This paper starts with an assumption, that there are strong strategic benefits in having boards with members of different backgrounds, experience, and particularly gender, which is reflected in better corporate governance. The central research question of this paper is: Why and how might Estonia increase the number of women on the boards of listed companies? In the case of Estonia, all listed companies on the Tallinn Stock Exchange (NASDAQ TLX) are included in our sample. The authors purposely focus on developing ownership strategies to improve diversity on the boards of corporations with concentrated ownership structure, without regard to arguments that emphasize equal rights or a feminist agenda. The results of the current research are a valuable analytical resource for the Estonian business community, as well as for policymakers.