Forest management certification has been hailed by many as a significant advance in creating real incentives for sustainable forest management (SFM). However, emerging trends of the distribution in certificates have raised concerns as to whether all enterprises can gain equal opportunity for certification and its potential benefits. This paper discusses the equity implications of forest management certification in terms of which stakeholders gain which benefits. Issues of inequity between developed and developing countries, and between large and small enterprises are raised. Approaches which have been, and could be, taken by the certification community and by donors are outlined. FSC certification is a focus only because it is the best established forest-management certification currently operating. 66% of FSC certificates and 80% of certified areas are in developed countries, with Africa, Oceania and Asia having only 8%, 5% and 4% of certificates, respectively. Industrial enterprises dominate, accounting for 35% of certificates and 66% of the area certified. Community enterprises account for 25% of certificates, but only 3% of the area.