Annual Report

ANNUAL REPORT RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 6 Chief Executive’s Comments Long-Term Provision of Knowledge 34 Governance and Scrutiny of the Public 10 Overview of research support in 2015 Sector 35 12 Research grants approved Collections and Research 35 13 Support forms, procedure Fiscal research 35 and quality assessment Riksdag research 35 Programmes 15 Research on Premodernity 36 Projects 17 36 Nordic research collaboration Infrastructure for research 25 36 Other contributions to research and Research initiation 26 Cultural life 27 Sector committees 37 International collaboration Sector Committee for Technology, 39 Cooperation with the riksdag Institutions and Change 27 39 Erik Rönnberg’s donations Sector Committee for Mediatisation of 39 Nils-Eric Svensson Fund Culture and Everyday Life 28 40 Grants for costs of premises Sector Committee for Aims and Out- and indirect costs comes in Public-Sector Activities 28 40 Research communication 29 RJ’s action plan for proactive initiatives 42 The foundation’s golden jubilee 29 Focused initiatives 43 Monitoring and evaluation Pro Futura 30 RJ Sabbatical 30 Europe and Global Challenges 31 Flexit 32 New Prospects for Humanities and Social Sciences 33 INNEHÅLL

46 Annual Report 65 Balance sheet 47 Administration Report 67 Cash flow statement Purpose 47 68 Accounting and valuation principles Governance 48 Valuation of tangible assets 68 Working practices, budget 48 Valuation of financial assets 68 Regular support forms 49 Valuation of current assets 69 Focused initiatives 50 Valuation of liabilities 69 Quality assessment 51 Approved research grants 69 Characteristics of funding 52 Equity 69 International collaboration 53 Information and assistance 53 70 Notes Quality assurance and target fulfil- 87 Auditor’s Report ment 54 91 Donations at market value Administration 55 93 Book value and comparable market Staff 56 value of balance-sheet items 56 Financial review 95 Board of Directors Income and investment return 56 95 Executive Committee Financial position 58 95 Finance Committee Long-term target fulfilment 59 95 Auditors Risks and risk management 59 96 Review Panels Application of ethical policy 60 98 Sector Committees 61 Financial operations 100 Secretariat — a ten-year summary 62 Financial result 64 Income statement Chief Executive’s Comments CHIEF EXECUTIVE’S COMMENTS 9 - , ‘extremely

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS Macmillan Dictionary Career attractiveness a central is issue for higher education and research. good or of a high quality’. This undoubtedlyapplies, I venture to assert, to the research funded RJ. It by meets stringent international quality requirements, since the involvement of foreign experts obviates the risknational of standards being what counts. ‘Excellence’ one is of the most prevalent academic slogans Sometimesof the day. results confirm the Matthew effect: to those have that shall be given. A few receive immense resources. the However, majority of grantee researchers in Sweden appear not even to attain the average resources theat disposal of their colleagues in more successful research nations. Initiatives benefiting outstanding individuals thus drawattention to the fact that short-term excessively and inadequate have generally researchers Swedish resources to work with. In recent years, the number of research positions has even risen more rapidly than the resources made available, with two outcomes: greater dilution of the funding and longer gaps between career stages. It is therefore gratifying career that RJ’s programme Pro Futura, with its multiannual successors. more gained has employment, permanent of pledges and funding rele and excellence research in importantfactors are confidence and Freedom alike. vance A witty former Chair RJ described the academic career as resembling Docentbacken, a hill in Stockholm — starting with an upward slope and ending in precipice.a Measures improveto the early career are receiving much attention at present, and this necessary. is But subsequent phases, too, needmore care and resources. On a pilot basis, therefore is RJ awarding the Sabbatical RJ grants for lecturers and professors to take sabbatical terms. Such terms are a natural feature of outstanding higher education institutions worldwide, and they help to ensure that research and education remain excellent. Sabbatical terms can also offset the separation of education and research, an accelerating and,my in view, terms sabbatical Sweden, in Here counteracted. be should that trend concerning are often lacking and hope, RJ’s as with Pro Futura, to inspire is imitation. ANNUAL REPORT 2015 REPORT ANNUAL The word ‘excellent’ means, according to the RIKSBANKENS JUBILEUMSFOND’S RIKSBANKENS In humanities and social sciences (HSS), two factors worry me especially at present. First, in education, students are offered few hours’ teaching and sparse contact with teachers. Second, the teachers get relatively little time for their own research. Some 60% of all students read HSS, and it is through these subjects that they come into direct contact with research and concepts of scholarship — understanding they will find useful all their lives. For HSS, the issue of quality is also interwoven with a gender-equality aspect that gets surprisingly little attention: the fact that a high proportion of both teachers and students in HSS are women. Policy, on the other hand, has long systematically and consistently prioritised other research fields — those dominated by men. Men’s scope for doing research and achieving academic careers has therefore increased in relation to women’s. The decision-makers no doubt think they invest more on research other than in HSS since more research is required in those fields, rather than in order to favour men. Here, however, I question who has decided on the research that needs investing more heavily in, and on what grounds. And the state should surely have implemented reforms to facilitate women’s careers in these areas of research. Otherwise, there is a risk of policy bolstering and reinforcing unequal conditions in research to the disadvantage of women. During 2015 RJ celebrated its 50th anniversary in various fitting ways, the costliest being the special Jubilee Initiative of SEK 100m. The call, designed to enable researchers to think freely and boldly, focused on challenges to, and prospects for, both society and scholarship. Pleasingly, the Golden Jubilee year was adorned with other releases of research funds and, in addition, greater inputs to disseminate the findings of RJ-funded research. Altogether, nearly SEK 543m was awarded for new research. RJ’s asset management allows active funding of outstanding research. Total return on assets was 6.4%, a good result in the prevailing financial turbulence. Active asset management that achieves profitable investments has proved to be a recipe for long-term, sustainable success for a foundation like RJ. During 2016, we will embark on strategic efforts and stake out the direction for concrete measures in the years ahead. I expect RJ to keep funding researchers’ own ideas — a rich source. Through focused initiatives, RJ can supplement

10 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 CHIEF EXECUTIVE’S COMMENTS 11 - RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS Göran Blomqvist Göran Chief Executive Finally, RJ’s capacityFinally, RJ’s to bring about top quality and aspire to excel this idea support. can RJ also push through the kinds of reforms that enlarge academic of nature the improving as such ideas, ground-breaking for scope the careers. There are also reasons for boosting the dissemination and of, dialogue requirements. knowledge and about, results research lent depends on everyone who takes part in the work: the Board, Finance Finance Board, the work: the part in takes who everyone on depends lent commitment judgement, good Your staff. and experts panels, review Committee, and wisdom are the foundations work. of RJ’s Thank you for yet another year of teamwork. fine Overview of research support in 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Riksbankens Jubileumsfond (RJ), the Swedish Foundation for Humanities and Social Sciences, supports advanced research by awarding grants to individual researchers and research groups. Under the Statutes (§ 2, clause 2), preference is given to ‘areas of research where funding needs are not otherwise well provided for’. Thus, RJ awards grants primarily for research in humanities, social sciences, law and theology. The Foundation supports transdisciplinary research projects in which researchers from various disciplines, faculties, higher education institutions (HEIs) or countries collaborate. RJ’s Statutes emphasise fostering contacts with international research and, since the 1980s, inputs of this kind have therefore been a promi- nent feature of RJ’s work. Medical research on ageing and childhood diseases is supported from the two Erik Rönnberg Donations, which RJ administers. The awards are intended to be generous enough for the Foundation to attract the most eminent researchers and fund the best ideas. RJ assumes responsibility for the whole research process by also awarding funds for printing, translation, international collaboration and open-access publication, whereby research results are disseminated and become freely accessible. The Statutes urge RJ to use its freedom of action by working in problem-oriented, flexible ways. Thanks to measures that are unique to RJ, it has been possible to enhance the quality and diversity of Swedish research. Given the one-sided thrust of contemporary research debate, it is vital to bear in mind the strategic importance of subjects in humanities and social sciences, as well as in technology, science and medicine. This understanding guides RJ’s work in research communication and mediation of results, and in this area there is a growing need for activities on the part of research funders and HEIs. Through collaboration with other stakeholders in this and other high-priority areas, RJ’s grants can achieve great leverage. The Annual Report opens with an overview of the new research support awarded in 2015. Ongoing activities of more than one year’s duration are also presented. For further information, see RJ’s website (www.rj.se). The regular monitoring and evaluation of grants awarded ensures that the projects can be implemented as planned. All approved projects must be reported in accordance with their contract terms and conditions. Normally, this means that grantees must submit two final reports, one academic and one financial, not later than 15 months after the end of the project period.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 13 TABLE 1

