Annual Report 2009

Opinions in the Age of New Media

Directors’ report

 The objective of the Trust; The Tinius
Trust manages the Schibsted Group’s largest shareholding.
The Tinius Trust was established by Tinius
Nagell-Erichsen in 1996 and has a basic capital of
NOK 42.8 million. The Trust holds the four voting
shares in Blommenholm Industrier AS which owns
27.0 per cent of the shares in Schibsted ASA and
thus is the Group’s largest shareholder.
Amendment to the articles of association of
Schibsted ASA requires three quarters majority
and no shareholder can, according to the articles
of association, own or vote for more than 30 per
cent of the shares. The articles of association of
Schibsted ASA also ensure that important decisions
concerning the Group’s subsidiaries require
the support of three quarters of the votes at the
Annual General Meeting of Schibsted ASA.
As long as the Trust owns more than 25.0 per cent
of the shares outstanding, these provisions give
the Trust considerable influence over the ownership
of Schibsted.
The articles of association of the Tinius Trust
state that the Trust shall work towards ensuring
that the Schibsted Group is operated along the
same editorial and commercial principles which
have governed the Group’s operations until the
present. Editorial independence shall be the
guiding principal of all the publications owned by
the Schibsted Group. The Group’s publications
shall strive for quality and credibility and shall
defend values such as freedom of religion, tolerance,
human rights and democratic principles.
The Trust shall likewise work to ensure the longterm,
healthy financial development of the
In connection with the establishing of Media
Norge in June 2009, the Trust has been given, free
of charge, one B share in Aftenposten in order to
strengthen the integrity of the editor-in-charge
and the company’s standing in the local community.
The transfer entails, among other things, that
amendment to Aftenposten’s objective as well as
the appointment of the editor-in-charge require
approval by the Tinius Trust.
Operations in 2009; The Trust’s board has in
2009 consisted of Ole Jacob Sunde (chairman of
the board), Per Egil Hegge and John A. Rein. Each
member has in accordance with the articles of association
appointed his own personal deputy and
successor. These are Karl-Christian Agerup, Kjersti
Løken Stavrum and Morten Goller respectively.
The Trust’s investment portfolio is managed,
based on our return targets, time horizon, risk
profile and liquidity requirements, according to a
policy with equal allocation to interest-bearing
and equity investments. Through 2009 the allocation
to equity investments has been increased to
the strategic level. This increase together with
good returns of the selected investment funds
contributed to a return on the portfolio of 20.1
per cent or NOK 8.1 million.
Profit for the year came to NOK 6.7 million. The
board is of the opinion that the annual accounts
give a true and correct picture of the Trust’s assets
and liabilities, its financial position and the profit
for the year.
In 2008 Arne Krumsvik was awarded the Trust’s
media research scholarship. The scholarship runs
for three years and Arne Krumsvik will do research
on the conditions affecting freedom of
speech with particular attention to ownership
concentration and technological development.
In 2009 the Trust established the website The website will be further developed
throughout 2010 with the goal of creating a
forum for media development. The Trust has
appointed Eivind Thomsen as editor of
The annual accounts are based on the going concern
assumption as the solidity of operations is
good. Directors’ remunerations amounted to
NOK 100 000 in 2009. The auditor’s fee was
NOK 27 500. The Trust has no employees and
abides by the principle of equal rights. The Trust
does not pollute the external environment.