This chapter assesses the adoption and implementation of voluntary measures on gender balance on the boards of listed companies in the Swedish corporate governance code. The self-regulatory approach was advocated by the corporate sector itself in order to avoid legislation on corporate gender quotas. The outcome is rather ambivalent. While the change has resulted in a gradual increase in women’s representation on corporate boards, this increase has been slow and has not yet led to gender balance. Gendered norms of equal representation of women and men in leadership positions in the economic sector have evolved. Challenges remain, and this particularly when it comes to the number of women chairpersons and CEOs. The lack of awareness of gender equality gaps among young business leaders also indicates that automatic and linear progress is not a given.