TOP EXECUTIVE
COMPENSATION SURVEY
ESTONIA 2016
SUMMARY
COPYRIGHT
This report is confidential. This copy has been submitted only to the herein listed
organization and its contents shall not be circulated, forwarded or used for commercial
purposes by any means without the written consent of Fontes Palgakonsultatsioonid OÜ.
This copy belongs to:
© Fontes 2016
Fontes Palgakonsultatsioonid OÜ
Sepapaja 6
11415 Tallinn
6 277 077
[email protected]
Top Executive Compensation Survey: Estonia, 2016
INTRODUCTION
Since 1995, Fontes has regularly conducted Estonian compensation surveys. Our survey is
characterized by having the best market coverage in Estonia; the stability and representativeness of the
sample; job classification by content, complexity and responsibility; also the quality and accuracy of
the data, since all information sent to us goes through a thorough checking multiple times before
adding it to the survey database. The process of gathering and analyzing clients’ data as well as
presenting the reports is confidential and following best practices.
The 2016 Top Executive Survey is the twenty-first consecutive survey which gives an overview of
compensation levels, trends and practices for top executives in Estonia.
In the context of this survey, the term “top executive” generally refers to individuals involved in the
daily management of the organization’s affairs (e.g. the chairman of the executive board and members
of the executive board). The chairman of the executive board is the chairman of the executive
board/the organization’s CEO/the organization’s operations manager, who is responsible for the daily
management of the organization. Members of the executive board often/primarily perform the daily
duties of a manager in a certain area of responsibility (e.g. financial manager, production manager,
etc.).
In order to ensure that wage information is presented objectively, the wages of top executives who are
also major shareholders or sole owners of an organization have not been taken into account.
In order to gain the best possible overview of the market situation, Fontes has invited top executives
from different industries and from companies with different turnovers, staffs, and origins of capital to
participate in the survey. The top executive compensation information has been presented by groups
that are formed according to the companies’ number of employees, turnover, origin of capital, and the
executive’s scope of responsibilities.
The survey presents the criteria for determining and paying the wages of chairmen of executive board
and members of executive boards, as well as the components of the compensation packages. All the
data provided is anonymous, and no indication is given of the composition or size of the compensation
packages of any particular participant. Should you be interested in more detailed information, please
contact us at Fontes.
Fontes would like to extend its gratitude to all the chairmen of executive boards and executive board
members who participated in and helped make this survey.
Sincerely,
Mattis Kirsipuu, Mall Peterson, Ilmar Põhjala, Irja Rae, Kristina Udras
2
Top Executive Compensation Survey: Estonia, 2016
SUMMARY
Sample
The 2016 Top Executive Compensation Survey sample includes data from 121 different organizations
with 95 chairmen of the executive board and 116 members of the executive board.
56% of executives in the survey are responsible for the activity of one organization in Estonia.
56% of the sample is the same as last year, 44% if the organizations are new participants.
Compensation Changes
The average change in base salary for 2016 for chairmen of the board was 6%. Base salary increased
for 55% of chairmen of the board. The average change in annual total cash was on average 10% with
annual total cash increasing for 63% of chairmen of the board.
For chairmen of the board the compensation changes remained more or less the same as last year
although they affected smaller amount of executives.
For members of the board, the average change in base salary was 5%. Base salary increased for 53% of
members of the board. The average change in annual total cash was on average 8% with annual total
cash increasing for 64% of members of the board.
For members of the board the average changes in both base salary and annual total cash were 3%
smaller and affected smaller amount executives than last year.
Forecasted Compensation Changes
For next year, chairmen of the board forecast on average 3% change for base salary and 4% for annual
total cash (median values 3% and 2%)
The forecasts for members of the board are on average 3% change for base salary and 4% for annual
total cash (median values 2% and 3%).
3
Top Executive Compensation Survey: Estonia, 2016
TABLE OF CONTENTS
Table of contents is as in the survey report and does not correspond to the current file.
