Academic literature on the topic 'The Swedish Code of Corporate Governance'

The predominant approaches to comparative corporate governance view legal transfers dichotomously, seeing corporate governance systems as either converging or diverging as a result of legal reform. Drawing on legal studies, this paper proposes an alternative model using the metaphor of the staircase to conceptualize how legal transplants can meet different evaluation criteria before being considered ‘successful’. The model is empirically illustrated by the introduction of the Swedish Corporate Governance Code. It is found that different corporate governance rules when transplanted could be said to meet evaluation criteria more or less strictly. This finding has implications for our empirical and theoretical understanding of how corporate governance systems converge.

A frequent starting point when the developments of the world’s corporate governance systems are discussed is whether those systems will converge (see e.g. Hansmann & Kraakman, 2004) or continue on their path of divergence (se e.g. Roe, 2000). The empirical evidence used in that discussion could be referred to as “anecdotic” (Coffee, 2001). Given the weight of the theoretical arguments on convergence or divergence and the weaknesses in their empirical support, one could argue that these two concepts co-vary rather than mutely exclude and can thus help to account for the findings of simultaneous convergence and divergence in e.g. Collier & Zaman (2005) and Jonnergård & Larsson (2007). In this paper the processes leading up to the Swedish corporate governance code being issued are used to shed some light on how divergence in convergence and convergence in divergence are produced in the regulatory discourse (Black, 2002).

Subject area The case presents a responsible investment dilemma case. Swedish institutional responsible investors have to make a choice about their investment in Lonmin, a platinum mining company whose operation are located in South Africa and has been the theatre of workers’ killings. Study level/applicability The case targets MBA students and can be taught in a corporate finance course, a corporate governance course, a business ethics course or on sustainable and responsible investment. Case overview The teaching case follows the journey of Hilde Svensson, the head of equities for a Swedish responsible investor. She has been tasked to visit the site of Lonmin in South Africa which is the theatre of a tragic workers’ unrest that led to the killings of 44 workers in August 2012. She must decide what the best responsible investment strategy is to adopt with Lonmin for the future. Expected learning outcomes The students are expected to learn about what responsible investment entails and the dilemmas that can be faced by responsible investors. The case also gives insight to business students and the complexities of environment, social and governance (ESG) analysis and how to integrate financial and ESG analysis when you are a responsible investor. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CCS 1: Accounting and Finance

De Code Tabaksblat (de Code) mag zich verheugen over algemene bekendheid in ondernemingsland. Maar wat is er tot nu toe van terechtgekomen? Welke lessen kunnen hieruit worden getrokken? En hoe moeten we verder? Deze vragen staan centraal in dit themanummer van het MAB.

Er wordt vaak verwezen naar de Nederlandse Corporate Governance Code (NCGC) als bron voor normen voor goed bestuur van ondernemingen. Wanneer de NCGC tegen het licht wordt gehouden van de feitelijke praktijk in het bedrijfsleven, in het bijzonder de kritische rol van de functie van management control en de problemen daarmee, dan vraagt dit om een aantal correcties in de NCGC. Daarnaast speelt een institutionele verandering in de vorm van de gevolgen van de toenemende rol van ongecodificeerde en persoonsgebonden kennis voor de eigendomsverhoudingen rond ondernemingen. Deze wordt wel erkend door de kapitaalmarkt, maar niet in systemen voor corporate governance en vormt een impairment van de institutionele grondslagen van het systeem voor corporate governance, waarmee in de praktijk rekening moet worden gehouden. Het vertalen van die verschuiving in eigendom in een code voor corporate governance is een internationaal vraagstuk. Vandaar dat in dit artikel een onderscheid wordt gemaakt tussen correcties en vernieuwing. De in dit artikel geformuleerde inzichten hebben consequenties voor hoe om te gaan met de vereiste van pas-toe-of-leg-uit.

