The article examines how corporate governance has evolved in Uzbekistan over the past two decades. It looks at the reforms aimed at strengthening the national corporate governance system and improving relations in joint-stock companies. The study also discusses the stages of progress in corporate governance, current issues, and the author's thoughts on the development process. The paper presents a specific approach for reforming the corporate governance system and suggests that these changes have had an impact on the domestic stock market performance in Uzbekistan. In conclusion, the author offers suggestions for further enhancing corporate governance in the country.