Report: Yandex wants to revise staff incentive program to 20%

MOSCOW, Jun 13 (PRIME) -- The board of directors of Russian Internet company Yandex has suggested expanding an incentive program for employees to up to 20% of capital, and the idea was published in documents for an annual general meeting of shareholders on June 27, business daily Vedomosti reported late Wednesday on its website.

Yandex’s group keeps on growing, and it is important to remunerate employees by participation in the capital, the documents read.

The program will engage up to a half of the company’s employees by the end of 2019, Yandex spokesperson Ilya Grabovsky said, adding that the initiative can be joined by all staff members, officials, advisors, consultants, members of the board of directors and others. The program is tied to a position of every employee and assessment of results of their work.

At present, the incentive program has 15% of Yandex’s capital, including some 2% non-distributed, as of March 31. It comprises 6.6 million class A shares. The board wants 16.2 million such shares more, so that the company could use 7% of non-distributed capital.

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