In het begin van deze eeuw stond corporate governan- ce in de belangstelling van bestuurders en commissa- rissen. Debatten over typisch Nederlandse bescher- mingsconstructies en het boekhoudschandaal bij Ahold zorgden voor een goed klimaat om de Code Ta- baksblat te implementeren. In de jaren die volgden op de implementatie, bleek de Code goed te worden na- geleefd. Tegelijkertijd nam de belangstelling voor de code bij commissarissen en bestuurders af. De nale- ving werd meer een aangelegenheid voor accountants en juristen. Ondertussen ging er wel het een en ander mis. Ondernemingen kwamen in de problemen door gebrekkig risicomanagement, door het misleiden van afnemers, door omkoping, door kartelvorming en door boekhoudfraudes. Wij zagen dat bij een grote minderheid van de Nederlandse beursfondsen waar- devernietiging plaatsvond. Het gemeenschappelijke element daarbij was een te grote focus op korteter- mijnwinstgevendheid. In de meeste gevallen leidde dat tot schade bij diverse stakeholders waaronder aandeel- houders.

After several scandals in the US, the focus on corporate governance has increased rapidly and led to implementations of “codes of best practice” in many countries. In 2002, the Swedish government appointed a committee with the purpose to develop a Swedish Code of Corporate Governance. The purpose with the code is to help the Swedish industry to regain its confidence in order to attract capital after the scandals that have occurred. The code shall be implemented by Swedish com-panies listed on the A-list on the Stockholm stock exchange and companies on the O-list with a market value above 3 billion SEK and shall be implemented by the 1:st of July 2005.

The code is based on the principle “comply or explain” which means that companies do not have to comply with the requirements of the code as long as they explain their reasons why they deviate. The purpose of this thesis is thereby to examine to what extent Swedish companies prepare to comply or are already complying with the requirements of the code and the reasons for possible deviations regarding the level of compliance between the companies. In order to answer the purpose stated, the authors have chosen to use both a quantitative and a qualitative method. The authors have sent surveys to all companies obliged to implement the code in order to find out to what extent the Swedish companies prepare to comply or are already complying with the code today. In order to answer the second research question, why companies prepare to comply, or are complying to different degrees, hypotheses were stated and interviews with five companies listed on the Stockholm stock exchange were made.

The authors found a high compliance rate among Swedish companies, with a mean of 88,49%. The companies on the A-list are complying to a larger extent than the ones on the O-list. Based on the hypotheses, the authors found that companies with higher turnovers are more likely to comply with the code to a larger extent than companies with lower turnovers. Additional reasons to a high degree of compliance rate with the code, are: the need for resources, the impact of media, the culture and personal values within the organization and the fact that the code does not imply any major changes for the organization. Reasons why companies do not prepare to comply or are already complying to a large extent are: the increased devotion of resources that the implementation requires, the high level of details and the complicated requirements of the code. These last-mentioned factors lead to difficulties to interpret the requirements of the code and increased bureaucracy, which thereby lead to a lower level of compliance.

Syfte: Avsikten med studien är att undersöka relationen mellan CSR och corporate governance, från teori och praktik.  

 

Metod: Med bakgrund av forskningsfrågorna tillämpas den induktiva vägen eftersom vi ser på praktiken, men tolkar teorin utifrån den teorietiska referensramen tillsammans med empirisk data från två företag som undersökningsobjekt, vilket även leder till abduktion. En kvalitativ datainsamling bestående av främst sekundär-, men även primärdata har även genomförts.

 

Teori: Utgångspunkten ligger i teorierna CSR och corporate governance. För att öka förståelsen för dessa begrepp har teoriavsnittet utökats med angränsande teorier, som till exempel intressentteorin, legitimitetsteorin och triple bottom line.

 

Empiri: I empirin presenteras Swedbanks och Sveaskogs perspektiv och arbetssätt med CSR tillsammans med en djupintervju med en respondent från Sveaskog, vilket visar på ett välutvecklat engagemang med CSR där etik och miljö är framstående områden.   

