Corporate Governance Corporate Governance in Estonia 2011.

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).