{"id":24,"date":"2021-04-28T13:55:31","date_gmt":"2021-04-28T11:55:31","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=24"},"modified":"2022-06-07T15:22:08","modified_gmt":"2022-06-07T13:22:08","slug":"organisation-and-team","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2021\/this-is-norfund\/organisation-and-team\/","title":{"rendered":"Organisation and team"},"content":{"rendered":"\n<p class=\"has-ingress-font-size wp-block-paragraph\">Norfund has Norway\u2019s largest specialist team investing in developing countries based in our office in Oslo, but also ensures local presence and expertise through five regional offices in Africa, Latin-America and Asia.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investment-expertise\">Investment expertise<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In 2021, 70 out of 111 employees were working directly on investments, following the projects through all the phases of the investment process. This includes eight dedicated personal dealing with Environmental and Social issues (E&amp;S).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norfund has four sector-based investment areas: Clean Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure.&nbsp;<\/p>\n\n\n<div class=\"pdf-spacer\"><\/div>\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-1024x683.jpg\" alt=\"\" class=\"wp-image-5021\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-1024x683.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-300x200.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-768x512.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-1536x1024.jpg 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/04\/Norfund_HMLS3215-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-country-presence\">Country presence<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Thirty-four Norfund staff members are employed across five regional offices (Nairobi, Cape Town, Accra, San Jos\u00e9 and Bangkok) to ensure local proximity and knowledge. The regional offices generate investments, monitor existing commitments and provide all the sector-based departments with support.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/about-norfund\/contact\/\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">More about Norfund regional offices at Norfund.no<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-green-light-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-impact-expertise-financial-analysis-organisational-development-and-legal-support\">Impact expertise, financial analysis, organisational development and legal support<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Strategy and Communication department leads strategy development and implementation, analyses development effects and additionality. They also manage stakeholder relations and communication, as well as dialogue with Norfund\u2019s owner, the Norwegian Ministry of Foreign Affairs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Finance, IT, Risk and HR de\u00adpartments are responsible for Norfund\u2019s accounts, finan\u00adcial analysis and portfolio reporting, as well as for recruitment, skills and staff development. This department is also responsible for Enterprise Risk Management, IT, the Business Support scheme and the Project Development and Risk Mitigation Facility.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Legal department is responsible for legal and compli\u00adance issues.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-norfund-academy\">Norfund Academy<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As a result of the Norfund competence project, \u201cCompetence development\u201d, \u201cTeams\u201d and \u201cKnowledge sharing\u201d was identified as key building blocks to improving the way we work. Subsequently, the Norfund Academy was established in order to strengthen and structure organisational learning initiatives.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norfund Academy was well-received in the organisation, and during 2020-2021 new courses and content were added. By the end of 2021 topics such as IFC performance standards, Business Integrity and Core investment competencies were chosen to be the focus areas for competence development going forward. Alongside the revision of the investment manual, various internal contributors will work to produce content related to investment core competencies. The current course catalogue contains courses like New Joiner, Cyber Security, E&amp;S training, Project Management, sessions for IT-systems in Norfund as well as courses arranged by European Development Finance Institutions (EDFI).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default has-gray-light-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-investment-committee\">Investment committee<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Norfund\u2019s Investment Committee (IC) is important, both for quality assurance and for strengthening decision-making. While the CEO\/Management Team decide on in\u00advestments up to USD 4 million, the IC is mandated to decide on investments between USD 4-15 million. The IC also reviews investment proposals exceeding USD 15 million; these proposals are given final approval by the Board of Directors.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The IC is chaired by the CEO, Tellef Thorleifsson and has seven additional members:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Two external members: Per Aage Jacobsen and Kathryn Baker,&nbsp;<\/li><li>Four management team members; Mark Davis, Erik Sandersen, Ellen Cathrine Rasmussen and Thomas Fjeld Heltne&nbsp;<\/li><li>One ESG advisor; Karin Bianca Gullman.&nbsp;<\/li><\/ul>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-management\">Management<\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"943\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-1024x943.png\" alt=\"\" class=\"wp-image-5147\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-1024x943.png 1024w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-300x276.png 300w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-768x707.png 768w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-1536x1414.png 1536w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/05\/Norfund_Org-map_01-PNG-600-2048x1885.