 

Slutsatser: Vår studie visar att det föreligger samband mellan CSR och corporate governance, vilket kan tolkas ur flera olika perspektiv. En av dessa kopplingar återfinns i de två fenomens etiska ansvarstagande, när det gäller integritet i affärer och styrelsers implementering av etiska standards. Sambandet mellan CSR och den svenska koden ligger inte i Kodens riktlinjer, utan i dess syfte och mål.  Andra relationer återfinns i förtroendet och det är inom de båda ägarstrukturerna viktigt att visa upp ett starkt CSR-engagemang, eftersom detta bidrar till att skapa en positiv bild av företaget, stärka varumärket samt ge företaget legitimitet inför sina intressenter. Ett vidare intressentperspektiv är tydligt i statligt ägda bolag på grund av statens ägarpolicy, där CSR är en central del för ett föredömligt agerande. När det gäller börsnoterade bolag kan CSR istället användas som ett medel för att övertyga samhället och kapitalmarknaden om det tagna ansvaret för ökad tilltro. 

 

Purpose: The thesis aspires to explore the relationship between CSR and corporate governance from a theoretical towards an experiential approach.

 

Methodology: With background of the research questions we applied the inductive approach when it comes to the experiential approach, but since we interpreters the theory on the basis of the theoretical perspectives along with two companies, we also used abduction. We have implemented a qualitative survey which is based on both reports and an interview.

 

Theoretical perspectives: The theoretical perspectives uses CSR and corporate governance as a starting point and is complemented with other related theories such as the stakeholder theory, the legitimacy theory and triple bottom line. 

 

Empirical foundation: Swedbanks and Sveaskogs perspectives and approaches on their CSR-implementation are presented in the empirical foundation along with an interview with one respondent from Sveaskog. 

 

Conclusions: Our study shows that it exist connections between CSR and corporate governance, which can be interpreted from several different perspectives and a number of conclusions can be made. One of these relationships is found in the ethical responsibility, when concerning the integrity in business and implementation of ethical standards. Other relationships are found in the issue of trust and it is, within both ownership structures, important to present an involvement in CSR. This is because it provides stakeholders with a positive image of the company and its trademark, which leads to legitimacy.  A wider stakeholder perspective is found in State owned companies because of the State's ownership policy where CSR is a central part. When it comes to the listed companies CSR can instead be used as a means in order to convince the society and the capital market about the taken responsibility for increased trust. A final conclusion is that the connection between CSR and the Swedish Code of Corporate Governance can not found within its regulations, but rather in its purpose and aspiration.

Författare:                   Marcus Davidsson, Camilla Johansson och Johanna Nilsson

Handledare:                 Ola Nilsson

Titel:                             Hur hanterar företagen kravet på revisionsutskott? – en studie av fem svenska börsföretag

Bakgrund:                   Under sommaren 2008 blev Svensk kod för bolagsstyrning obligatorisk för samtliga svenska företag som är noterade på den svenska börsen. Svensk kod för bolagsstyrning stadgar bland annat att företagens styrelser skall inrätta ett revisionsutskott. Företagen kan dock välja att inte inrätta ett revisionsutskott och då förklara varför, enligt principen ”följ eller förklara”.

Syfte:                            Syftet med studien är att öka kunskapen kring hur företag hanterar Svensk kod för bolagsstyrnings krav kring revisionsutskott samt vilken nytta revisionsutskottet upplevs tillföra i styrelsearbetet.

Metod:                          En kvalitativ intervjustudie har genomförts. Studien omfattade fem styrelseledamöter från fem börsnoterade företag på OMX Nordic Exchange Stockholm.

Slutsats:                        Studien visar att fyra av de fem företagen som ingått i studien har valt att inrätta revisionsutskott. Majoriteten av dessa har inrättat revisionsutskotten som ett resultat av strävan att följa Svensk kod för bolagsstyrning. Vidare har studien visat att styrelserna har satt samman revisionsutskott på olika sätt, både vad gäller ekonomisk kompetens och oberoende. Merparten av företagen i studien ställer höga krav på vad revisionsutskotten skall utföra för uppgifter och upplever att utskotten tillför nytta i styrelsearbetet.

