The dissertation analyses legal aspects of shareholders’ agreements concluded in listed companies using theoretical model provided by agency theory. The author provides qualitative research which identifies the nature, qualifying characteristics of the shareholders’ agreement, as well as different aims of contracting shareholders. Voting agreements and transfer of voting right agreements constitute part of the academic analysis provided in the dissertation. Lithuanian regulation of shareholders’ agreements is compared with Belgian and the UK legal systems. An extensive empirical research is carried out regarding the shareholders’ agreements concluded in companies listed on stock exchanges of the selected jurisdictions. The author concludes that extensive and detailed statutory regulation of shareholders’ agreements is unnecessary. In order for shareholders’ agreements to be a feasible solution for dealing with agency problems, statutory acts have to provide that shareholders’ agreement is a valid contract which can be enforced by courts. Restrictions on the subject matter of the agreement are necessary only to limit possible abusive behaviour of contracting shareholders and expropriation of other corporate constituents. Empirical research has revealed that shareholders in jurisdictions with concentrated ownership structure, compared with jurisdictions where dispersed ownership structure prevails, conclude more shareholders’ agreements. Shareholders’ agreements are mainly used... [to full text] / Disertacijoje, remiantis ekonomikos mokslininkų suformuluota atstovavimo teorija, nagrinėjami akcininkų sutarčių, sudaromų biržinėse bendrovėse, teisiniai aspektai. Autorius pasitelkdamas kokybinio tyrimo metodus analizuoja akcininkų sutarties prigimtį, jos pagrindinius kvalifikuojančius bruožus, vertina pagrindinius susitariančių akcininkų tikslus. Disertacijoje taip pat pateikiamas balsavimo sutarties ir balsavimo teisės perleidimo sutarties mokslinis tyrimas. Lietuvos Respublikoje įtvirtintas teisinis akcininkų sutarčių reguliavimas yra lyginamas su Belgijos ir Jungtinės Karalystės teisinėmis sistemomis. Moksliniame darbe atliekamas išsamus akcininkų sutarčių, sudaromų pasirinktų jurisdikcijų vertybinių popierių biržose, empirinis tyrimas. Autorius daro išvadą, kad išsamus ir detalus akcininkų sutarties instituto reglamentavimas teisės aktuose nėra reikalingas. Tačiau siekiant, kad akcininkų sutartis taptų veiksmingu teisiniu instrumentu, įstatymų leidėjas turėtų pripažinti ją kaip teisėtą ir priverstinai vykdytiną teisinį sandorį. Akcininkų sutarties turinio ribojimai yra reikalingi tik tam, kad būtų išvengta akivaizdžių piktnaudžiavimo atvejų. Empiriniai tyrimai atskleidė, kad jurisdikcijose, kuriose vyrauja koncentruota nuosavybės struktūra, palyginti su jurisdikcijomis, kuriose bendrovių nuosavybės struktūra yra išskaidyta, akcininkų sutarčių skaičius yra ženkliai didesnis. Akcininkų sutartys daugiausia yra naudojamos kaip teisinė priemonė vidutinio dydžio akcininkams... [toliau žr. visą tekstą]

This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners. / <p>Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser</p>

Submitted by Felipe Tumenas Marques (tumenas@gmail.com) on 2017-03-29T01:41:33Z No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-30T10:02:34Z (GMT) No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) / Made available in DSpace on 2017-03-30T12:05:14Z (GMT). No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) Previous issue date: 2017-02-23 / This thesis aims to explore possible conflicts of interest between the activities of agents in the Brazilian financial market, especially banks, investment funds and analysts. In the first chapter, the focus is the possible lack of a Chinese Wall between the investment banking activities and the asset management unit of the same bank during the bond underwriting process. The conflict of interest analyzed is the possible use of funds under management of the same bank to allocate bond issuances that would not have sufficient demand in the market. The paper proposes an empirical study of bonds issued in Brazil between 2005 and 2015. The results show that bond 'excess return' at the time of issuance is negative when there is allocation of funds associated with the underwriter, supporting the thesis of conflict of interest. However, when the associated funds are for Institutional Investors, the 'excess return' is positive indicating that the better monitoring of the fund's activities could serve as mitigation for the conflict of interest. In the second chapter the assessed conflict of interest is the