State assets are all of the assets that belong to the state and are managed by state agencies. They represent the set of the state’s rights and obligations that can be evaluated in money, such as real estate, immovable assets, holdings in commercial undertakings and foundations, securities and more.
State asset management means all activities and operations carried out by the state in relation to state assets. The general principles are regulated by the State Assets Act (in Estonian) and all fundamental and guiding decisions are made by the government.
The State Assets Department develops the state asset policy, prepares draft acts, advises and coordinates the activities of state assets in the area of state asset management and ownership reform, and organises protection of the state’s interests in private legal entities in which the state has a holding.
Management of the state’s shareholdings – advises and coordinates the activities of state agencies and protection of the state’s interests in managing state assets in private legal entities in which the state has a holding (incl. commercial undertakings, foundations).
State real estate – develops and shapes the state’s real estate policy and coordinates its implementation, organises and develops state real estate accounting.
The state participates in a public limited company, private limited company, foundation or non-profit organisation entered in the register in Estonia, and in foreign private legal entities as a shareholder, founder or member. The reason why the state has shareholdings in private legal entities is to perform functions arising from the public interest and/or to earn revenue for the state.
The state looks to manage the activities of commercial undertakings in the best possible manner. The state earns income on the shares and other securities it holds, and this income is paid into the state budget.
The state of Estonia has holdings in 32 private legal entities and owns 67 foundations and 115 non-profit organisations.
Once a year the Ministry of Finance submits a consolidated report (the full text of the report is available in Estonian) that covers all managers.