Purpose: The purpose of this study is to present an overview of the Swedish listed companies and their compliance with the Code and its normative rules for independent decision-making.  Methodology: The authors have read and delved into the Swedish Code of Corporate Governance. The authors have chosen to study the enforcement of the code based on independent bracing guidelines. The study was conducted through a combined quantitative and qualitative approach. The study is based on primary data collected in the form of companies' corporate governance reports, which have been supplemented by structured interviews. Frame of reference: Swedish ownership structure and concentrated ownership, self regulation and normative guidelines, institutional theory and earlier research on this topic. Empirical foundations: A comparison of the selected companies has been based on the independence rules of the Swedish Code of Corporate Governance. A specific company has been presented with the company's application of the code, interviews have also been done with this company to increase the understanding of the empirical basis further. Conclusions: There are several flaws with the code and how it is applied today. The Code is complied with in an inadequate manner, and in some cases not complied with at all. The authors of this paper believe that the code, through normative guidelines, will not have a self-regulating effect on an independent decision-making in companies in Sweden.

Purpose: The purpose of this study is to examine the effectiveness of the comply-or-explain principle in Sweden to determine if the flexible approach is functioning as in-tended. Research design: This paper scrutinizes the quality of the explanations with respect to the Swedish Corporate Governance Code. A quantitative research with a cross-sectional design has been performed and the data collection covers 241 companies listed on Nasdaq OMX Stockholm for the fiscal year of 2014. The secondary data has been gathered from corporate governance reports of the researched companies and analysed by using a tax-onomy of explanations. Findings: The report demonstrates that the comply-or-explain principle in Sweden is effective. A clear majority of the explanations, 71,8%, were deemed as informative, mean-ing that a large proportion of the Swedish firms are utilizing the flexible approach in an effective manner. However, one out of four explanations were classified as insufficient and we have thus provided recommendations in order for the code to become even more effective. Contribution: Our findings provide insights on how the comply-or-explain principle works in a country that is supposed to be a leading example of how the comply-or-explain approach should be implemented. This study should be of significance for policy makers considering that we have outlined how the principle works and provided recommenda-tions on how the Swedish Corporate Governance Code can be improved. Value: Our findings demonstrate that companies listed on Nasdaq OMX Stockholm pro-vide high quality explanations that can serve as an inspiration for companies listed in other countries. Furthermore, the results indicate that managers are likely to act within ethically desired norm. Considering the social implications, as Swedish firms are informative in terms of explanations, it minimizes the risk of firms acting dishonestly.

In society today large corporations are striving to regain the trust, which has been lost dur-ing the many accounting scandals that occurred lately. As a response to minimize the con-flicts countries have introduced codes of corporate governance. It is common knowledge that a company’s stakeholders and shareholders have different knowledge and interest in the company and the annual report is the agent’s main communication channel towards the principals. The Swedish code of corporate governance was implemented in July 2005 in an attempt to reduce the information gap between the managers of the company and the own-ers.

The purpose of this thesis is to examine if and how the Swedish code of corporate govern-ance has affected the content in annual reports in Sweden. We will evaluate and explain why listed companies have changed the information provided in their annual reports from the year 2001 prior to the codes existence, during the code’s implementation in year 2005, and after the implementation in 2006.

A deductive method created our research model, which was used as a tool to gather the empirical findings. Agency Theory, Institutional Theory and the Swedish code constitute the foundation for our evaluation of 65 companies’ annual reports from three individual years. Once our research model was created, an explorative and inductive method was used analyse and interpret the empirical findings.

