Russia's Yandex gets green light from Putin over new governance structure

Russian internet giant Yandex was given the green light to pursue planned changes to its governance structure, after President Vladimir Putin signed a law late on Tuesday concerning the management of Russian offshore companies. Yandex, which provides a raft of online services including taxi-hailing and the main Russian-language search engine, proposed a corporate governance revamp last week to assuage Kremlin fears over potential foreign influence. The new structure will include a public interest foundation (PIF) run by a board of 11 Russian nationals with the power to block a single entity accumulating a 10% or more stake in Yandex, either in terms of ownership or voting rights.