Nordic Corporate Governance and Industrial Foundations

The Nordic countries have attracted considerable attention in recent years as a benchmark for good governance. However, while the political governance characteristics of the Nordic model – particularly the welfare state - are well understood, its corporate governance characteristics remain elusive to the international audience. This paper therefore reviews the Nordic corporate governance model with special emphasis on a unique ownership structure, industrial foundations (foundations that own business companies). Rather than a meticulous description of details it emphasizes the Nordic model as a mode of capitalism which other countries may learn from.