INTRODUCTION ........................................................................................................................................... 2
SUMMARY ..................................................................................................................................................... 3
SURVEY METHODOLOGY ........................................................................................................................... 5
USING THE SURVEY .................................................................................................................................... 7
DESCRIPTION OF PARTICIPATING ORGANIZATIONS .......................................................................... 8
DESCRIPTION OF COMPENSATION PACKAGES.................................................................................... 11
VARIABLE SALARY .................................................................................................................................... 14
CHANGES IN SALARY AND FORECASTS ................................................................................................ 16
BENEFITS ....................................................................................................................................................20
STIPULATIONS OF EMPLOYMENT CONTRACTS .................................................................................. 24
MONETARY COMPENSATION.................................................................................................................. 25
CHAIRMEN OF EXECUTIVE BOARDS, SALARY TABLES ..................................................................... 26
Salaries of chairmen of executive boards by origin of capital ................................................................ 27
Salaries of chairmen of executive boards by number of employees ...................................................... 29
Salaries of chairmen of executive boards by sales revenue .................................................................... 31
Salaries of chairmen of executive boards by different responsibility .................................................... 33
Salaries of chairmen of executive boards by different business sector ................................................. 35
MEMBERS OF EXECUTIVE BOARDS, SALARY TABLES .......................................................................38
Salaries of members of executive boards by origin of capital ................................................................ 39
Salaries of members of executive boards by number of employees ...................................................... 41
Salaries of members of executive boards by sales revenue .................................................................... 43
Salaries of members of executive boards by different responsibility .................................................... 45
Salaries of members of executive boards by different business sector ................................................. 47
Salaries of members of executive boards by work function ................................................................... 49
APPENDIX A - TERMS ............................................................................................................................... 51
APPENDIX B - THE LIST OF PARTICIPATING ORGANIZATION ......................................................... 53
APPENDIX C - THE LIST OF PARTICIPATING ORGANIZATIONS BY BUSINESS SECTORS ........... 55
4
Top Executive Compensation Survey: Estonia, 2016
SURVEY METHODOLOGY
Participants and Target Group
The purpose of the survey is to provide an overview of executive compensation in Estonia. Executives
who hold over a 5% share of the organization have been excluded from the survey.
Salary and Compensation Data Gathering
Salary data was gathered for top executive positions - chairmen of the executive board and members of
the executive board. The data of 95 chairmen and 116 members of the board from 121 organizations
and/or groups was collected during the survey process. Organizations with different revenue, number
of employees and origin of capital are represented in the survey. The data was gathered from
November to December 2016. Base salary and monthly incentive are based on the data from 2016;
annual incentive and bonuses, however, are based on the payments made for 2015.
Data Analysis
The electronically gathered data was checked and aligned. Statistical data analysis was conducted with
SPSS 20.0 and MS Excel 2013 software. To provide a better overview of the market situation and in
order to simplify the use of the survey in as much as possible, we have divided the executives into
groups based on sales revenue and number of employees.
When the answers were submitted for statistical processing, usually the median value and/or the
arithmetic average was calculated; for salary data other positional averages, such as the median, 10%,
90% deciles and 25%, 75% quartiles, were also used (see Appendix A - Terms). The percentages
presented in the tables and graphs represent the weight of an answer among the total number of
answers to the questions at hand (respondents who did not answer have not been taken into account).
The salary information has been presented based on two principles:
-
to submit as much objective information as possible
-
to preserve the confidentiality of the information relating to the participating organizations.
All numbers are presented in gross amounts and in EUR.
The tables below illustrate the division of chairmen of executive boards and members of executive
boards.
5
Top Executive Compensation Survey: Estonia, 2016
Table 1. Division of chairmen of executive boards by number of employees and sales
revenue
No. of employees
Under 50
employees
50-249
employees
250-499
employees
500 and
more
employees
Total
No. of chairmen
20
46
17
12
95
Under 5
million
EUR
5-16
million
EUR
16-64
million
EUR
Over 64
million
EUR
Total
12
47
28
8
95
Sales revenue
No. of chairmen
Table 2. Division of members of executive boards by number of employees and sales
revenue
No. of employees
No. of members of
executive boards/No. of
organizations
Sales revenue
No. of members of
executive boards/No. of
organizations
6
Under 50
employees
50-249
employees
250-499
employees
500 and
more
employees
Total
11/9
49/31
22/12
34/16
116/68
Under 5
million
EUR
5-16
million
EUR
16-64
million
EUR
Over 64
million
EUR
Total
13/10
38/25
40/22
25/11
116/68
Top Executive Compensation Survey: Estonia, 2016
USING THE SURVEY
The information contained in this survey is an ideal tool for salary negotiations for both top executives
and owners of organizations. The survey provides the basic information for preparing fair and
attractive compensation packages. However, Fontes does not recommend using this information
verbatim. Any compensation package is influenced by many other factors aside from the size of the
organization, such as the stage of development and different objectives the manager should be
motivated to reach.
