The Norwegian Tax Administration, Skatteetaten, has published its latest annually updated database containing full details of individuals’ equity securities holdings in Norway, which is accessible via a number of online search portals.
The Administration, which employs some 6,500 staff, falls under Norway’s Ministry of Finance and is tasked with maintaining and updating key databases, including the country’s National Registry, which holds information of everyone that resides or has resided in Norway.
Its equity securities holdings database is searchable by individuals’ names, post codes, as well as lower and upper age limits.
For example, a search via the database on the name ‘Bjørn Kjos’, the CEO of airline Norwegian, produces the following information:
|SNEISUNGEN HOLDING AS||1 800||Ordinary shares||90%|
|SNEISUNGEN AS||49 000||Ordinary shares||49%|
|OBSERVATORIET INVEST AS||48||B-shares||24%|
|OBSERVATORIET INVEST AS||15||C-shares||7.5%|
|OBSERVATORIET INVEST AS||2||A-shares||1%|
|NORWEGIAN AIR SHUTTLE ASA||42 903||0,.2%|
|CONTEXTVISION AB||1 700||0.022%|
|ORKLA ASA||975||ca 0%|
|REC SILICON ASA||750||ca 0%|
Direct and indirect ownership
|SNEISUNGEN HOLDING AS||90%|
|CPB HOLDING AS||77.708%|
|OBSERVATORIET INVEST AS||32.5%|
|PORTILLO HOLDING AS||32.5%|
|HBK HOLDING AS||27.345%|
|FORNEBU NÆRINGSEIENDOM 1 AS||27.345%|
|SOKNA HOLDING AS||16.25%|
|STRATEGIC INVESTOR GROUP AS||9.448%|
|NORWEGIAN AIR SHUTTLE ASA||3.94%|
|NORWEGIAN AIR NORWAY AS||3.94%|
|PILOT SERVICES NORWAY AS||3.94%|
|CABIN SERVICES NORWAY AS||3.94%|
|CALL NORWEGIAN AS||3.82%|
|NORWEGIAN HOLIDAYS AS||3.82%|
|NORWEGIAN GROUND HANDLING AS||3.82%|
|NORWEGIAN CARGO AS||2.561%|
|NORWEGIAN FINANS HOLDING ASA||1.825%|
|BANK NORWEGIAN AS||1.825%|
|AIRPORT COORDINATION NORWAY AS||0.764%|
|WR ENTERTAINMENT ASA||0.451%|
|SILVER PENSJONSFORSIKRING AS||0.01%|
|BANKID NORGE AS||0.01%|
|(+ others listed as ‘0%’ holdings|
(Source: dn.no, aksjeeiere.no)
In this list, HBK Holdings is key, because it is through HBK that Kjos retains a significant share in ‘Norwegian’ branded businesses, including the airline, but also anciliary services as well as the branded bank.
The database also facilitates searches on the holdings of some of Norway’s richest individuals, including Johan Johannson, Stein Eirik Hagen, Odd Reitan and Olav Thon.
However, searches can also be done by company name, to identify holdings by companies in other companies too. This means it is possible to track cross-holdings between companies, and identify individuals who own stakes in other businesses but remain the ultimate beneficiaries. This is also true for owners of local asset management businesses.
For example, on a search in the database of Odin Forvaltning AS – a member of the Norwegian Fund and Asset Management Association (VFF) – shows that it is 100% owned by Sparebank 1 Gruppen AS.
However, another local asset manager, Pareto Asset Management AS has a more developed ownership structure:
|PARETO AS||224 222||86.184%|
|EL FINANS AS||9 736||3.742%|
|FEB INVEST AS||7 314||2.811%|
|SKRÅRUDSETHER INVEST AS||7 314||2.811%|
|CADDIE INVEST AS||6 784||2.608%|
|EKVOLD KRISTIN||1 199||0.461%|
|FELINE AS||1 199||0.461%|
|HAUGAN ANDERS||1 199||0.461%|
|ØAA-INVEST AS||1 199||0.461%|
From the database, it is possible to find out that Pareto AS in turn is owned by:
|STØLE SVEIN||35 000||A-shares||92.105%|
|SVELE AS||3 000||B-shares||7.895%|
This type of search is possible for other members of VFF, such as Forte Fondsforvaltning AS, Holberg Fondsforvaltning AS, SR-Forvaltning AS, and Storebrand Asset Management AS, meaning it is possible to identify the individuals who may benefit most from growth in the Norwegian fund industry.