<p>UVOD: Neurokognitivni poremećaj udružen sa HIVinfekcijom (HIV associated neurocognitive disorder- HAND) javlja se u oko polovine pacijenata sa HIV-om. HAND obuhvata spektar neurolo&scaron;kih poremećaja koji variraju od asimptomatskog neurokognitivnog poremećaja(ANI), preko blagog kognitivnog o&scaron;tećenja, koje se naziva blagi kognitivni poremećaj (MND) do demencije udružene sa HIV-om (HAD). U evaluaciji i dijagnostici ovog poremećaja koriste se razne laboratorijske, kliničke i metode imidžinga, među kojima magnetno-rezonantni imidžing (MRI) zauzima posebno mesto u pogledu dijagnostike strukturnih poremećaja. Međutim, za dijagnostiku suptilnih supcelularnih neurobiohemijskih poremećaja neophodno je kori&scaron;ćenje magnetno-rezonantne spektroskopije (MRS). Klasično shvatanje promena u neurobiohemijskom profilu kod pacijenata sa HIV infekcijom uključuje: sniženje NAA (neuronskog markera) kao odraz neurodegeneracije, povi&scaron;enje Cho (markera razgradnje membrana) kao odraz inflamacije/ apoptoze, povi&scaron;enje mI (markera proliferacije mikroglije) kao odraz inflamacije i povi&scaron;enje Glx+Gln (markera glutaminergične ravnoteže) kao odraz ekscitotoksičnosti. Do sada u literaturi nije opisano kori&scaron;ćenje multivokselske MRS mozga na HIV+ pacijentima. CILJEVI: Ciljevi studije su bili: utvrditi da li postoje promene u odnosima koncentracija metabolita u mozgu dobijenih metodom multivokselske MRS u neurolo&scaron;ki asimptomatskih HIV+ pacijenata u poređenju sa zdravim kontrolnim ispitanicima,zatim da li postoje razlike između pacijenata na kombinovanoj antiretroviralnoj terapiji (cART) i pacijenata bez cART; utvrditi da li postoji i kakva je povezanost odnosa metabolita dobijenih MRS sa imunolo&scaron;kim parametrima HIV+ pacijenata i nivoom nadir CD4+ T-limfocita; i konačno, utvrditi da li postoji i kakva je povezanost dobijenih odnosa metabolita sa parametrima penetracije antiretroviralne terapije u centralni nervni sistem. ISPITANICI I METODE: U studiju je uključeno ukupno 114 ispitanika (32 HIV+ pacijenta na cART, prosečne starosti 41.97 godina (25-61); 28 HIV+ pacijenata bez cART, prosečne starosti 35.21 godina (24-52); 50 kontrolnih, zdravih subjekata prosečne starosti 36.56.godina (19-53)). Svi ispitanici su potpisali informisani pristanak za uče&scaron;će u studiji. Ispitivanje je odobreno od strane Etičke komisije Instituta za onkologiju Vojvodine, kao i Etičke komisije Medicinskog fakulteta Univerziteta u Novom Sadu. Kriterijum za uključenje pacijenata u studiju je bio prisustvo HIV infekcije. Kriterijumi za isključivanje pacijenata iz studije su bili: prisustvo aktivne oportunističke infekcije, prisustvo aktivnog neurolo&scaron;kog oboljenja, podatak o aktivnoj zloupotrebi narkotika, koinfekcija virusom hepatitisa B i C, prisustvo lezija bele ili sive mase i kontraindikacije za snimanje na aparatu za magnetnu rezonancu. 4 ispitanika su isključena iz ispitivanja. Svim ispitanicima urađeni su skrining neurokognitivni testovi, kao i rutinska laboratorijska ispitivanja (broj CD4+, CD3+ i CD8+ limfocita). Nakon toga, svim ispitanicima urađen je konvencionalni MRI praćen multivokselskom MRS supratentorijalne suprakalozalne bele mase. Ispitivano je ukupno 12 voksela (6 u sivoj i 6 u beloj masi), odnosno preko 7900 spektara. Određeni su pikovi karakterističnih metabolita. Na metodi dugog eha analizirana su tri glavna pika: NAA na 2.0ppm, Cho na 3.2ppm i tCr na 3.ppm, izražena preko odnosa koncentracija NAA/Cr i Cho/Cr. Na metodi kratkog eha analizirani su signali NAA, Cho, Cr te mI na 3.5ppm i Glx+Gln na 2.2-2.4ppm. Ovi signali su izraženi kroz odnose koncentracija NAA/Cr, Cho/Cr, mI/Cr i (Glx+Gln)/Cr. Za statističku obradu podataka kori&scaron;ćen je IBM SPSS ver. 21.0. Deskriptivna statistika je uključila određivanje srednje vrednosti, minimuma, maksimuma i standardne devijacije. Razlike između posmatranih grupa ispitanika za sve kontinuirane varijable ispitivane su jednofaktorskom analizom varijanse (ANOVA) sa naknadnim (post-hoc) testovima za koje je kori&scaron;ćena metoda po Tukey-ju. Rezultati su prikazani u vidu srednjih vrednosti, standardne devijacije, najvi&scaron;e i najniže izmerene vrednosti (maksimum i minimum), i