Our conclusion is that corporate governance information in annual reports has increased, and the implementation of the Swedish code of corporate governance has affected the in-formation provided to the shareholders. Between 2001 and 2005 a rapid growth in infor-mation can be view, while only minor improvement can be found between 2005 and 2006. The Swedish code has been successful in its implementation as stakeholders and share-holders have received more information from the annual reports. However, we are ques-tioning the Swedish code for its extensive dimensions. Some areas of the Swedish code are provided with sufficient guidelines, while others would bring with it improved information to the shareholders by more detailed instructions. Many of the investigated companies have had their corporate governance information reviewed by an external auditor in 2005 and it is unexpected to see that this has been excluded in 2006. The examined companies provide information regarding many of the Swedish code’s rules, but we found the information re-lated to internal control, managing director and attendance at the general meeting insuffi-cient.

Bakgrund: Styrelseskandaler som orsakat oroligheter i affärsvärlden har skapat ett behov av ett tydligt regelverk för bolagsstyrning, den skulle förstärka svenska noterade bolags och svenska börsplatsers konkurrenskraft på den internationella kapitalmarknaden. Den svenska koden för bolagsstyrning har kommit att bli en viktig del av regelsystemet på den svenska kapitalmarknaden. Den kräver att svenska börsnoterade bolag skall presentera bolagsstyrningsrapporter. Rapporternas kvalité är viktig för intressenterna som använder sig av bolagsstyrningsinformation.

Syfte: Syftet med uppsatsen är att analysera utvecklingen av tillämpningen av den svenska koden för bolagsstyrningen. Författarna vill undersöka rapporternas kvalité och se hur den har förändrats mellan åren. Författarna vill vidare utreda om informationen som presenteras i bolagsstyrningsrapporter har blivit mer användbar för intressenterna som nyttjar den.

Teori: Den teoretiska referensramen utgår ifrån Corporate Governance, agent-teorin, den svenska koden för bolagsstyrning och värderingskriterier som används för att bedöma bolagsstyrningsrapporternas kvalité.

Metod: Författarna använder sig av den kvantitativa metoden där 36 bolagsstyrningsrapporter jämförs mellan åren 2005 och 2006. Rapporterna granskas med hjälp av de tre värderingskriterierna. Resultatet presenteras i löpande text, tabeller och diagram.

Analys: Resultatet av granskade rapporter visar att de flesta bolag har utformat sin bolagsstyrningsrapportering enligt Kodens föreskrifter. De analyserade bolagen har generellt förbättrat sina bolagsstyrningsrapporter. Detta påvisar bolagsledningens vilja att ge en ärlig bild av bolaget och skapa en transparens gentemot aktieägare och övriga intressenter. Författarna tror att det leder till ökat förtroende mellan bolaget och deras intressenter.

Background: Board scandals that caused disturbances in the business world created a need for a clear regulation system for corporate governance. This system was created to reinforce Swedish-listed companies and their ability to compete on the international capital market. The Swedish Code for Corporate Governance is an important part of the regulation system on the Swedish capital market. It prescribes that Swedish-listed companies should present reports of corporate governance. The quality of the reports is important for stakeholders who use this information.

Purpose: The purpose of this essay is to analyse the development of the companies’ applications of the Swedish Code for Corporate Governance. The writers want to examine the quality of the reports and observe how it has changed over the years. Furthermore, the writers want to investigate if the information which is presented in the reports of corporate governance has become more applicable for stakeholders who use it.

Theory: The theoretical frame of reference is corporate governance, agent theory, the Swedish Code for Corporate Governance, and valuation standards, which are used to evaluate the quality of the reports for corporate governance.

Method: The writers use the quantitative scientific method to evaluate 36 reports of corporate governance between the years 2005 and 2006. The reports are studied on the basis of the three valuation standards. The results are presented in the text, and in tables and diagrams.

Analysis: The results of the studied reports show that most of the companies have shaped their reports of corporate governance according to the regulations of the Swedish Code for Corporate Governance. The analysed companies have generally improved their reports of corporate governance. This shows the willingness of the boards to give an honest image of the corporations in order to create a transparency towards shareholders and stakeholders. The writers believe that this will lead to a higher level of trust between the corporations and their stakeholders.

