THE OLAV THON FOUNDATION
In December 2013 Olav Thon transferred the majority of his assets – shares in Olav Thon Gruppen AS, worth NOK 25 billion – to the Olav Thon Foundation. The foundation’s purpose is to exercise stable and long-term ownership of Olav Thon Gruppen AS and its underlying organisations in accordance with the business management principles adopted by Olav Thon and to award funds for public benefit purposes.
Up to NOK 50 million of the foundation’s profits – NOK 100 million in exceptional cases – may annually be awarded to public benefit purposes defined in the foundation’s articles of association. Such causes mainly relate to research within the natural sciences.
The Olav Thon Foundation awarded its first research prizes and grants on 5 March 2015, and future awards will be made at around the same time each year. The prizes are awarded at a ceremony in the University of Oslo Aula, with a subsequent gala dinner at the Hotel Bristol to honour the winners. Other funding for purposes within the foundation’s specified areas is awarded more informally throughout the course of the year.