The numbers and comparisons contained in this survey can help an organization to:

position the top executive salary level on the Estonian salary market;

benchmark the competitiveness of the top executive salary policy;

forecast the salary of future periods;

develop and adapt salary systems.
When making salary comparisons it is recommended to review the results of all
different salary tables (origin of capital, number of employees, sales revenue,
responsibility, field of activity, level and function - for members of the board).
The terms used in this survey have been defined and explained in (see Appendix A – Terms).
7
Top Executive Compensation Survey: Estonia, 2016
DESCRIPTION OF PARTICIPATING ORGANIZATIONS
95 chairmen and 116 members of executive boards from 121 organizations and/or groups participated
in the survey.
Graph 1. Participating organizations by business sectors
38
Production
25
Sales
7
Finance and insurance
IT and telecommunication
6
Service
6
5
Transport and logistics
4
Construction
3
Real Estate
Energy
2
Infrastructure
2
2
Other
0
25
Proportion of organizations, %
8
50
Top Executive Compensation Survey: Estonia, 2016
Graph 2. Participating organizations by origin of capital
State capital
Mixed capital
(local +
foreign)
4%
13%
Local private
capital
17%
66%
Foreign
capital
Graph 3. Participating organizations by sales revenue/total assets
Over 100
million euros
Less than 5
million euros
10%
13%
46%
5 to 25
million euros
31%
25 to 100
million euros
9
Top Executive Compensation Survey: Estonia, 2016
Graph 4. Participating organizations by number of employees
250-499
employees
18%
500 and
more
employees
50-249
employees
48%
16%
18%
Under 50
employees
Graph 5. Division of participating chairmen and members of executive boards by
responsibility
60
Chairmen of the board
7
53
Members of the board
0%
9
50%
33
38
100%
Proportion of organizations, %
Responsible for one company/organization in Estonia
Responsible for several companies (affiliated companies) in Estonia
Responsible for one company/several companies' activities at least in 2 different countries
10
Top Executive Compensation Survey: Estonia, 2016
MONETARY COMPENSATION
This chapter contains information on the monetary compensation paid to chairmen of executive
boards and members of executive boards. The data regarding all participating executives have been
analyzed and presented in consolidated tables and also by groups.
Explanations to the tables
Different types of pay have been described by several statistical values to show not only the average
values but also the disparity of salaries below or above the median.
Other statistical measures - (quartiles 25%, 75%) and deciles (10% and 90%) (see Appendix A - Terms)
- help those top executives who are interested in salary levels considerably above or below the market
average. In order to be objective and preserve anonymity, we have only presented information if there
are the following number of respondents (in the case of chairmen of executive boards - chairmen of
executive boards; in the case of the executive board members and managers - organizations): averages
if there are a minimum of 5, quartiles if there are a minimum of 7, and deciles if there are a minimum
of 10 results. In cases where there were an insufficient number of answers, there are dashes in the
tables.
The salary table presents the following monetary compensation parts: monthly base salary,
monthly/quarterly incentives, monthly total cash, annual base salary, semi-annual and annual
incentives as well as annual total cash (see Appendix A - Terms).
The salary scheme in the salary table is calculated as follows:
Monthly Base Salary + Monthly Incentives (average based on last 6 or 12 months) = Monthly
Total Cash
Monthly Total Cash *12 + Annual Incentives (for the past period) = Annual Total Cash
It is important to note, however, that the numbers given in the rows of the salary tables have been
calculated on the basis of different data and the values presented in columns cannot be added up.
The salary tables have been calculated on the basis of salary data provided by 95 chairmen of executive
boards and 116 members of executive boards.
The abbreviation NoE in the table illustrates the number of chairmen of executive boards.
The abbreviation NoE/NoO in the table illustrates the number of executive board members / the
number of organizations.
All salaries are in EUR and are gross amounts.
11
Top Executive Compensation Survey: Estonia, 2016
CHAIRMEN
OF
EXECUTIVE
BOARDS,
SALARY
TABLES
NB! The salary numbers in the following table are fictitious.