Bakgrund: Många företagsskandaler har drabbat ett flertal länder runt om i världen och det är en av orsakerna till att många länder har skapat koder för bolagsstyrning. Sverige är inte heller förskonat från skandaler och uppmärksamheten kring bolagsstyrningsfrågor har intensifierats på senare tid. Kodgruppen, en grupp tillsatt av regeringen, skapade Svensk Kod för Bolagsstyrning som trädde i kraft den 1 juli 2005. Koden har bl a som syfte att ge riktlinjer för bolagets rapportering till kapitalmarknad och ägare.

Syfte: Syftet med uppsatsen är att granska 50 bolagsstyrningsrapporter och i dem ta fram de vanligaste avvikelserna från Koden och de mest frekventa förklaringarna till dessa. Vidare undersöks graden av tydlighet i informationen i bolagsstyrningsrapporterna avseende Kodens tillämpning hos de berörda företagen. Avslutningsvis undersöks hur stor andel av rapporterna som är granskade av revisor eller inte.

Teori: Den teoretiska referensramen utgår ifrån corporate governance,

informationsasymmetri samt intressentteorin.

Metod: Den vetenskapliga metoden för uppsatsen är kvantitativ, systematiska observationer har utförts i 50 bolagsstyrningsrapporter för att därefter presenteras i diagram och tabeller. Den kvantitativa metoden valdes för att få en generell bild av tillämpningen av Koden.

Slutsats: Utifrån författarnas granskning kan konstateras att bolagen har en hög ambition gällande tillämpningen av Koden vilket kan utläsas av det låga antalet avvikelser per bolag. Vidare påvisar det låga avvikelseantalet att företagen har gjort en ansträngning för en ökad öppenhet och transparens gentemot aktieägarna. Bolagsstyrningsrapporterna har således gett aktieägarna och övriga intressenter en större insikt i företagens bolagsstyrning och därmed reduceras informationsasymmetrin.

Nyckelord: Svensk Kod för Bolagsstyrning, bolagskod, bolagsstyrning,

informationsasymmetri.

Background: Many scandals within big corporations have occurred in several countries and that is one of the reasons countries have created codes for corporate governance. Sweden is not spared from scandals and the debate about corporate governance has been intensified the last couple of years. A group called Kodgruppen, appointed by the Government, has created the Swedish Code of Corporate Governance which took effect 1 July, 2005. The purpose of the Code, among other things, is to give the concerned corporations guidelines about the content in the reports to the capital market and the shareholders.

Purpose: The purpose of this essay is to review 50 Swedish stock exchange corporations’ reports of corporate governance and from these portray the most frequent deviations from the Swedish Code and the most common explanations to these. The study also looks into the clearness of the information given in the reports regarding the implementation of the Code. Further the paper examines how many of the companies that had their corporate governance report reviewed by an auditor.

Theory: The theoretical frame of reference is corporate governance, information asymmetry and the stakeholder theory.

Method: The scientific method for the paper is quantitative, systematic observations have been done of 50 corporate governance reports which are presented in diagrams and tables. The quantitative method was chosen to describe a general situation of the application of the Code.

Conclusion: From the basis of the author’s review we can establish that the companies have a high ambition in the application of the Code which can be understood from the low number of deviations per company. Furthermore shows the low number of deviations that the

companies have made an effort for more openness and transparency towards the stockholders. The corporate governance reports have thus given the shareholders and other stakeholders a greater insight in the companies’ corporate governance and with that reduces the information asymmetry.

Key words: Swedish Code of Corporate Governance, code of corporate governance, corporate governance, information asymmetry.

