Statutes of Foundation
The name of the foundation is ‘Stiftelsen Riksbankens Jubileumsfond’ (RJ). The foundation manages the assets provided it through a decision by the Riksdag of 11 April 1962 allocating a certain proportion of surpluses from the Riksbank’s operations, as well as any funds from Riksbank surpluses thereafter allocated to the foundation. Donations from private persons may also be added to foundation’s assets.
‘The purpose of RJ is to promote and support academic research connected with Sweden. To this end,
–operations are to be accorded considerable flexibility, and, in principle, no research domain is to be excluded from receiving grants from the foundation;
–priority is to be given to areas of research where funding needs are not otherwise well provided for;
–the foundation’s assets are to be used, in particular, to support large, long-term research projects;
–special attention is to be given to new research needs requiring prompt, aggressive measures;
–the foundation is to work to promote contacts with international research; and
–the foundation’s funds are not to be used to establish permanent positions. However, if deemed appropriate, a researcher may be associated with the foundation for such a long period that the financial support from the foundation may take on the nature of a lifelong scholarship.
The foundation’s operations are managed by a board of directors, comprising twelve members. Board members are appointed by the Riksdag, while the chairperson of the board is appointed separately. The board of directors is to include six representatives from the Riksdag, four representatives of various academic disciplines and two members with specific expertise in asset management.
Proposals for board members with special expertise in asset management are submitted by the Riksbank’s General Council. These members may not be employed by or undertake assignments with the Riksbank.
Proposals for other board members are submitted after consultations with representatives of party groups, research councils and research committees.
The board of directors is to appoint its own vice-chair.
An alternate member is appointed for each board member, except for those appointed following a proposal by the General Council of the Riksbank. The following concerning the appointment of board members also applies to the appointment of alternate members.
Board members and alternate members are appointed every other year beginning on 1 November for a maximum of four years and in such a way that the composition of the board is continuously renewed. The commission as a board member or alternate member automatically expires if the commission as a member of the Riksdag comes to an end. A board member or alternate member may be relieved of their duties by the Riksdag before expiration of the term for which she or he has been appointed. The successor is proposed and chosen in the same manner as the member who is being replaced. The appointment is made for a maximum of four years. The maximum total period allowed for serving as a board member or alternate member is eight years.
The board of directors is based in Stockholm. The board meets when convened by the chairperson and constitutes a quorum when at least six members are present. In the event of a tie, the chairperson casts the deciding vote. Minutes are to be kept of board meetings.
The board of directors has the right to employ necessary personnel and to determine the pay and other conditions for these employees. The board of directors also has the right to hire experts and advisors and to compensate them.
Fees for board members and alternates are to comply with the provisions of the Swedish Act on Fees, etc. (SFS 1989:185) for assignments within the Riksdag, its authorities and bodies.
In addition to what is prescribed in the Swedish Act on Fees, etc. (SFS 1989:185) for assignments within the Riksdag, its authorities and bodies, special compensation for participation in case preparation can be paid to board members and alternate members who are representatives for a branch of science or possess special expertise in asset management.
The foundation’s endowment is managed by the foundation’s board of directors with the aim of maintaining a long-term capacity for grants for research purposes as prescribed in section 2. The board of directors is to ensure that the objective of achieving a good return on investments and diversification of risks is met through an appropriate structuring of the foundation’s assets. More detailed regulations for the foundation’s investments are stipulated in the foundation’s investment policy, which is revised and approved by the board of directors each year.
The foundation may borrow from credit institutions 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 as security for loans.
The board of directors has the right to act on behalf of the foundation in relation to third parties and to represent the foundation before courts of law and other authorities. The board of directors is entitled to appoint one or more persons in or outside the board to represent the foundation with the same authorisation. Such appointments may be revoked by the board of directors at any time.
The foundation’s financial year is to correspond to the calendar year. The board of directors is to adopt a budget for the foundation’s management activities during the following financial year. The board of directors is responsible for ensuring that an internal auditing of the foundation takes place.
The board of directors is to submit an annual report for the immediately preceding year to the Riksdag no later than 1 March. This annual report is to include an income statement, balance sheet, administration report and report of projects granted funding.
The foundation is to be granted exemption from supervision under the Swedish Act on the Supervision of Foundations (SFS 1929:116).
Changes in these statutes, with the exception of the purpose stated in section 2, are adopted by the board and established by the Riksdag.
The Riksdag adopted these statutes of foundation on 22 November 2017.