Estonia approves four members for state company nominations committee

Estonia’s government has approved the members of the fourth composition of the committee that nominates supervisory board members for state-owned companies, ERR reported.

The new members are Erkki Raasuke, nominated by the Estonian Employers’ Confederation; Hele Hammer, nominated by the minister of finance; Elise Nassar, nominated by the minister of infrastructure; and Aavo Sõrmus, nominated by the minister of regional affairs and agriculture.

The committee also includes the secretary general of the Ministry of Finance as an ex officio public-sector representative, as well as a rotating member who is the secretary general of the ministry responsible for the relevant company.

The new members will replace Annika Uudelepp, who chaired the committee, Kadi Pärnits, Mati Polli and Peeter Saks.

Under Estonia’s State Assets Act, committee members must be recognised business and management experts with extensive international experience and an unblemished reputation. They must also have no conflict of interest involving state-owned companies.

Raasuke holds a diploma equivalent to a master’s degree in industrial economics and management from Tallinn University of Technology. He has led Hansabank Group and served as chief financial officer of Swedbank Group. From 2013 to 2016, he headed LHV Group, the parent company of LHV Bank. He led Luminor Bank from 2017 to 2021 and was chief financial officer of technology company Skeleton Technologies from 2021 to 2024.

Raasuke has also worked in the public sector as an adviser to the Ministry of Economic Affairs and Communications and as acting director general of the Road Administration.

Hammer holds a doctorate in corporate finance from Tallinn University of Technology. Since 2009, she has been chief financial and operating officer of Telema AS. She previously managed the finances of companies including Amserv Grupp AS and Mikskaar AS. Since 1997, she has also led the financial manager development programme at Estonian Business School.

Nassar holds a bachelor’s degree in law from the University of Tartu. Since 2024, she has been a member of the management board of AS Tallink Grupp. She is also a member of the council of Tallinn University of Technology’s Estonian Maritime Academy, a member of the board of the Estonian Maritime Cluster and the European Community Shipowners’ Associations, and president of the Estonian Shipowners’ Association.

Sõrmus holds a master’s degree in food technology from Tallinn University of Technology and is continuing his studies as a doctoral student, focusing on biotechnology. He is a researcher and chairman of the council of the Centre of Food and Fermentation Technologies, or TFTAK, and chairman of the management board of Bioexpert OÜ.

Sõrmus has management experience in the private sector, including as a former member of the management board of AS Kalev Paide Tootmine. Since 2013, he has also chaired the council of Kovek AS, a municipal company owned by Saue rural municipality.

The nominations committee was established in 2017 to ensure the independence, transparency and high professional standards of supervisory board appointments at state-owned companies.

Its duties include making proposals to the general meeting of a company, or to the minister responsible for it, on the election and dismissal of supervisory board members and chairs. The committee also proposes the number of supervisory board members and their remuneration.