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Bolagsstyrning och rörlig ersättning till ledande befattningshavare i svenska börsbolag

Mangelus, Christoffer LU (2010) JURM01 20101
Department of Law
Abstract (Swedish)
Uppsatsens primära syfte är att undersöka förekomsten och regleringen av rörliga ersättningar till ledande befattningshavare i svenska börsbolag. Ett första steg i besvarandet av frågeställningen är att utreda vad begreppet bolagsstyrning är. Termen är en översättning från engelskans corporate governance och definieras bland annat som ”ett system genom vilket företag styrs och kontrolleras”. En god bolagsstyrning är nödvändig för att näringslivet skall få förtroende och i sin tur locka till sig investerare med kapital. I börsbolag är ägandet spritt mellan olika aktieägare som överlämnar kontrollen av bolaget till styrelse och ledande befattningshavare.
Rörliga ersättningar är ett sätt att skapa gemensamma intressen mellan dessa två... (More)
Uppsatsens primära syfte är att undersöka förekomsten och regleringen av rörliga ersättningar till ledande befattningshavare i svenska börsbolag. Ett första steg i besvarandet av frågeställningen är att utreda vad begreppet bolagsstyrning är. Termen är en översättning från engelskans corporate governance och definieras bland annat som ”ett system genom vilket företag styrs och kontrolleras”. En god bolagsstyrning är nödvändig för att näringslivet skall få förtroende och i sin tur locka till sig investerare med kapital. I börsbolag är ägandet spritt mellan olika aktieägare som överlämnar kontrollen av bolaget till styrelse och ledande befattningshavare.
Rörliga ersättningar är ett sätt att skapa gemensamma intressen mellan dessa två grupper av individer och samtidigt skapa incitament till de ledande befattningshavarna att nå aktieägarnas mål.

Varianterna av ersättningar är många och har olika tidshorisonter. Den vanligaste kortsiktiga formen av rörlig ersättning var i svenska börsbolag under 2009 bonus och den mest använda långsiktiga ersättningsformen var teckningsoptioner. Innehavaren av en teckningsoption ges en rätt att till ett i förväg bestämt pris förvärva nyemitterade aktier i framtiden. Regleringen av rörliga ersättningar har i finanskrisens efterdyningar setts över både i EU och i Sverige. Regleringen utgörs för närvarande i Sverige av lagregler och genom näringslivets egna regler som kallas för självreglering. Europeiska Kommissionen har gett ut rekommendationer kring rörliga ersättningar till ledande befattningshavare. Dessa har implementerats både genom ändringar i aktiebolagslagen och genom självregleringens regelverk. Den senaste rekommendationen från 2009 har hittills endast implementerats genom självreglering och den svenska koden för bolagsstyrning.

Uppsatsen undersöker vilka former av rörliga ersättningar de ledande befattningshavarna erbjuds i Sveriges fem största börsbolag och respektive bolags ägarstruktur. Dessa skiljer sig markant i de olika bolagen och därmed även dess varianter av rörliga ersättningar. TeliaSonera med svenska staten som största ägare har numera inga rörliga ersättningar. Hennes & Mauritz AB präglas av få ägare som även sitter i ledningen av bolaget. Behovet av rörliga ersättningar är därmed lågt då någon intressekonflikt mellan ägare och ledning ej föreligger. Telefonaktiebolaget LM Ericsson är det bolag på svenska börsen med flest antal aktieägare och har därför en rad olika typer av långsiktiga ersättningsprogram. Nordea står under finansinspektionens tillsyn vilket innebär krav på att följa ytterligare reglering.

Sammanfattningsvis konstateras i uppsatsens analys att rörliga ersättningar bör baseras på kriterier som är enkla att mäta men svåra att manipulera. Kriterierna bör baseras på både finansiella såväl som ”mjuka” värden såsom kundnöjdhet. Kritik riktas i uppsatsens analys mot Kollegiet och den försvagning av Koden som skett genom implementeringen av den senaste rekommendationen från Europeiska kommissionen år 2009. (Less)
Abstract
The primary purpose of this thesis is to examine the existence and regulation of variable remuneration and incentive programs to executive directors in listed companies in Sweden. By way of introduction the thesis investigates what corporate governance is. It is defined as the system by which companies are directed and controlled. A good corporate governance is necessary in order to obtain and attract investors and for the market to obtain trust. In listed companies, the shareholders hand over the control of the company to the managers. Variable remuneration is a way of combining the interests of the shareholders and the managers of the company at the same time as creating incentives for the managers to reach the shareholders objectives.
... (More)
The primary purpose of this thesis is to examine the existence and regulation of variable remuneration and incentive programs to executive directors in listed companies in Sweden. By way of introduction the thesis investigates what corporate governance is. It is defined as the system by which companies are directed and controlled. A good corporate governance is necessary in order to obtain and attract investors and for the market to obtain trust. In listed companies, the shareholders hand over the control of the company to the managers. Variable remuneration is a way of combining the interests of the shareholders and the managers of the company at the same time as creating incentives for the managers to reach the shareholders objectives.

