Inherent in corporate governance is the conflict between satisfying stakeholders in general and satisfying shareholders in particular. This empirical study of Danish non-financial companies enhances the understanding of the interaction between corporate risk management and corporate governance. The study finds (1) that contrary to the economic model of human behaviour, companies in which the largest shareholder is a person tend to satisfy stakeholders in general as opposed to shareholders in particular and (2) that companies with an aim of stakeholder satisfaction pursue a more comprehensive hedging strategy than companies with an aim of shareholder satisfaction.