funding activities of banks and the rates obtained by investment funds from fixed income assets issued by banks. The hypothesis tested is that affiliated funds obtain a lower yield than non-affiliated funds on the same assets. To test this hypothesis, an empirical study was conducted in Brazil with the rates of Letra Financeira, from the beginning of its emergence in 2010 until the end of 2015. The results point that funds, when investing in Letras Financeiras of the controlling bank, obtain a lower yield than that obtained by funds not affiliated to the same bank. However, like the results obtained in the previous chapter, this effect is not observed in funds for Institutional Investors. Corroborating the idea that better monitoring can mitigate the conflict of interest involved. Finally, the third chapter analyzes two possible conflicts of interest derived from the relationship between the opinions of stock analysts and the investments of the funds affiliated to the same bank. The first hypothesis is about optimism of the analysts as the affiliated funds have a large volume of investment in the stock. The second hypothesis is about Front Running, where funds anticipate changes in analysts' opinions of the same bank. The database used in this study was the opinion of all analysts covering Brazilian stocks for 10 years, from 2005 to 2015. The results suggest that: (i) there is an optimism of analysts associated with Brazilian banks related to the volume invested by affiliated funds, and (ii) the evidence does not support the hypothesis of front running by the funds. / Esta tese tem por objetivo examinar possíveis conflitos de interesse entre as atividades dos agentes atuantes no mercado financeiro brasileiro, especialmente bancos, fundos de investimentos e analistas. No primeiro capítulo, analisa-se o conflito de interesse da possível falta de um Chinese Wall entre as operações de banco de investimento e a área de fundos de investimento de um mesmo banco durante o processo de emissão de debêntures. O conflito de interesse analisado é a possível utilização dos fundos de investimentos sob a gestão do banco coordenador para alocar emissões que não teriam demanda suficiente no mercado. Para analisar este conflito de interesse foi realizado um estudo empírico das emissões de debêntures realizadas no Brasil entre 2005 e 2015. Os resultados mostram que o ‘retorno em excesso’ das debêntures no momento de emissão é negativo quando há alocação dos fundos de investimento associados ao banco coordenador da emissão, indicando a possibilidade do conflito de interesse. Porém, quando os fundos associados são destinados a Investidores Qualificados, o ‘retorno em excesso’ é positivo indicando que o possível melhor monitoramento das atividades do fundo serve de mitigador para o conflito de interesse. No segundo capítulo o conflito de interesse avaliado são as atividades de captação dos bancos e as taxas obtidas pelos fundos de investimento nos ativos de renda fixa emitidos pelos bancos. A hipótese testada é que o fundo associado aos bancos obtém uma taxa de retorno menor que os fundos não associados nos mesmos ativos emitidos por estes bancos. Para avaliar esta hipótese foi realizado um estudo empírico no Brasil com as taxas das Letras Financeiras, desde o início de seu surgimento em 2010 até o final de 2015. Os resultados apontam que os fundos, ao investirem em Letras Financeiras do banco controlador, obtém uma taxa menor que a obtida por outros fundos em Letras Financeiras deste mesmo banco. Porém, assim como os resultados obtidos no capítulo anterior, este efeito não é observado em fundos destinados a Investidores Qualificados, o que corrobora a ideia de que um melhor monitoramento pode mitigar o conflito de interesses envolvido. Por fim, no terceiro capítulo, são analisados dois possíveis conflitos de interesse derivados da relação entre as opiniões dos analistas de ações e os investimentos dos fundos do mesmo banco. O primeiro conflito é sobre o otimismo dos analistas conforme os fundos associados ao mesmo banco possuem um grande volume de investimento nas ações avaliadas. O segundo conflito é sobre o Front Running, onde os fundos obtem retornos antecipando as mudanças de opiniões dos analistas relacionados ao mesmo banco. Foram avaliadas as opiniões de todos os analistas que cobrem as ações brasileiras por 10 anos. Os resultados sugerem que: (i) existe um indicativo de otimismo dos analistas associados aos bancos brasileiros quanto maior o volume de recursos aplicado pelos fundos associados e que (ii) as evidências não dão suporte à hipótese de front running por parte dos fundos.

