Russian Presidential Spokesman Expands On Yandex's Interaction With Kremlin

Russian Presidential Spokesman Expands on Yandex's Interaction With Kremlin

Russia's top technology company Yandex did not agree its plan to change corporate governance structure with the Kremlin, but there was a discussion of the reform, presidential spokesman Dmitry Peskov said Tuesday

MOSCOW (Pakistan Point News / Sputnik - 19th November, 2019) Russia's top technology company Yandex did not agree its plan to change corporate governance structure with the Kremlin, but there was a discussion of the reform, presidential spokesman Dmitry Peskov said Tuesday.

Yandex said Monday it would set up a Public Investment Fund (PIF), which would get back the company's "golden share" from Sberbank. The new fund will have a say on certain transactions � for instance, it will have a veto right on decisions linked to transferring personal data of Russian users.

"One thing does not contradict the other. It is one thing to discuss and inform the presidential administration about large-scale changes of corporate structure, and quite another to agree it," the spokesman told reporters.

Peskov stressed that it is "absolutely normal for the largest companies to be in touch with the relevant departments of the presidential administration to learn first-hand the stance of the state, the concerns that the state might have."

"But this is by no means some process of agreeing things with conditions," the spokesman added.

The PIF will also be able to nominate two members of the company's board and weigh in on deals that consolidate more than 10 percent of shares.