{"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":"2025-05-21T16:13:31","modified_gmt":"2025-05-21T14:13:31","slug":"organisation-and-team","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2023\/this-is-norfund\/organisation-and-team\/","title":{"rendered":"Organization and team"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\">Norfund\u2019s mandate is to assist in building sustainable businesses and industries in developing countries. Our mandate is complex, and our most valuable resource to meet this mandate is our employees. We believe that with a relatively small organization built on local presence and competence spread across the globe, Norfund is a unique place to work both in terms of our mandate, as well as incorporating the Norfund culture &#8211; The Norfund Way.<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"2560\" height=\"1788\" src=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-scaled.jpg\" alt=\"\" class=\"wp-image-8217\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-scaled.jpg 2560w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-768x537.jpg 768w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-2048x1431.jpg 2048w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-1600x1118.jpg 1600w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-300x210.jpg 300w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-1024x715.jpg 1024w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53267885100_653bf5701f_o-3-1536x1073.jpg 1536w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><figcaption class=\"wp-element-caption\">At the Norfund Week in Tj\u00f8me, august 2023. <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-investment-expertise\">Investment expertise<\/h2>\n\n\n\n<p>By year-end 2023, 83 out of 134 permanent employees were working directly on investments, following the projects through all phases of the investment process. This includes eleven dedicated employees dealing with Environmental and Social issues (E&amp;S).<\/p>\n\n\n\n<p>Norfund has four sector-based investment areas: Renewable Energy, Financial Inclusion, Scalable Enterprises and Green Infrastructure.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group is-layout-constrained\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\">Impact expertise, financial analysis, organizational development, and legal support<\/h2>\n\n\n\n<p>About 1\/3 of Norfund\u2019s employees work in one of our corporate departments. The Strategy and Communication department leads strategy development and implementation, analyses development effects and additionality. The department also works with gender, media, and climate. Finally, they manage stakeholder relations and communication, as well as dialogue with Norfund\u2019s owner, the Norwegian Ministry of Foreign Affairs.<\/p>\n\n\n\n<p>The Finance, IT, Risk and HR department is responsible for Norfund\u2019s accounts, financial 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 facility, and the Frontier Facility.<\/p>\n\n\n\n<p>The Legal department is responsible for legal and compliance issues. For more information on gender equality and work with inclusion please refer to the annual report on equality.<\/p>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-9f491759-ce13-4670-bc25-6a2e1b062709\" href=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/06\/24-03-06-Gender-Equality-Inclusion-annual-report-2023.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Norfund Annual Report Gender Equality &amp; Inclusion 2023<\/a><a href=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/06\/24-03-06-Gender-Equality-Inclusion-annual-report-2023.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-9f491759-ce13-4670-bc25-6a2e1b062709\">Download<\/a><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-investment-committee\">Country presence<\/h2>\n\n\n\n<p>To ensure local proximity and knowledge Norfund has five regional offices located in Accra, Bangkok, Cape Town, Nairobi, and San Jos\u00e9. The regional offices generate investments, monitor existing commitments, and provide all the sector-based departments with support. 44 Norfund staff members are employed across our regional offices.<\/p>\n\n\n\n<p>The Bangkok office manages Norfund\u2019s investments in Asia, focusing on financial services, funds, and renewable energy. Norfund has over 20 years of experience investing in East Africa, focusing on scalable enterprises and financial inclusion. The office in San Jos\u00e9 handles Norfund\u2019s investments in Latin America, focusing on financial inclusion and renewable energy. The office has a particular focus on debt and equity investments and business support projects. The Southern African office is based in Cape Town, and oversees Norfund\u2019s investments in key Southern African countries, focusing on scalable enterprises and renewable energy. The Accra office has since its opening in 2018 managed Norfund\u2019s investments across West Africa, covering all our sectors.