Estonia, EU – Baltic States, Legislation, Markets and Companies

At its session on Tuesday, the Riigikogu approved with 54 votes of a decision initiated by the EU affairs committee which presents a reasoned opinion to the European Parliament and European Commission president and EU council president on the directive proposal.

The committee estimates that the EU wishes to implement measures that are not in EU's sole authority and contradict the principle of solidarity, according to which EU political decisions always have to be made at the lowest administrative and political level and as close to citizens as possible.

The committee is on the position that corporate law is more in the authority of member states and companies exist generally on the basis of laws of a member state.

According to the directive proposal, large companies listed at the stock exchange have to send information about their diversity policy, including age, gender, geographical diversity and educational and professional background aspects. The report has to include policy aims, implementation and results.

Based on the Business Registry company data, the proposal would mean an obligation to reveal additional non-financial information to a minimum of 15 companies in Estonia and the obligation of presenting the diversity policy to 16 companies.

The government has said earlier that Estonia supports the aims of the bill but that the measures proposed by the European Commission are not proportional.