Research grants awarded in 2015, per donation (SEK ’000)

Bank of Sweden Donation 151 308 Humanities and Social Sciences Donation 390 673 Erik Rönnberg’s Donation for research on ageing and age-related diseases 600 Erik Rönnberg’s Donation for research on early childhood diseases 200 Total 542 781 * From 2015, these costs are reported as administration expense.

RESEARCH GRANTS APPROVED

As Table 1 shows, RJ awarded some SEK 543 million in grants for research purposes in 2015. The distribution of these grants between the Bank of Sweden Donation and the Humanities and Social Sciences Donation is shown in Tables 2 and 3. All new support for projects and programmes is awarded in the form of one-off grants. Production support for books and translation grants for research funded by RJ can be paid for within the annual budget limits. By offer- ing researchers translation grants, the Board seeks to improve the scope for Swedish research to join in international academic discussions.

TABLE 2

Research grants awarded in 2015 from the Bank of Sweden Donation (SEK ’000)

Project grants (for specification, see Tables 5 and 6) 146 561 Cooperation with the Riksdag 0 Nils-Eric Svensson Fund 500 Experts' fees* 0 Remuneration for co-opted members* 0 Conferences, publicity* 0 Sector Committee for Aims and Outcomes in Public-Sector Activities 0 Sector Committee for Mediatisation of Culture and Everyday Life 1 908 Sector Committee for Technology, Institutions and Change 2 339 Total 151 308

14 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

TABLE 1 TABLE 3

Research grants awarded in 2015, per donation (SEK ’000) Research grants awarded in 2015 from the Humanities and Social Sciences Donation (SEK ’000) Bank of Sweden Donation 151 308 Humanities and Social Sciences Donation 390 673 Infrastructural support (for specification, see Table 7) 37 214 Erik Rönnberg’s Donation for research on ageing and Programmes (for specification, see Table 4) 115 118 age-related diseases 600 Focused initiatives (for specification, see Table 8) 208 890 Erik Rönnberg’s Donation for research on early childhood diseases 200 Research initiation 15 919 Total 542 781 International collaboration 7 271 Other grants for research and cultural activities 6 261 Experts' fees 0 Total 390 673

SUPPORT FORMS, PROCEDURE AND QUALITY ASSESSMENT

The objective of RJ’s support is to give Swedish research in the Foundation’s sphere of activities the capacity to attain international prominence. RJ therefore works along two lines. First, it funds high-quality applications from the researchers themselves, i.e. researcher-initiated projects (the ‘bottom-up’ principle) involving free idea support, with form of support adapted for groups of various sizes as well as individual researchers. Second, RJ engages in focused, thematic and proactive inputs (here, the three adjectives describe the same phenome- TABLE 2 non) that can develop Swedish research in humanities and social sciences, and strengthen its international status. Under the current support rules, introduced Research grants awarded in 2015 from the Bank of Sweden Donation in 2005, RJ funds research in four forms: programmes, projects, infrastructure (SEK ’000) for research, and research initiation. Grants for programmes, projects and infrastructure for research are announced once a year in coordinated applica- Project grants (for specification, see Tables 5 and 6) 146 561 tion calls. Grants for research initiation, usually in the form of conferences and Cooperation with the Riksdag 0 academic networks, may be applied for at any time. RJ’s focused initiatives sup- Nils-Eric Svensson Fund 500 plement the researcher-initiated projects. In the light of the apparent increase Experts' fees* 0 in importance of such measures, RJ’s Board adopted a special action plan for Remuneration for co-opted members* 0 proactive inputs in 2015. The main areas that attracted attention in 2015 and Conferences, publicity* 0 warrant further action from RJ are: Sector Committee for Aims and Outcomes in Public-Sector Activities 0 • the structure of academic careers in Sweden and scope for research in Sector Committee for Mediatisation of Culture and Everyday Life 1 908 various career phases Sector Committee for Technology, Institutions and Change 2 339 • gender equality • researchers’ mobility, internationally and among sectors of society Total 151 308

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 15 • infrastructures for research • dissemination of results and transfer of knowledge to the community and the interplay between research and education • collaborative ventures with HEIs and other funders • monitoring and evaluation.

Funding applications for programmes, projects and infrastructure for research are reviewed in two stages. Initially, programme applications are reviewed by a special group of non-Swedish members only, after which the applications selected are examined by external, international experts. The panel then holds hearings with the research groups concerned. Applications for projects and infrastructure are dealt with in the initial stage by one or more of RJ’s review panels, who decide which applications to select for the next stage. Each shortlisted applicant is thereafter invited to submit a longer, more detailed application, which is then assessed by at least two external experts. These experts’ statements of opinion then form part of the basis for the review panels’ final decisions. Ahead of decisions on infrastructural projects, hearings with the applicants are also held where necessary. The review panels for project applications include RJ Board members and deputies (researchers and Riksdag members), along with both Swedish and non-Swedish researchers who are appointed for four-year terms. There is a successive turnover of panel membership, with half the members being replaced every other year. On a case-by-case basis for the focused, thematic calls for proposals, on the other hand, special review groups are appointed comprising members who possess particular expertise in the area concerned. To a growing extent, foreign researchers are being recruited. This reduces the risk of conflicts of interest, and ensures that internationally valid quality norms guide the process of ranking applicants. Detailed quality appraisal by review panels and external experts is a cornerstone of RJ’s work. All applications are assessed in terms of academic quality criteria and international standards. In every context, applications with international associations are given priority. In cases where applications bring issues of research ethics to the fore, these must be examined according to the same norms, and in the same manner, as applications to the Swedish Research Council (VR). Conflict-of-interest issues are handled in accordance with guidelines adopted by RJ’s Board. RJ monitors and evaluates the use of grants (see page 43) and, by applying the lessons of experience, continuously re-examines its procedures. Decisions on research funding are made by the Board.

16 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Programmes Programmes are RJ’s support form for major research assignments requiring large research groups for six to eight years. In 2015 programme funding was announced for the 11th time, and a total of 28 research groups have now been awarded programme support since the start in 2005. Twenty-nine applications for programme funding, slightly more than average, were received in 2015. The review panel decided to refer eight of these further for second-stage review. On the basis of the international experts’ statements and hearings with the research groups, the following grants were awarded: • To Professor Jonas Tallberg, SEK 35.7 million for Legitimacy in Global Governance, a programme at Stockholm University • To Professor Martin Dribe, SEK 35 million for The Rise and Fall of the Industrial City: The Landskrona population study, a programme at Lund University • To Professor Stefan Helgesson, SEK 43.8 million for Cosmopolitan and Vernacular Dynamics in World Literature, a programme at Stockholm University.

