Statutes of Foundation

12/27/2013

1§ The name of the foundation shall be the 'Stiftelsen Riksbankens Jubileumsfond' (RJ). This foundation manages the funds provided to the foundation, following a decision by the Riksdag of 11 April 1962 concerning the appropriation of a certain proportion of surpluses from the operations of the Riksbank in addition to those funds which hereafter have been transferred to the foundation through surpluses from the operations of the Riksbank. Supplements to the foundation's funds may also be made in the form of donations from private persons.

2§ The purpose of the foundation is to promote and support academic research connected with Sweden. In this work,

  • considerable flexibility will be accorded to activities and, in principle, no area of research will be excluded from the chance to receive grants from the foundation
  • priority will nonetheless be given to areas of research where funding needs are not otherwise well provided for
  • in particular, the foundation's funds will be used to support large, long-term research projects
  • special attention will be paid to new research assignments requiring prompt, vigorous measures
  • the foundation will work to promote contacts with international research
  • the foundation's funds will not be used to set up permanent appointments. However, if considered appropriate, a researcher may be associated with the foundation's work for such a long period that the support from the foundation may be characterised as a lifelong scholarship.

3§ The operations of the foundation are run by a board of directors, comprising twelve members. Board members are appointed by the Riksdag, while the Chairperson of the board of directors is appointed separately. The board of directors shall include six representatives of the Riksdag, four representatives of various academic disciplines and two members with specialist expertise in wealth management. The board members are appointed for the period from the date of their appointment until the date of such appointment during the fourth year thereafter. Appointment takes place every other year for the subsequent four-year period, calculated as of, and including, 1 November. On every other occasion, appointment will apply to three representatives of the Riksdag, two representatives of academic research and one board member with specialist expertise in wealth management and, in the alternate years, the other members of the board of directors will be appointed.

Proposals for board members with specialist expertise in wealth management are submitted by the General Council of the Riksbank. These members may not hold positions with or undertake assignments with the Riksbank.

Proposals for other board members are submitted after consultation with representatives of party groups, research councils and research committees.

The board of directors shall appoint its own vice-chair.

An alternate board member is appointed for each board member, with the exception of those appointed following a proposal by the General Council of the Riksbank. The above provisions concerning the appointment of board members shall also apply to the appointment of alternate board members.

A member or alternate may be relieved from their duties by the Riksdag prior to the expiry of the terms for which the member or alternate has been appointed.

In the event that a member or alternate is dismissed from office or resigns before the expiry of the term for which the member or alternate was appointed, the Riksdag will appoint a successor for the remainder of the term for which he/she has been appointed.

As regards appointment to the board of directors in cases other than those referred to in the previous paragraph, an individual may not be reappointed to the board of directors within four years of their
previous appointment.

4§ The board of directors is based in Stockholm. The board of directors convenes when summoned by the Chairperson and constitutes a quorum when at least six members are present. The casting vote is made by the Chairperson in the event of an equal number of votes. Minutes shall be kept of board meetings.

5§ The board of directors is entitled to employ the necessary staff and to determine pay and other conditions for these employees. The board of directors is also entitled to engage experts and advisors for payment.

Fees for board members and alternates shall comply with the regulations contained in the Swedish Act on Fees, etc. for assignments within the Riksdag, its authorities and bodies (SFS 1989:185).

6§ The foundation's funds shall be managed by the foundation's board of directors with the aim of maintaining the long-term capacity for grants for those research purposes described in Clause 2. The board of directors shall ensure that the interests in achieving a satisfactory return and spreading of risk are satisfied through an appropriate structuring of the foundation's assets. More detailed regulations for the foundation's investments are stipulated by the foundation's investment policy, which is revised and decided by the board of directors each year.

7§ The foundation may lend from credit institutions in order to meet temporary liquidity requirements. In conjunction with the acquisition or management of real property, site leaseholds or tenant-owner rights, such property may be mortgaged to take loans.

8§ The board of directors is entitled to act on behalf of the foundation in relation to third parties and also is entitled to represent the foundation in connection with courts of law and other government authorities. The board of directors is entitled to appoint one or more individuals on or outside the board of directors to represent the foundation with the same authorisation. Such appointment may be revoked by the board of directors at any time.

9§ The foundation's financial year shall correspond to the calendar year. The board of directors shall adopt a budget for the management of the foundation during the following financial year. The board of directors is responsible for ensuring that an internal auditing of the foundation takes place.

By no later than 1 March, the board of directors shall submit an annual report for the immediately preceding year to the Riksdag. This report shall include an income statement, balance sheet, administration report and account of projects granted funding.

10§ The foundation shall be granted exemption from supervision under the Swedish Act on the Supervision of Foundations (SFS 1929:116).

11§ These statutes are to be adopted by the foundation and are laid down by the Riksdag.

The Riksdag adopted these statutes of foundation on 30 May 2006.