za svaki ispitivani parametar pridružena je vrednost F i p. Veza između kontinuiranih varijabli je ispitivana pomoću koeficijenta Pirsonove linearne korelacije, uz prethodnu proveru zadovoljavanja uslova o homogenosti varijansi, normalnosti raspodele i linearnosti. Vrednosti p&lt;0.05 su uzimane kao statistički značajne. REZULTATI: Pokazano je da su HIV+ pacijenti na cART značajno stariji od druge dve grupe ispitanika. Nije pokazana značajna razlika u stepenu obrazovanja među grupama. Pokazano je da godine života statistički značajno utiču samo na koncentracije NAA/Cr, dok na odnose drugih metabolita ne utiču značajno. Utvrđeno je statistički značajno sniženje (p&lt;0.05) koncentracija NAA/Cr dobijenih metodom dugog eha između tri grupe ispitanika na svim posmatranim vokselima. Naknadnim analizama utvrđena je statistički značajna razlika na 10/12 voksela između HIV+ pacijenata sa cART i zdravih, kao i između HIV+ pacijenata bez terapije i zdravih, dok su se koncentracije NAA/Cr značajno razlikovale između HIV+ pacijenata sa i bez cART samo na jednom vokselu (duboka frontalna bela masa levo). Utvrđena je statistički značajna razlika u smislu sniženja Cho/Cr odnosa dobijenih metodom dugog eha u 5/12 voksela, sa pojedinačnim vokselima koji su prikazivali razlike između grupa. Na metodi kratkog eha utvrđeno je značajno sniženje odnosa koncentracija NAA/Cr kod HIV+ pacijenata samo na tri voksela, pri čemu nisu prikazane značajne razlike između dve grupe pacijenata sa HIV infekcijom (sa i bez cART). Rezultati odnosa koncentracija Cho/Cr između tri gurpe pacijenata dobijeni metodom kratkog eha slični su rezultatima dobijenim na metodi dugog eha (statistički značajna razlika dobijena je na 5/12 voksela). &Scaron;to se tiče odnosa koncentracija mI/Cr, uočeno je značajno povi&scaron;enje ovog odnosa kod HIV+ pacijenata u odnosu na zdrave na 6/12 voksela. Prikazano je statistički značajno povi&scaron;enje ovog markera kod pacijenata bez cART u odnosu na pacijente sa cART samo u regiji levog dorzalnog anteriornog cinguluma. Statistički značajno povi&scaron;enje (Glx+Gln)/Cr odnosa je prikazano u regiji zadnjeg cinguluma desno kod pacijenata na terapiji u odnosu na pacijente bez terapije, dok na drugim vokselima nije prikazana značajna razlika. Vokseli 4, 7 i 10 su dali najvi&scaron;e informacija(supkortikalna bela masa frontalno levo, dorzalni prednji cingulum levo te parijetalni supkorteks leve cerebralne hemisfere), sa prikazanim značajnim razlikama u bar 4 odnosa metabolita. Prikazana je značajna pozitivna korelacija nadir CD4 + broja limfocita sa koncentracijama NAA/Cr, a negativna sa odnosima Cho/Cr i mI/Cr, &scaron;to čini nadir CD4+ najboljim serolo&scaron;kim prediktorom neurodegenerativnog o&scaron;tećenja. Pokazana je pozitivna korelacija indeksa penetracije lekova u monocite (ME) sa odnosima NAA/Cr i negativna korelacija indeksa penetracije lekova u centralni nervni sistem (CPE) sa Cho/Cr i mI/Cr. Do&scaron;li smo do zakljulka da je ME indeks bolji marker neurodegenerativnog odgovora a CPE indeks bolji u monitoringu kontrole inflamacije. ZAKLJUČAK: Smatra se da HIV virus uzrokuje prerano starenje mozga&scaron;to je prvenstveno posledica direktnog o&scaron;tećenja nervnih ćelija samim virusom (preko viralnih proteina, indukovanih citokina i hemokina). Pokazali smo da su neuronski gubitak i neurodegeneracija proces koji zahvata celokupan volumen mozga, dok su procesi inflamacije i proliferacije mikroglije svedeni na tačno određene regione, pretežno sive mase. Visoka senzitivnost multivokselske 1H-MRS sa kori&scaron;ćenjem senzitivnih povr&scaron;inskih kalemova omogućava mapiranje metabolita sa prostornom rezolucijom. MRS može dati ključni uvid u promene koncentracija metabolita mozga tokom razvoja infekcije od akutne i primarne do hronične. Vrlo brzo nakon serokonverzije, dolazi do detektabilnih promena u metabolitima mozga u smislu neuronskog o&scaron;tećenja i inflamacije. U na&scaron;em istraživanju su po prvi put analizirani rezultati protonske multivokselske MRS bele i sive mase velikog mozga u suprakalozalnom regionu. Utvrđeno je da postoje difuzne, ali ipak visoko regionalno-zavisne promene u odnosima neurometabolita kod pacijenata