I Sverige har utvecklingen gått från faktabaserad miljöundervisning till undervisning om hållbar utveckling som inte bara ska behandla fakta, utan även värderingar, känslor och de utmaningar som världen står inför. Komplexiteten i att undervisa om hållbar utveckling i kombination med att lärare förväntas inkludera det i sina undervisningsämnen sätter stor press på lärarna, inte minst för att många saknar eller tror att de saknar kunskap om hållbar utveckling och hur man kan undervisa om det. Detta bidrar till att lärare undervisar om hållbar utveckling i mindre grad än vad som förväntas från bland annat de globala målen och läroplanen. Med det som grund har den här studien syftat till att försöka minska glappet genom att ta fram ett övningsmaterial som kan användas ämnesövergripande på gymnasiet. Viktiga didaktiska aspekter och kunskapsaspekter togs fram från intervjuer med verksamma gymnasielärare respektive forskare inom polymerteknik. Från intervjuerna med lärarna framkom det att eleverna ska ges möjlighet att diskutera, se olika perspektiv, att undervisningen behandlar ämnen som eleverna kan relatera till. Det mest centrala som framkom i intervjuerna med forskarna var de konflikter som finns kring plast, som hur avfallshantering ska skötas, fördelning av markanvändning och hur ansvaret för nedskräpningen ska fördelas. Detta tillsammans med didaktisk forskning och aktuellvetenskap om plast blev resultatet tre stycken övningar med intressekonflikter som ett genomgående tema där eleverna ges möjlighet att utveckla flera viktiga kompetenser som behövs för att uppnå de globala målen. / In Sweden, the development has gone from a fact-based environmental education to teachingon sustainable development that will not only deal with facts, but also values, feelings and the challenges facing the world. The complexity of teaching about sustainable development combined with what teachers are expected to include in their subjects puts great pressure on them, because many lack or believe they lack knowledge about sustainable development and how to teach about it. This contributes to teachers teaching about sustainable development to a lesser extent than expected from the global goals and curriculum. With that as a basis, this study aims to reduce that gap by developing an education material that can be used across subjects in high school. Important didactic aspects and knowledge aspects derived from interviews with active high school teachers and researchers in polymer technology. From the interviews with the teachers, it emerged that the students should be given the opportunity to discuss, see different perspectives, and that the teachers should include areas that the students care about and can relate to. The most central that emerged in the interviews with the researchers were the conflicts that revolves around plastic, such as how waste management is to be handled, distribution of land use and how responsibility for littering should be distributed. This, together with didactic research and current science onplastic, resulted in three exercises with conflicts of interest as a pervasive theme where students are given the opportunity to develop several important skills needed to achieve theglobal goals.

För att skapa ett hållbart transportsystem och uppnå en förändrad färdmedelsfördelning finns det nationella målsättningar om att öka andelen persontransporter med gång-, cykel- och kollektivtrafik till minst 25 procent 2025. En satsning på dessa färdmedel går också i linje med Sveriges miljömål och etappmålet om att minska transportsektorns klimatutsläpp med 70 procent till 2030 jämfört med utsläppsnivån 2010. Många kommuner har därför som mål att öka resorna med de hållbara transportslagen. För att möjliggöra detta är en ökad planering och utbyggnad av infrastrukturen för dessa färdmedel viktig och i flera kommuner görs det idag gatuombyggnader för att skapa mer utrymme till de hållbara transportslagen. När åtgärder för att förbättra infrastrukturen ska genomföras ställs olika intressen och funktioner mot varandra och prioriteringar måste göras. Detta leder till intressekonflikter mellan de olika trafikslagen, men också mellan de olika trafikslagen och andra intressen. Syftet med uppsatsen är att undersöka vad det finns för intressekonflikter mellan cykeltrafiken och andra intressen i gaturummet, vad som händer om utrymmesbehovet för cykeltrafiken hamnar i konflikt med andra behov och intressen och hur detta hanteras av ett antal kommuner. Detta har undersökts genom en metodkombination bestående av en enkätundersökning och intervjuer. Både respondenterna och intervjudeltagarna arbetar vid kommuner som är med i föreningen Svenska Cykelstäder, en förening som arbetar för ökad, bättre och säkrare cykling. Intervjuerna utgör grunden i studien medan enkätundersökningen har varit ett sätt att skapa förståelse för om, och i så fall på vilket sätt olika kommuner upplever att det finns intressekonflikter mellan cykeltrafiken och andra behov och intresse och hur dessa vanligtvis hanteras.  