Salaries of chairmen of executive boards based on all participating organizations
NoE
Average
10%
25%
Median
75%
90%
83
3 566
2 608
2 862
3 627
4 200
4 500
6
1 117
-
68
219
1 025
-
Monthly Total Cash
83
3 810
2 608
2 900
3 880
4 313
4 854
Annual Base Salary
83
42 788
31 290
34 350
43 524
50 400
54 000
Semi-annual and Annual Incentives
59
5 701
2 046
3 286
4 012
8 618
10 513
Annual Total Cash
83
48 963
32 570
35 894
48 834
57 315
63 949
Proportion of Variable Salary
83
9%
0%
0%
6%
11%
21%
Monthly Base Salary Change
55
7%
0%
0%
1%
10%
20%
Monthly Total Cash Change
55
10%
0%
0%
4%
13%
30%
Annual Total Cash Change
55
8%
-7%
-1%
5%
13%
29%
Monthly Base Salary
Monthly/Quarterly Incentives
12
Top Executive Compensation Survey: Estonia, 2016
APPENDIX A - TERMS
Top executive
Chairperson of an executive board, member of an executive board, managing
director.
Chairman of an executive board/ managing director/manager. An executive
Chairmen of an running the daily operations of the organization. The survey does not include the
executive board executives who are also major shareholders or sole owners of the same
organization.
Member of an executive board of an organization. In many organizations, the
Member of an
members of the executive board often fill in the daily tasks of some area manager,
executive board
e.g. financial executive, production manager, etc.
Monthly base salary in gross amounts. The monthly base salary is the fixed salary
stipulated in the employment contract comprising regular additional payments for
Monthly base
education, tenure, and expertise. The monthly base salary is exclusive of night and
salary
overtime work, holiday pay, incentives, bonuses, and guaranteed additional
premiums.
Monthly premium
Monthly statutory premium for work that requires working in the evening, at
night and/or on state holidays (e.g. with shifts). Is exclusive of overtime.
Average monthly Incentive depending on the fulfilment of monthly and/or quarterly objectives. The
and/or quarterly sum of the quarterly incentive has been converted into a monthly average and
incentives added to the monthly incentive.
Monthly total cash
Monthly base salary + average monthly incentive and the quarterly incentives
converted into monthly values.
Semi-annual and
annual Incentive/bonus depending on the fulfilment of semi-annual or annual objectives.
incentive/bonus
Annual total cash Monthly total cash * 12 + semi-annual and annual incentive and/or bonuses.
Average
Arithmetic weighted average calculated by adding up all respective numerical
values (e.g., salaries) and dividing the sum by the number of respective values.
90% 90% of the salaries are lower than the presented value.
75% 75% of the salaries are lower than the presented value.
Median
The central value in a set of values (e.g., salaries) sorted by value from the highest
to the lowest.
25% 25% of the salaries are lower than the presented value.
10% 10% of the salaries are lower than the presented value.
Variable (not guaranteed) pay, which depends on individual, team or organization
Short-term performance that is paid on a monthly, quarterly, semi-annual or annual basis.
incentives Goals are clearly set and known for the employee. Variable pay is paid if the tasks
are achieved or the performance has been even better.
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Top Executive Compensation Survey: Estonia, 2016
Variable (not guaranteed) pay that depends on individual, team or organization
Long-term performance that is paid on the basis of more than once a year. Goals are clearly
incentives set and known to the employee. Variable pay is paid if the tasks are achieved or
the performance has been even better.
The car provided to the top executive by the organization to be used for private
Organization car purposes at least to some extent. If the car is used exclusively during working
hours, it is not a benefit.
Shareholding in the The top executives are remunerated with the opportunity to purchase shares in
organization the organization or become a partner.
Share option
The top executives may acquire the shares of the organization at a pre-arranged
price.
The maximum disbursement agreed in the insurance contract to which extent the
insurer is to compensate for the damages in case of the insured event OR - in the
Sum insured
case of life insurance - which the insurer is to pay in full to the agreed person upon
the due term.
In the case of accident insurance, the insurer is to pay the agreed amount of
Accident insurance money following the accident. The insurance settlement is paid in the case of
death, bodily harm, or proprietary damages.
