Agenda Profile: Riina Sikkut
Draft law amending the Securities Market Act and, in consequence thereof, amending other laws (588 SE) – third reading
2025-05-21
Fifteenth Riigikogu, Fifth Session, Plenary Session.
Political Position
The political stance is strongly focused on improving gender balance in decision-making bodies, supporting the implementation of the 60:40 principle for the management boards of listed companies. The speaker stresses that this is a necessary, albeit soft, measure, given that natural progress has not taken place in Estonia. The adoption of the bill is justified by the goal of ensuring better decisions and the welfare of all members of society—a value-based approach. Regret was also expressed that a similar requirement was not mandated by law for state-owned enterprises.
2 Speeches Analyzed
Topic Expertise
The speaker demonstrates expertise regarding statistics on gender balance, the pay gap, and labor market segregation, citing specific figures (e.g., 11% women in governing bodies, 70:30 in higher education). They possess detailed knowledge of regulatory frameworks, referring to the Financial Supervision Authority’s suitability requirements for the selection of bank executives. Furthermore, the speaker is familiar with the principles of state ownership policy and the necessity of transposing the European Union directive.
2 Speeches Analyzed
Rhetorical Style
The rhetorical style is analytical and persuasive, relying on statistical data and facts to emphasize the seriousness of the situation (e.g., Estonia being the most segregated labor market in Europe). In the second speech, the tone shifts to defensive, responding to accusations of totalitarianism and employing analogies (state rules vs. church rules) to justify the regulation. The overall tone is formal, focusing more on logical justification rather than emotional appeal.
2 Speeches Analyzed
Activity Patterns
No data available
2 Speeches Analyzed
Opposition Stance
The pushback is aimed at those who criticize the draft bill as totalitarianism or state overreach, clearly referencing conservative circles and Varro Vooglaid. The speaker refutes claims regarding the lack of competent women and defends the state’s right to impose rules on certain large companies. The criticism targets political stances that question the necessity of regulation.
2 Speeches Analyzed
Collaboration Style
The cooperative style demonstrates a willingness to compromise, particularly concerning state-owned enterprises, where a statutory requirement was replaced by the principles of the state ownership policy. This solution, however, requires good faith and careful oversight to ensure these principles are adhered to. The speaker also referred to the discussions of the Finance Committee, which indicates participation in collegial work.
2 Speeches Analyzed
Regional Focus
The focus is at the national level, addressing the situation of the Estonian labor market and listed companies. Significant emphasis is also placed on the international context, referring to the transposition of the EU directive and comparison with the Western European level. A specific regional or local focus is absent.
2 Speeches Analyzed
Economic Views
It supports regulatory measures within the governing bodies of listed companies aimed at improving gender balance, viewing this as a factor that enhances the quality of economic decision-making. The rapid increase of the minimum wage is positively evaluated as a significant contributor to reducing the wage gap, reflecting concern for the situation of low-wage employees (who are mostly women). It emphasizes that regulations (such as prudential requirements) are already necessary and existing within large companies.
2 Speeches Analyzed
Social Issues
Gender balance and equality are central among social issues, considered prerequisites for better societal decisions and ensuring overall well-being. It is emphasized that Estonia has the most segregated labor market in Europe and a significant pay gap. Active state intervention is supported to mitigate gender imbalance in decision-making bodies.
2 Speeches Analyzed
Legislative Focus
The legislative focus is currently on the draft legislation amending the Securities Market Act (Bill 588 SE), which aims to transpose the directive concerning gender balance in the management bodies of listed companies. The speaker is a strong proponent of this bill and underscores the critical importance of its adoption. Furthermore, the speaker referenced previous work done on establishing the principles of the state ownership policy.
2 Speeches Analyzed