Share ledger vs shareholder list: what is the difference?
The share ledger is a Swedish limited company’s statutory record of shares and shareholders. A shareholder list or cap table is usually an overview of owners and holdings, sometimes including potential dilution. The overview can be useful, but it does not replace the statutory record or the requirements of Chapter 5 of the Swedish Companies Act.
Two different questions
| Question | Share ledger | Shareholder list / cap table |
|---|---|---|
| Purpose | Record shares and owners as required by law. | Provide a readable ownership overview for decisions and communication. |
| Required details | Governed by the Swedish Companies Act, with differences for depository companies. | Chosen for the audience and use case. |
| Can it replace the ledger? | It is the statutory record. | No, ownership percentages alone are not enough. |
For a company that is not a central securities depository company, the ledger includes individual share numbers and shareholder identification details. See what the ledger must contain for a scoped guide to Chapter 5, Section 5.
How can they work together?
When ownership changes, the company needs to keep its statutory record correct while presenting an understandable ownership picture to the right people. Explore Kvanta’s digital share ledger and its separate shareholder-list view to see how the product handles both.