At times, doubts have been voiced about whether the programme form of support is suitable for humanities research. A review of all programme applications submitted, however, shows a singularly even distribution between applications based on humanities and those based on social sciences. Of the total of 269 applications submitted, 137 may be classified as social sciences and 120 as humanities, while 12 can be categorised as both. Of the 28 programmes funded, 14 may be regarded as being mainly in social sciences and 14 in humanities.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 17 TABLE 4

Numbers of programme applications and approvals (SEK ’000) in 2015, by subject area and project leaders’ gender Applied No. Amount Subject No. Women Men for approved awarded Applied Psychology 1 1 8 260 Archaeology 2 2 54 596 Art History 1 1 33 244 Business Administration 1 1 39 712 Economic Geography 1 1 27 453 Economic History 2 2 59 967 1 35 000 Economics 1 1 36 967 Ethnology 1 1 36 428 General Language Studies and 1 1 29 773 Linguistics General Literary Studies 2 2 62 715 1 43 800 Globalisation Studies 1 1 30 883 History 2 1 1 49 060 Interdisciplinary Studies 2 2 62 042 International Migration and 1 1 26 906 Ethnic Relations Law (excluding Law and Society) 1 1 24 038 Law and Society 1 1 38 812 Media Studies 1 1 24 038 Other Humanities not elsewhere specified 2 2 53 636 Other Social Sciences not elsewhere 1 1 32 349 specified Political Science (excluding 3 3 93 180 1 35 700 Public Administration Studies and Globalisation Studies) Sociology (excluding Social Work, Social 1 1 25 288 Psychology and Social Anthropology) Total 29 4 25 849 347 3 114 500

Conference 4 618 Other – – Total 4 618 Grand total 29 4 25 849 347 7 115 118

18 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Projects A project is a research assignment usually carried out over a maximum of three years by a single researcher or small research group. Projects involving groups (for which, in 2015, grants exceeded SEK 3.8 million) received roughly a third of the grants. Projects afford vital opportunities for researchers at various career stages to test new ideas. This support form favours independent basic research, allows the inception of new research directions and affords scope for the requisite risk-taking. Every grant is accompanied by a contribution to cover costs of open-access publication, as well as one for internationalisation. The intention is that recipients of RJ grants should be able to concentrate on their research and not be obliged to seek supplementary funding. Application pressure remains very heavy. Since VR approves considerably higher grants for ‘indirect costs’ (see page 40), some researchers have refrained from accepting RJ grants, but considerably fewer researchers did so in 2014 than previously. The following new projects received funding from RJ in 2015.

PROJECT GRANTS IN 2015 (SEK)

Project leader Project title Grant administrator Award Professor The archaeology of a new genre: Vision Department of Scandina- 3 297 000 Catharina and values texts of public authorities vian Languages, Uppsala Nyström Höög in Sweden University Helena Victor, Frozen in Time: Histories of life and Kalmar County Museum 5 110 000 PhD moments of death at Sandby borg Associate What places? What ageing(s)? Department of Social and 4 186 000 Professor Ageing-in-place in contemporary Welfare Studies (ISV), Catharina Nord African urbanities: The cases of Linköping University, Namibia and Uganda Campus Norrköping Associate Market feminism: Commercialising School of Business, Eco- 2 753 000 Professor gender and equality nomics and Law, University Magdalena of Gothenburg Petersson Fredrik Debate, silence, oblivion, and Department of History, 2 235 000 Thomasson, denial: Slavery and colonialism in Uppsala University PhD newspapers, literature and theatre, 1750–1847, and how Swedish colonial experience vanished from history Martin Öhman, Architects of the American system: Department of Historical 1 994 000 PhD The mobilisation of the industrial inter- Studies, University of est in the United States, 1815–1890 Gothenburg Professor Business as usual: Corporate Department of Criminology, 3 896 000 Janne Flyghed strategies in response to allegations Stockholm University of crime

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 19 Project leader Project title Grant administrator Award Jan Bachmann, Political Engineering? The co-produc- School of Global Studies, 3 047 000 PhD tion of infrastructure, political order University of Gothenburg and security in Western statebuilding efforts in Africa Professor Individual differences in multitasking: Department of Psychology, 3 190 000 Timo Mäntylä Theory and data Stockholm University Associate Value creation in innovative service Department of Manage- 4 006 000 Professor systems: A research project on ment and Engineering (IEI), Christian the dynamics of service transition Linköping University Kowalkowski processes in industrial networks Professor Discourses of Academisation and School of Music, Theatre 5 043 000 Eva Georgii- the Music Profession in Higher Music and Art, Örebro University Hemming Education Associate Pro- Media citizenship and the mediatisa- School of Culture and 3 093 000 fessor Michael tion of school: Curriculum, teaching Education, Södertörn Forsman material, teachers University Gustav The role of sleep in emotional process- Stress Research Institute, 4 053 000 Nilsonne, MD ing and social functioning Stockholm University Malin Petzell, The semantics of verbal morphology in Department of Languages 2 817 000 PhD central Tanzanian Bantu languages: A and Literatures, University comparative study of Gothenburg Associate Governance in civil society organisa- SIR, Stockholm School of 5 149 000 Professor tions: Church of Sweden and welfare Economics Filip Wijkström services production Professor ”Jag vill vara dig”: Nominative and Centre for Languages and 2 361 000 Halldor oblique case in Modern Swedish Literature, Lund University Sigurdsson Professor Rational self-government: An investi- Department of Philosophy, 3 741 000 Pauliina Remes gation of personal autonomy and its Uppsala University Platonic origin Associate The politics of poetics: The testimonial Department of Languages 2 506 000 Professor genre and the literary prize of Casa de and Literatures, University Anna Forné las Américas (1970–2011) of Gothenburg Linda Anders- The borders of humanity: Linnaean Department of Cultur- 3 751 000 son Burnett, natural historians and the colonial al Sciences, Linnaeus PhD legacies of the Enlightenment University, Växjö Jonas Formal context representation and Department of Philosophy, 2 075 000 Åkerman, PhD conceptions of situations Stockholm University Marcus Infants’ sense of number: Investigating Department of Psychology, 4 633 000 Lindskog, PhD cognitive mechanisms and training Uppsala University interventions for learning mathematics early in life Malin Wass, How to read when speech sounds Department of Business 3 074 000 PhD different: A longitudinal study of the Administration, Technology development of reading strategies in and Social Sciences, Luleå children with cochlear implants University of Technology

