Corporate Governance og uafhængighed i de danske C20-bestyrelser: Set fra et revisionsteoretisk perspektiv

Sebastian With Hansen & Lasse Holm

Student thesis: Master thesis


This thesis deals with corporate governance and independence among those charged with governance in the largest listed companies in Denmark. This subject has become very interesting due to an increased number of corporate scandals in Denmark within the last years. In Denmark corporate governance is regulated by a number of recommendations. These recommendations were composed in 2001 by “Nørby-udvalget”. Since then the recommendations have been revised several times. Besides these recommendations the work of those charged with governance in Denmark is regulated to a very low degree. Within the last ten years we have seen those charged with governance becoming more professional in Denmark and there are reasons in favour of seeing them as a profession. An established profession which is highly regulated is the audit profession. Independence in the execution of an auditor’s assignments is likewise very important and there are many theories covering this subject. Based upon this we find it interesting to analyse whether it is possible to use elements from these independence theories in the work of those charged with governance. We have chosen to introduce certain known theories from the audit profession, which will make it possible to use them in the case of those charged with governance. Furthermore we have described how the Danish companies are organised regarding their overall management. This reveals that the Danish management system is quite unique, and other management systems known from around the world would be difficult to copy to the Danish conditions. Through our analysis we have argued that many of the independence issues identified for the audit profession are present for those charged with governance as well. In continuation of this we have found that a large part of the audit theories are usable for the members of those charged with governance and their work in general. In Denmark a new corporate law has been passed in the spring 2009. This means that a major revision of the recommendations from “Nørby-udvalget” is in progress. This makes this thesis even more relevant as some of the issues regarding independence among those charged with governance can actually be taken into account during that revision.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2009
Number of pages148