Caracterización y Valoración de los Activos

dition of fulfilling its corporate social re- sponsibilities by helping to develop and protect the region in which the Bank ope- rates. SpareBank 1 Nord-Norge's corporate social responsibility is manifested through the community dividends from the SNN Fund, commercial sponsorship agreements, knowledge dissemination, publishing the Business Barometer for Northern Norway and the activities of three foundations that have been established at the Bank's initi- ative.

The SNN Fund is the main pillar of the Bank's corporate social responsibility. Each year, support is provided to several hundred good projects that contribute to activities and diversity within culture, sport, knowledge and socially beneficial purposes. The dis- tribution of community dividends for such purposes should be regarded as dividends from the profit for the year to the com- munity ownership of the Bank. These are supplemented by the Bank's commercial sponsorship agreements. The sponsorship support keep activities going on many levels

and contributes to good environments for, and the well-being of, children and young people. At the same time, these activities also have ripple effects for local businesses. See also the chapter on corporate social responsibility later on in the annual report.

Sparebankstiftelsen

SpareBank 1 Nord-Norge

The Bank established Sparebankstiftelsen SpareBank 1 Nord-Norge in 2011. The foun- dation's primary purpose is to exercise long- term and stable ownership of SpareBank 1 Nord-Norge, including the management of equity certificates that were transferred to the foundation at the time of its establish- ment, and, insofar as it able, to participate in SpareBank 1 Nord-Norge's equity issues. The foundation also makes donations for socially beneficial purposes from its returns on the capital it manages.

The foundation was established due to a new Financial Institutions Act that came into force in 2009 and laid down regula- tions for the equal treatment of the two groups of owners of savings banks: the

community and the equity certificate hol- ders. This solved the previous challenges associated with the so-called dilution of equity certificate holders in connection with high distributions of dividends to equity cer- tificate holders. The Bank therefore adopted a new dividend policy in 2009. This esta- blished the equal treatment of the groups of owners with the same payout ratio of net profit as dividends and donations as normal practice. This could, however, have led to very large distributions of dividends/ donations to the community as an owner – an owner that cannot participate in future equity issues. Over time, this could have re- sulted in the crumbling of the Bank's com- munity ownership, which was not conside- red to be in the interests of either the Bank or the community ownership.

The Bank intends to ensure that a propor- tion of the annual dividends (donations) for the local community are made to the fo- undation. This will enable the foundation to build up capital that can be used in connec- tion with future equity issues by the Bank. Over time, a larger part of the Bank's com- munity ownership will thus be managed by the foundation.

Donations for publicly beneficial purposes

Sports and athletics 42 010 000 (48 %) Cultural purposes 25 270 000 (29 %) Knowledge-based

and research projects 10 888 000 (12 %) Charitable purposes 9 421 000 (11 %) Total 87 589 000 (100 %)

SNN-fund

Sports and athletics 17 392 000 Knowledge-based

projects 9 122 000 Culture purposes 8 369 000 Charitable purposes 4 233 000

Sponsor agreements

Sports and athletics 24 618 000 Cultureal purposes 2 966 000 Knowledge-based

projects 758 000

Knowledge-based role

Business Barometer for North Norway Agenda Nord-Norge Build and share our competence

SNN Kunststiftelse SNN Kulturnærings- stiftelse 13 935 000 Sparebank- stiftelsen SNN 6 196 000 Foundations Corporate social responsibility 2015

The foundation has received a number of donations from the Bank since its establis- hment and managed a total of NOK 437 million as of 31.12.15.

Donations

The foundation's articles of association sti- pulate that it shall make donations for soci- ally beneficial purposes within SpareBank 1 Nord-Norge's market area. The board of Sparebankstiftelsen adopted guidelines for its donations following a review in the ge- neral meeting.

From the funds allocated in 2014, donati- ons totalling NOK 6.2 million have been ap- proved/paid out in 2015 for the following purposes:

• Measures that stimulate practical/ vocational training

• Training bursaries • Outdoor recreation • Recreational provision for

children and young people • Recreational initiatives for seniors Sparebankstiftelsen's website and Facebook are regularly updated with relevant news:

www.snnstiftelsene.no/sparebankstiftelsen.

Sparebankstiftelsen has two part-time emp- loyees: a business manager in a 20% position and an office manager in a 50% position.

