders " when dividends are paid, dividends on preferred shares are paid first,
followed by dividends on ordinary shares. If there is sufficient profit to pay fixed
dividends on preferred shares, the company is not entitled to refuse to pay dividends to
owners of these shares [6]. This means that the payment of dividends to the owners of
ordinary shares of the company is carried out last, or may not be carried out at all,
because the company decides whether to pursue its dividend policy.
At the same time, the main conditions for the payment of dividends by the
company are their placement and full payment. The company has the right to make a
decision on the payment of dividends based on the results of the first quarter, six months,
nine months, and (or) financial year, which are decided at the discretion of the company.
The decision to pay dividends on ordinary shares depends on the presence of net profit
in the company and the priorities in its spending; that is, the dividend on ordinary shares
is not guaranteed. This is a negative aspect of ordinary shares, although they participate
in voting on the company’s management at a shareholders’ meeting. Dividends in certain
types of preferred shares may be paid out of specially designated funds and are payable
first. Their size was prescribed in the charter of the company adopted at its
establishment.
The decision to pay dividends is one of the most important decisions made by
financial managers regarding distribution to shareholders. Payout is the share of
earnings per share paid to shareholders in the form of dividends. Companies can either
pay dividends to shareholders or maintain profits within the firm. The payable amount
depends on the preferences of shareholders and investment opportunities that exist in
the firm [7].
Now, consider statistics regarding shares and dividends in Uzbekistan. According
to data from the Central Securities Depository, as of January 18, 2019, there are 602
commercial organizations in Uzbekistan in the form of joint-stock companies, including
27 commercial banks, nine insurance companies, nine investment funds, seven leasing
companies, and four exchanges (Republican Stock Exchange, Uzbek Republican
Commodity and Raw Materials Exchange, and Uzbek Republican Currency Exchange) [8].
There are 6.29 trillion soums in placement and circulation and common and
preferred shares. As of January 1, 2022, securities of 607 joint-stock companies are
registered in the Central Depository, and the total volume of share issues at face value
exceeded 153,047.94 billion souls, which in quantitative terms is more than 12,211.14
billion pieces.
In summary, we can conclude that shares are registered securities that entitle their
holders to participate in the management of a joint-stock company and receive dividends
from JSC profits. Shares, which give the right to receive dividends and the right to vote in
deciding issues of company management, are common and preferred. Shares may also be
inherited and may be inherited. Simultaneously, successors can enjoy the rights of
shareholders. If dividends are not paid because of the fault of the company, then the
shareholder or his successor has the right to demand dividends and protect his rights in
court.
The main task of dividend policy is to find the optimal combination of the interests
of shareholders with the need for sufficient financing for the development and increase in
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the scale of production at the enterprise [9]. The more net profit is used to pay dividends
to the shareholders of the company, the less funds the company will have for self-
financing, which will reduce the growth rate of equity capital and lead to a reduction in
revenue as well as reduce the company's solvency [10]. On the other hand, if
shareholders do not receive a sufficient return on invested capital and prefer to get rid of
this company’s shares, then its market value will fall.
The greatest contribution to the development of the theoretical foundations of the
dividend policy of a joint-stock company was made by F. Modigliani, M. Miller, M. Gordon,
J. Lintner, R. Litzenberger [11], for the first time, analyzed the theory of dividend policy in
detail by economists Miller and Modigliani. Miller and Modigliani argue that a company's
dividend policy is irrelevant and does not affect the price of a firm's stock or its cost of
capital. Theoretically, shareholders can remain indifferent to a company's dividend
policies. If they pay high dividends, they can use the cash they receive to buy more share.
Reinvesting dividends is often a smart choice, although not always the best option.
For example, in the case of low payments, they may instead sell part of the shares
to obtain the money they need. In either case, the combination of the value of the
investment in the company and the cash it holds will remain the same. Thus, we conclude
that dividends do not matter, and investors should not care about a firm's dividend policy
because they can create their own system by combining these methods.
However, in reality, dividends make money available to shareholders, which gives
them the freedom to get more out of it. They may invest in other financial activities and
earn higher returns or spend time on vacations and other utilities. In addition, costs such
as taxes, brokerage, and indivisible shares make dividends useful in the real world.
Dividends can help offset tax costs. Ultimately, this may make dividend investments more
attractive.
In turn, the dividend policy is the policy of deducting part of the profits of a joint-
stock company, annually distributed among shareholders after paying tax deductions,
investments in production expansion, replenishment of reserve funds, payment of loans,
interest in bonds, and remuneration to directors. Directions for the use of net profits are
independently determined by a joint stock company [12]. Consequently, this is an
independent plan for the company to use net profit for various business needs, including
the payment of dividends to shareholders, as a reward for participating in a joint-stock
company and its management.