Resultatet från enkätundersökningen visar att alla respondenter upplever att det finns intressekonflikter mellan cykeltrafiken och andra intressen. Studien visar att det finns intressekonflikter mellan cykeltrafik och biltrafik, kollektivtrafik samt gångtrafik. Det finns också intressekonflikter mellan cykeltrafik och andra intressen såsom stadsliv, grönytor, yta för dagvattenhantering och exploatering. Studien visar också att trots nationella målsättningar som handlar om att prioritera de hållbara transportslagen så är steget från strategi eller ambition till genomförande inte självklart. Bilnormen är fortfarande stark, vilket medför att det är svårt att genomföra åtgärder som förbättrar för cykeltrafiken som sker på bekostnad av biltrafiken. Studien visar att cykeltrafiken har svårt att hävda sig gentemot biltrafik och kollektivtrafik, vilket resulterar i att cykeltrafiken nedprioriteras i gaturummet där det redan är trångt. Detta förklaras med hjälp av teorierna stigberoende och urban space wars. Studien visar också att det underlag som de tillfrågade kommunerna har för att hantera intressekonflikter är vanligtvis kommunernas riktlinjer för hur cykeltrafikens infrastruktur ska utformas. Där anges vilka standarder och bredder som cykelvägnätet ska ha, vilket innebär att det underlag som finns för att hantera intressekonflikter är begränsat. / To enable a sustainable transport system and achieve a changed distribution of means of transport, there are national objectives to increase the proportion of passenger transport by foot, bicycle and public transport to at least 25 percent by 2025. An investment in these means of transport is also in line with Sweden's environmental goals and the milestone goal of reducing the transport sector's climate emissions by 70 percent by 2030 compared to the emission level in 2010. Many municipalities therefore aim to increase journeys with sustainable modes of transport. In order to make this possible, increased planning and expansion of the infrastructure for these means of transport is important, and in several municipalities’ street reconstruction is currently being done to create more space for the sustainable modes of transport. When measures to improve the infrastructure are being implemented, different interests and needs are placed against each other, and priorities must be defined. This results in a conflict of interest between the different means of transport, but also between the different means of transport and other interests. The purpose of the essay is to investigate what conflicts of interest exist between bicycle traffic and other interests in the street space, what happens if the need for space for bicycle traffic ends up in conflict with other needs and interests, and how this is handled by a number of municipalities. This has been investigated through a combination of methods consisting of a survey and interviews. Both the respondents and the interview participants work at municipalities that are part of the association Svenska Cykelstäder, an association that works for increased, better and safer cycling. The interviews form the basis of the study, while the survey has been a way of creating an understanding of whether, and if so in what way, different municipalities feel that there are conflicts of interest between bicycle traffic and other needs and interests and how these are usually handled. The results of the survey show that all respondents feel that there are conflicts of interest between bicycle traffic and other interests. The study shows that there are conflicts of interest between bicycle traffic and car traffic, public transport and pedestrian traffic. There are also conflicts of interest between bicycle traffic and other interests such as urban life, green spaces, surface for stormwater management and urban development. The study also shows that despite national goals that deal with prioritizing the sustainable modes of transport, the step from strategy or ambition to implementation is not obvious. The car norm is still strong, which means that it is difficult to implement measures that improve bicycle traffic at the expense of car traffic. The study shows that bicycle traffic has difficulty asserting itself against car traffic and public transport, which results in bicycle traffic being deprioritized in the street space which is already crowded. This is explained using the theories of path dependence and urban space wars. The study also shows that the basis that the municipalities have for handling conflicts of interest are usually the municipalities' guidelines for how the bicycle traffic infrastructure should be designed. It specifies the standards and widths that the bicycle road network should have, which means that the guidelines available for handling conflicts of interest are limited.

No description available.

