<p>After several scandals in the US, the focus on corporate governance has increased rapidly and led to implementations of “codes of best practice” in many countries. In 2002, the Swedish government appointed a committee with the purpose to develop a Swedish Code of Corporate Governance. The purpose with the code is to help the Swedish industry to regain its confidence in order to attract capital after the scandals that have occurred. The code shall be implemented by Swedish com-panies listed on the A-list on the Stockholm stock exchange and companies on the O-list with a market value above 3 billion SEK and shall be implemented by the 1:st of July 2005.</p><p>The code is based on the principle “comply or explain” which means that companies do not have to comply with the requirements of the code as long as they explain their reasons why they deviate. The purpose of this thesis is thereby to examine to what extent Swedish companies prepare to comply or are already complying with the requirements of the code and the reasons for possible deviations regarding the level of compliance between the companies. In order to answer the purpose stated, the authors have chosen to use both a quantitative and a qualitative method. The authors have sent surveys to all companies obliged to implement the code in order to find out to what extent the Swedish companies prepare to comply or are already complying with the code today. In order to answer the second research question, why companies prepare to comply, or are complying to different degrees, hypotheses were stated and interviews with five companies listed on the Stockholm stock exchange were made.</p><p>The authors found a high compliance rate among Swedish companies, with a mean of 88,49%. The companies on the A-list are complying to a larger extent than the ones on the O-list. Based on the hypotheses, the authors found that companies with higher turnovers are more likely to comply with the code to a larger extent than companies with lower turnovers. Additional reasons to a high degree of compliance rate with the code, are: the need for resources, the impact of media, the culture and personal values within the organization and the fact that the code does not imply any major changes for the organization. Reasons why companies do not prepare to comply or are already complying to a large extent are: the increased devotion of resources that the implementation requires, the high level of details and the complicated requirements of the code. These last-mentioned factors lead to difficulties to interpret the requirements of the code and increased bureaucracy, which thereby lead to a lower level of compliance.</p>

After several scandals in the US, the focus on corporate governance has increased rapidly and led to implementations of “codes of best practice” in many countries. In 2002, the Swedish government appointed a committee with the purpose to develop a Swedish Code of Corporate Governance. The purpose with the code is to help the Swedish industry to regain its confidence in order to attract capital after the scandals that have occurred. The code shall be implemented by Swedish com-panies listed on the A-list on the Stockholm stock exchange and companies on the O-list with a market value above 3 billion SEK and shall be implemented by the 1:st of July 2005. The code is based on the principle “comply or explain” which means that companies do not have to comply with the requirements of the code as long as they explain their reasons why they deviate. The purpose of this thesis is thereby to examine to what extent Swedish companies prepare to comply or are already complying with the requirements of the code and the reasons for possible deviations regarding the level of compliance between the companies. In order to answer the purpose stated, the authors have chosen to use both a quantitative and a qualitative method. The authors have sent surveys to all companies obliged to implement the code in order to find out to what extent the Swedish companies prepare to comply or are already complying with the code today. In order to answer the second research question, why companies prepare to comply, or are complying to different degrees, hypotheses were stated and interviews with five companies listed on the Stockholm stock exchange were made. The authors found a high compliance rate among Swedish companies, with a mean of 88,49%. The companies on the A-list are complying to a larger extent than the ones on the O-list. Based on the hypotheses, the authors found that companies with higher turnovers are more likely to comply with the code to a larger extent than companies with lower turnovers. Additional reasons to a high degree of compliance rate with the code, are: the need for resources, the impact of media, the culture and personal values within the organization and the fact that the code does not imply any major changes for the organization. Reasons why companies do not prepare to comply or are already complying to a large extent are: the increased devotion of resources that the implementation requires, the high level of details and the complicated requirements of the code. These last-mentioned factors lead to difficulties to interpret the requirements of the code and increased bureaucracy, which thereby lead to a lower level of compliance.

