Background: Sustainability is a commonly discussed topic that continues to grow and has become more important in investment decisions. The opinions regarding the relationship between sustainability and financial performance are divided, and research in the field indicates different results. ESG has gained greater focus because of the Covid-19 pandemic, and widespread claims that companies and funds with higher ESG score would have greater resilience have emerged. Purpose: The main purpose of this study is to investigate and analyse a possible relationship between ESG score and financial performance for Swedish listed companies during the Covid-19 pandemic. The sub-purpose of the study is to investigate whether sector divisions affect the ESG's significance for financial performance. Method: In this study, a quantitative method with a deductive approach was used. The data material was obtained from Refinitiv Eikon and comprised data from 306 companies. The examined period of the study refers to the year 2020. The statistical models applied were univariate analysis, bivariate analysis, and multiple regression analysis.  Conclusion: The results indicate a negative relationship between ESG and financial performance during the Covid-19 pandemic. There is a spread regarding financial performance between the sectors, but it is not possible to draw concrete conclusions about the sectors' impact. This study contributes to the literature in the field of sustainability and financial performance by analyzing empirical data during the Covid-19 pandemic. / Bakgrund: Hållbarhet är ett aktuellt ämne som fortsätter att växa och får allt mer betydelse vid investeringsbeslut. Det råder delade meningar kring sambandet mellan hållbarhet och finansiell prestation och forskning inom ämnet visar på olika resultat. ESG har fått större fokus till följd av covid-19-pandemin, och utbredda påståenden om att bolag och fonder med högre ESG-betyg skulle ha större motståndskraft har växt fram. Syfte: Syftet med denna studie är att undersöka och analysera eventuella samband mellan ESG-betyg och finansiell prestation för svenska noterade bolag under covid-19-pandemin. Studiens delsyfte är att undersöka om sektorindelning påverkar ESG:s betydelse för finansiell prestation. Metod: I denna studie användes en kvantitativ metod med en deduktiv ansats. Datamaterialet inhämtades från Refinitiv Eikon och omfattade data från 306 bolag. Studiens undersökningsperiod avser år 2020. De statistiska modellerna som tillämpats är univariat analys, bivariat analys och multipel regressionsanalys. Slutsats: Studiens resultat tyder på ett negativt samband mellan ESG och finansiell prestation under covid-19-pandemin. Det förekommer spridning avseende finansiell prestation mellan sektorerna, men det går däremot inte att dra konkreta slutsatser kring sektorernas påverkan. Denna studie bidrar till litteraturen inom området för hållbarhet och finansiell prestation genom analys av empiriska data under covid-19-pandemin.

The diploma thesis focuses on the optimization of the income payment the partner (shareholder), who is also the executive heads of a trading company with limited liability. An analysis of the incomes paid according to their amount and type is fundamental for the choice of the optimum variants in the particular trading company. The result achieved is a reduction of the costs associated with the payment of the company´s and the partner´s financial resources. The thesis will help founders of companies to save costs related to expenditure incurred in the disbursement of financial resources for their personal use.

La question du niveau optimal de transparence sur les marchés financiers a trouvé un terrain de débat exemplaire : celui de la propriété économique des sociétés cotées. La conception de nouveaux produits financiers et le développement de stratégies activistes ont provoqué une remise en question des règles de déclaration de franchissements de seuils de contrôle. Cette thèse analyse les conséquences économiques des évolutions réglementaires, évalue la pertinence des déclarations de l’acquéreur, et propose un nouveau cadre conceptuel intégrant la possibilité de comportements stratégiques des acteurs concernés. Selon nos résultats empiriques, les informations contenues dans les annonces sont pertinentes, même lorsque le blockholder s’engage à rester passif. Notre modèle théorique suggère que les blockholders utilisent le délai de déclaration de manière stratégique, et qu’un raccourcissement de ce délai serait favorable aux actionnaires minoritaires. / The debate on the optimum level of transparency in financial markets found a major point of controversy: the ownership of public companies. The design of new financial products and the development of shareholder activism called the blockholding disclosure rules into question. This thesis analyzes the economic impact of changes in regulation, measures the value relevance of the content of blockholding announcements, and introduces a new conceptual framework allowing strategic behavior of the involved economic agents. According to our empirical results, the information disclosed by blockholders are value relevant, even when the blockholder commits to remain passive. Our theoretical model suggests that blockholders make a strategic use of the reporting window, and predicts that a shortening of the legal time period would be favorable to minority shareholders.