SpareBank 1 Nord-Norges

Kulturnæringsstiftelse

SpareBank 1 Nord-Norge's culture industry foundation was established in 2012 by the Bank's Board of Directors. Its purpose is to contribute to the publicly beneficial devel- opment of the culture industry in the region. This will be done by the foundation ma- king financial contributions (grants, loans or investment) to culture industry activities or culture industry promoting activities. Its overall objective is to help create more jobs.

Priorities when assessing suitability for funding will include:

• Diversity within the culture industry • Developing the culture industry in Spa-

reBank 1 Nord-Norge's market area • Opportunities for developing sustainable

structures that can eventually create the basis for increased employment in the culture industry

SpareBank 1 Nord-Norge's culture industry foundation shares premises with the Bank's other two foundations in the centre of Tromsø. The foundation had three employees prior to summer 2015: a full-time general mana- ger and a full-time project adviser, and an office manager who worked the equivalent of 25% of a full-time position. The office man- ager/secretary left the foundation on 01.08.15. No one was rehired for this position. The duties have instead been taken over by the general manager and the project adviser. The culture industry foundation distributed a total of NOK 13.9 million to 98 projects in 2015.

The foundation's most important means are application-based grants within mu- sic, literature, film, and the dramatic and visual arts. NOK 10.8 million was awarded to 78 projects in two application rounds in 2015. The project grants ranged from NOK 30,000 to NOK 400,000, with an av- erage of around NOK 140,000.

One important strategic focus for these grants has been talented young people – young people at the beginning of their professional careers. The foundation made grants to three-year programmes in co- operation with Filmveksthuset, the Riddu- Riddu Festival, the Varanger Festival, the Bukta Festival and the North Norwegian Art Centre. The programmes are funded in co- operation with the Ministry of Culture's new grant scheme for talented young people and have also triggered grants from Talent Norge.

A total of NOK 335,000 was also donated to 9 collaboration projects outside the ordi- nary application rounds. These include grants to a northern Norwegian film industry con- ference, the Below Zero pitch seminar, and première screenings of films selected for the Berlin International Film Festival.

In 2105, the foundation donated a total of NOK 700,000 to support seven short and documentary films through a cooperation with the North Norwegian Film Centre. Investing in cinema films is, like grants, an important means of developing the audio- visual sector in Northern Norway. In 2015, the foundation decided to invest a total of NOK 2.1 million in four feature films. Letters of intent to invest have also been signed for a further three films. Some of the films in which the foundation has invested in pre- vious years did very well in 2015. The film Børning won no fewer than four Amandas at the film festival in Haugesund. The best of these was the award for the best cinema film in 2015. For its part, Mot naturen has been very well received internationally. It was named best European film in the Pan- orama part of the programme of the Berlin International Film Festival, and was also no- minated for the Nordic Council Film Prize. Audience figures have been very good and the foundation will at least break even on both of these films.

The culture industry foundation actively seeks to influence opinion and decision- makers to move them in the direction of focusing on the culture industry more stron- gly. In connection with this a series of talks in workshops and conferences were given and feature articles written in northern Nor- wegian newspapers.

The foundation has been heard in matters it has got involved in, both nationally and re- gionally. See also the culture industry found-

ation's website www.snnstiftelsene.no/kultur-

SpareBank 1 Nord-Norges

kunststiftelse

SpareBank 1 Nord-Norge's arts foundation was established in 2007 by the Bank's Board. The primary objective of the foundation is to assemble and administer a collection of artworks of importance to the region. The artworks are displayed in the Bank's pre- mises or are held in public institutions. The collection currently numbers 891 works, 131 of which have been purchased since it was established.

The board of the foundation is working on developing the quality and accessibility of the art collection. It particularly focuses on visual art and other works of art with links to the Bank's market area and sphere, the region and northern areas, when making acquisitions. At the same time, it is impor- tant that the collection reflects national and international trends. Another important area of work is showing the collection in public. The art foundation created a Facebook page in March. Its website and Facebook page are regularly updated with relevant news. See www.snnstiftelsene.no/kunststiftelsen.

Administration and providing information about the collection are important. With the regular changes to the Bank's structure, the foundation contributes by decorating bank premises. This year the foundation has also produced SpareBank 1 Nord-Norge's art calendar for 2015, which features works of art from the foundation's collection and the Northern Norway Art Museum.

Board and executive