Raasuke proposes new model for state-owned companies.
Postimees Digest, Tuesday, September 17
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A working group headed by adviser to the economy minister, Erkki Raasuke, has proposed the creation of a holding company to manage the shares of all state-owned businesses that would lead to a clear dividends and investments policy and help depoliticize supervisory boards. The plan aims to gain the state around 100 million euros a year. Raasuke proposes the establishment of a new public limited company to be put in charge of the state's holdings in various companies. The company would belong in the administrative area of the finance ministry while more important decisions would be made by the government. The main goals of the move would be to achieve clearer wording of principles and expectations, more thoroughly weighed investment and more transparent management. One of the proposed effects would be cessation of what Raasuke refers to as excessive investments. Raasuke said that state-owned company investments have been disproportional and insensible in recent years, pointing out Elering and Eesti Energia in particular. He estimates that more efficient management of state-owned firms could boost their EBITDA by around 75-100 million euros a year. In addition to more efficient management of the state's resources, the company would also be in charge of appointing supervisory board members thus reducing politicization and political pressure. Raasuke said that initially the holding firm could take control of Estonian Air, Port of Tallinn, EVR Cargo, TV and radio network operator Levira and road consultants Teede Tehnokeskus.
Kallas satisfied with better position of transport in the EU.
Vice-President of the European Commission Siim Kallas says in an interview that looking back on his term in office he is satisfied he has managed to change the way the EU perceives transport. Kallas says that if previously transport was seen merely as an environmental problem, it is now a highly valued sector of the economy. «When I started out as transport commissioner, the European Commission's strategic vision mentioned transport solely as an environmental problem,» Kallas says. «My first ambition was to have transport recognized as a very important economic sector.» Kallas adds that mobility is seen as an important benefit today and that it is the commission's goal to organize it in a way to make it acceptable both from an environmental and an economic point of view. The commissioner also says he is proud the EC approved the railroad reform package during his time in office despite opposition from a major Member State Kallas refuses to name. Kallas highlights as the biggest problems in the EU blanket opposition from national parliaments to almost all initiatives and unions that are unable to coordinate their actions.
Sixth of clients decide to increase pension fund payments.
Every sixth member of the II pillar system has decided to boost their contribution from 2 percent to 3, following the state's initiative to compensate people for its crisis time decision to cut II pillar payments. The state has restored its contribution and offers to boost its share from 4 percent of salary to 6 percent of salary between 2014 and 2017 provided people boost theirs from 2 percent to 3. Nordea Pensions Estonia, LHV Asset Management and Swedbank Investments were most successful at convincing their clients to get on board as 20.95 percent, 20.91 percent and 19.29 percent of corresponding clients decided to boost payments. All in all, 108,118 people decided to go for bigger monthly payments.