Law, Culture and Sustainability : Corporate Governance In The Nordic Countries

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http://hdl.handle.net/10138/312358

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Mähönen , J T & Johnsen , G 2019 , Law, Culture and Sustainability : Corporate Governance In The Nordic Countries . in B Sjåfjell & C M Bruner (eds) , The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability . , 16 , Cambridge Law Handbooks , Cambridge University Press , pp. 218-231 . https://doi.org/10.1017/9781108658386.022

Title: Law, Culture and Sustainability : Corporate Governance In The Nordic Countries
Author: Mähönen, Jukka Tapio; Johnsen, Guðrún
Editor: Sjåfjell, Beate; Bruner, Christopher M.
Contributor: University of Helsinki, Faculty of Law
Publisher: Cambridge University Press
Date: 2019-11
Language: eng
Number of pages: 14
Belongs to series: The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability
Belongs to series: Cambridge Law Handbooks
ISBN: 9781108473293
9781108658386
9781108589208
URI: http://hdl.handle.net/10138/312358
Abstract: Nordic countries have their own variations of the same corporate law theme, based on equality between shareholders and minority protection. However, U.S.-style shareholder primacy has influenced corporate practices, legal literature and governance codes. The strength of the ‘Nordic model’ is not in law or in codes, but in a typically Nordic form of ‘active ownership’ by non-institutional direct shareholders such as families, foundations and public pension funds. It is not, however, enough and requires broader participation for sustainability. The answer might be in corporate board activity. The Nordic ‘soft’ shareholder activism, based on a dialogue between the investors and the board, gives room for the boards to convince the investors of the advantages of long-term sustainability. Recurring Nordic bank crises show that bankers’ motives for profit maximisation should be particularly constrained.
Subject: 513 Law
active shareholding
board activity
bank crises
public ownership
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