With life insurance, the insurer is to pay the contractual sums upon the arrival of
the certain age, the marriage, or birth of a child to the insured individual or in the
Life insurance
case of the insured death risk to the beneficiary, in one instalment or regular
payments.
Upon the insured event, the insured person is paid to cover health expenses
within the limit stipulated in the contract. This includes GP services, in-patient
Health insurance
care, specialised medical care, dental care. This is an additional and voluntary
(voluntary)
health insurance, not the constitutional health insurance paid by the health
insurance fund and funded by the mandatory social tax.
Type of insurance where capital is collected for retirement and for which
Retirement
payments shall be made at the arrival of the agreed age or upon the insured
insurance/fund
individual becoming disabled.
14
Top Executive Compensation Survey: Estonia, 2016
APPENDIX
B
-
THE
LIST
OF
PARTICIPATING
ORGANIZATION
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
Abakhan Fabrics Eesti AS
Altia Eesti AS
Amphenol ConneXus OU
Assaabloy Baltic AS
Atria Eesti AS
Auto 100 Tallinn AS
B&B Tools Estonia AS
Balbiino AS
Baltic Restaurants Estonia AS
BE Group AS
Bestnet AS
Bonava Eesti OÜ
Caverion Eesti AS
Cipax Eesti AS
Circle K Eesti AS
Clyde Bergemann Eesti AS
Coca-Cola HBC Eesti AS
D.A.S. Õigusabikulude Kindlustuse AS
Danske Bank AS Eesti filiaal
Derivco Estonia OÜ
DHL Estonia AS
DPD Eesti AS
Eastman Specialties OÜ
Eesti Energia AS
Eesti Liikluskindlustuse Fond MTÜ
Eesti Pandipakend OÜ
Eesti Pank
Electrolux Eesti AS
Elering AS
Elisa Eesti AS
Eltel Networks AS
Enics Eesti AS
Ensto Ensek AS
Estiko-Plastar AS
Estonia Spa Hotels AS
Estonian Cell AS
Euroapteek OÜ
EVR Cargo AS
Express Post AS
FCR Media AS
Flexa Eesti AS
Gildhall AS
Go Group AS
Graanul Invest AS
Guardtime AS
Gunvor Services AS
Harju Elekter AS
Henkel Makroflex AS
Hilding Anders Baltic AS
HKScan Estonia AS
Humana Sorteerimiskeskus OÜ
Hyrles OÜ
If P&C Insurance AS
IIZI Kindlustusmaaker AS
Inbank AS
International
Aluminium
Casting
Tartu AS
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
Ionix Systems OÜ
Kalev AS
KiiltoClean OÜ
Kohila Vineer OÜ
Krimelte OÜ
LEONHARD WEISS ENERGY AS
LEONHARD WEISS RTE AS
LPP Estonia OÜ
LTT AS
Lunden Food OÜ
Magnum AS
Maksekeskus AS
Mandatum Life Insurance Baltic SE
Manpower OÜ
Markit Holding AS
Mediq Eest OÜ
Mercantile Group AS
Metos AS
Nefab Packaging OÜ
Nordkalk AS
NPM Silmet AS
Ober- Haus Real Estate Advisors AS
Olympic Casino Eesti AS
Onninen AS
Oriola Estonia OÜ
Orlen Eesti OÜ
Otto Bock Estonia AS
Ouman Estonia OÜ
Papyrus AS
PRIKE AS
Puumarket AS
Ramirent Shared Services AS
Recticel OÜ
R-Kiosk Estonia AS
Rudus AS
Saaremaa Piimatööstus AS
Saarioinen Eesti OÜ
Santa Maria AS
Saue Production OÜ
Scandagra Eesti AS
SFS intec Oy Eesti filiaal
Starman AS
Stockmann AS
Stoneridge Electronics AS
Stora Enso Eesti AS
Sveba-Dahlen Baltic OÜ
Swedbank AS
Tallink Grupp AS
Tallinna Vesi AS
Technopolis Ülemiste AS
Telia Eesti AS
Toftan AS
Transcom Eesti OÜ
TREV-2 Grupp AS
Truck Trading Estonia OÜ
TV3 AS
Unelmauto AS
15
Top Executive Compensation Survey: Estonia, 2016
114.
115.
116.
117.
118.
