- Recent developments (as of 1 November 2025)
- Global markets and public equity ownership 2.2. Public equity ownership by investor category 2.3. Ownership concentration by market
- Corporate governance and institutional framework
- The rights of shareholders and key ownership functions
- The board of directors
- Corporate sustainability
OECD Corporate Governance Factbook 2025: Estonia
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Estonia’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In 2024, the amendment to Securities Market Act was adopted, which raised the threshold of total consideration of offer of the securities for publishing a prospectus from EUR 5 million to EUR 8 million calculated in a one-year period of the offer. This harmonised the prospectus publishing threshold between three Baltic States (Estonia, Latvia, Lithuania) at the level of EUR 8 million.
In May 2024, the regulation by Minister of Finance was adopted, including the requirements for the information document for offers of securities below the threshold of EUR 8 million. The mentioned information document requirements are now also harmonised between the three Baltic States.
In December 2024, the amendments to Accounting Act were adopted, providing a framework for sustainability reporting for companies (both listed and non-listed). The amendments were transposing the EU Corporate Sustainability Reporting Directive (CSRD). As a result of simplification exercise at the EU level, sustainability reporting obligations for certain companies were postponed by two years with amendments to Accounting Act adopted in June 2025.
In March 2025, it was decided that state-owned enterprise Eesti Energia (Estonian Energy) shall make a voluntary takeover offer to the small shareholders of Enefit Green at a price higher than the market price in order to bring Enefit Green back to the 100% ownership of Eesti Energia. The takeover was finalised in May 2025.
In May 2025, the amendments to the Securities Market Act were adopted, introducing measures to improve gender balance among directors of listed companies. Amendments are connected to transposing the relevant European Parliament and Council directive (EU) 2022/2381.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Estonia |
27 |
|
42.1% |
USD 5 bn |
11.8% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Source: OECD Capital Market Series Dataset.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** In addition to control over the board, the acquisition of 50% of the voting rights also triggers a takeover bid.
*** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.