As of 15 November 2009 the Commercial Code has been supplemented with two additional possibilities for shareholders to adopt decisions – voting by mail and electronic voting (provided that such possibilities are foreseen in the articles of association of the company).

Until the amendments, Estonian commercial law had a principle that in case a shareholder intended to participate in a shareholders meeting – he or she or his or her representative needed to be physically present at the location of the meeting.

Voting by mail is also related to another general amendment in connection with the rules governing the convening of the shareholders’ meetings. Namely, if previously when convening a shareholders’ meeting it was necessary to indicate only the agenda of the meeting, then now shareholders have to be presented also with the draft resolutions of the shareholders’ meeting.
 
Consequently, if foreseen in the articles of association of the company, a shareholder can vote on the items on the draft resolutions with respect to the items on the agenda of a shareholders meeting by sending his or her vote by mail in written form before the meeting is held. In case of electronic voting, the articles of association may foresee that draft resolutions with respect to the items on the agenda of a shareholders meeting can be voted on via electronic means before the meeting or during the meeting, in case it is technically and securely possible.