16
UPM-Kymmene Otepää AS
Vaasan Baltic AS
Valmos OÜ
Vbh Estonia AS
Wendre AS
119. Widex Eesti OÜ
120. Viru Elektrikaubandus AS
121. Ülemiste Center OÜ
Top Executive Compensation Survey: Estonia, 2016
APPENDIX
C
-
THE
LIST
OF
PARTICIPATING
ORGANIZATIONS BY BUSINESS SECTORS
Construction (5)
Bonava Eesti OÜ
Caverion Eesti AS
Eltel Networks AS
LEONHARD WEISS ENERGY AS
TREV-2 Grupp as
Energy (2)
Eesti Energia AS
Elering AS
Finance and insurance (9)
D.A.S. Õigusabikulude Kindlustuse AS
Danske Bank AS Eesti filiaal
Eesti Liikluskindlustuse Fond MTÜ
Eesti Pank
If P&C Insurance AS
IIZI Kindlustusmaaker AS
Inbank AS
Mandatum Life Insurance Baltic SE
Swedbank AS
Infrastructure (2)
LEONHARD WEISS RTE AS
Tallinna Vesi AS
IT ja telecommunication (7)
Derivco Estonia OÜ
Elisa Eesti AS
Guardtime AS
Maksekeskus AS
Markit Holding AS
Starman AS
Telia Eesti As
Real estate (4)
Gildhall AS
Ober- Haus Real Estate Advisors AS
Technopolis Ülemiste AS
Ülemiste Center OÜ
Sales (30)
Abakhan Fabrics Eesti AS
Assaabloy Baltic AS
Auto 100 Tallinn AS
B&B Tools Estonia AS
BE Group AS
Circle K Eesti AS
Coca-Cola HBC Eesti AS
Electrolux Eesti AS
17
Top Executive Compensation Survey: Estonia, 2016
Euroapteek OÜ
Henkel Makroflex AS
Humana Sorteerimiskeskus OÜ
KiiltoClean OÜ
LPP Estonia OÜ
LTT AS
Magnum AS
Mediq Eest OÜ
Mercantile Group AS
Onninen AS
Oriola Estonia OÜ
Orlen Eesti OÜ
Papyrus AS
PRIKE AS
Puumarket AS
R-Kiosk Estonia AS
SFS intec Oy Eesti filiaal
Stockmann AS
Truck Trading Estonia OÜ
Unelmauto AS
Vbh Estonia AS
Viru Elektrikaubandus AS
Service (7)
Baltic Restaurants Estonia AS
Estonia Spa Hotels AS
Express Post AS
Manpower OÜ
Olympic Casino Eesti AS
Ramirent Shared Services AS
Transcom Eesti OÜ
Production (46)
Altia Eesti
Amphenol ConneXus OU
Atria Eesti AS
Balbiino AS
Bestnet AS
Cipax Eesti AS
Clyde Bergemann Eesti AS
Eastman Specialties OÜ
Eesti Pandipakend OÜ
Enics Eesti AS
Ensto Ensek AS
Estiko-Plastar AS
Estonian Cell AS
Flexa Eesti AS
Graanul Invest AS
Harju Elekter AS
Hilding Anders Baltic AS
HKScan Estonia AS
18
Top Executive Compensation Survey: Estonia, 2016
Hyrles OÜ
International Aluminium Casting Tartu AS
Ionix Systems OÜ
Kalev AS
Kohila Vineer OÜ
Krimelte OÜ
Lunden Food OÜ
Metos AS
Nefab Packaging OÜ
Nordkalk AS
NPM Silmet AS
Otto Bock Estonia AS
Ouman Estonia OÜ
Recticel OÜ
Rudus AS
Saaremaa Piimatööstus AS
Saarioinen Eesti OÜ
Santa Maria AS
Saue Production OÜ
Stoneridge Electronics AS
Stora Enso Eesti AS
Sveba-Dahlen Baltic OÜ
Toftan AS
UPM-Kymmene Otepää AS
Vaasan Baltic AS
Valmos OÜ
Wendre AS
Widex Eesti OÜ
Transport and logistics(6)
DHL Estonia AS
DPD Eesti AS
EVR Cargo AS
Go Group AS
Gunvor Services AS
Tallink Grupp AS
Other (3)
FCR Media AS
Scandagra Eesti AS
TV3 AS
19
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Fontes Palgakonsultatsioonid OÜ