Research Report

The Nordic Corporate Governance Model

In a unique project, a group of leading corporate governance experts from Denmark, Finland, Norway and Sweden have come together to define and explain the Nordic model of corporate governance. This book is a result of this project. The book provides a timely contribution to the European debate about corporate governance and its current quest for active and engaged shareholders.

The book provides a timely contribution to the European debate about corporate governance and its current quest for active and engaged shareholders. The essence of the Nordic governance model is to create incentives for shareholders to be engaged and take a long-term approach to the companies that they own. An international perspective on the Nordic corporate governance model is provided by Stanford professor RONALD J. GILSON.

Contributions by national experts:
Denmark: JESPER LAU HANSEN and CARSTEN LØNFELDT
Finland: MANNE AIRAKSINEN, TOM BERGLUND and TOM VON WEYMARN
Norway: GUDMUND KNUDSEN and HARALD NORVIK
Sweden: ROLF SKOG and ERIK SJÖMAN

»This is an important and influential book for three reasons. First, Nordic countries are important and currently upheld as a model for good corporate governance around the world. Second, the book is an exceptionally careful and thorough analysis of their governance arrangements. It combines an overview of the common features of Nordic countries’ governance with individual country details of their differences. Third, it provides real insights into the determinants of successful corporate governance. It points to three key components: diversity of ownership patterns including controlling shareholdings, independent boards, and strong protection of minority investor interests. The book deserves to be widely read and carefully studied by anyone interested in the design of corporate governance systems.«

COLIN MAYER, Peter Moores Professor of Management
Studies, Said Business School, University of Oxford