koji dobijaju antiretroviralnu terapiju i kod pacijenata koji je ne dobijaju, u poređenju sa zdravim kontrolnim ispitanicima (odgovarajućim po polu i starosti). Dodatne studije sa posmatranjem apsolutnih koncentracija neurometabolita, kao i longitudinalne studije u koje su uključeni HIV+ pacijenti u različitim fazama bolesti, su neophodne za dalje i bolje razumevanje neuropatogeneze HAND-a. MRS se pokazala uspe&scaron;nom u detekciji efikasnosti određenih terapijskih opcija. Dva postojeća indeksa za procenu efikasnosti antiretroviralne terapije (CPE, ME) odvojeno pogađaju dva puta neuropatogeneze kognitivnog poremećaja, sa različitim uspehom u sveobuhvatnoj proceni efekta i efikasnosti terapije. U budućnosti je potrebna njihova pojedinačna modulacija ili kreiranje jedinstvenog indeksa, koji bi obuhvatio i efikasnost prolaza leka kroz hematoencefalnu barijeru i dejstvo na latentni rezervoar HIV-a u ćelijama monocitno-makrofagne loze.</p> / <p>INTRODUCTION: HIV associated neurocognitive disorder- HAND appears in about half of the HIV+ patients. HAND represents a spectrum of neurological disorders varying from asymptomatic neurocognitive impairment (ANI), over mild neurocognitive disorder (MND) to HIV associated dementia (HAD). For evaluation and diagnostics of this disorder, many laboratory, clinical and imaging methods are used, first of all magnetic resonance imaging (MRI). Nevertheless, for detecting subtle subcellullar neurobiochemical disorders, the use of magnetic resonance spectroscopy (MRS) is necessary. Classical pattern of neurobiochemical changes in HIV infection consist of: decrease in NAA (neuronal marker) depicting neurodegeneration, increase in Cho (metabolism on membrane marker) depicting inflammation/ apoptosis, increase in mI (marker of microglial proliferation) depicting inflammation and increase in Glx+Gln (glutaminergic balance marker) depicting the effect of excytotoxicity. To the best of our knowledge, this is the first study using multivoxel MRS of the brain in HIV+ patients. AIMS: The aims of this study were: to show whether there are differences in metabolites&#39; ratios on multivoxel MRS in neurologically asymptomatic HIV+ patients compared to control subjects; whether there are differences in metabolites&#39; ratios between patients on combined antiretroviral therapy (cART) and therapy-naive ones; whether there are correlations between matebolites&#39; ratios and immunological parameters in HIV+ patients as well as with nadir CD4+ count; whether there are correlations between metabolites&#39; ratios with parameters of drugs&#39; penetration in central nervous system (CNS). SUBJECTS AND METHODS: Overall of 114 subjects were enrolled in the study (32 HIV+ paients on cART, average age 41.97 years (25-61); 28 HIV+ patients off cART, average age 35.21 years (24-52); 50 control subjects, average age 36.56 years (19-53)). All the subjects signed the informed consent. The study was ethically approved by Ethical committee of Vojvodina Oncology Institute and Ethical committee of Faculty of Medicine, University of Novi Sad. Inclusion criteria for HIV+ subjects were: the presence of HIV infection. Exclusion criteria included: active opportunistic infection, active neurological illness, usage of drugs of abuse, hepatitis B or C coinfection, presence of both white or grey matter lesions, and contraindications that apply for magnetic resonance (MR) examination. 4 subjects were excluded from the study due to the presence of white matter lesions (3 HIV+ and one control subject). Each patient performed International HIV Dementia Scale (IHDS), a screening test for evaluation of global cognitive status in HIV-infected patients. Baseline study laboratory variables were assessed (CD4+ T-lymphocyte count and plasma HIV RNA, nadir CD4+ counts and CD4+ T-cell counts at the moment of MR scan. Conventional MRI scan was followed by multivoxel MRS with both long and short echo. We analyzed 12 voxels (6 in grey and 6 in white matter) with overall of over 7900 spectra. Finally, we analyzed following dominant signals: on the long echo tCr (creatine plus phosphocreatine) at 3.0 ppm, NAA (N-acetyl-aspartate) at 2.0 ppm and Cho (choline containing