The Olav Thon Foundation
In 2013, Olav Thon transferred most of his property and shares in Olav Thon Gruppen AS, with an estimated value of NOK 25 billion, to the Olav Thon Foundation.
«It is important for me that the future of the Olav Thon Group is safeguarded, so that the business provides secure jobs for all its employees and can also work both to promote the non-profit purposes that I wish to support and for society in general,” Olav Thon said when he founded the Foundation.
The objects of the foundation are to exercise stable and long-term ownership of The Olav Thon Group AS and its subsidiaries in accordance with the key guidelines established by Olav Thon for his businesses, and to distribute funds to charitable causes.
Each year approximately NOK 50 million can be funded for purposes defined in the Foundation’s Articles of Association.
The majority of funds go to research and outstanding teaching in the mathematical-natural sciences and medical fields.
The award takes place at the beginning of each year at a ceremony in Oslo University’s aula. The event is open to the public. Olav Thon Foundation’s first awards on academic prizes and research support, was in March 2015.
Following the ceremony, a celebration dinner at Hotel Bristol is held for the award winners with diplomats from the prize winners homeland, the board of Olav Thon Foundation, the trade council and a large number of representatives from academia and the official Norway.
Funding of other non-profit purposes occur twice a year.