"The ownership must uphold the freedom and independence of Schibsted's media services", said Tinius Nagell-Erichsen.
Free and independent
His justification for setting up the trust was to consolidate his ownership interest in the Schibsted group so that the ownership can create confidence that Schibsted's newspapers and other media outlets would always be able to maintain their position as free, independent outlets. Tinius wanted to use his influence to protect Schibsted as a group with free and indpendent editors, characterised by trustworthiness and quality in conjunction with and a long-term and healthy financial development. He also wanted to ensure that the group's publications would uphold values such as freedom of religion, tolerance, human rights and democratic principles. This is also embedded in the objectives of the trust set out in its regulations.
Blommenholm Industrier AS owns 28 188 589 shares, representing 26.1 % of the shares in Schibsted ASA and is the company's largest shareholder. Blommenholm Industrier AS is represented on the board of Schibsted ASA by the chairman Ole Jacob Sunde. Tinius Nagell-Erichsen transferred Blommenholm Industriers' only voting share to the Tinius Trust in May 2006. This means that the Tinius Trust has a controlling interest in Blommenholm Industrier AS. The Tinius Trust's board consists of Ole Jacob Sunde (chairman), Per Egil Hegge and John Rein (board members).
Changes to Schibsted ASA’s articles of association require a three-quarters majority. The company's statutes also provide that no shareholder may own or vote on behalf of more than 30 per cent of the shares. Schibsted ASA’s articles of association also ensure that important decisions by the group’s subsidiaries require a three-quarters majority at the general meeting of Schibsted ASA. As long as the 26.1 per cent shareholding is kept together, these provisions give considerable influence over the ownership of Schibsted.
Read more about the Tinius Trust.
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