compounds) at 3.2ppm (ratios of NAA/Cr and Cho/Cr were assessed); on the short echo tCr, NAA, Cho, (Glx+Gln) at 2.2-2.4ppm and mI (myoinositol) at 3.5ppm (ratios of NAA/Cr, Cho/Cr, (Glx+Gln)/Cr and mI/Cr were assessed. All statistical calculations were performed using IBM SPSS software (version 21.0, Chicago, IL, USA). Descriptive statistics included determination of mean values, minimum, maximum and standard deviation. Among-group differences (HIV infected subjects versus healthy controls) in acquired metabolite ratios were evaluated using ANOVA with post hoc Tukey test to determine the differences between separate groups. Due to a known impact of age and education on the NAA concentrations, differences in NAA/Cr ratios among groups were tested using ANCOVA, with age as a covariate variable. Testing relationships between continuous variables was performed using Pearson linear correlation. Statistical significance was set at value p&lt;0.05. RESULTS: We showed that HIV+ patients on therapy were significantly older than the other two groups of patients. There was no significant difference in the level of education. We confirmed that the age significantly affects the level of NAA/Cr only.There was significant decrease (p&lt;0.05) in NAA/Cr level on long echo MRS among three groups on all the observed voxels. Post hoc analysis showed that there was significant difference in 10/12 voxels between HIV+ patients on cART and healthy controls and between HIV+ patients off cART and controls, while NAA/Cr differed significantly between HIV+ patients on and off cART in only one voxel (deep frontal white matter on the left). There was decrease in Cho/Cr levels on long echo MRS in 5/12 voxels among three groups. On short echo MRS, we showed decrease in NAA/Cr level in 3/12 voxels, while there were no differences between two groups of HIV+ patients. Results of short echo MRS in the means of Cho/Cr resembled long echo MRS. There was significant increase in mI/Cr level in HIV+ patients in 6/12 voxels compared to healthy controls, while there was difference in only one voxel between HIV+ patients on and off therapy (dorsal part of anterior cingulate on the left). Significant increase in (Glx+Gln)/Cr level was present between HIV+ patients on and off therapy in the region of right posterior cingulate. Voxels 4, 7 and 10 were the most informative ones (subcortical frontal white matter on the left, dorsal part of left anterior cingulate and right posterior cingulate), showing significant differences in 4 metabolites&#39; ratios. We showed positive correlation between nadir CD4+ count and NAA/Cr and negative correlation between nadir CD4+ count and Cho/Cr, and nadir CD4+ count and mI/Cr, which made nadir CD4+ count the best serological predictor of neurodegeneration. Positive correlation was showed between monocyte efficacy (ME) index and NAA/Cr, while negative correlation was present between CNS penetration efficacy (CPE), Cho/Cr and mI/Cr. We concluded that ME better depicted neurodegenerative process while CPE was better in monitoring of inflammation. CONCLUSIONS: HIV causes premature ageing of the brain, in the means of cognition, attention, working memory and executive function. These effects are due to direct affection of neurons by virus per se (viral proteins, induced cytokines and chemokynes). We showed tha neuronal loss and neurodegeneration affect the whole volume of the brain while inflammation and glial proliferation affect restricted areas predominantly in grey matter. High sensitivity of multivoxel MRS with use of sensitive surface coils enables metabolite mapping with high spatial resolution. MRS can give essential data on metabolites&#39; changes during the evolution of the infection from acute, over primary to chronic. Early after seroconversion, metabolites&#39; changes can be detected (neuronal dysfunction and inflammation).To the best of our knowledge, this is the first study using multivoxel MRS of the brain in HIV infection in human population, analyzing data from supracallosal grey and white matter. We showed the presence of diffuse but regionally highly specific changes in metabolites&#39; ratios in patients on cART and off cART, compared to