Purpose: The purpose of this study is to explain which factors that affects Swedish listed companies choice of placement for the corporate governance report when the regulation gives different options. Methodology: The chosen research philosophy is positive, research strategy is deductive and methodology is quantitative. Theoretical Perspectives: As support for the dependent (placement) and independent factors agency theory, positive accounting theory, accounting choice, legitimacy-, stakeholder-, and institutional theory are used.                  Empirical foundation:The sample consists of 249 companies. The empirical data consists of the companies Annual reports and Corporate Governance reports for financial year 2011 or when split financial year, 2010/2011. Limitations: A limitation of the study is that it is based on observations from only one year why it is not certain that the results should have been the same if a comparison between several years had been done. Conclusions: The factors size and growth explain the placement of the Corporate Governance Report in Swedish listed companies.
Syfte: Syftet med studien är att förklara vilka faktorer som påverkar svenska noterade bolag val av placering av bolagsstyrningsrapporten när lagen ger olika alternativ. Metod: Vald forskningsfilosofi är positivistisk, forskningsstrategin är deduktiv och insamlingsmetoden är kvantitativ. Teoretiskt perspektiv: Som stöd för den beroende (placering) och oberoende faktorerna används agentteorin, Positive Accounting Theory, Accounting choice, legitimitets-, intressent-, och institutionellteori. Empiri: Urvalet består av 249 bolag. Empirin består av bolagens årsredovisningar och bolagsstyrningsrapporter för räkenskapsår 2011 eller vid brutet räkenskapsår 2010/2011. Begränsningar: En begränsning i studien är att den bygger på observationer från ett verksamhetsår varför det inte är säkert att resultatet blivit detsamma om en jämförelse mellan flera verksamhetsår hade gjorts. Slutsats: Faktorerna storlek och tillväxt förklarar placeringen utav bolagsstyrningsrapporten i svenska noterade bolag.  Bidrag: Utrett möjliga faktorer som kan förklara placeringen utav bolagsstyrningsrapporten för svenska noterade bolag.

Syfte:                                                                         

Syftet med denna uppsats är att undersöka hur organisation, intern kontroll och eventuella bolagsstyrningsrapporter förändrats i de tre undersökta bolagen i och med införandet av den reviderade koden den 1 juli 2008. Vidare är vårt syfte att undersöka om revisorernas arbete påverkats i och med införandet av den reviderade koden och hur Kollegiet upplever att implementering av densamma fungerat.

Metod:                                                     

Undersökningen bygger på en kvalitativ forskningsmetod där primärdata studerades i form av bolagsstyrningsrapporter från de granskade bolagens årsredovisningar samt intervjuer av semistrukturerad karaktär. Intervjuerna har gjorts med representanter för tre revisionsbyråer, tre börsnoterade bolag som följer koden sedan 1 juli 2008 samt Per Lekvall representant för Kollegiet för svensk bolagsstyrning.

Slutsats:                                                   

Författarna har kommit fram till att implementeringen av den reviderade koden inte har blivit så omfattande och krävt några större förändringar som många av de mindre/medelstora bolagen kanske oroat sig för. Anledningen till detta är att bolagen redan följer många delar av koden sedan tidigare samt att koden inte innehåller några revolutionerande förändringar för bolagen.

Purpose:                                                   

The purpose with this thesis is to study how the organization, intern control and possible corporate governance reports changed in three companies since they started to follow the modified code 1 july 2008. Further is the purpose to study if the work of the audits has been affected since the adoption of the modified code and how the Swedish Corporate Governance Board has experienced the implementation of the Swedish code of corporate governance.

Method:                                                   

The Research is built on a qualitative method where primary data was studied in form of corporate governance reports reports taken from the reviewed companies annual reports and from semi-structured interviews. The interviews has been done with representatives from three audit bureaus, three companies noted on the Swedish stock exchanged, who has followed the code since 1 july 2008 and Per Lekvall from the Swedish Corporate Governance Board.

Conclusion:                                             

The Authors has realised that the implementation of the modified code has not brought any big changes as many of the small/ medium-sized companies maybe worrying about. The reason is that many of these companies are already following a large part of the code and that the code does not contain any revolutionary changes.