Hur säger bolagen att de tillämpar Svensk kod för bolagsstyrning?
Aim: The fact that corporations haven’t always been run by its owners has had a great impact to the development of market economy. Corporations lowered the risks at the same time as possibilities increased. Stock-market corporations often mean a wide ownership including a lot of risks in taking care of everybody’s interests. To reduce these risks many countries have implied corporate governance codes. Corporate governance is about the fact that corporations shall be run according to the owner’s interests. Year 2004 Sweden got its own corporate governance code by the name Swedish corporate governance code. The purpose was to improve Swedish corporate governances and the code is a self-regulation. The code is based on the principle “apply or explain” meaning that a corporation can diverge the code as long as they explain why. The purpose of my investigation is to try to answer the following questions:• How do the corporations say they diverge from Swedish corporate governance code?• What explanations do they give to the diverges?Method: This investigation is quantitative and based exclusively on secondary sources like corporate governance reports from the 113 corporations listed at the Nordic list. I have checked how many corporations have diverged from each part of the code. My investigation is entirely based on what the corporations say they diverge from. I have also investigated how these diversions affect the stock-holders.Result & Conclusions: My investigation shows that only 9% of the corporations have more then three diversions from the code. It also shows that only 7% of the codes 71 parts were diverged from more then 9 times. This indicates that the corporations have applied the code. In most cases the corporation’s explanations to the diversions were the same. In my opinion the diversions have the most effect on the smallest owners. This since they do not have the same power to change the organization of the corporation.Suggestions for future research:• What benefits and disadvantages do the corporations see in the code?• How can the code be developed to protect minority owners?• Should there be demands on how the explanations should be?• Should there be an authority that controls the substance of the explanations?Contribution of the thesis: A compile like this could be used to evaluate the code and see which adaptation is necessary.
School:Högskolan i Gävle
Source Type:Master's Thesis
Keywords:swedish corporate governance code “principal agent” theory
Date of Publication:04/22/2008