South African company law is currently the object of comprehensive review. One o f the areas under scrutiny is that of corporate governance. Control over management is vital in the interests of the company itself, its shareholders and its creditors. Effective accountability should be balanced against the need to allow those who manage a certain measure of freedom and discretion in the exercise of their function. Company directors are subject to various duties. This thesis concentrates on their fiduciary obligation. It is suggested that this sui generis obligation is owed to the company as a separate entity. Interests of other groups may sometimes merit con­ sideration. Against the background o f a com parative investigation, a "corporate opportunity" is defined as any property or economic opportunity to which the com­ pany has a claim. South African law protects a company’s claim to an opportunity if it is in the company’s line of business and if the company has justifiably been relying upon the director(s) to acquire it or to assist in its acquisition for the company. The application of established fiduciary principles suffice to resolve corporate opportunity matters. Essentially the application o f these rules amount to a determination whether the director has complied with his fundamental duty to act in the company’s best interests. There seems to be no need for a separate doctrine of corporate opportunities.' A director should only be absolved from liability on account of the company’s inability to pursue an opportunity or its rejection by the company if there was no real conflict of interest. The appropriation of corporate opportunities should not be ratifiable, both because the ratification constitutes a fraud on the minority, and because the decision to ratify cannot be regarded as being in the interests of the company. The relationship between the appropriation of corporate opportunities, misuse of confidential information and competition is investigated. These aspects fre­ quently overlap, but should be distinguished because their bases, and accordingly their appropriate remedies, may differ. Effective control may benefit by a restatement of directors’ fiduciary duties in the Companies Act. To this end certain amendments to the Act are recommended. / Mercantile Law / LLD

Jouant un rôle crucial pour l’efficience des marchés, la banque d’investissement contemporaine se caractérise par l’exercice d’une grande diversité d’activités aussi complexes qu’hétérogènes sous un même toit. Agissant tantôt auprès d’une clientèle de particuliers, d’entreprises, d’institutions financières, de fonds d’investissement ou de gouvernements, et tantôt pour son propre compte, elle compose avec une multitude d’intérêts divergents, ce qui soulève un certain questionnement quant à la portée de l’obligation de loyauté dont elle peut être tributaire envers ses clients. Les implications répétées des banques d’affaires dans la vague de récents scandales financiers ont inévitablement affecté la confiance que les épargnants témoignent envers l’intégrité de cette institution et des marchés financiers en général. Elles ont de plus contribué significativement à relancer le débat concernant la pertinence de contrôler, et même d’éliminer les conflits d’intérêts, un phénomène largement répandu au sein de la banque d’investissement. À titre de mécanismes préventifs, les solutions de marchés et l’autodiscipline des intermédiaires financiers sont imparfaits. La réglementation des conflits d’intérêts se justifie alors afin de pallier les défaillances du marché et de l’autorégulation. Pour autant qu’il maintienne sa réglementation dans un rapport efficience-équité acceptable, l’État est appelé à concevoir des normes de contrôle aux objectifs variés, allant de la réforme structurelle du secteur financier à l’élaboration de principes généraux devant servir de balises à la conduite des intermédiaires financiers. Ainsi, dans une industrie caractérisée par une forte conglomération, la réponse des législateurs semble s’articuler autour du traitement adéquat des conflits d’intérêts, traitement qui s’opère par divers mécanismes, dont la muraille Chine, la divulgation et le refus d’agir. / Playing a key role in market efficiency, the modern investment bank offers a wide variety of services that are as complex as they are different, all under one roof. Acting sometimes in the interest of individuals, businesses, financial institutions, investment funds or governments and sometimes in its own interest, an investment bank must contend with a multitude of diverging interests, which raises certain questions as to the extent of any duty for loyalty it may owe to its clients. Repeated involvement by investment banks in the wave of recent financial scandals has inevitably affected investors’ confidence with respect to the integrity of these institutions and financial markets in general. This factor has significantly contributed to renewing the debate concerning the relevance of controlling, or even eliminating, conflicts of interest, which are a wide-spread phenomenon in the investment banking industry. In terms of preventive measures, market-related solutions and self-discipline by financial intermediaries are inherently flawed. Therefore, in order to offset such deficiencies, it becomes justifiable to regulate conflict of interest situations. Numerous possibilities exist and, as long as regulation is maintained at an acceptable effectiveness/fairness ratio, the State is called upon to establish monitoring standards for various objectives, ranging from a structural reform of the financial sector to developing general principles to serve as guidelines for the conduct of financial intermediaries. Thus, in an industry characterized by a strong tendency for conglomeration, the response from regulators seems to hinge on adequate handling of conflicts of interest, which includes various mechanisms such as the Chinese wall, disclosure and a refusal to act.