Joint-stock companies have three main types of dividend policies: conservative,
moderate (compromise), and aggressive. The specifics of the distribution of the net profit
of a joint-stock company are determined in accordance with each type of dividend policy.
In foreign countries, the regulation of dividend payments by joint stock companies
is governed by the laws of these companies. Additionally, the provisions on the dividend
policies of each business entity, which are adopted by their management structures, play
a leading role. For the purposes of this study, we consider it appropriate to analyze the
procedure for paying dividends in the UK, France, and Germany in detail.
Companies in these countries approach the issues of determining the size and
procedure for paying dividends with great responsibility because their attractiveness to
investors and their reputation in the market and to consumers largely depends on this. In
particular, it is worth noting that ordinary and preferred shares are traded on the UK
market. Simultaneously, ordinary shares are divided into two types: shares of classes A
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and B. These ordinary shares differ in the number of rights granted to them when voting
at a general meeting: ordinary shares of class A have more rights than those of class B.
Also, this classification is characterized by the fact that the original shareholders who
entered the company earlier are granted a greater amount of rights than the shareholder
who became members later. Such a division is mainly provided in the charter of joint-
stock companies.
At the same time, another type of shared-preferred share is divided into several
types. The preferred shares of British companies can be classified into four types:
cumulative, for which dividends not paid by the company are accumulated and
compensated; non-cumulative; participation shares, which, in addition to ordinary
dividends, give the right to receive part of the company's excess profit, which is
additional income for the owners of shares, and redeemable shares by the issuer. With all
types of shares, most of the shares of English companies are nominal (registered), the
registration of rights for which is carried out by issuers or registrar companies. Shares in
the register of shareholders can be registered both in the name of the owner and the
name of the nominal holder [13].
Germany’s experience deserves special attention. The basis of the German
securities market’s legislative system is a series of regula
tions, including the Stock
Exchange Act (Börsengesetz ), Credit Operations Act (Kreditwesengesetz), Securities
Trading Act (Wertpapier handelsgesetz), Fourth Financial Market Development Act
(Vierten Finanzmarktförderungsgesetz), Law on Custody and Acquisi
tion of Securities
(Gesetz uber die Verwahrung und Anschaffung von Wertpapieren), and some other laws.
These laws define the most important foundations for the operation of the securities
market, the movement of funds and capital in this market through the purchase and sale
of shares of companies, investing in the stock and capital markets, and receiving income
from the owners of securities placed on the market.
Three types of shares are traded in the German stock market: ordinary shares,
preferred shares, and certificates of participation in profits.
A very interesting type of share is the certificate of participation in profit. Such
profit-sharing certificates (Genussscheine) are similar to bonds in some respects. They
do not give the right to vote at the general meeting of shareholders but allow the owner
to receive a share of the company's profits. Such shares may not have an impact on the
company and its policies but may entitle the owners to receive a share of the company's
profits for the reporting period of work.
It is worth noting that the development of entrepreneurship and other branches of
economic activity in the state plays an important role in ensuring the dynamic
development of society and raising the state to a qualitatively new level in the world
community. For this, various legal acts have been adopted, the purpose of which is to
adapt legislation to changing social relations and new technologies.
In France, large corporations pay dividends to their shareholders in the "New
Economic Standards
" ( Nouvelles regulations économiques, NRE), introduced in 2001 in
France, for shares of French issuers issued in bearer form, a system for identifying
shareholders, including foreign ones, is provided, aimed at increasing the transparency of
information about the ownership of company shares in order to protect the rights
exercised shareholders through custodians. To comply with Euroclear law, France has
developed a system for identifying holders of bearer shares - Titers au porter Identify
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able (TPI)
–
through which approximately 500 issuer requests are processed annually
[14]. The issuing company sent a request to Euroclear France to provide shareholder
information for all or part of the company's shares. Euroclear France sends the request to
its depositors - financial intermediaries (custodians)
–
on whose depo accounts, the shares
of the respective issuer belonging to their clients are taken into account. Financial
intermediaries are required to provide data on their client-shareholders within ten
working days of receiving the relevant request. Failure to provide information about
shareholders may result in the forfeiture of dividends and the right to vote at
shareholder meetings.
Most French companies pay dividends on shares once a year, usually in spring.
Data on upcoming payments are published daily in a special bulletin, BALO (Bulletin des
Announcements Legales et Obligatoires ), as well as on the Euronext websites Paris and
Euroclear France. With the introduction of the Euroclear France settlement system ESES
in November 2007, the sequence of dates associated with the payment of mandatory
dividends changed. First, in a series of such dates, the issuer determines the ex-dividend
date ( ex-date ), which coincides with the payment date, two business days after the ex-
dividend date, the date of fixation of rights follows (record date), and on the next working
day after the date of fixing the rights, the date of payment (the payment date). This means
that in order to pay dividends, it is necessary to first announce their establishment so
that shareholders are registered to receive dividends on their shares.
