Gernandt is a Swedish attorney. He has been the chairman of the Board of Governors of the Bank of Sweden since October 2006.

Gernandt serves as the chairman of the Stockholm Centre for Commercial Law and the Svenska Dagbladet Foundation and is a former chairman of the Arbitration Institute of the Stockholm Chamber of Commerce.

He is a member of the ICC Commission on International Arbitration (Paris, France). He serves as an arbitrator on the China International Economic and Trade Arbitration Commission panel list (CIETAC), the International Commercial Arbitration Commission at the Chamber of Commerce and Industry of the Russian Federation panel list as well as the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce.

Gernandt is the author of many articles on international arbitration and company law in Sweden and several other countries.

He is a founding member of the ELI and the Institute's former Treasurer.