OREANDA-NEWS  Russian President Vladimir Putin extended until December 31, 2026 for a number of Russian organizations from the energy sector, including the electric power industry, mechanical engineering and trade, the opportunity not to take into account the votes of co-owners from "unfriendly" jurisdictions when making corporate decisions.

Decree No. 1010 "On Amendments to Decree of the President of the Russian Federation No. 16 dated January 17, 2023 "On the Temporary Decision-making Procedure by the Bodies of Certain Russian Business Entities" has been published on the official Internet portal of legal information.

Large companies from these industries received the corresponding right in January 2023, if they simultaneously meet three more conditions: sanctions have been imposed on their Russian co-owner; the share of "unfriendly" co-owners is no more than 50%; the revenue of a group of individuals of a Russian organization for the previous year exceeds 100 billion rubles.

According to these temporary rules, the votes of "unfriendly" co-owners and persons nominated by them to the management bodies will not be taken into account when determining the quorum and voting results if such a decision is made by other co-owners of the company.

These rules were introduced first until the end of 2023, after which they were extended at the end of each of the following years.