Russia’s Yandex says establishes fund to hold golden share

MOSCOW, Nov 18 (PRIME) -- Russian Internet company Yandex has established a public interests foundation that will receive a golden share in Yandex from Sberbank, the company said in a statement on Monday.

The fund will be able to nominate two out of 12 members of Yandex’ board of directors and participate in decision making on deals of consolidation of 10% or more voting or economic stakes, transfer of significant intellectual property, amendments to the rules of Russians’ personified big data protection, possible partnership agreements with foreign countries.

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