age and gender matched healthy controls. Additional studies with absolute concentrations of metabolites, as well as longitudinal studies with HIV+ patients in different stages of the disease, are necessary for better understanding of neuropathogenesis of HAND. We showed that MRS can be useful tool in evaluation of therapy regimens efficacy. Two available indices for evaluation of cART efficacy target two separate pathways of cognitive disorder pathogenesis, with different reliability in evaluation of effect and efficacy of applied therapy. In the future, their modulation or creation of new index is needed, in order to include drug delivery through the blood-brain barrier as well as the effect on latent reservoir of HIV in monocyte/macrophage cells.</p>

<p>From July 2005 on, the new Swedish Corporate Governance Code will be applied gradually by companies listed on the stock exchange or any authorized financial market in Sweden. The Code has been drawn up in order to clarify and to improve the self-regulation in Swedish companies. The need for codified self-regulation standards has been considered as urgent due to negative trends on the market such as the last few years’ corporate scandals in domestic and international trade and industry. The sought-after consequence is to clarify the mission framework for corporate directors.</p><p>Ch. 15, section 1 of the Swedish Corporate Act (Aktiebolagslagen) regulates the internal and external damages liability of corporate directors. In order to decide whether or not they have broken a rule or neglected to follow their responsibilities, and thereby contracted damages liability, a so-called culpa judgement is to be made. Virtue of the culpa judgement is foremost found in Ch. 8 of the Swedish Corporate Act, regulating the tasks of the corporate directors.</p><p>The Stockholm Stock Exchange has decided to incorporate the Code in their quotation prerequisites. This means that all quoted companies have to comply to the Code or, when compliance is not possible, explain the cause of divergence.</p><p>My purpose with this master thesis is to investigate in what way the new Corporate Governance Code affects the culpa judgement, as well as to discuss in what conditions the Stockholm Stock Exchange can handle the code as a disciplinary instrument towards the quoted companies.</p> / <p>Från juli 2005 skall den nya svenska koden för bolagsstyrning successivt börja tillämpas av bolag vars aktier kan handlas på börs eller annan auktoriserad marknadsplats i Sverige. Koden har utformats i syfte att förtydliga och förbättra självregleringen i svenska bolag. Behovet av kodifierade självregleringsnormer har ansetts stort inte minst med tanke på de senaste årens bolagsskandaler i svenskt och internationellt näringsliv. Följden blir, hoppas man, bland annat att bolagens styrelser och verkställande direktörer skall kunna arbeta efter tydligare ramar i sina uppdrag.</p><p>Genom ABL 15:1 regleras styrelseledamots och vd:s interna och externa skadeståndsansvar. För att kunna avgöra huruvida de brutit mot eller underlåtit att genomföra sina förpliktelser, och därigenom ådragit sig ett skadeståndsansvar, görs en s k culpabedömning. Ledning för culpabedömningen hämtas främst från bolagsledningens arbetsuppgifter såsom de är formulerade i ABL 8 kap.</p><p>Stockholmsbörsen har beslutat att införliva koden i sina noteringskrav. Detta innebär att samtliga noterade bolag måste följa kodens regler eller, när så inte är möjligt, avge en förklaring till varför så inte skett.</p><p>Föremålet för min uppsats är att utreda på vilket sätt den nya koden för bolagsstyrning påverkar culpabedömningen, samt diskutera Stockholmsbörsens förutsättningar att hantera koden som ett disciplinärt instrument gentemot de noterade bolagen.</p>