20 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Project leader Project title Grant administrator Award Associate Colonial natural resources and Division of History of 4 627 000 Professor Swedish foreign policy, 1914–1989 Science, Technology and Per Högselius Environment, KTH Royal Institute of Technology Jesper Invisible displacements: Between Nordic Africa Institute, 2 352 000 Bjarnesen, PhD labour migration and forced dis- Uppsala placement in the Burkina Faso–Côte d’Ivoire Transnational Space Associate Enchanting Nations: Commodity Department of Ethnology, 4 037 000 Professor Market, Folklore and Nationalism in History of Religions and Anna Bohlin Scandinavian Literature, 1830–1850 Gender Studies, Stockholm University Professor Market values? Valuation and price SIR, Stockholm School of 4 857 000 Hans Kjellberg formation in markets for in-patient Economics pharmaceutical treatments Associate Large-scale macroeconomic changes School of Social Sciences, 4 110 000 Professor and their impact on inequalities in Södertörn University Mall Leinsalu mortality: A register-based study of mortality in the countries of the Baltic Sea region, 2000–2011 Danielle van Mobility, informal learning and citizen- Department of Education, 4 386 000 der Burgt, PhD ship in mobile preschools Uppsala University Associate Rational bubbles and macroeconomic Department of Econom- 2 397 000 Professor crisis ics, Stockholm School of David Domeij Economics Sophie Bronze Age wool economy: produc- University of Gothenburg 6 042 000 Bergerbrant, tion, trade, environment, husbandry PhD and society Associate On radicalisation and extremism: What Department of Psychology, 2 400 000 Professor brings ordinary people into extreme Uppsala University Nazar Akrami situations? Assistant Economic effects of wealth shocks Institute for International 6 325 000 Professor Economic Studies (IIES), Robert Östling Stockholm University Professor Venture labour in the knowledge Department of Business 2 261 000 Alexander economy: Professional work in venture Administration, School of Styhre capital-backed companies Economics, Business and Law, University of Gothen- burg Associate Tropical engagements: Vernaculars Department of Modern Lan- 2 260 000 Professor in French early modern travel writing guages, Uppsala University Christina (Africa and the Caribbean, 1645–1728) Kullberg Nathan Light, Embedded in history: A study of Department of Modern Lan- 2 165 000 PhD Kyrgyz historicity and historical con- guages, Uppsala University sciousness Doron Galili, Hollywood stardom manuals: Con- Section for Cinema Studies, 1 975 000 PhD ceptions and pedagogies of silent film Department of Media Stud- acting ies, Stockholm University

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 21 Project leader Project title Grant administrator Award Professor Changing intensifiers in Late Mod- Department of English, 3 499 000 Merja Kytö ern English, 1700–1900: A historical Uppsala University socio-pragmatic analysis Henrik The syntax of negation in Swedish Department of Swedish, 2 685 000 Rosenkvist, (SweNeg) University of Gothenburg PhD Tobias Hans- Causation in the social domain Department of Philosophy, 2 295 000 son Wahlberg, Lund University PhD Clary Krekula, The joy and beauty of dancing: An Department of Social and 2 503 000 PhD exploratory study of the social and Psychological Studies, corporeal aspects of dancing among Karlstad University older people Docent Staged nature: Public aquariums as Department of Ethnology, 2 255 000 Lars Kaijser institutions of knowledge History of Religions and Gender Studies, Stockholm University Professor Cognitive bias modification version Department of Psychology, 1 706 000 Per Carlbring 2.0: Can immersive virtual reality im- Stockholm University prove reliability and effectiveness? Associate The socioeconomic gradient in child Department of Economics, 3 815 000 Professor health through childhood and across Uppsala University Helena time Svaleryd Total 144 962 000

In view of the great importance of project grants for individual careers, their gender distribution is examined and reported here. Annual numbers of grants awarded are relatively small and must be interpreted with caution. RJ therefore also closely monitors trends over a longer period, with annual follow-ups of the guidelines for gender equality. Of the 529 applications in 2015, 312 (59%) had male and 217 (41%) female project leaders. Grants awarded correspond to the gender distribution of the applicants: 18 (42%) went to women and 25 (58%) to men. The gender distribution for all project participants is the same, with an approval rate of 8.3% for women and 8% for men. This distribution between men

22 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

and women has been largely stable in recent years. The average size of grants awarded continues to be slightly higher for female project leaders (just under SEK 600,000). The most important reason for the difference is that projects with female leaders, on average, have more participants than those led by men (3.1 versus 1.76 project participants respectively). Grant decisions have also been studied in terms of the ‘career age’ of researchers whose applications were successful. This term refers to the number of years that have elapsed since a person’s doctorate was obtained. For women, the mean in 2015 was 11 years (the same as in 2014), and it was the same for men (14.5 years in 2014). The means and medians for all applicants are somewhat lower for both sexes, but on the whole younger applicants tackled the competition well in 2015, as before. Strictly speaking, there would be nothing odd about applicants with a higher career age, and thus greater experience of writing high-quality applications, managing better than younger ones. RJ’s policy is primarily to judge the quality and originality of applications, rather than the applicants’ previous performance (track records). This principle commonly favours young researchers’ chances of successfully competing for grants. In 2015, 35% (15 individuals) of those receiving grants belonged to the category of ‘young researchers’ (according to RJ’s definition, those who obtained their PhDs on or after 1 January 2008). It may be mentioned that this younger group made up broadly the same proportion of all applicants as before (38%). Two restrictions, introduced in 2014, on eligibility to apply for project grants came into full effect in 2015. A researcher may now be included in only one application, whether as a project leader or a project participant. A researcher who, in the capacity of project leader or participant, has been unsuccessful in two consecutive years may not apply the following year. The aim of both measures is to urge applicants to consider carefully which research idea is their best and to concentrate on that one. Thus, it is hoped, the average quality of applications can rise and the workload for the review panels can decrease. As a result of the restrictions, the number of annual applications fell by some 400, from 925 in 2013 to 529 in 2015. In these years, the numbers of approved applications were 42 (in 2013) and 43 (in 2015), which means that the approval rate rose from 4.54% to 8.12%. The figures are still low: on the basis of experience gained, comparable international research funders have specified minimum approval rates of 10–12% as desirable. As Tables 5 and 6 show, successful applications are widely dispersed among different HEIs (or equivalent institutions) and subjects.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 23 TABLE 5 Table 5. Approved project applications (SEK ’000) and total numbers of applications in 2015, by subject area and applicant’s gender Approved Total numbers applications of applications Subject No. Women Men SEK ’000 No. Women Men Applied Psychology 2 1 1 4 780 13 6 7 Archaeology 2 2 11 152 15 8 7 Architecture 1 1 Art History 3 2 1 Business Administration 4 4 16 273 29 6 23 Chemical Process Engineering 1 1 Classical Archaeology and Ancient History 6 2 4 Cultural Studies 5 4 1 Design 2 1 1 Didactics 5 4 1 Economic Geography 4 1 3 Economic History 10 2 8 Economics 3 1 2 12 537 34 5 29 Environmental and Occupational Health 1 1 Ethics 4 2 2 Ethnology 3 1 2 7 173 11 7 4 Film Studies 1 1 1 975 2 2 Gender Studies 9 8 1 General Language Studies and Linguistics 3 1 2 7 863 15 9 6 General Literary Studies 3 3 8 803 27 15 12 Globalisation Studies 1 1 3 047 6 1 5 Health Care Service and Management, 1 1 Health Policy and Services and Health Economy History 3 3 8 856 39 16 23 History of Ideas 1 1 3 751 15 4 11 History of Religions 5 2 3 History of Technology 1 1 Human Geography 3 1 2 Information Systems, Social Aspects 1 1 Interdisciplinary Studies 2 2 8 296 21 11 10 International Migration and Ethnic 2 2 Relations (IMER) Law (excluding Law and Society) 7 4 3 Law and Society 5 4 1

24 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Approved Total numbers applications of applications Subject No. Women Men SEK ’000 No. Women Men Learning 3 3 Library and Information Science 1 1 Media Studies 1 1 3 093 1 6 5 Medical Ethics 1 1 Music 1 1 Musicology 1 1 5 043 4 2 2 Neurosciences 1 1 4 053 1 1 Nursing 1 1 Other Health Sciences 1 1 Other Humanities not elsewhere speci- 3 3 fied Other Social Sciences not elsewhere 1 1 3 896 5 3 2 specified Pedagogical Work 2 2 Pedagogy 1 1 4 386 16 8 8 Philosophy 3 1 2 8 111 19 3 16 Political Science (excluding Public 37 14 23 Administration Studies and Globalisation Studies) Probability Theory and Statistics 4 4 Psychology (excluding Applied Psychol- 3 3 10 223 14 4 10 ogy) Public Administration Studies 4 3 1 Public Health, Global Health, Social Medi- 5 3 2 cine and Epidemiology Religious Studies 12 2 10 Sport and Fitness Sciences 1 1 Social Anthropology 1 1 2 352 13 7 6 Social Psychology 2 2 Social Work 5 3 2 Sociology (excluding Social Work, Social 1 1 2 503 33 15 18 Psychology and Social Anthropology) Specific Languages 2 2 6 796 17 7 10 Specific Literatures 6 3 3 Visual Arts 3 2 1 Work Sciences 1 1 Total 43 18 25 144 962 529 217 312

