Draft law amending the Securities Market Act and, in consequence thereof, amending other laws (588 SE) – third reading
Session: Fifteenth Riigikogu, Fifth Session, Plenary Session.
Date: 2025-05-21 17:39
Participating Politicians:
Total Speeches: 12
Membership: 15
Agenda Duration: 18m
AI Summaries: 12/12 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The third agenda item concerned the third reading of the draft law 588 amending the Securities Market Act, initiated by the Government of the Republic, and amending other laws accordingly. Discussions were opened, and speakers engaged in a substantial substantive debate regarding how companies operating on the stock exchange ensure gender balance in management bodies. The draft provides for the possibility of choosing between two options: either at least 40% of the board members or at least 33% of the members of the board and supervisory board must belong to a less represented gender. The aim is to implement this by mid-2026 and, if necessary, to notify the Financial Supervision Authority. The discussion raised questions about the rational basis of the conditions, as well as issues of union support and nullity; some considered it a soft measure, while others saw it as totalitarianism and excessive government intervention in private companies. The boundary of the concept also brought out a compromise regarding the state's participation policy principles, which requires a similar order for state-owned enterprises, although this has not yet been implemented at the legislative level. The debate was characterized by sharply divergent viewpoints between gender balance and entrepreneurial freedom, but ultimately the draft was approved as a result of the final vote. The result of the final vote was: in favor 47, against 21, abstentions 1; draft 588 has been adopted as a law.
Decisions Made 1
Bill 588 was passed on its third reading and finally adopted as a law after a vote (47 in favor, 21 against, 1 abstention).
Most Active Speaker
Varro Vooglaid (EKRE) – from the right-wing party; the most active speaker in this discussion (he presented several lengthy thoughts and critical observations regarding the bill).
Aseesimees Toomas Kivimägi
AI Summary
Riina Sikkut, on behalf of the faction, opens the debate for the third reading of Bill No. 588, concerning the amendment of the Securities Market Act and the amendment of related legislation.
Riina Sikkut
Profiling Sotsiaaldemokraatliku Erakonna fraktsioonAI Summary
Riina Sikkut stressed that there must be at least 40% representation of both genders in the management boards of listed companies, and the same requirement applies to state-owned enterprises, because this symbolic step improves the quality of decision-making and the gender balance in society.
Aseesimees Toomas Kivimägi
AI Summary
Varro Vooglaid, on behalf of the EKRE faction, thanks you and requests eight minutes of additional time.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Varro Vooglaid calls Bill 588 a repulsive ideology and a totalitarian state intervention that forces large companies to ensure a certain gender representation and threatens them with a fine of up to 400,000 euros, which is why he calls for a vote against it.
Aseesimees Toomas Kivimägi
AI Summary
Riina Sikkut delivers a response speech on behalf of the faction.
Riina Sikkut
Profiling Sotsiaaldemokraatliku Erakonna fraktsioonAI Summary
Riina Sikkut confirms that competent women are available for every position in Estonia, and the requirements for the trustworthiness of management are regulated at the level of law, which is not totalitarianism, and she considers the current draft bill suitable for Estonia.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi said that a response speech was not permitted, but that a response might be necessitated by the first speech, and asked Varro Vooglaid, on behalf of the EKRE faction, to present the response speech.
Varro Vooglaid
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Varro Vooglaid argues that quotas intended for women are not based on any general pattern, and applying the same logic would necessitate establishing quotas based on other criteria, such as sexual orientation, race, or religion—a concept he finds utterly irrational.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi called upon Marek Reinaas to give a response speech on behalf of the Eesti 200 faction.
Marek Reinaas
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
He/She clarified that Varro Vooglaid claimed the Social Democratic Party, Eesti 200, and the Reform Party were supposedly non-profit organizations where women were in a significant minority. However, this is untrue, and the board of Eesti 200 actually has more women than men.
Aseesimees Toomas Kivimägi
AI Summary
Deputy Speaker Toomas Kivimägi concluded the debate and sent Government Bill 588, which concerns the amendment of the Securities Market Act and amendments to other related legislation, to the final vote.
Aseesimees Toomas Kivimägi
AI Summary
Bill 588 was passed into law: 47 Riigikogu members voted in favor, 21 against, and 1 abstained.