Purpose: The purpose of this study is to present an overview of the Swedish listed companies and their compliance with the Code and its normative rules for independent decision-making.  Methodology: The authors have read and delved into the Swedish Code of Corporate Governance. The authors have chosen to study the enforcement of the code based on independent bracing guidelines. The study was conducted through a combined quantitative and qualitative approach. The study is based on primary data collected in the form of companies' corporate governance reports, which have been supplemented by structured interviews. Frame of reference: Swedish ownership structure and concentrated ownership, self regulation and normative guidelines, institutional theory and earlier research on this topic. Empirical foundations: A comparison of the selected companies has been based on the independence rules of the Swedish Code of Corporate Governance. A specific company has been presented with the company's application of the code, interviews have also been done with this company to increase the understanding of the empirical basis further. Conclusions: There are several flaws with the code and how it is applied today. The Code is complied with in an inadequate manner, and in some cases not complied with at all. The authors of this paper believe that the code, through normative guidelines, will not have a self-regulating effect on an independent decision-making in companies in Sweden.

<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>

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.

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.

Introduction Since 2009 it has been legislated that Swedish listed public companies should establish an audit committee. The law and the code gives the board as a whole the possibility to operate the function of the committee. Former research of audit committee’s effect on audit fee have been made in several countries with various results. In this study, we aim to analyze how audit committees in companies listed on the Stockholm stock exchange can affect the audit fee. Purpose The purpose of this study is to explain how the existence of audit committees and its characteristics affect the external audit fees of companies listed on the Stockholm stock exchange. Method This quantitative study has a cross section design and a deductive approach. By studying documents, the annual reports of the companies listed on the Stockholm stock exchange, data will be collected and then analyzed in regression models. We have operationalized our variables according to former studies and research. The hypotheses have been written on the basis of former research and two perspectives of demand and risk. Conclusion The results in this study show that the existence of audit committees have a positive relationship with audit fee. Also the activeness of the committee has a positive influence on audit fee. The results can be explained by the audit committee, especially active committees, on one hand lowers the overall audit risk but on the other increases the demand of higher audit quality, which outweighs the lowered audit risk. / Introduktion Sedan 2009 har det varit lagstiftat att svensknoterade publika bolag ska inrätta revisionsutskott. Lagtext och Koden ger dock möjlighet att låta styrelsen som helhet sköta utskottets uppgifter. Tidigare studier har genomförts i flertalet länder, där resultaten av revisionsutskottens påverkan på revisionskostnaden har varierat. Vi vill i denna studie undersöka hur revisionsutskott påverkar revisionskostnaden i svensknoterade bolag. Syfte Syftet med vår studie är att förklara hur revisionsutskottens förekomst och karaktär påverkar revisionskostnaden för bolag noterade på Stockholmsbörsen. Metod Denna kvantitativa studie har en tvärsnittsdesign och en deduktiv ansats. Genom dokumentstudier har data i årsredovisningar från bolag noterade på Stockholmsbörsen samlats in för att sedan analyseras i regressionsmodeller. Operationalisering har i så stor utsträckning som möjligt gjorts i enighet med tidigare forskning. Vidare har hypoteser formulerats utifrån tidigare forskning med utgångspunkt ur ett efterfråge- och riskperspektiv. Slutsats Våra resultat visar att förekomsten av revisionsutskott har positivt samband med revisionskostnader. Även revisionsutskottets aktivitet har visat sig ha positiv påverkan på revisionskostnader. Resultaten förklaras av att revisionsutskott, och särskilt aktiva sådana, visserligen sänker den allmänna revisionsrisken men att en ökad efterfrågan av högre revisionskvalitét överväger den minskade revisionsrisken.

