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Changes to the board of SKAGEN

After more than 15 years at the helm, Chairman of the board Martin Gjelsvik is stepping down. At the same time SKAGEN is expanding its board of directors and new candidates have been appointed.

Date: 20/11/15

Last autumn Martin Gjelsvik considered scaling back on his board activities for personal reasons. However, he decided to remain in place until the process to find a new ownership model for SKAGEN was finalized. Under his chairmanship SKAGEN has successfully grown both in Norway and internationally.

“We would like to thank Martin for his dedication to SKAGEN throughout so much of the company’s journey. He has overseen the development of SKAGEN from a local fund provider in Norway to a European asset management company,” says Leif Ola Rød, CEO of SKAGEN.

From five to six

The General Assembly in SKAGEN has approved a move to expand the company’s board to six members from five at present, and make additional changes. As a result, Henrik Lisaeth and Leiv Askvig have been elected as new board members while Anne Sophie Stensrud will become board member, having been deputy board member for 12 years*. In addition, Simen Vier Simensen will change position from board member to deputy board member.

Leif Ola Rød commented: “SKAGEN welcomes the appointment of Henrik Lisaeth, Leiv Askvig and Anne Sophie Stensrud. Both Lisaeth and Askvig have long and broad experience from the financial industry, while Anne Sophie Stensrud has long experience serving on SKAGEN’s board of directors. We are looking forward to their contribution to ensuring the delivery of investment performance and service excellence to our clients.”

A new Chairman of the Board will be elected at the next board meeting. The board now consists of six members, two of which are elected by unit holders.

Short introduction of the new board members

Henrik Lisaeth has many years of experience from the financial sector and is currently an Advisor to FSN Capital after being a Partner of FSN Capital since 2000. Lisaeth has held senior positions at Morgan Stanley and The Boston Consulting Group. He has extensive board experience and is currently a board member at Validus/Vita. Read full CV.

Leiv Askvig is the Chief Executive Officer at Sundt AS. He has long experience from the financial sector including serving as the Chief Executive Officer of Sundal Collier & Co and Chairman of the Board at Oslo Børs. Askvig has extensive board experience and currently has several board commitments. Read full CV.

*The new board members are elected on the proviso that the Norwegian Financial Supervisory Authority (FSA) approves the change to the articles of association of SKAGEN AS (increase in the number of board members from 5 to 6), and that the new board members are approved by the Norwegian FSA.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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