Our business has expanded into an ecosystem that serves tens of millions of consumers and businesses in Russia and beyond as well as collects and stores vast amounts of personal data of our users. We have also developed cutting-edge intellectual property and other technology that serve as the backbone of our products and services and sensitive enough to be a potential concern for national security. Given Yandex’s important role in the Russian economy and society, we also have a great responsibility to protect and safeguard public interests in a way that is both targeted and measured.
Therefore, the essence of 2019 of corporate governance restructuring was to introduce a targeted approach to addressing the core public interest concerns as well as the specific “single-man” risk arising as a result of Mr. Volozh’s concentrated holding of voting power, without affecting our day-to-day business and operations or long-term prospects.
You can read more about the restructuring in the shareholder circular that was presented to shareholders in advance of the Extraordinary General Meeting of December 20, 2019
The composition of the Board of the Foundation has not changed since the Foundation was established. The list of members of the Foundation Board is provided in the Company's Annual report released in 2020 [Item 4, pages 52-53]
According to the Charter of the Foundation, its initial composition was formed by the founder, Yandex N.V., and included representatives of certain educational and non-governmental organizations, as well as three representatives of the management of Yandex N.V., including the CEO. The term of office of the members of the Foundation is not limited. The Foundation Charter sets forth customary grounds for the termination of the term of a Board member, including in the event of death, inability to perform duties, resignation, failure to meet criteria for Board members, or replacement by the relevant nominating institution.