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The following section assesses Estonia’s corporate governance in terms of five core corporate governance features:

• Ensuring a consistent regulatory framework that provides for the existence and effective enforcement of shareholder rights and the equitable treatment of shareholders, including minority and foreign shareholders.

  • • Requiring timely and reliable disclosure of corporate information in accordance with internationally recognised standards of accounting, auditing and non-financial reporting.
  • • Establishing effective separation of the government’s role as an owner of state-owned companies and the government’s role as regulator, particularly with regard to market regulation.
  • • Ensuring a level playing field in markets where state-owned enterprises and private sector companies compete in order to avoid market distortions.
  • • Recognising stakeholder rights as established by law or through mutual agreements, and the duties, rights and responsibilities of corporate boards of directors.
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