Contracting autonomy in construction of classes of shares and its limits Abstract This diploma thesis focuses on the topic Contracting autonomy in construction of classes of shares and its limits. Giving today's trend of providing increasingly wider freedom to private persons to negotiate their rights and obligations differently from the law, this topic is still actual, whereas even opinions concerning individual partial issues are evolving. In addition, the topic is also actual with respect to already valid, yet ineffective, amendment to the Business Corporation act, which concerns shares and classes of shares as well. The goal of this diploma thesis is to explain the issue of classes of shares and the limits to contracting autonomy of founders, respectively shareholders in their construction. Although several legal publications about the most of partial issues have been written, many issues are answered inconsistently, therefore there is uncertainty among recipients of legal norms concerning what they can, and they cannot negotiate. Thesis is divided into three main parts (chapters) and several subchapters. System was chosen in a way the author of this thesis considers appropriate, so the described issues are explained continuously. The first part of this thesis focuses on the concept of the share. Its...

Klimatkrisen är en av de största utmaningarna som världen står inför. På senare år har en ökad uppmärksamhet för hållbarhet vuxit vilket medfört att företagens ansvarstagande i miljömässiga, sociala och styrningsrelaterande frågor blivit en allt viktigare del. För att kvantifiera hur väl hållbarhetsarbetet utförts i företag har hållbarhetsmåttet ESG utvecklats. Begreppet ESG är en sammanställning av tre olika segment: Environmental, Social och Governance som utifrån ett hållbarhetsperspektiv inriktar sig på att mäta dessa segment. Huruvida högre ESG-poäng leder till förbättrad finansiell prestation är däremot oklart. Många studier har undersökt relationen mellan ESG och finansiell prestation, dock har ingen konsensus kring förhållandet ännu konstaterats. Denna studie har därför undersökt om detta förhållande existerar på den svenska marknaden. I studien undersöktes om förhållandet mellan ESG och finansiell prestation påverkas beroende på företags branschtillhörighet. För att undersöka om branschtillhörighet har en signifikant effekt på förhållandet mellan ESG och finansiell prestation har en uppdelning mellan branscher och sektorer gjorts för företag som är känsliga för ESG-frågor och de som inte är det. De redovisningsbaserade prestationsmåtten som använts är ROA och ROE och det marknadsvärde-baserade måttet i studien var Tobin’s Q. Regressionsanalyser utfördes med ESG och de individuella pelarna E,S och G som oberoende variabler. Resultatet från studien fann överlag ett insignifikant förhållande mellan de redovisningsbaserade måtten ROA och ROE för känsliga företag. En positiv relation kunde däremot konstateras för det marknadsvärde-baserade måttet Tobin’s Q för de känsliga företagen. För de icke-känsliga företagen fanns studien överlag inga signifikanta förhållanden mellan något av de tre finansiella prestationsmått som används i studien. Resultaten ger inget stöd till hypotesen att ESG och de tre individuella pelarna E,S och G har en mer positivt relation till de finansiella prestationsmåtten inom känsliga företag än icke-känsliga företag. Något som kan förklaras av att ESG-poäng inte bedömer prestationen utan enbart rapporteringen. För att bringa klarhet i frågan gällande branschtillhörighetens påverkan på förhållandet mellan ESG och finansiell prestation behövs mer omfattande hänsyn till industriella faktorer tas för att ytterligare förstå sambandet mellan ESG och finansiell prestation. / The climate crisis is one of the biggest challenges the world is facing. In recent years, increased attention to sustainability has led to corporate responsibility in environmental, social and governance-related issues becoming increasingly important. To quantify how well sustainability efforts are being carried out in companies, the sustainability measure ESG has been developed. The term ESG is a compilation of three different segments: Environmental, Social, and Governance, which from a sustainability perspective focus on measuring these segments. However, it is unclear whether higher ESG scores lead to improved financial performance. Many studies have examined the relationship between ESG and financial performance, but no consensus has yet been reached on the relationship. This study has therefore examined whether this relationship exists in the Swedish market. The study investigated whether the relationship between ESG and financial performance is influenced by a company's industry affiliation. To investigate whether industry affiliation has a significant effect on the relationship between ESG and financial performance, a breakdown of industries and sectors was made for companies that are sensitive to ESG issues and those that are not. The accounting-based performance measures used are ROA and ROE, and the market based measure in the study was Tobin's Q. Regression analyses were performed with ESG and the individual pillars E, S, and G as independent variables. The results of the study generally found an insignificant relationship between the accounting-based measures ROA and ROE for sensitive companies. However, a positive relationship was found for the market based measure Tobin's Q for sensitive companies. For non-sensitive companies, the study generally found no significant relationships between any of the three financial performance measures used in the study. The results do not support the hypothesis that ESG and the three individual pillars E, S, and G have a more positive relationship with the financial performance measures within sensitive companies than non-sensitive companies. This could be explained by the fact that ESG scores do not assess performance, only reporting. To bring clarity to the question regarding the impact of industry affiliation on the relationship between ESG and financial performance, it is necessary to take more comprehensive industry factors into account in order to further understand the relationship between ESG and financial performance.

