The phenomenon of corporation law called covert transfers of value is a controversial topic whose regulation is not always easy to understand. However, it is expressed in 17: 1 p. 4 ABL which states "another business event that causes the company's wealth to decrease and does not have a purely commercial character to the company". The rule thus states that such a business event is a transfer of value in the sense of company law. However, what 17:1 p. 4 ABL really means and whether and how a covert value transfer is actually allowed is not always obvious. The thesis deals with Chapter 17. ABL, which regulates transfers of value from the company, partly to answer the question of how covert transfers of value are regulated in accordance with Swedish law and partly whether the regulation of covert transfers of value can pose risks to the company's creditors and shareholders. These questions are two of the three questions the thesis seeks to answer. An understanding of the concept of transfers of value is central to the thesis and therefore all types of transfers of value are dealt with. However, covert transfers of value are dealt with to the greatest extent, partly because of the purpose and questions of the thesis and partly because of its lack of clarity in relation to other types of transfers of value. The thesis also analyzes two legal cases which contributes with examples of how the assessment of covert transfers of value is carried out. The purpose of the thesis is also to analyze and explain how Norwegian, Danish and Finnish company law deals with covert transfers of value. The third question is thus whether Swedish regulation of covert transfers of value can evolve with inspiration from other Nordic law. An investigation of each country's regulation of how transfers of value may be made and how each country's creditor protection rules are formed is also appropriate. The analysis of the thesis presents relevant criticism of the general systematics in Chapter 17. ABL as well of the difficulties regarding application and interpretation of Chapter 17. ABL. An hypothetical example is also presented which deals with a covert transfer of value. The example is designed according to previously stated interpretation problems which the specific transfer of value in the example illustrates. After a subsequent summary and analysis of how the other Nordic countries' corporation law regulates transfers of value, a “de lege ferenda” reasoning is conducted with the aim of assessing whether Swedish regulation can evolve with inspiration from the regulations of the aforementioned countries. After finding that some inspiration can facilitate the interpretation of Chapter 17. ABL in general and the regulation of covert transfers of value in particular, two rules of my own are also presented. The first rule of the two is based on Nordic law. The second rule is based on the thesis investigation and analysis of transfers of value as a whole, rather than directly on the basis of other Nordic law. The second rule is also recommended in the light of the hypothetical example previously analyzed.

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This thesis investigates the current interrelationship between the provisions contained in the Swedish Company Act (2005:551) and activities related to Corporate Social Responsibility (CSR) pursued by companies listed at Nasdaq Stockholm. The focal point of this thesis could be argued to be of particular relevance in this day and age, as companies listed at Nasdaq Stockholm continue to perform at the top of the league in global sustainability performance measurements, and Swedish and European legislators have intensified their efforts to encourage businesses to operate in a way that does not incur unacceptable social costs to society. Thus, most companies, particularly those with a vested interest in the private consumer market, seem to recognise the importance of fostering long-term relationships with a wide sphere of stakeholders. The purpose of the thesis has been to contribute to the steadily increasing body of legal research that discusses to what extent Swedish companies, without breaching corporate law, could involve themselves in CSR investments. Since I, initially, conclude that Swedish publicly listed companies seem to increasingly invest in activities related to CSR, the thesis also discusses whether the relevant provisions of the SCA need to change to better adapt to companies’ involvement in CSR activities. In brief, I argue, that current business research on CSR coupled with the aforementioned relevant provisions of the SCA allow boards and managing directors to pursue practically any CSR investments, and that shareholders are mostly restricted to rely on relatively blunt ex post actions against a board and/or managing director that has pursued an ill-considered CSR investment, including the obvious choices of voting to replace the board or selling their shares. And since current business research has not consistently proven the positive impact of CSR policies on the financial performance of businesses there are reasons to suspect that the law practically, due to the shielding force of the business judgment rationale and the legislator’s wish to protect most transactions, cannot be effectively applied to stop CSR investments, even if these are nothing but costs for the business. On the other hand, the findings of the thesis also suggest that the occurrence of such unwise CSR investments is not necessarily a proliferating problem, since many companies listed at Nasdaq Stockholm nowadays have powerful and short-sighted institutional owners. The situation might therefore very well be the opposite and that executives struggle to manage for the long-term, as the logic of the market tell them to do otherwise. / Den här examensuppsatsen utforskar förhållandet mellan några av aktiebolagslagens regler och det engagemang som bolag noterade på Nasdaq Stockholm uppvisar i frågor rörande Corporate Social Responsibility (CSR). Ämnet kan sägas vara särskilt relevant då såväl det samtida näringslivet som lagstiftaren tycks präglas av en ökad medvetenhet kring CSR-frågor. Den ökade medvetenheten i näringslivet förefaller alltmer inverka på affärsbeslut, ett faktum som inte minst avspeglas i de svenska bolagens topplaceringar i globala index som mäter bolags arbete med hållbarhetsfrågor. Samtidigt speglas lagstiftarens ökade medvetenhet av allt fler svenska som europeiska regulatoriska initiativ på området och vars yttersta syfte är att uppmuntra och stimulera hållbara företag som inte pådyvlar samhället oacceptabla sociala kostnader. Det är således inte särskilt anmärkningsvärt att bolagen, i synnerhet de med intressen anknutna till konsumentmarknaderna, tycks erkänna vikten av att bygga och underhålla långsiktiga relationer med en vidare krets av intressenter än deras aktieägare. Det är min förhoppning att den här uppsatsen kommer att bidra till den ständigt växande del av den aktiebolagsrättsliga diskursen som diskuterar till vilken grad bolag, utan att handla i strid med ABL:s bestämmelser, kan företa åtgärder kopplade till CSR. Eftersom jag inledningsvis anför att bolagen på Nasdaq Stockholm tycks ägna sig allt mer åt CSR diskuterar också uppsatsen om några av ABL:s bestämmelser bör förändras för att bättre hantera dessa företags allt större engagemang i CSR-frågor. Sammanfattningsvis argumenterar jag för att nuvarande företagsekonomisk forskning kring CSR tillsammans med de aktuella bestämmelsernas juridiska innebörd innebär att såväl bolagsstyrelser som verkställande direktörer kan företa i princip vilken investering relaterad till CSR som helst. Aktieägare är i praktiken hänvisade till att söka åstadkomma långsiktigt lönsamma satsningar på hållbarhet genom sanktioner ex post, exempelvis genom att sälja sina aktier eller rösta bort styrelsen. Detta innebär å ena sidan i praktiken, med tanke på att nuvarande företagsekonomisk forskning kring CSR:s inverkan på bolags vinster är tvetydig, att de relevanta bestämmelserna i ABL såsom de nu är utformade utgör en trygg hamn även för många av de transaktioner relaterade till CSR som är direkt värdeförstörande. Å andra sidan argumenterar jag i uppsatsen för att problemet med överinvesteringar i CSR inte nödvändigtvis behöver vara särskilt utbrett då bolagen och deras bolagsstyrning allt mer kommit att präglas av kortsiktiga investeringsperspektiv.