Corporate Governance Principles
The Tinius Trust, a leading media owner
The Tinius Trust Foundation was established in 1996 to keep the Schibsted heir Tinius Nagell-Erichsen’s shares and continue Schibsted as a media corporation.
Tinius Trust controls the largest shareholding in Schibsted through the investment company Blommenholm Industrier.
The Tinius Trust is a long-term strategic owner in Schibsted. We use our influence to ensure a financially long-term, healthy business and independent quality media in the company. We believe that the board and management should clearly define Schibsted’s social responsibility and impact. We support the company’s vision of contributing to a society based on openness and trust. Access to accurate information is a prerequisite for such a society. The Foundation ensures that the group’s publications, products, and services are characterized by quality and that they defend values such as freedom of expression, democracy, and tolerance.
The Tinius Trust Foundation’s fundamental belief is that editorial and publishing activities should continue to be a central part of the Schibsted Group. The Tinius Foundation’s stable ownership for almost 30 years has helped Schibsted to approach digital transformation proactively and innovatively. Schibsted’s editorial offices have been at the forefront of development and have continued their strong print-based positions to new digital platforms and services. Similarly, the marketplaces, which are Schibsted’s business ideas in combination with editorial content, have become world leaders in the digital market.
The Foundation is an active owner and seeks influence through board work. As the largest owner of Schibsted, the Foundation has appointed the leader of the selection committee and is central in selecting members of the group board. Since 1996, a Foundation board member has also held a leadership position.
The Tinius Trust wants to stimulate all new thinking and development that strengthens Schibsted’s strategic positions and competitiveness within the company’s current and new business areas. Our long-term perspective means that we are less sensitive to quarterly variations, especially due to new initiatives expensed in the income statement.
We believe that lasting shareholder value is best created through organic growth. We support acquisitions and mergers where the Schibsted Group has access to new markets, new expertise, or other competitive advantages. We agree with today’s dividend policy with a steady and increasing dividend over time. The established structure with A and B shares ensures that the company has access to capital markets, including through issuing new shares.
We prioritize being a predictable and transparent owner that enhances the work and prioritized agenda of the board and management, and we, therefore, engage with the group and have a dialogue with other shareholders. We also contribute to development projects in Schibsted. In addition, the Foundation supports projects that ensure the framework conditions for free media.
The purpose and long-term approach of the Tinius Trust should create profitability, offensiveness, and a foundation for continued value creation for society, owners, and the company. This is how we want Schibsted to remain an attractive workplace for competent and engaged employees in the future.
October 31, 2022
Board of the Tinius Foundation
A few facts
- Blommenholm Industrier (BI) is the management company of the Tinius Trust Foundation.
- The Tinius Trust has all voting rights in BI.
- As of October 2022, BI owns 30.7 million A shares and 30.0 million B shares, representing 26 percent of the share capital and 29 percent of the votes.
- The primary purpose of Blommenholm Industrier is to manage over 25 percent of the votes in Schibsted.
- With this ownership, the Tinius Trust has negative control, according to Schibsted’s articles of association.
- In 2018, the Tinius Trust Foundation initiated the separation of the international marketplaces in Schibsted to create two powerful companies: one leading Nordic media company in Schibsted and one international company for marketplaces; Adevinta.
- The Foundation supports projects essential for ensuring the framework conditions for free and independent editorial offices.