Bakgrund: I takt med klimatförändringarna har EU publicerat nya förordningar som syftar till att begränsa den sektor som har högst koldioxidutsläpp. Private Banking-sektorn omfattas av de nya förordningarna och tidigare forskning lyfter fram olika faktorer som påverkar en Private Bankers integrering av ESG i investeringsprocessen i arbetet mot att uppnå Parisavtalet och de globala målen 2030. Forskningsfråga: Hur arbetar Private Bankers med miljö-, sociala och styrningskriterier? Syfte: Syftet med denna studie är att analysera vilka faktorer som påverkar en Private Banker att integrera miljö-, sociala och styrnings (ESG-) kriterier i investeringsprocessen. Studien avgränsar till Private Banking-sektorn i Sverige. Metod: Studien har genomfört på ett kvalitativt tillvägagångssätt i kombination med en abduktiv ansats. Intervjuerna har genomförts med fem olika respondenter från tre olika storbanker i Sverige från Halmstad, Göteborg och Stockholm. Teoretisk referensram: Den teoretiska referensramen behandlar tre olika teorier; aktieägarteori, intressentteori, nyinstitutionell teori. Resultat: Det görs tydligt att trenden inom storbankerna är hållbarhet. De olika faktorerna visar sig ha ett samband i hur en Private Banker integrerar ESG i investeringsprocessen genom att faktorerna påverkar varandra. De formella reglerna har störst påverkan i en Private Bankers investeringsbeslut inom storbankerna, men är även formad efter samhällets normer och värderingar. En utmaning inom sektorn är att få sina kunder mer medvetna om den påverkan deras placeringar har.

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.