Thus, we can conclude that the issues of regulating the payment of dividends in
foreign countries are regulated differently. It depends on many factors, including the
dividend policy of companies chosen for a given period, the stability of their financial
condition, and the prospects for the development of their business. The experience of
dividend payments on shares in Germany, Great Britain, and France, where a large
number of developed companies with a global name.
Thus, through the analysis and comprehensive study of both national legislation
and practice and foreign experience, we propose the following proposal for the legal
regulation of dividend payments in national law.
First, it is necessary to widely apply information technologies in the activities of
the management bodies of a joint-stock company to optimize their meetings on
important strategic issues of company management. At the same time, Article 70 of the
Law of the Republic of Uzbekistan “ On Joint Stock Companies and Protection of
Shareholders’ Rights ” states that “ states that, when voting on agenda items at a general
meeting of shareholders remotely using information and communication technologies,
voting ballots are not used. Simultaneously, the legitimacy of the decision made on the
issues put to the vote is confirmed by an electronic digital signature used when
registering a shareholder to participate in the general meeting of shareholders. To obtain
an electronic digital signature, it is necessary to enter an individual taxpayer number or
personal identification number of an individual. An individual taxpayer number is issued
by the state tax authorities and the personal identification number of an individual is
issued by the district departments of internal affairs. Thus, it turns out that in order to
obtain a digital signature on the site https://e-imzo.uz/ , you need to go through some
procedures. It turns out that foreign persons who are not in the Republic of Uzbekistan
and do not plan to visit in the near future, but at the same time they are shareholders in a
joint-stock company of the Republic of Uzbekistan can take part in the general meeting of
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shareholders, but will not be able to vote on agenda items on the basis of part 5 article 70
of the Law of the Republic of Uzbekistan " On joint-stock companies and protection of
shareholders' rights ". Based on this, it is proposed to supplement this paragraph and
state it as follows:’ When vot
ing on agenda items at the general meeting of shareholders
remotely using information and communication technologies, voting ballots are not used.
Second, it is worth considering the issue of claiming dividends by the heirs of
shareholders, who can apply for them within three years if they are not claimed by the
shareholder himself. This period is general, and after its expiration, unclaimed dividends
may remain at the disposal of the company. In our opinion, there should be an exception
to this rule, which implies the restoration of a missed deadline for a good reason if the
person proves the existence of such a reason. This rule usually applies to procedural time
limits in courts when a party can apply for the restoration of a period that has been
missed for a good reason.
Third, it is possible to reduce the tax rate on dividends for non-resident investors
to make investments more profitable and attractive.
Fourth, according to law, the amount of dividends is established by the decision of
the general meeting of shareholders and cannot be more than that proposed by the
Supervisory Board. In our opinion, this provision significantly limits the shareholders’
freedom of choice. However, the supervisory board manages the company and is better
aware of the current state of affairs. However, it can deliberately underestimate the
amount of dividends; therefore, the amount of dividends must be agreed upon between
these two bodies. That is, the text of Article 50 of the Law of the Republic of Uzbekistan
“On Joint Stock Companies and Protection of Shareholders’ Rights” can be stated as
follows: “The amount of dividends can be determined by agreement between the general
meeting of shareholders and the supervisory board. In order to reach a consensus, these
bodies can negotiate to agree on the number of dividends so as not to infringe on the
rights of shareholders.”
Fifth, using France as an example, we see that dividend payments are made once a
year at the end of the reporting year from the company's net profit. Therefore, in our
opinion, it is expedient to apply this norm and introduce it into legislation. Article 49
should be stated as follows: “Based on the results of the financial year, the company has
the right to make decisions on the payment of dividends on placed shares, unless
otherwise provided by this law and the company's charter. The decision of the company
to pay dividends based on the results of the financial year may be taken within three
months of the end of the relevant period. At the end of the year, a picture of the
company's financial condition was clearly visible. Therefore, the most accurate
distribution of funds will be at the end of the year. If dividends are paid at the end of the
quarter but there are not enough funds for the next quarter, then the financial condition
of the business may be in jeopardy. Therefore, it is advisable to determine the payment of
dividends at the end of the reporting year and period.
REFERENCES:
1.
Decree of the President of the Republic of Uzbekistan "On measures for the
further development of the capital market" Tashkent, April 13, 2021, No. UP-6207
2.
Graham B., Zweig J., Buffett W. A reasonable investor / per. from English. M.:
Williams , 2009. - 400 p.
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345
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