<p>The accounting scandals that have attracted attention in recent years have led to internal control becoming a more central part of business activity. Doubts about what firms actually do have increased, all caused by the attention of accounting scandals. To counter this, frameworks and laws evolved and gained a significant role in the organization and its surroundings. The aim of the present study is to find out how four companies in the Kristianstad region are working to ensure its internal control and how they work to minimize risk and reduce uncertainty. We have used a qualitative method and interviewed a person in a senior position in each company. In the theoretical frame of reference, we have used two models; the COSO-method and the components of it and the Swedish Code of Corporate Governance. Together, these two give us a good overall picture of internal control and corporate governance. The critical voices raised against the internal control and corporate governance are also represented, mainly by Michael Power. The results of this study are that companies ensure their internal control by maintaining good communication. Competence is a key word, and cooperation between a company's auditors is essential. Risks are minimized primarily by constantly monitoring and updating systems and processes.<strong></strong></p> / <p>De redovisningsskandaler som uppmärksammats senare år har lett till att intern kontroll blivit en alltmer central del av företagens verksamhet. Osäkerheten kring vad företag egentligen gör har ökat i takt med att skandalerna uppmärksammats. För att motverka detta har ramverk och lagar utvecklats och fått en alltmer betydande roll i organisationerna och för dess omgivningar.</p><p>Vi har valt att studera hur fyra företag i Kristianstad kommun arbetar med att säkerställa sin interna kontroll samt hur de arbetar med att minimera risker och därmed minska osäkerheten. Vi har använt oss av en kvalitativ metod och intervjuat en person i ledande ställning på vart och ett av företagen.</p><p>I den teoretiska referensramen har vi använt oss av två modeller, dessa är COSO-modellen och de komponenter som ingår i den samt svensk kod för bolagsstyrning. Tillsammans ger dessa två en bra helhetsbild över intern kontroll och bolagsstyrning. De kritiska rösterna som höjts mot intern kontroll och bolagsstyrning finns också representerade och då främst av Michael Power.</p><p>Resultatet av vår undersökning är att företag säkerställer sin interna kontroll genom att upprätthålla en god kommunikation. Att rätt kompetens finns på rätt plats, samt att det finns ett samarbete med företagets revisorer. Risker minimeras främst genom att ständigt kontrollera och uppdatera system och processer.</p>

<p>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.</p><p>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.</p><p>Teori: Den teoretiska referensramen utgår ifrån corporate governance,</p><p>informationsasymmetri samt intressentteorin.</p><p>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.</p><p>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.</p><p>Nyckelord: Svensk Kod för Bolagsstyrning, bolagskod, bolagsstyrning,</p><p>informationsasymmetri.</p> / <p>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.</p><p>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.</p><p>Theory: The theoretical frame of reference is corporate governance, information asymmetry and the stakeholder theory.</p><p>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.</p><p>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</p><p>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.</p><p>Key words: Swedish Code of Corporate Governance, code of corporate governance, corporate governance, information asymmetry.</p>

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

From July 2005 on, the new Swedish Corporate Governance Code will be applied gradually by companies listed on the stock exchange or any authorized financial market in Sweden. The Code has been drawn up in order to clarify and to improve the self-regulation in Swedish companies. The need for codified self-regulation standards has been considered as urgent due to negative trends on the market such as the last few years’ corporate scandals in domestic and international trade and industry. The sought-after consequence is to clarify the mission framework for corporate directors. Ch. 15, section 1 of the Swedish Corporate Act (Aktiebolagslagen) regulates the internal and external damages liability of corporate directors. In order to decide whether or not they have broken a rule or neglected to follow