A mutual insurance company is owned by the customers. When Gjensidige was transformed to an public limited liability company in june 2010, the customers ownership was continued by the Gjensidige Foundation. The general insurance customers in Gjensidige elects and is eligible to the general meeting and to the Board of the Gjensidige Foundation.
Purpose and operations ( from the Gjensidige Foundations Articles of Associaton)
1. The Foundation is a financial foundation and shall carry out the tasks required of it under law and the statutes at all times.
2. As the biggest shareholder in Gjensidige Forsikring ASA (hereinafter Gjensidige), the Foundation will exercise long-term ownership and assure customer representation in the Company. Ownership will be exercised in accordance with generally accepted corporate governance principles, and within the limits and guidelines adopted by the General Meeting. Its ownership interest shall amount to at least 60 per cent of the shares issued in Gjensidige.
3. Through its donations, the Foundation will promote safety and health and other activities for the public benefit in accordance with the Foundation’s core values, “Preventive – Developing – Activity-creating – Society building”.
4. The Foundation will distribute ordinary dividend to those who hold shares in Gjensidige as the general insurance company’s customers who live or work in Norway (hereinafter referred to as customers) for insurance taken out under the Gjensidige brand. The dividend is divided between the customers pursuant to the rules adopted by the Foundation’s General Meeting.
5. The Foundation will endeavour to achieve a market return on its equity.
Read more about the Gjensidige Foundation.