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-10-09T16:58:19Z No. of bitstreams: 1 Adriano de Oliveira Martins_.pdf: 580495 bytes, checksum: 56629584efa4a6ad597e26746b67a946 (MD5) / Made available in DSpace on 2018-10-09T16:58:19Z (GMT). No. of bitstreams: 1 Adriano de Oliveira Martins_.pdf: 580495 bytes, checksum: 56629584efa4a6ad597e26746b67a946 (MD5) Previous issue date: 2018-06-28 / Nenhuma / De acordo com uma pesquisa Maturidade do Compliance no Brasil, realizada pela KPMG em 2016, as empresas em geral possuem um baixo nível de maturidade em gestão de riscos de compliance. Apesar da importância do tema, segundo a pesquisa, apenas 58% das empresas afirmam possuir mecanismos para gestão de risco de compliance, enquanto outros 42% informam desconhecê-los. Dentre as estruturas classificadas pela pesquisa, que são dedicadas ao tema de compliance, 36% afirmam não possuir autonomia e independência para exercer suas funções, consideradas uma boa prática de governança. Ainda segundo a pesquisa, 52% não possuem recursos adequados. O Instituto Brasileiro de Governança Corporativa – IBGC, entende risco como possibilidade de ‘algo não dar certo’, mas seu conceito atual envolve a quantificação e qualificação da incerteza, no que diz respeito às ‘perdas’ como aos ‘ganhos’ e o rumo dos acontecimentos planejados. O objetivo deste estudo é identificar os principais entraves que fazem com que o grau de maturidade das empresas brasileiras no tema compliance, seja baixo. Para tanto, foram entrevistados em profundidade, alguns conselheiros de administração e fiscal e, com base na literatura disponível e pelos resultados das recentes pesquisas sobre maturidade de risco de compliance no Brasil, foi possível compreender alguns dos principais aspectos que fazem com que estas empresas, tenham este resultado. Os resultados apontam principalmente para: Crença de que os riscos, em especial de compliance, não irão se materializar; Exigências relacionadas com o tema compliance, não se aplicam em suas empresas; Posicionamento reativo quanto ao cumprimento das normas; Conflito de interesses pessoais; Crescente preocupação quanto à formação dos conselheiros em governança corporativa de forma reativa; Desconhecimento pleno das responsabilidades e impactos de ser um conselheiro; Aumento da exposição à riscos, renúncia do posicionamento em assembleias; Autoproteção, quebra de independência; Uso das estruturas internas de compliance, para a proteção e atendimento das necessidades do controlador e atendimento às conformidades apenas para manter as aparências. / According to a Compliance Maturity research in Brazil, conducted by KPMG in 2016, companies generally have a low level of maturity in compliance risk management. Despite the importance of the topic, only 58% of companies claim to have compliance risk management mechanisms, while another 42% report not knowing them. Among the structures dedicated to the subject, 36% affirm that they do not have autonomy and independence to perform their functions, considered a governance good practice. Still, according to research, 52% do not have adequate resources. The Brazilian Institute of Corporate Governance (IBGC) understands risk as a possibility of 'something going wrong', but the current concept involves the quantification and qualification of uncertainty as 'losses' and 'gains' and the direction of planned events. The objective of this study is to identify the main obstacles that make the degree of maturity of the Brazilian companies in the subject of compliance to be low. For which, were interviewed in depth, some administration and supervisory advisers and, based on the available literature and the results of the recent research on risk maturity of compliance in Brazil, was possible to understand some of the main aspects that cause these companies to have this result. The results point mainly to: Belief that risks, especially compliance, will not materialize; Requirements related to the subject of compliance, do not apply in their companies; Reactive positioning regarding compliance with standards; Conflict of personal interests; Growing concern as well as the formation of directors in corporate governance in a reactive way; Lack of full knowledge of the responsibilities and impacts of being an advisor board; Increasing exposure to risks, resignation of positions in assemblies; Self-protection, breach of independence; Use of internal compliance structures, self-protection to meeting the needs of the main controller and attendance to conformities just to keep up appearances.

While research concerning ethical competence in medical practice is frequent, ethical competence in health care management is less often studied. This thesis focuses ethical competence and its preconditions, particularly with regard to health care managers’ identification and handling conflicts of interest. Based on the empirical analysis it also discusses what kind of ethical competence health care managers need, and how this competence can be developed in the organization. The study is based in action theory and takes an organizational pedagogical point of departure. Qualitative, semi-structured interviews were carried out twice with ten health care managers in the Stockholm region. Data were analysed using a thematic, step-wise method. The analysis revealed several examples of conflicts of interest and different ways in which they were managed. The all-embracing conflict involved weighing and prioritizing patients’ needs, patient safety, and work environment against political and economical goals. In most cases the informants did not manage to strike a balance between professional ethics and business management. The dominance of purposive/instrumental rationality tended to inhibit the managers’ ethical competence. At the same time, as shown by the analysis, some of the managers were able to use ethical competence to pursue value/belief-oriented rationality in achieving such a balance. Of great importance for success are having rational emotions and an adequate ethical language, and organizing for the task of handling conflict of interests in order to support action and provide qualifying experiences to learn from in the work processes. But the political and administrative control system also needs to clearly articulate the ethical dimensions of the managers’ task, allocate resources, and ensure that support systems and evaluation focus not only on finances but also on the value-rational aspects.