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"842\" height=\"595\" src=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2025\/05\/Country-presence-2023.png\" alt=\"\" class=\"wp-image-8885\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2025\/05\/Country-presence-2023.png 842w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2025\/05\/Country-presence-2023-300x212.png 300w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2025\/05\/Country-presence-2023-768x543.png 768w\" sizes=\"(max-width: 842px) 100vw, 842px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-the-norfund-way\">The Norfund Way<\/h2>\n\n\n\n<p>The Norfund Way forms the basis for our corporate culture. It is an integrated part of the company\u2019s Governance Framework, Code of Conduct, as well as the business processes. We aim to have a corporate culture which is specific and concrete, describing what types of attitudes and actions we believe best promote Norfund\u2019s mandate.<\/p>\n\n\n\n<p>The Norfund Way is an expression of how we act when we are working for Norfund, when delivering at our best. It is illustrated by circles that represent the five dimensions of the Norfund culture, starting with our individual attitude and behavior and ending with how we interact with our community.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"786\" height=\"395\" src=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/image-1.png\" alt=\"\" class=\"wp-image-8216\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/image-1.png 786w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/image-1-300x151.png 300w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/image-1-768x386.png 768w\" sizes=\"(max-width: 786px) 100vw, 786px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\">Board of Directors<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>In 2023, the Board held a total of 7 board meetings.<\/p>\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\">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\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\">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\">Jarle Roth<\/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\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, until September)<\/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\">Pablo Barrera<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director (from June)<\/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\">Tove Stuhr Sj\u00f8blom<\/h3>\n\t\t\n\t\t\t\t\t<span class=\"title\">Director (until June)<\/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\">Vegard Benterud<\/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\">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\">\u00c5slaug Haga<\/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><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<div class=\"wp-block-group alignfull is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\">Management Team<\/h2>\n\n\n\n<p>The management team manages the Fund according to Norfund\u00b4s mandate of creating jobs and improving lives in developing countries. There have been no changes in the management team in 2023.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-constrained\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group staff-bios-wrapper is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group staff-bio is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-tellef-thorleifsson.jpg\" alt=\"\" class=\"wp-image-6140\" style=\"width:305px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-tellef-thorleifsson.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-tellef-thorleifsson-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><figcaption class=\"wp-element-caption\">Foto: Hanne Marie Lenth Solb\u00f8 \/ Norfund<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Tellef Thorleifsson&nbsp;<\/strong><\/p>\n\n\n\n<p>Chief Executive Officer&nbsp;<\/p>\n\n\n\n<p>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 is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-fride-andrea-haerem.jpg\" alt=\"\" class=\"wp-image-6148\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-fride-andrea-haerem.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-fride-andrea-haerem-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Fride Andrea H\u00e6rem<\/strong><\/p>\n\n\n\n<p>Chief Financial Risk Officer &amp; Head of HR&nbsp;<\/p>\n\n\n\n<p>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 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 is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-thomas-fjeld-heltne.jpg\" alt=\"\" class=\"wp-image-6152\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-thomas-fjeld-heltne.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-thomas-fjeld-heltne-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Thomas Fjeld Heltne&nbsp;<\/strong><\/p>\n\n\n\n<p>Executive Vice President, General Counsel&nbsp;<\/p>\n\n\n\n<p>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 is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-ylva-lindberg.jpg\" alt=\"\" class=\"wp-image-6153\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-ylva-lindberg.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-ylva-lindberg-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Ylva Lindberg&nbsp;<\/strong><\/p>\n\n\n\n<p>Executive Vice President, Strategy &amp; Communication&nbsp;<\/p>\n\n\n\n<p>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\n<div class=\"wp-block-group staff-bio is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-erik-sandersen.jpg\" alt=\"\" class=\"wp-image-6154\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-erik-sandersen.