The decree applies to companies operating in the energy sector (including electricity), machinery manufacturing or trade, and in which the controlling or beneficial owner is subject to penalties, in which more than half of the capital is not owned by “unfriendly” foreigners, and where the income of the company exceeds Business or related group in the previous year 100 billion rubles (533 million forints at the current exchange rate). All standards must apply in the respective companies.
According to logic, the decree was adopted to protect Russia’s national interests in connection with unfriendly and illegal international actions by the United States, allied foreign countries and international organizations.
The decree stipulates that in the decision-making process of the owner’s board of directors of the relevant Russian joint-stock companies, the votes of representatives of co-owners from foreign, unfriendly countries are not taken into account when determining the quorum and outcome for voting on issues on the agenda of the meeting of the board of directors of the Russian business company. In such a case, the decision must be taken by a majority vote of the members of the board of directors or other shareholders.
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