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Tellef Thorleifsson<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Chief Executive Officer<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Fride Andrea H\u00e6rem<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Chief Financial Risk Officer &amp; HR<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Thomas Fjeld Heltne<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Executive Vice President, General Counsel<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Mark Davis<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Executive Vice President<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Ylva Lindberg<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Executive Vice President, Strategy &amp; Communication<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Erik Sandersen<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Executive Vice President,  Financial Institutions<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Ellen Cathrine Rasmussen<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Executive Vice President, Scalable Enterprises <\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group staff-bios-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-tellef-thorleifsson.jpg\" alt=\"\" class=\"wp-image-6140\" width=\"305\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-tellef-thorleifsson.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2021\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-tellef-thorleifsson-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><figcaption>Foto: Hanne Marie Lenth Solb\u00f8 \/ Norfund<\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tellef Thorleifsson&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief Executive Officer&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tellef Thorleifsson has been CEO of Norfund since Autumn 2018. Prior to Norfund, he was a co-founder and managing partner of Northzone. Thorleifsson was instrumental in building Northzone to become a leading international venture fund. Since inception in 1996 it has raised more than EUR 1.5 billion through nine funds and invested in more than 130 companies. Thorleifsson is also a co-founder of the Voxtra Foundation which has been making targeted investments and grants within agribusiness in East Africa. Thorleifsson has held several directorships.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-fride-andrea-haerem.jpg\" alt=\"\" class=\"wp-image-6148\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fride Andrea H\u00e6rem &#8211; from December 2021&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief Financial Risk Officer &amp; Head of HR&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fride Andrea H\u00e6rem took the position as CFRO and Head of HR in Norfund in 2021. Before joining Norfund, she was EVP for HR, Marketing and Communication, IT and Strategy at Norconsult. She has more than 10 years of experience in HR directorship roles and has held several finance manager positions, including at Posten and Cermaq. She holds a Master of Management with a specialisation in international business leadership from BI Norwegian Business School.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-cathrine-kaasen-conradi.jpg\" alt=\"\" class=\"wp-image-6150\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cathrine Kaasen Conradi \u2013 until December 2021&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief Financial Risk Officer &amp; Head of HR&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to joining Norfund, Cathrine was a partner in Cinclus Equity Partner. She has more than 10 years\u2019 experience in private equity and has held several board positions in companies within the oil service sector, IT and retail. She also has a background from Accenture\u2019s Strategy Department working with clients within telecom, energy and the financial sector.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-thomas-fjeld-heltne.jpg\" alt=\"\" class=\"wp-image-6152\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Thomas Fjeld Heltne&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Vice President, General Counsel&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thomas Fjeld Heltne took the position as General Counsel in Norfund in 2019. Before joining Norfund, he was Director M&amp;A at Norsk Hydro. Heltne has throughout his career worked with transactions, financing and international projects, both from the legal and commercial side. He holds a degree in law from Norway as well as a Master of Laws from LSE and Corporate Finance from the Norwegian School of Management. Heltne has been member of and observer to boards of Norwegian industrial companies and served on the Trade Policy Panel for the Confederation of Norwegian Enterprise (NHO).&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-ylva-lindberg.jpg\" alt=\"\" class=\"wp-image-6153\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ylva Lindberg&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Vice President, Strategy &amp; Communication&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to joining Norfund, Ylva was founding partner of SIGLA, a boutique consultancy on sustainability and business, for 13 years. She has worked with sustainable and impact investments for almost 20 years and has experience with asset management and consumer goods. Ylva is a senior associate of the University of Cambridge Institute for Sustainability Leadership, board member of L\u00e6rdal Medical and member of the Responsible Investment Advisory Council of BMO Global Asset Management.