Le pacte d’actionnaires se place dans une forme de dépendance unilatérale au contrat de société qui n’est pas sans rappeler le rapport juridique d’accessoire à principal.En effet, s’il est fondamentalement distinct du contrat de société qu’il complète, tout pacte conclu par certains actionnaires, en dehors des statuts, afin d’organiser leurs relations interindividuelles d’actionnaires, trouve nécessairement sa matière et puise sa raison d’être dans le pacte social. Ainsi, la dépendance du pacte au contrat de société se manifeste-t-elle, de la manière la plus évidente, par la caducité qu’entraîne pour le pacte l’arrivée du terme du contrat de société ou la perte de la qualité d’actionnaire d’un partenaire.Dès lors, par analogie avec la règle selon laquelle l’accessoire a vocation à suivre le sort du principal, cette dimension d’accessoire du contrat de société justifie que le pacte subisse l’influence du cadre juridique auquel le contrat de société est lui-même soumis, à savoir le droit des sociétés et, en particulier, l’ordre public sociétaire.Cette dépendance au contrat de société, par essence commune à tous les pactes d’actionnaires en raison de leur objet matériel et de leur cause, est à géométrie variable. Elle repose en effet sur divers facteurs de rattachement au contrat de société que sont l’exercice du droit de vote, la détention des actions ou la qualité d’actionnaire des partenaires, lesquels impriment, selon qu’ils s’immiscent plus ou moins profondément dans le fondement, la structure ou encore le fonctionnement de la société, différents degrés de dépendance dans la relation pacte - contrat de société.Malgré l’hétérogénéité du régime des pactes d’actionnaires, il est alors possible de dégager,à l’aune de cette dimension d’accessoire, une tendance fondamentale qui anime, en droit positif, la jurisprudence relative aux pactes. Cette ligne directrice réside dans la variabilité du degré d’emprise des règles qui encadrent le contrat de société sur le régime des pactes d’actionnaires.La jurisprudence se révèle être, en effet, d’une manière générale et par-delà la casuistique, en cohérence avec cette influence proportionnelle de l’environnement sociétaire à l’intensité du degré de dépendance que présente chaque type de pacte en fonction du facteur qui le rattache au contrat de société. Les pactes caractérisés par une dépendance marquée au contrat de société bénéficient ainsi d’une marge de liberté à la mesure de celle dont bénéficie le contrat de société pour l’aménagement de l’exercice du droit de vote ou de la perte de la qualité d’actionnaire. Au contraire, les pactes caractérisés par une dépendance modérée au contrat de société, qui organisent des cessions ou des acquisitions d’actions,sont plus largement libérés des contraintes auxquelles est soumis le contrat de société au regard du principe de libre négociabilité des actions. Quant à l’influence sur les pactes de certains autres principes d’ordre public sociétaire, tels que la prohibition des clauses léonines ou l’expertise de l’article 1843-4 du Code civil, elle demeure incertaine en droit positif. Toutefois, la jurisprudence tend à reconnaître le particularisme de ces règles et à leur retirer, en conséquence, tout caractère impératif en dehors du cadre des relations entretenues collectivement par les actionnaires avec la société. / Shareholders’ agreement falls into a form of unilateral dependence to the companyagreement that is reminiscent of the legal relationship between the incidental and itsprincipal.Indeed, although it is fundamentally separate from the company agreement, which itsupplements, any agreement concluded by certain shareholders apart from the articles ofassociation, in order to organise their inter-individual shareholders relationships, is,nevertheless, necessarily based on and permitted by the company agreement. Thus, thecontractual dependency of the shareholders’ agreement to the company agreementmanifests itself, in the most obvious way, through the obsoleteness of the shareholders’agreement caused by the termination of the company agreement or by the loss ofshareholder status by a partner.Therefore, by analogy with the rule according to which the incidental is inclined to yield to theprincipal, such kinship to the quality of accessory to the company agreement justifies the factthat the shareholders’ agreement would be under the influence of the legal framework towhich the company’s memorandum and articles of association are submitted, that is to saycorporate law and, in particular, corporate law and order.This dependence to the company agreement, which is in essence common to allshareholders’ agreements due to their material object and cause, turns out to be flexible. Itrests indeed on different connecting factors to the company agreement, such as using thevoting right, shareholding or shareholder status of partners, which imprint, according to howdeep they work into the company foundation, structure or functioning, different degrees ofdependence in the relationship between the shareholders’ agreement and the companyagreement.In spite of the heterogenic regime of the shareholders’ agreements, it is possible to outline, inrespect to this type of accessory status to the company agreement, a crucial tendency thatleads, in positive law, agreements-related case law. This guideline lies in the variability of thehold on shareholders’ agreements regime by the rules that frame the company’smemorandum and articles of association.Indeed, case law proves to be, generally speaking and beyond casuistry, consistentwith this proportional influence of the company environment to the degree of dependenceeach type of shareholders’ agreement is subject to, according to the factor connecting it tothe company agreement. The shareholders’ agreements that show a strong dependence tothe company agreement are given a leeway commensurate with the one the company’smemorandum and articles of association benefit from regarding voting right or loss ofshareholder status arrangements. By contrast, the moderately dependant shareholders’agreements, organising transfer or acquisition of shares, are more widely released from therestrictions that govern the company’s articles of association regarding the principle of freetransferability of shares. Furthermore, the influence on shareholders’ agreements of someother principles of corporate law and order, such as the leonine clause prohibition or theexpertise of Article 1843-4 of the French Civil Code, remain uncertain in positive law.However, case law tends to recognize the distinctive identity of these rules and,consequently, to clear them from any imperative property beyond the frame of therelationships that the shareholders have collectively with the company.

