Yandex ownership is changing

RUSSIA / FSU POLITICS - In Brief 18 Nov 2019 by Alex Teddy
United Russia Deputy Anton Gorelkin put forward a bill to restrict foreign ownership of internet companies. A Public Interest Foundation (PIF) will be set up with the authority to forbid the sale of 10% of Yandex's voting shares or economic interests to any party. There will be a board of 11 controlling the PIF including the founder of Yandex Arkady Volozh. Russian universities will also be represented on the board. The PIF board will appoint 2 of the 12 strong Yandex board of directors.A golden share 2.0 is being founded. Sberbank has the golden share which enables the bank to block the sale of 25% of Yandex shares. The aim is to find a deal to please Yandex managers, the government and foreign shareholders. Yandex stock has risen after the news was announced.

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