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 25 TABLE 6

Approved project applications in 2015, by grant administrator (SEK ’000)

Grant administrator Amount No. granted Centre for Languages and Literature, Lund University 2 361 1 Kalmar County Museum 5 110 1 Karlstad University 2 503 1 KTH Royal Institute of Technology 4 627 1 Linköping University 8 192 2 Linnaeus University, Växjö 3 751 1 Luleå University of Technology 3 074 1 Lund University 2 295 1 Nordic Africa Institute 2 352 1 School of Business, Economics and Law at the University of 5 014 2 Gothenburg Stockholm School of Economics 2 397 1 SIR, Stockholm School of Economics 10 006 2 Stockholm University 29 512 9 Södertörn University 7 203 2 University of Gothenburg 19 091 6 Uppsala University 32 431 10 Örebro University 5 043 1 Total 144 962 43

Production support 934 7 Translation 65 1 Other 600 3 Total 1 599 11

Grand total 146 561 54

26 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Infrastructure for research Infrastructure for research relates to initiatives aimed at making possible and promoting future research. Grants are awarded for measures to prepare for research, such as establishing new research environments or creating platforms to develop collaboration between the research community and other institutions. RJ also provides support to make important collections at archives and libraries available and to set up databases. In 2015, RJ approved eight applications.

GRANTS FOR INFRASTRUCTURAL SUPPORT IN 2015 (SEK)

Project leader Project title Grant administrator Size of grant Professor Henrik Bridget of Sweden digitally: Making St Uppsala University 3 802 000 Williams Birgitta's revelations in Old Swedish accessible Phil Buckland, PhD VISEAD: Pushing the cutting edge of Umeå University 5 421 000 the Strategic Environmental Archae- ology Database SEAD: new research areas and users for interdisciplinary studies of global challenges Johan Hellström, Party Government in Europe Database Umeå University 6 393 000 PhD Torsten Johansson Digitisation of a selection of old Swed- National Library of Sweden 10 414 000 ish newspapers Associate Swedish contextual database for the Stockholm University 548 000 Professor Gerda Swedish Generations and Gender Neyer Survey and the International Data- base of the Generations and Gender Programme Professor Maria Swedish Women Online (SWO) from University of Gothenburg 5 704 000 Sjöberg the Middle Ages to the present: A biographical dictionary of Swedish women, in Swedish and English Professor Maria Swedish Women Online (SWO) from University of Gothenburg 1 380 000 Sjöberg the Middle Ages to the present: A biographical dictionary of Swedish women, in Swedish and English Professor Karl The completion of the Linnaeus corre- Royal Swedish Academy 1 387 000 Grandin spondence project and its future of Sciences Åke Engsheden, Digital archive of Coptic ostraca in Uppsala University 2 147 000 PhD Sweden Total 37 196 000

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 27 TABLE 7

Approved applications for infrastructural support in 2015, by grant administrator (SEK ’000)

Grant administrator Amount granted No. National Library of Sweden 10 414 1 Royal Swedish Academy of Sciences 1 387 1 Stockholm University 548 1 Umeå University 11 814 1 University of Gothenburg 7 084 2 Uppsala University 5 949 2 Total 37 196 8

Conference 18 1 Total 18 1

Grand total 37 214 9

Research initiation To meet the research community’s demand for grants to cover academic meetings and establishment of academic networks, RJ awards grants for research initiation. The applications span a broad range, from contributions to international conferences held both in Sweden and abroad to working conferences on new research areas, seminars, network support and preparation of new research programmes. During the year, 159 applications were processed and of these 101, i.e. nearly two thirds, were approved for funding. We see it as highly gratifying to be able to help bring about so many academic encounters and networks. It is especially pleasing that international exchange is growing all the time. Internationalisation is a distinct trend, and today it is only in exceptional cases that RJ receives applications without international participation. Support for research initiation often also results in new, improved applications in RJ’s other calls. As part of these initiating measures, RJ also holds regular symposia and seminars of its own, sometimes jointly with other bodies, in or outside Sweden, that support research. Since 1966 RJ has joined in funding the Nobel symposia, which are devoted to academic breakthrough areas of central cultural or social importance. The special symposium committee was abolished in 2015 and replaced with new work procedures.

28 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

SECTOR COMMITTEES

Since the 1970s, RJ has set up ‘sector committees’ (SCs) to survey research needs and encourage academic research. They comprise researchers from disciplines with a bearing on the area concerned and representatives of what are, in the context, important interests in society. Over the years, the SCs have given RJ numerous significant proposals for new initiatives. As a result of an evaluation in 2013, the routines were clarified and an extensive survey of how other, similar funders work. After that, RJ’s Board adopted an action plan on preparation of proactive measures. In the future, the sector committees will be superseded by inputs designed on the basis of requirements on a case-by-case basis. During 2015, two SCs were active. (Information about their member composition is available on RJ’s website.)

Sector Committee for Technology, Institutions and Change This SC’s activities began in 2011. Work on the programme guide intended to clarify and demarcate its own sphere of responsibility was completed during the year and the publication is now available in Palgrave’s Pivot series, with the title Beyond Innovation: Technology, Institution and Change as Categories for Social Analysis. During the year, three major academic meetings were held. The first was the seminar ‘State governance and societal development’ (in Swedish) in the Riksdag on 28 January. This event, held jointly with the Swedish Society of Parliamentarians and Scientists (RIFO), gathered more than 120 delegates from the Riksdag, academia, ministries, government agencies and organisations. Second, on 19–20 March the SC held a major international workshop on the theme of Epigenetics as the meeting point between nature and nurture, with the ambition of attempting of initiate collaboration between the natural sciences and humanities. Two hundred attendees met at Uppsala University. Finally, the SC also funded the symposium Reconsidering Humanity: Big Data, the Scientific Method, and the Images of Humans on 25–26 June at the University of Gothenburg. Researchers outside the SC have been invited to apply for funds for new networks and visiting researchers. The networks comprise researchers in humanities and social sciences but may also include other subjects and include participants from several different HEIs. Grants are also awarded to cover one-month stays at Swedish HEIs for non-Swedish researchers within the SC’s thematic area. Their time is intended to be spent on completing current academic projects, giving lectures and attending seminars at the research environments

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 29 concerned. During the year, another network received funding through Martin Hultman, in the theme of Technology and Social Change in the Environmental Posthumanities Network at Linköping University. During the year, Linköping University was also granted funds to hold a second STS (Science Technology Studies) Summer School. The theme was Bodies in Science and Technology Studies. Linköping University has also been awarded funds for a summer school in The Social Meaning of Algorithms.

