|De facto||in reality, actually||fiili|
First, it is essential that Estonian case law shows a clear trend toward wider disclosure. This means that grounds for denial of a shareholder’s information claim are de facto limited. For example, a shareholder is entitled to receive from a company the basic information about management costs, including costs of transactions between the company and persons related to the management. Such information can’t be considered a trade secret or sensitive personal information, and refusal to disclose such information is, as a rule, not justified.Vutt, Andres, and Margit Vutt. “Shareholders’ Individual Information Right.” Juridica Int’l 23 (2015): 60.