Draft law amending the Accounting Act and, as a consequence, amending other laws (516 SE) – third reading
Session: 15th Riigikogu, 4th session, plenary session
Date: 2024-12-17 12:03
Participating Politicians:
Total Speeches: 10
Membership: 15
Agenda Duration: 15m
AI Summaries: 10/10 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
Agenda item number 1 concerned the third reading of the draft law amending the Accounting Act, and consequently amending other laws, initiated by the Republic's Government. Opening remarks primarily raised the question of the impact of sustainability reporting obligations on business, including increased costs, bureaucracy, and the timing of implementing new standards. The discussion also alluded to the imposition of ideological elements and the alleged undermining of democratic processes; in the form of diversity and inclusion requirements, critics see a potential connection between democracy and the freedom of enterprise. In addition, proposals were made aimed at reducing economic and administrative burdens, and creating a practical timetable, including specifying limits in auditing requirements and regular analyses of potential changes.
Decisions Made 1
Bill 516 was passed as a law. Fifty-nine members of the Riigikogu voted in favor, seventeen voted against, and there were zero abstentions.
Most Active Speaker
The most active speaker was Evelin Poolamets (EKRE) — from the right-wing political spectrum — her speeches focused on criticism of the sustainability report, objections to burdens and ideological additions, and more broadly, issues related to economic freedom and reducing bureaucracy.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi initiates the agenda item and opens the third reading of Draft Bill 516, the aim of which is to amend the Accounting Act and to amend other related laws, and opens negotiations, inviting Evelin Poolametsa from the EKRE faction to speak.
Evelin Poolamets
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
The briefing expresses deep concern that the obligation to produce sustainability reports will bring European standards and ideological pressure on companies, increase additional costs and bureaucracy, divert resources toward meeting diversity and social requirements, and jeopardize entrepreneurial freedom, which could hinder innovation and economic growth.
Aseesimees Toomas Kivimägi
AI Summary
The deputy chair, Toomas Kivimägi, confirms that three minutes will be added.
Evelin Poolamets
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Evelin Poolamets states that tying the annual financial report to the sustainability report is absurd, because the two documents address different topics, and the draft should not be discussed in the Economic Committee, but could consider establishing an ideology committee due to directives coming from Brussels; she emphasizes that the obligation to report on sustainability resembles communist systems, and companies must not become victims of ideological experimentation.
Aseesimees Toomas Kivimägi
AI Summary
The vice-chairman thanked and gave the floor to Mart Maastik on behalf of the Isamaa faction.
Mart Maastik
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Mart Maastik said that the limits have fallen behind the times, and that raising them would burden entrepreneurs with the requirements of audit control, therefore he is proposing, on behalf of Isamaa, to vote against the bill.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi thanked and asked Andres Sutti to speak on behalf of the Reform Party faction.
Andres Sutt
AI Summary
Andres Sutt said that ESG reporting concerns large international companies and must not be ideologically biased, stressed the strength of diverse teams, and confirmed that the auditing threshold will rise by 25%, with an analysis conducted every two years, the results of which will reach the Economic Committee no later than September 2026, and he asked that the draft be approved.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi ended negotiations and announced that the lead committee wishes to carry out the final vote on Draft Bill 516 and is preparing it, and will put to the Riigikogu for a final vote the Government-initiated amendments to the Accounting Act and, consequently, the Draft Bill 516 amending other laws, asking them to take a position and vote.
Aseesimees Toomas Kivimägi
AI Summary
Bill 516 was passed into law: 59 members of the Riigikogu voted in favor, 17 against, and there were no abstentions.