Sector Committee for Mediatisation of Culture and Everyday Life During the fourth and final year of this SC’s operation, it met twice and held a symposium and an internal writers’ workshop. In April the conference Mediatisation of Culture and Everyday Life: Comparisons, Histories and Critiques was held in Stockholm, in cooperation with the European Communication Research and Education Association Temporary Working Group (ECREA TWG) on mediatisation. The group is continuing to call for funding applications for networks in this research area, and at present there are seven active networks. Two of these reported on their activities at a meeting on 5–6 March and three described theirs at the SC meeting on 4 December. During 2015 two continuation grants were approved for networks and three new networks were awarded funding: • Göran Eriksson, School of Humanities, Education and Social Sciences, Örebro University: Mediatisation of food and meals • Bodil Axelsson, Department for Studies of Social Change and Culture, Linköping University: Everyday research in the era of mediatisation • Swedish Centre for Applied Cultural Analysis, Halmstad University: Self- tracking and automised bodies.

Sector Committee for Aims and Outcomes in Public-Sector Activities This SC, which began work in 2011, took the initiative for two funding calls. One, focusing on long-term provision of knowledge in society, is under way in collaboration with state research funders. The second, intended to strengthen research on governance and scrutiny of the public sector, was implemented in spring 2014. This SC had its last meeting in spring 2014, and in autumn 2015 a report on its activities was drawn up (see RJ’s website).

30 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

RJ’S ACTION PLAN FOR PROACTIVE INITIATIVES

RJ’s proactive inputs can be both thematic and structural. For calls within the scope of RJ’s proactive inputs, researchers can freely formulate their own ideas and apply for funding on a competitive basis. To date, the SCs have been RJ’s main instrument for surveying research needs and stimulating academic research. A working group in RJ has engaged in development work to update the forms of proactive measures. As a result of this work, RJ’s Board has decided to adopt an action plan for proactive inputs, which is RJ’s steering document on how the Secretariat, the review panels and the Board are to work. The Board has also decided to initiate work on a research strategy for RJ.

FOCUSED INITIATIVES

Focused (also known as ‘thematic’ or ‘proactive’) initiatives are used to develop and strengthen Swedish research. They vary in nature, ranging from career posts for young researchers to funding calls in high-priority research areas. These initiatives also provide scope for testing new solutions and alternative work procedures, and for results being used in a subsequent stage to develop the researcher-initiated forms of support. As mentioned above, RJ’s Board adopted an action plan in 2015 on how to prepare proactive measures.

TABLE 8

Focused initiatives funded from the Bank of Sweden Donation in 2015 (SEK ’000)

Europe and Global Challenges II & III 15 200 Flexit III 15 829 Guest researchers at Swedish Mediterranean Institutes 4 060 Jubilee Initiative: New Prospects for Humanities and Social Sciences 99 999 Long-Term Provision of Knowledge: Swedish Research and Higher Edu- 28 147 cation in an International Context Pro Futura X 19 854 RJ Sabbatical 11 657 Supplementary grant for Governance and Scrutiny of the Public Sector 11 948 Other 2 196 Total 208 890

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 31 Pro Futura Demand for a clear, transparent career system in the academic world became increasingly clear during the year. Jointly with the Swedish Collegium for Advanced Study (SCAS), RJ runs the Pro Futura career programme. It addresses an elite of junior researchers in humanities and social sciences, giving them an opportunity to carry out five to seven years’ research under highly favourable conditions. Within the framework of this programme, the researcher stays at the nominating HEI, for an extended period at SCAS and also at a foreign institute for advanced studies or other cutting-edge research environment. After the Pro Futura position and further review, researchers are intended to obtain a permanent post at the university that nominated them. The invitation to nominate candidates was sent both to Swedish universities and to HEIs outside Sweden (the Universities of Copenhagen, Århus, Tartu, Helsinki, Turku (University of Turku and Åbo Akademi University), Oslo, Bergen, Iceland and Cambridge. The HEIs are allowed to nominate up to four people. If only three are nominated, at least one of the nominees must have a PhD from and be active at an HEI other than the nominating university. If four people are nominated, at least one must have a PhD from and be active at an HEI outside Sweden. The intention is thereby to contribute to international mobility. To date, 39 researchers — 18 women and 21 men — have been admitted to the programme. In the 2015 selection process, 20 researchers were nominated; three were admitted and two were appointed as reserve members. A new development in 2015 was that the reserve candidates are now being given funding for a year’s research, to enable them to engage in in-depth academic study and develop their skills further. The three Pro Futura researchers selected in 2015 are: • Renaud Gagné (Classical Philology), nominated by the University of Cambridge • Joel Isaac (History), nominated by the University of Cambridge • Andreas Stokke (Philosophy), nominated by Uppsala University.

RJ Sabbatical RJ Sabbatical is a three-year pilot initiative in which senior lecturers and professors can obtain grants to complete research that has progressed a long way and write syntheses. One purpose of the initiative is to contribute to a flexible system of research funding. Another is to strengthen the international contacts of Swedish research and education by making extended research stays abroad possible. As for the initial call (in 2014), application pressure for the 2015 call was heavy; and this time, too, the panel’s assessment was that the applications were of very high quality. The panel also found that this form of support meets a major need in the Swedish research system. Sabbatical terms are natural elements at

32 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

outstanding HEIs worldwide, and help to ensure that their research and education remain excellent. Seven people — five women and two men — were awarded funds. Ahead of the third, final round of applications, some revisions of the call text were made. The period for RJ Sabbatical has been changed to between three and 12 months, and a stay abroad is now a requirement. The following researchers were awarded RJ Sabbatical funding: • Li Bennich-Björkman, Uppsala University: Existential resistance and transition in the Soviet West • Johan Fornäs, Södertörn University: Rethinking cultural theory • Anne Heith, Umeå University: Decolonisation and revivalism: The role of Laestadianism in contemporary Sámi and Tornedalian texts • Teresa Kulawik, Södertörn University: Bodies, Nations, and Knowledge. Political Epistemologies in Germany, Poland, and Sweden in Historical Perspective • Jonas Liliequist, Umeå University: ‘Honour thy father and thy mother’: ambivalent emotions and conflicts between parent and child generations in early modern Sweden and Finland • Susanne Lundin, Lund University: Biomedicine at the borders. Ethnography as a model to investigate biomedicine’s moral and legal grey areas and to provide a basis for international actions • Lena Zander, Uppsala University: Global virtual team leaders: unexplored opportunities for multicultural management.

Europe and Global Challenges The purpose of Europe and Global Challenges has been to encourage European researchers to join with colleagues in other parts of the world to tackle the great challenges of our day. This initiative, RJ hopes, will help to enhance internationalisation of European and Swedish research in social sciences and humanities. Starting in 2015, the programme also has a new partner, the UK’s Wellcome Trust, which is among the world’s largest research foundations. It funds mainly health-related research and biomedicine. The Trust’s ambition is to boost humanities and social science initiatives, and it has identified Europe and Global Challenges as a collaborative project of interest. Funding for the programme had already been announced twice, and to date a total of 10 research groups had been awarded grants. In 2015, jointly with the Volkswagen Foundation and the Wellcome Trust, RJ issued a third call for applications. The result was a further six research groups were funded: • Loriana Pelizzon, Research Center SAFE, Frankfurt am Main, received EUR 777 000 from the Volkswagen Foundation for Quantitative easing and financial (in)stability. • Elke Schüßler, Free University of Berlin, received EUR 800 000 from the

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 33 Volkswagen Foundation for Changes in the governance of garment global production networks: Lead firm, supplier and institutional responses to the Rana Plaza disaster. • Markus Lederer, University of Münster, received EUR 790 900 from the Volkswagen Foundation for Green transformations in the global south (GreeTS): Opening the black box of a proactive state and the management of sustainability trade-offs in Costa Rica and Vietnam. • Thomas Sikor, University of East Anglia, Norwich, received EUR 800 000 from RJ for Supranational forest governance in an era of globalising wood production and justice politics (ProdJus). • Hayley Stevenson, University of Sheffield, received EUR 797 800 from RJ for Ecosystem services: Valuing nature in the green economy. • Heiman Wertheim, Oxford University, received EUR 799 800 from the Wellcome Trust for Community-level antibiotic access and use in low- and middle-income countries: Finding targets for social interventions to improve rational antimicrobial use.

