A number of large Russian companies may not take into account, when determining the quorum and voting results, “unfriendly” co-owners and persons nominated by them to management bodies.
Russian company must meet the following conditions:
- the company carries out its activities in the field of energy (including the electric power industry), mechanical engineering or trade;
- foreign sanctions or restrictions have been imposed on the controlling person or beneficial owner;
- persons of unfriendly countries own no more than 50% of the size of the authorized capital of the Russian company;
- the amount of revenue of the Russian company for the year preceding the year of the decision exceeds 100 billion rubles.
This President Decree was prepared on the initiative of the Russian Union of Industrialists and Entrepreneurs. It is assumed that about 14 large organizations will fall under the decree.
Nadmitov, Ivanov and Partners Law Firm advises on the issue of sanctions.
Tel.: +7 (495) 649-87-12
For more details, see Decree of the President of the Russian Federation No. 16 of January 17, 2023 "On the temporary procedure for decision-making by the bodies of some Russian business entities" http://www.consultant.ru/document/cons_doc_LAW_437621/