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-erik-sandersen-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Erik Sandersen&nbsp;<\/strong><\/p>\n\n\n\n<p>Executive Vice President, Financial Institutions&nbsp;<\/p>\n\n\n\n<p>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 is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-mark-davis.jpg\" alt=\"\" class=\"wp-image-6156\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-mark-davis.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-mark-davis-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Mark Davis&nbsp;<\/strong><\/p>\n\n\n\n<p>Executive Vice President, Renewable Energy&nbsp;<\/p>\n\n\n\n<p>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 is-layout-flow\"><div class=\"wp-block-group__inner-container\"><div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"708\" height=\"1024\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/4\/2022\/06\/bio-photo-ellen-cathrine-rasmussen.jpg\" alt=\"\" class=\"wp-image-6157\" style=\"width:305px;height:411px\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-ellen-cathrine-rasmussen.jpg 708w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2022\/06\/bio-photo-ellen-cathrine-rasmussen-207x300.jpg 207w\" sizes=\"(max-width: 708px) 100vw, 708px\" \/><\/figure><\/div>\n\n\n<p><strong>Ellen Cathrine Rasmussen&nbsp;<\/strong><\/p>\n\n\n\n<p>Executive Vice President, Green Infrastructure and Scalable Enterprises&nbsp;<\/p>\n\n\n\n<p>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<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1328\" height=\"455\" src=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/ledergrupp.png\" alt=\"\" class=\"wp-image-8476\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/ledergrupp.png 1328w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/ledergrupp-300x103.png 300w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/ledergrupp-768x263.png 768w, https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/ledergrupp-1024x351.png 1024w\" sizes=\"(max-width: 1328px) 100vw, 1328px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-investment-committee\">Norfund Investment Committee<\/h2>\n\n\n\n<p>Norfund\u2019s Investment Committee (IC) is important for quality assurance and for strengthening decision-making. The IC is chaired by the CEO, Tellef Thorleifsson and has seven additional members:<\/p>\n\n\n\n<ul>\n<li>Three external members: Per Aage Jacobsen, Kathryn Baker and Jacob Kholi.<\/li>\n\n\n\n<li>Four management team members; Mark Davis, Erik Sandersen, Ellen Cathrine Rasmussen and Thomas Fjeld Heltne.<\/li>\n\n\n\n<li>One E&amp;S advisor; Karin Bianca Gullman.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Norfund Credit Committee<\/h2>\n\n\n\n<p>Norfund Credit Committee (CC) approves loans to banks.<\/p>\n\n\n\n<p>The committee consists of:<\/p>\n\n\n\n<ul>\n<li>Tellef Thorleifsson<\/li>\n\n\n\n<li>Thomas Fjeld Heltne<\/li>\n\n\n\n<li>Naana Winful Fynn<\/li>\n\n\n\n<li>Erik Sandersen<\/li>\n\n\n\n<li>Kristin Imafidon<\/li>\n\n\n\n<li>Tore Olaf Rimmereid (External)<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group alignfull is-style-default is-layout-constrained\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group alignfull is-style-default has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-investment-committee\">Norfund Risk and Audit Committee<\/h2>\n\n\n\n<p>The Risk and Audit Committee is a preparation and advisory committee for the Board of Directors.<\/p>\n\n\n\n<p>Its function is twofold:<\/p>\n\n\n\n<ul>\n<li>Assess the company&#8217;s overall operational and financial risk and recommend any measures to the board.<\/li>\n\n\n\n<li>Assist the Board of Directors in overseeing the company&#8217;s financial reporting and control systems and recommend improvements.<\/li>\n<\/ul>\n\n\n\n<p>The committee consists of three representatives from the Board:<\/p>\n\n\n\n<ul>\n<li>Martin Skancke<\/li>\n\n\n\n<li>Vidar Helgesen<\/li>\n\n\n\n<li>Brit Kristin S\u00e6b\u00f8 Rugland<\/li>\n<\/ul>\n\n\n\n<p>And two representatives from Norfund, where Chief Financial and Risk Officer is leading the committee secretariat:<\/p>\n\n\n\n<ul>\n<li>Fride Andrea H\u00e6rem<\/li>\n\n\n\n<li>Hege Elisabeth Seel<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Norfund\u2019s mandate is to assist in building sustainable businesses and industries in developing countries. Our mandate is complex, and our most valuable resource to meet this mandate is our employees. We believe that with a relatively small organization built on local presence and competence spread across the globe, Norfund is a unique place to work [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":4984,"parent":3843,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":8806,"norfund_header_layout_image_focal_point_x":0.8,"norfund_header_layout_image_focal_point_y":0.5,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Organization and team","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":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Organization and team | Annual Report 2023<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.norfund.no\/annualreport-2023\/this-is-norfund\/organisation-and-team\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Organization and team | Annual Report 2023\" \/>\n<meta property=\"og:description\" content=\"Norfund\u2019s mandate is to assist in building sustainable businesses and industries in developing countries. 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