This thesis critically examines the statutory unfair prejudice remedy provided for in section 163 of the Companies Act 71 of 2008 (‘the Act’). Section 163 is evaluated against its equivalents in England, Australia and Canada. Section 163 is considered against its predecessors to determine whether problems associated with the formulation and application of its predecessors have now been eradicated. It is argued that although it is important to ensure that company legislation is able to provide protection of an international standard to shareholders to be able to attract capital investment in a competitive market, one has to be cautious of slavishly following legislative trends in foreign jurisdictions. The South African legislature indiscriminately incorporated only parts of the Canadian unfair prejudice remedy in section 163. This approach also resulted, amongst others, in the introduction of foreign concepts. The legislature further failed to take cognisance of the unique historical developments relating to the unfair prejudice remedy in South Africa. This has led to the reintroduction of problems experienced with previous formulations of the statutory unfair prejudice remedy in South Africa and left certain problems relating to the interpretation and application of the statutory unfair prejudice remedy unresolved. Consideration is also given to the interrelationship between section 163 and some of the statutory remedies in the Act. Section 163 is also assessed in the context of the Constitution of the Republic of South Africa, 1996. In conclusion, recommendations for possible legislative amendments are made and an interpretational framework for the interpretation and application of the statutory unfair prejudice remedy in section 163 is provided. / Mercantile Law / LL. D. (Mercantile Law)

Good corporate governance should be the cornerstone of all company management. Directors ought to know in whose interests the company should be managed. This thesis attempts to answer the following question: whose interests must be granted primacy in the management of a company? In chapter 1 it is stated that shareholders' interests are traditionally granted primacy in the management of a company. There has, however, been a shift in public opinion towards recognition of a wider variety of interests that should be considered than only those of the shareholders. These interests include, inter alia, environmental interests and those of the investors, employees and consumers. This thesis thus focuses on the primary stakeholders, namely individual shareholders, creditors, employees, consumers and suppliers. In chapter 2 a theoretical foundation is provided on the nature of a company. The different theories on the nature of a company, emphasising either shareholder primacy or stakeholder protection, are discussed. A combined new theory is proposed. It is suggested that the confusion relating to the meaning of "the company" needs to be eliminated. Chapters 3, 4 and 5 provide an international comparison of the company law in Botswana, Australia, New Zealand and the United Kingdom. The focus falls, firstly, on directors' duties, secondly, on the question in whose interests directors should manage a company and, thirdly, on the codification of their duties. In chapter 6 the South African position is evaluated. First, the possible stakeholders are identified and the protection currently afforded them is explained. The reports of the King Committee on Corporate Governance, the Policy Document on company law reform as well as the Companies Bill of 2007 are discussed. Draft clauses are recommended to be incorporated in new company legislation to provide directors with clarity on what is expected of them. It is the aim of this thesis to provide clarity on whose interests should receive primacy when directors manage a company. The outcome of this research should provide a clear indication to South African directors of what is expected of them and who the beneficiaries of their fiduciary duties are. / Law / LL.D.