Flexit The Flexit programme is an initiative that seeks new, flexible arrangements for disseminating research and researchers outside HEIs. A call inviting applications for six positions took place in 2015 and the following five positions were filled: • Cheryl Marie Cordeiro at ABB Corporate Research: Using a combined model of language-based SLF and UTAUT, in identifying factors affect- ing accept ance of new technology in the industry: A study of ABB user experience • Anna Adeniji at the Swedish Union of Tenants: Representation and Normative Power. Intersectional perspectives through the work of the Swedish Union of Tenants • Sara Bengtsson at Invigos: Evaluations and interventions to enhance motivational processes in the student’s use of the digital writing tool ‘Alla kan skriva’ (‘Everyone Can Write’) • Sophie Linghag at the Swedish Golf Federation (SGF): Prerequisites for gender equality work in nonprofit organizations. A study of a gender equality project in the Swedish Golf Association • Jon Engström at the Swedish Industrial Design Foundation (SVID): Service Logic and Service Design: Innovation from a citizen and customer perspective.

Four of the five researchers began work in autumn 2015. Application pressure for these positions was relatively heavy, but since only one application for the sixth position, at the Swedish branch of the International Organization of Good Templars (IOGT-NTO) was received, this position was not filled.

34 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Positions are now designed so that the first two years of the project are located at a company or organisation outside academia and the third year at an HEI. RJ also holds workshops for researchers in the Flexit programme, and in 2015 this happened twice. A new call was announced in early December, with 10 February 2016 as the closing date. Four organisations and companies are taking part: Research and Development in Sörmland (Forskning och Utveckling i Sörmland, the cooperative municipal enterprise); Leanlink’s (a municipal provider of various services in Linköping) Advice & Support (Råd & Stöd, i.e. the unit in Leanlink that runs activities and provides psychosocial care, advice and support for those in need in the municipality of Linköping); the City District Administration of Angered (in the north-eastern part of Gothenburg); and the West Sweden Tourist Board.

New Prospects for Humanities and Social Sciences There was a huge response to the ‘Jubilee Initiative’, New Prospects for Humanities and Social Sciences, in the research community. No fewer than 258 applications were submitted. During spring 2015, these applications were scrutinised by an international panel of eight. Owing to the heavy application pressure, the approval rate was only 3%. International participation in the projects (40%) was higher than for RJ’s other forms of support. The approved projects were distinguished by having broader, more extensive collaboration with disciplines outside humanities and social sciences than other projects. In July 2015 RJ’s Board decided to award funding to eight of the applications.

• Niclas Burenhult, Lund University, received SEK 13.6 million for Language as key to perceptual diversity: an interdisciplinary approach to the senses. • Terje Falck-Ytter, Karolinska Institute, received SEK 10 636 000 for Unfolding autism and ADHD: convergent and divergent pathways in infants at risk. • Christina Garsten, Stockholm University, received SEK 14.7 million for Global foresight: Anticipatory governance and the making of geo-cultural scenarios. • Magnus Johannesson, Stockholm School of Economics, received SEK 12.6 million for The reproducibility of social science. • Dimitrios Kokkinakis, University of Gothenburg, received SEK 10.4 million for Linguistic and extra-linguistic parameters for early detection of cognitive impairment. • Jan Mewes, Umeå University, received SEK 9.5 million for Three worlds of trust: A longitudinal study of welfare states, life-course risks and social trust. • Lasse Mårtensson, Gävle University, received SEK 13.4 million for New Eyes on Sweden’s Medieval Scribes: Scribal Attribution using Digital Palaeography in the Medieval Gothic Script.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 35 • Isak Svensson, Uppsala University, received SEK 14.8 million for Resolving Jihadist Conflicts? Religion, Civil War, and Prospects for Peace.

In December, under the leadership of Johanna Koljonen, a seminar was held at which all the project leaders presented their projects starting in 2016.

Long-Term Provision of Knowledge In 2012 RJ started an in initiative concerning research about research. Behind Long-Term Provision of Knowledge: Swedish Research and Higher Education in an International Context, apart from RJ, are the Swedish Research Council Formas, the Swedish Research Council for Health, Working Life and Welfare (Forte) and the Swedish Research Council (VR). The initiative was taken because of the major knowledge gaps that existed. It was found not only that knowledge of research and innovation policy, higher education and academic research was lacking, but that existing research was also fragmented. There was also often an absence of international observations and comparisons. On 15 October 2015 RJ’s Board decided to fund eight of the 54 proposals for which project funding had been applied for.

• Corinna Kruse, Technology and Social Change, Linköping University, received SEK 9.9 million for Packaging, negotiating, translating: Transforming knowledge into practice. • Merle Jacob, Research Policy Institute, Lund University, received SEK 20.6 million for Knowledge in science and policy: creating an evidence base for converging modes of governance in policy and science (KNOWSCIENCE). • Anders Bergmark, Department of Social Work, Stockholm University, received SEK 6.9 million for The idea of an evidence-based practice within the social services. • Johan Edman, Centre for Social Research on Alcohol and Drugs (Sorad), Stockholm University, received SEK 9.5 million for Scientific state or state science? The knowledge base of Swedish welfare research and welfare policy, 1911–2015. • Anders Broström, Department of Industrial Economics and Management, KTH Royal Institute of Technology, received SEK 12.1 million for Performance-based governance in academia: professional practices and identities in transformation. • Filip Wijkström, Stockholm School of Economics, received SEK 9.7 million for Transnational governance of the university field: The travel of global ideas & the role of intermediary organizations. • Maureen McKelvey, Department of Economy and Society, School of Business, Economics and Law at the University of Gothenburg, received

36 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

SEK 4.5 million for How engineering sciences can impact industry in a global world: A longitudinal study of Chalmers’ interactions with companies. • Anna Jonsson, Stockholm Centre for Organizational Research, Stockholm University, received SEK 3.8 million for Beyond the market stalls and ivory towers: A study on integrated science for sustainable provision of knowledge.

Governance and Scrutiny of the Public Sector In 2014, the Sector Committee for Aims and Outcomes in Public-Sector Activities took the initiative for the application call for Governance and Scrutiny of the Public Sector. In April 2015, RJ held a conference for the projects that had received funding.

Collections and Research In 2015, the Royal Swedish Academy of Letters, History and Antiquities and RJ announced grants for projects aimed at developing research, and the scope for research, at collections in Swedish memory institutions. The new Collections and Research programme developed from the two funders’ previous collaboration in the postdoctoral programme for the ALM (archive, library and museum) sector. The Collections and Research programme focuses on collaborations between memory institutions and research at HEIs. The intention is to support various types of measure aimed at making the content of collections known, accessible and usable for research. The funders plan to implement two calls in this joint initiative, in February 2015 and again in February 2016.

Fiscal research In autumn 2007 RJ, the Swedish Tax Agency and the Swedish Research Council for Health, Working Life and Welfare (Forte) jointly took the initiative for a new research programme relating to taxation. This culminated in two calls, in 2008 and 2011. The initiative was rounded off in autumn 2015 with ‘New Challenges to Fiscal Research’, a conference in the Riksdag. During the day, experience and conclusions from six years’ tax research were covered. Discussions followed on the needs of enhanced symmetry in the taxation of work and capital, and how to improve Swedish taxation of assets. Those taking part included Minister for Finance Magdalena Andersson; Professor Sören Blomquist of the Uppsala Center for Fiscal Studies; Eleonor Kristoffersson, a professor of tax law; former Minister for Finance Erik Åsbrink; and Ingemar Hansson, Director General at the Swedish Tax Agency.