<p>Syfte:                                                                         </p><p>Syftet med denna uppsats är att undersöka hur organisation, intern kontroll och eventuella bolagsstyrningsrapporter förändrats i de tre undersökta bolagen i och med införandet av den reviderade koden den 1 juli 2008. Vidare är vårt syfte att undersöka om revisorernas arbete påverkats i och med införandet av den reviderade koden och hur Kollegiet upplever att implementering av densamma fungerat.</p><p>Metod:                                                     </p><p>Undersökningen bygger på en kvalitativ forskningsmetod där primärdata studerades i form av bolagsstyrningsrapporter från de granskade bolagens årsredovisningar samt intervjuer av semistrukturerad karaktär. Intervjuerna har gjorts med representanter för tre revisionsbyråer, tre börsnoterade bolag som följer koden sedan 1 juli 2008 samt Per Lekvall representant för Kollegiet för svensk bolagsstyrning.</p><p>Slutsats:                                                   </p><p>Författarna har kommit fram till att implementeringen av den reviderade koden inte har blivit så omfattande och krävt några större förändringar som många av de mindre/medelstora bolagen kanske oroat sig för. Anledningen till detta är att bolagen redan följer många delar av koden sedan tidigare samt att koden inte innehåller några revolutionerande förändringar för bolagen.</p> / <p>Purpose:                                                   </p><p>The purpose with this thesis is to study how the organization, intern control and possible corporate governance reports changed in three companies since they started to follow the modified code 1 july 2008. Further is the purpose to study if the work of the audits has been affected since the adoption of the modified code and how the Swedish Corporate Governance Board has experienced the implementation of the Swedish code of corporate governance.</p><p>Method:                                                   </p><p>The Research is built on a qualitative method where primary data was studied in form of corporate governance reports reports taken from the reviewed companies annual reports and from semi-structured interviews. The interviews has been done with representatives from three audit bureaus, three companies noted on the Swedish stock exchanged, who has followed the code since 1 july 2008 and Per Lekvall from the Swedish Corporate Governance Board.</p><p>Conclusion:                                             </p><p>The Authors has realised that the implementation of the modified code has not brought any big changes as many of the small/ medium-sized companies maybe worrying about. The reason is that many of these companies are already following a large part of the code and that the code does not contain any revolutionary changes.</p>

Syfte:                                                                          Syftet med denna uppsats är att undersöka hur organisation, intern kontroll och eventuella bolagsstyrningsrapporter förändrats i de tre undersökta bolagen i och med införandet av den reviderade koden den 1 juli 2008. Vidare är vårt syfte att undersöka om revisorernas arbete påverkats i och med införandet av den reviderade koden och hur Kollegiet upplever att implementering av densamma fungerat. Metod:                                                      Undersökningen bygger på en kvalitativ forskningsmetod där primärdata studerades i form av bolagsstyrningsrapporter från de granskade bolagens årsredovisningar samt intervjuer av semistrukturerad karaktär. Intervjuerna har gjorts med representanter för tre revisionsbyråer, tre börsnoterade bolag som följer koden sedan 1 juli 2008 samt Per Lekvall representant för Kollegiet för svensk bolagsstyrning. Slutsats:                                                    Författarna har kommit fram till att implementeringen av den reviderade koden inte har blivit så omfattande och krävt några större förändringar som många av de mindre/medelstora bolagen kanske oroat sig för. Anledningen till detta är att bolagen redan följer många delar av koden sedan tidigare samt att koden inte innehåller några revolutionerande förändringar för bolagen. / Purpose:                                                    The purpose with this thesis is to study how the organization, intern control and possible corporate governance reports changed in three companies since they started to follow the modified code 1 july 2008. Further is the purpose to study if the work of the audits has been affected since the adoption of the modified code and how the Swedish Corporate Governance Board has experienced the implementation of the Swedish code of corporate governance. Method:                                                    The Research is built on a qualitative method where primary data was studied in form of corporate governance reports reports taken from the reviewed companies annual reports and from semi-structured interviews. The interviews has been done with representatives from three audit bureaus, three companies noted on the Swedish stock exchanged, who has followed the code since 1 july 2008 and Per Lekvall from the Swedish Corporate Governance Board. Conclusion:                                              The Authors has realised that the implementation of the modified code has not brought any big changes as many of the small/ medium-sized companies maybe worrying about. The reason is that many of these companies are already following a large part of the code and that the code does not contain any revolutionary changes.