This article examines the theoretical and practical aspects of integrating ESG principles into the corporate governance system of state-owned enterprises in Uzbekistan. Based on an analysis of national regulations, documents from international organizations, and public reporting by large state-owned companies and state-owned banks, key barriers to implementing ESG principles are identified: legal and regulatory, institutional, organizational and managerial, socio-cultural, and economic. A concise classification of these barriers is proposed and a step-by-step roadmap for integrating ESG into the corporate governance of state-owned enterprises is developed, including measures for the short, medium, and long terms. It is concluded that successful integration of ESG principles requires a combination of regulatory changes, institutional strengthening, human capital development, and the development of a culture of sustainable development in the public sector.

ESG principles, corporate governance, state-owned enterprises, joint-stock companies with state participation

OECD (2025). OECD Guidelines on Corporate Governance of State-Owned Enterprises.

World Bank (2025). State-Owned Enterprises Governance: Performance and Accountability.

Tricker, B. (2019). Corporate Governance: Principles, Policies, and Practices. Oxford University Press.

Jensen M.C., Meckling W.H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure // Journal of Financial Economics. - 1976. - Vol. 3, No. 4. – P.305-360

OECD. G20/OECD Principles of Corporate Governance. – Paris: OECD Publishing, 2015. – 60 p.

Cadbury Report. Report of the Committee on the Financial Aspects of Corporate Governance. – London: Gee and Co. Ltd., 1992. – 90 p

Shleifer A., Vishny R. A. A Survey of Corporate Governance // The Journal of Finance. – 1997. – Vol. 52, No. 2. – P. 737–783.