Corporate Governance Corporate Governance in Estonia 2011.

Description

This Review of Corporate Governance in Estonia describes the corporate governance setting including the structure and ownership concentration of listed companies and the structure and operation of the state-owned sector. The Review then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented.  Read more... Foreword Table of Contents Chapter 1. Assessment and Recommendations 1. Corporate governance framework 2. Assessment 3. Recommendations Chapter 2. Corporate Governance Review 1. Estonia's corporate governance landscape Table 2.1. Tallinn Stock Exchange in numbers 2001-2009 Table 2.2. Tallinn equity lists, Tallinn market 1.1. The structure of ownership and control Figure 2.1. Investment in Tallinn securities market by country 1.2. The corporate governance framework Table 2.3. Summary of Estonian FSA enforcement Table 2.4. Ten largest SOEs in 2006. Figure 2.2. SOEs by sector of activity1.3. The legal and regulatory framework for SOEs 1.4. Conclusions on the corporate governance landscape 2. Ensuring a consistent regulatory framework 2.1. The regulatory framework for corporations 2.2. Equitable treatment of shareholders among state-owned enterprises 2.3. Conclusions regarding the rights and equitable treatment of shareholders 3. Disclosure of corporate information 3.1. The regulatory framework covering disclosure Table 2.5. Oversight carried out by the Board of Auditors 3.2. SOE Disclosure and transparency. 3.3. Conclusions regarding transparency and disclosure4. Separation of ownership and regulation 4.1. Exercising ownership rights over SOEs 4.2. Conclusions regarding separation of ownership and regulation 5. Ensuring a level playing field 5.1. The role of the regulatory framework 5.2. Conclusions regarding a level playing field 6. Stakeholder rights and boards of directors 6.1. Stakeholder rights 6.2. The rights, duties and responsibilities of boards of directors 6.3. SOE boards Table 2.6. Composition of the supervisory boards of the ten largest SOE by revenue 2009. 6.4. Conclusions regarding stakeholders and boards7. Conclusions Notes Bibliography Annex A. Analytical Framework for the Accession Review Box A.1. Five Core Principles of the Accession Roadmap and the relevance of individual Principles of Corporate Governance and Guidelines for State-Owned Enterprises Box A.2. Principles relevant for describing the corporate governance landscape Annex B. Significant Ownership by Company Listed on the Tallinn Stock Exchange (as of March 2010).