&nbsp;<\/p>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-erik-sandersen.jpg\" alt=\"\" class=\"wp-image-6154\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Erik Sandersen&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Vice President, Financial Institutions&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Erik joined Norfund in 2014 and has represented Norfund on several boards of banks and microfinance institutions. He is currently a board member of the South Africa-based bank investment firm Arise and of the Nordic Microfinance Initiative. Prior to joining Norfund, Erik worked for 10 years as a co-founder and partner in a venture capital firm in the Nordic region. He has also worked as an executive in the IT sector and for the Boston Consulting Group in London and Oslo. He holds a master&#8217;s degree in engineering from the Norwegian University of Science and Technology (NTNU) and an MBA from Stanford University.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-mark-davis.jpg\" alt=\"\" class=\"wp-image-6156\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mark Davis&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Vice President, Clean Energy&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mark has worked extensively with renewable energy investments, regulation and policy in developing countries, with a focus on Africa. Prior to joining Norfund he was a partner at ECON Analysis, and previously was Postgraduate Director at the Energy &amp; Development Research Centre, University of Cape Town. He holds a PhD in energy economics from the University of Sussex, and earlier degrees in mathematics and applied science from the University of Cape Town.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group staff-bio\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-ellen-cathrine-rasmussen.jpg\" alt=\"\" class=\"wp-image-6157\" width=\"305\" height=\"411\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ellen Cathrine Rasmussen&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Vice President, Green Infrastructure and Scalable Enterprises&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ellen Cathrine Rasmussen joined Norfund as EVP for Scalable Enterprises in March 2020. In 2021 she also took on the role of EVP for Green Infrastructure. Prior to Norfund, Ellen held several senior positions at Yara, the world&#8217;s leading fertilizer company. Her last position in Yara was as VP of Sustainability Programs and Global Projects. Prior to that, she was country manager for the Ivory Coast. Earlier in her career Ellen spent four years as EVP for Agrinos, an international agriculture input provider, responsible for Europe, Middle East, Africa and Asia. Ellen has also had various management positions at Norsk Hydro and served as a board member for SINTEF. She studied economics in Norway and France.&nbsp;<\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull board-of-directors-wrapper has-gray-light-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"is-style-line wp-block-heading\" id=\"h-board-of-directors\">Board of Directors<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Norfund\u2019s Board of Directors is appointed by the General Assembly. The General Assembly is constituted by the Norwegian Minister of International Development who governs the state\u2019s ownership in Norfund.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norfund\u2019s Board of Directors ensures that the Fund operates in accordance with the Norfund Act of 1997 and the fund\u2019s statutes. The Board defines Norfund\u2019s strategy and approves individual investments exceeding specified thresholds. Other investment decisions are delegated to the CEO and Investment Committee.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2020, the Board decided to appoint a Risk and Audit committee consisting of three Board members with the aim to strengthen risk management. The members are Tove Stuhr Sj\u00f8blom, Martin Skancke and Brit Rugland.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2021, the Board held a total of 9 board meetings. The Board did not travel abroad in 2021.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Olaug Svarva<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Chair<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Brit Rugland<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Martin Skancke<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Lasse David Nergaard<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director (Employee Elected)<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Finn Jebsen<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Tove Stuhr Sj\u00f8blom<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Vibeke Hammer Madsen<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Vidar Helgesen<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director<\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\n\n\n\n<div class=\"person-card view1\">\n\t\t\t<div class=\"person-card-inner\">\n\t\t\n\t\t<div class=\"info\">\n\t\t\t\t\t<h3 class=\"name\">Karoline Teien Blystad<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director (Employee Elected) <\/span>\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Norfund has Norway\u2019s largest specialist team investing in developing countries based in our office in Oslo, but also ensures local presence and expertise through five regional offices in Africa, Latin-America and Asia.&nbsp; Investment expertise In 2021, 70 out of 111 employees were working directly on investments, following the projects through all the phases of the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":4984,"parent":3843,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"norfund_header_layout":"","norfund_header_layout_image_id":0,"norfund_header_layout_image_focal_point_x":0,"norfund_header_layout_image_focal_point_y":0,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"","teft_cards_image_id":4984,"teft_cards_image_focal_point_x":0.54,"teft_cards_image_focal_point_y":0.5,"teft_cards_title":"","teft_cards_excerpt":"","footnotes":""},"class_list":["post-24","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Organisation and team | Report on Operations 2021<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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