The Tinius Trust was established by Schibsted’s former largest owner, Tinius Nagell-Erichsen. The aim was to ensure that Schibsted’s newspapers and other media could continue in the future to maintain their position as free, independent bodies.
Editorial independence, credibility and quality are to be the norm for all the Schibsted Group’s Norwegian and foreign operations. The Trust was established in 1996.
Tinius Nagell-Erichsen transferred the only voting share in Blommenholm Industrier to the Trust in May 2006. Blommenholm Industrier owns 26.1 per cent of the shares in Schibsted ASA and is the Group’s largest shareholder.
Amendments to Schibsted ASA’s articles of association require a ¾ majority and no shareholder may own or vote for more than 30 per cent of the shares. The articles of association also ensure that resolutions made by the Group’s subsidiaries require the support of ¾ of the votes at the general meeting.
As long as the 26.1 per cent shareholding is not split up, these provisions allow a considerable influence over the ownership of Schibsted.
Background
At Schibsted’s general meeting in 1996, Nagell-Erichsen told those present about the reason for establishing the Trust:
”Ownership is much more significant to a newspaper than a normal industrial company. A newspaper is not a standard product, but rather a forum for essential social information and debate, on which our democratic society rests. In addition to its long-term nature, newspaper ownership should openly pledge itself to the values which the newspaper represents. At times it may be called upon to defend these values so that the newspaper can retain its freedom and independence. This is when it is an advantage to own a large share.”
The Tinius Trust's articles of association stipulate that the Trust shall make efforts to ensure that the Schibsted Group continues as a media group, run according to the same main editorial and business guidelines as at present. Editorial independence, credibility, and quality should govern all media and publications, owned by the Schibsted Group. The Trust must also work to ensure the long-term, healthy financial development of the Group.
The Trust's Board currently consists of three members. Chairman is Ole Jacob Sunde, also the Chairman of the Board of Schibsted ASA. The two other members are Per Egil Hegge and John A. Rein. The members of the Board have each appointed a personal successor, respectively Karl-Christian Agerup, Kjersti Løken Stavrum and Morten Goller.
Tinius Nagell-Erichsen passed away on the 12th of November 2007.