their responsibilities, and thereby contracted damages liability, a so-called culpa judgement is to be made. Virtue of the culpa judgement is foremost found in Ch. 8 of the Swedish Corporate Act, regulating the tasks of the corporate directors. The Stockholm Stock Exchange has decided to incorporate the Code in their quotation prerequisites. This means that all quoted companies have to comply to the Code or, when compliance is not possible, explain the cause of divergence. My purpose with this master thesis is to investigate in what way the new Corporate Governance Code affects the culpa judgement, as well as to discuss in what conditions the Stockholm Stock Exchange can handle the code as a disciplinary instrument towards the quoted companies. / Från juli 2005 skall den nya svenska koden för bolagsstyrning successivt börja tillämpas av bolag vars aktier kan handlas på börs eller annan auktoriserad marknadsplats i Sverige. Koden har utformats i syfte att förtydliga och förbättra självregleringen i svenska bolag. Behovet av kodifierade självregleringsnormer har ansetts stort inte minst med tanke på de senaste årens bolagsskandaler i svenskt och internationellt näringsliv. Följden blir, hoppas man, bland annat att bolagens styrelser och verkställande direktörer skall kunna arbeta efter tydligare ramar i sina uppdrag. Genom ABL 15:1 regleras styrelseledamots och vd:s interna och externa skadeståndsansvar. För att kunna avgöra huruvida de brutit mot eller underlåtit att genomföra sina förpliktelser, och därigenom ådragit sig ett skadeståndsansvar, görs en s k culpabedömning. Ledning för culpabedömningen hämtas främst från bolagsledningens arbetsuppgifter såsom de är formulerade i ABL 8 kap. Stockholmsbörsen har beslutat att införliva koden i sina noteringskrav. Detta innebär att samtliga noterade bolag måste följa kodens regler eller, när så inte är möjligt, avge en förklaring till varför så inte skett. Föremålet för min uppsats är att utreda på vilket sätt den nya koden för bolagsstyrning påverkar culpabedömningen, samt diskutera Stockholmsbörsens förutsättningar att hantera koden som ett disciplinärt instrument gentemot de noterade bolagen.

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.

Recent accounting scandals, often led by managers trying to improve results and thereby their own bonuses, have severely damaged the publics view of management. In the aftermath of scandals such as Enron, Parmalat and Skandia, demand has increased for Corporate Governance codes and similar regulation. The Swedish code for Corporate Governance came into effect on July 1, 2005. The code requires all Swedish companies listed on the Swedish Stock Exchange (OMX A- and O-list), with a turnover exceeding 3 billion SEK, to disclose a report regarding Corporate Governance, attached to the annual report. The purpose of this paper is to examine whether the new disclosure required by the Swedish Corporate Governance code will have a measurable effect on stock prices. The authors have applied event study methodology examining daily returns around the announcement of the Corporate Governance reports. The listed companies mentioned above were also divided into groups depending on whether or not the report hade been audited, and to which extent the authors found the reports to be transparent. Also, two groups were formed with companies applying SOX, and companies not required to apply the code. The results show that a measurable negative effect could be identified on the 1% significancelevel on the day of the event for the whole sample of companies. Companies publishing audited reports found positive Abnormal Returns, but without significance. Negative abnormal returns were found on the 1% significance-level for companies not presenting audited reports. No significant results were found for the groups classified after the degree of transparency. The findings suggest that the market is not fully mature enough to evaluate unaudited reports. The market rewards companies that audit the reports. The conclusion of this paper is therefore that reports regarding Corporate Governance do have a negative effect on stock prices.

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.