From 2006, the Corporate Governance Code (CGC), which lays down the general principles of managing companies and treating shareholders, applies to the issuers of equity securities which are listed on Tallinn Stock Exchange. The application of the principles of CGC is recommended to the listed companies and the companies are free to decide whether to follow the main CGC principles or not. The Corporate Governance Code is based on the principle of "follow or explain" according to which a company shall explain its standpoints and activities with regard to those CGC provisions which it does not follow.

AS Merko Ehitus Corporate Governance Recommendation report 2010
Corporate Governance Recommendations