The variety of different remuneration schemes are numerous and extend to diverse periods of times. The most used short term variable remuneration in Sweden during 2009 was bonus and the most used long term remuneration was issue of warrants. The holder of a warrant is granted a right to a pre-fixed purchase rate of newly issued shares in the future. The regulation of variable remuneration has in the repercussions of the global financial crisis been reviewed in both Sweden and the European Union. In Sweden, variable remunerations are regulated by both statutory rules and self-regulation. The European Commission has published recommendations on variable remuneration to executives. These have been implemented in Sweden both by changes in the Companies Act and the self-regulation framework. The European Commissions’ latest recommendation of 2009 has so far only been implemented through self-regulation into the Swedish Corporate Governance Code.

The thesis examines what forms of variable remuneration executives are offered in Sweden’s five largest listed companies and furthermore investigates the ownership structure of each company. The structure of the ownership is diverse in the in the different companies and thus their variations of variable compensation. The largest shareholder in TeliaSonera is the Swedish state which has abolished variable remuneration. The ownership structure of Hennes & Mauritz AB on the other hand is characterized by a few shareholders who also take part of the governing of the company. The need of variable remuneration with the purpose to unite the interests between the shareholders and the management is therefore small in Hennes & Mauritz AB. Nordea is a finance company under the supervision of The Swedish Financial Supervisory Board and is therefore comprised by further regulation. Telefonaktiebolaget LM Ericsson has a large number of shareholders and has consequently a number of different remuneration programs.


The thesis concludes that variable remuneration should be based on variables that are easy to measure and difficult to manipulate. The variables should be based on both financial as well as “soft” values, e.g. customer satisfaction. The analysis of the thesis states that the Swedish Corporate Governance Code has been weakened through the implementation of the recommendation issued by the European Commission in 2009. (Less)
Please use this url to cite or link to this publication:
author
Mangelus, Christoffer LU
supervisor
organization
alternative title
Corporate governance and variable remuneration to executive directors in listed companies in Sweden
course
JURM01 20101
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Associationsrätt
language
Swedish
id
1717458
date added to LUP
2010-11-18 13:42:34
date last changed
2010-11-18 13:42:34
@misc{1717458,
  abstract     = {{The primary purpose of this thesis is to examine the existence and regulation of variable remuneration and incentive programs to executive directors in listed companies in Sweden. By way of introduction the thesis investigates what corporate governance is. It is defined as the system by which companies are directed and controlled. A good corporate governance is necessary in order to obtain and attract investors and for the market to obtain trust. In listed companies, the shareholders hand over the control of the company to the managers. Variable remuneration is a way of combining the interests of the shareholders and the managers of the company at the same time as creating incentives for the managers to reach the shareholders objectives. 

The variety of different remuneration schemes are numerous and extend to diverse periods of times. The most used short term variable remuneration in Sweden during 2009 was bonus and the most used long term remuneration was issue of warrants. The holder of a warrant is granted a right to a pre-fixed purchase rate of newly issued shares in the future. The regulation of variable remuneration has in the repercussions of the global financial crisis been reviewed in both Sweden and the European Union. In Sweden, variable remunerations are regulated by both statutory rules and self-regulation. The European Commission has published recommendations on variable remuneration to executives. These have been implemented in Sweden both by changes in the Companies Act and the self-regulation framework. The European Commissions’ latest recommendation of 2009 has so far only been implemented through self-regulation into the Swedish Corporate Governance Code.

The thesis examines what forms of variable remuneration executives are offered in Sweden’s five largest listed companies and furthermore investigates the ownership structure of each company. The structure of the ownership is diverse in the in the different companies and thus their variations of variable compensation. The largest shareholder in TeliaSonera is the Swedish state which has abolished variable remuneration. The ownership structure of Hennes & Mauritz AB on the other hand is characterized by a few shareholders who also take part of the governing of the company. The need of variable remuneration with the purpose to unite the interests between the shareholders and the management is therefore small in Hennes & Mauritz AB. Nordea is a finance company under the supervision of The Swedish Financial Supervisory Board and is therefore comprised by further regulation. Telefonaktiebolaget LM Ericsson has a large number of shareholders and has consequently a number of different remuneration programs.  


The thesis concludes that variable remuneration should be based on variables that are easy to measure and difficult to manipulate. The variables should be based on both financial as well as “soft” values, e.g. customer satisfaction. The analysis of the thesis states that the Swedish Corporate Governance Code has been weakened through the implementation of the recommendation issued by the European Commission in 2009.}},
  author       = {{Mangelus, Christoffer}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Bolagsstyrning och rörlig ersättning till ledande befattningshavare i svenska börsbolag}},
  year         = {{2010}},
}