Riksdag research In autumn 2010 RJ announced funding of SEK 8 million for research on the Riksdag. Final reports on three of the four projects in this Riksdag research

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 37 initiative have now been issued. The remaining project will issue its final report during 2016. This year, too, a closing conference at which all the projects will report on their results, is planned.

Research on premodernity Eight projects are now under way in RJ’s initiative in research on premodernity. Five were followed up in 2014, and the remaining three were followed up in 2015 with very good results. The panel praised RJ for this initiative in research on times past.

NORDIC RESEARCH COLLABORATION

At a meeting with Nordic foundations in conjunction with the European Foundation Centre’s Annual General Assembly (AGA) and Conference (EFC- AGA) in Milan in May 2015, the decision was taken to hold another Nordic foundations’ conference (the first having been held in Helsinki in 2014). The forthcoming conference, in Stockholm on 24–25 October, is being organised and planned by RJ, Finland’s Kone Foundation, Denmark’s Bikuben Foundation and Norway’s Gjensidige Foundation.

OTHER CONTRIBUTIONS TO RESEARCH AND CULTURAL LIFE

Experience shows that fitting certain initiatives into ‘other budget items’ in a natural way is difficult. The costs include support for research, popularisation and publication in the area of cultural heritage. Costs of RJ’s new measures of research preparation have now been removed from this budget item, as have the costs of evaluations of support forms and focused initiatives. Research information inputs include membership of the International Science Festival in Goth- enburg, Public and Science (Vetenskap & Allmänhet, VA), the research website forskning.se and Swecris (the Swedish Current Research Information System, a database containing information on grant-funded research projects). Other expenses are those of taking part in Samspråk (‘Conversation’, a get-together aimed at politicians, to bring them and researchers together) event in Almedal Week, a key annual political forum in Swedish politics, in Visby, Gotland) and the ‘Researchers’ Marketplace’ (Forskartorget) at the Göteborg Book Fair (Bokmäs- san). The need of and scope for renewing cooperation and research communication are growing. It is particularly important to support the development of

38 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

appropriate measures in humanities and social sciences. The same assessment applies to measures concerning open access to research data, and also to me- diating, and making available, research material and databases that stem from RJ-funded projects and programmes.

INTERNATIONAL COLLABORATION

The importance of international collaborations and contacts to Swedish research is growing. VR’s analysis of international research ties, presented early in 2016, can provide inspiration for new initiatives. Previous surveys suggest that Swedish researchers in humanities and social sciences choose, to a higher degree than their colleagues in other countries, to collaborate with their compa- triots. In assessing applications RJ is already emphasising international collaboration. The special requirements imposed on international collaboration in RJ’s Jubilee Initiative and decisions on RJ Sabbatical should be seen in this context. Further measures will be need to induce Swedish researchers to become active, successful participants in collaborations and competition, and to improve their opportunities of developing in an international setting. The state agreement on overseas contracts and guidelines on employment conditions in service abroad (the ‘URA Agreement’) facilitates support for in-depth international collaboration and makes it easier also to award funding for accompanying family members during long stays abroad. RJ’s international initiatives are oriented towards both individual researcher mobility and strategic partnerships. RJ supports the setting-up of long-term institutional collaboration between Swedish institutions and their counter- parts in other countries. In addition, the European foundations’ importance as research funders is growing. In the European Foundation Centre (EFC), RJ is active in a forum that works to call attention to the foundations’ research-funding role. This network is also a platform for research-funding foundations’ collaboration and mutual learning, and facilitates cross-border collaboration and information exchange. RJ’s initiatives and contracts are time-limited. They vary in nature and the main categories are listed below: • Membership dues, or work inputs in kind, in interest and joint organisations for foundations etc., such as the EFC. • Assistance in establishing institutes for advanced studies. First, in 2012 RJ’s Board approved a grant to develop the pan-African work of the Stellenbosch Institute for Advanced Studies (STIAS) in South Africa over five years (2016: SEK 2.2 million). Second, in 2013 New Europe College in Bucharest received a three-year grant for its fellowship programme ‘Europe

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 39 next to Europe’. RJ’s inputs in institutions of this type need to continue for five to ten years to be meaningful, and RJ must therefore consider each case carefully and exercise restraint in entering binding commitments to provide basic funding. On the other hand, the institutes and their researchers should be able to apply for grants for conferences and projects, for example, on RJ’s current terms and conditions. One example of the latter is the ‘Summer Program in Social Sciences’ arranged by the Institute for Advanced Study in Princeton, the Swedish Collegium for Advanced Study (SCAS) in Uppsala and the School for Advanced Studies in the Social Sciences (École des Hautes Études en Sciences Sociales, EHESS) in Paris, with RJ as one of the funders, for the purpose of boosting contacts with young researchers in the Middle East, Africa and Latin America. • Cofunded research projects in regional studies, culture, values, security and development. In June 2015 RJ decided, in cooperation with the British Wellcome Trust and German Volkswagen Foundation, to approve grants in the third call for the Europe and Global Challenges programme. Discussions are under way on a continuation, which will probably include a Southern European foundation. Cofunding of the first ‘Iran Social Survey’ with part- ners including Lund University is also under way. • Guest professorships, postdoctoral positions and other, similar appointments, and costs of researcher exchange. There is a need for flexible forms of support that give Swedish researchers scope for stays abroad, both short and long, abroad and development of collaborations with foreign researchers who do not intend to move to Sweden. The Board’s decision to grant funds for research stays at the Swedish Institutes in the Mediterranean should be seen in this context. • Grants for various kinds of inputs aimed at bringing about more successful Swedish applications to the European Research Council (ERC). Successes in the stiff competition for ERC grants give some indications of the level of Swedish research. In humanities and social sciences, the successful Swedish applications display substantial thematic concentration, the most successful applications being in economics, political science and sociology. Relatively few applications concerning humanities subjects are submitted, and with just a few exceptions these have not received grants. There is a risk of this being seen as manifesting inadequate quality. In 2015 RJ also awarded funding for a ‘Starting Grant training camp’ held by Lund University. • Broad comparative analyses of research can contribute to development in Swedish humanities and social sciences. For this reason, RJ was one of the funders of the Humanities World Report 2015 (publication and seminar in Stockholm in January 2015), and also of the forthcoming World Social Science Report 2016.

40 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

Since 1989, RJ has had an agreement on guest researcher exchange with the Humboldt Foundation in Bonn. RJ funds German guest researchers in Sweden and the Humboldt Foundation funds Swedish researchers in Germany. For 2015, Professors Margit Meyer (Department of Sociology and Work Science, University of Gothenburg) and Thomas Saalfeld (Department of Political Science, Umeå University) were appointed. For parts of 2016, Professor Malte Hagener will stay at Karlstad University and Professor Peter Walgenbach at the Stockholm School of Economics.

COOPERATION WITH THE RIKSDAG

In 2015, RJ started work on a publication to mark the 250th anniversary of the Swedish Freedom of the Press Act and the principle of public access to official documents. RJ’s Chief Executive was invited by the Parliamentary Committee on Education, on 22 April, to comment on the report commissioned by the Committee on the impact of the reforms of higher education on autonomy and quality.

ERIK RÖNNBERG’S DONATIONS

The two donations received by RJ in the 1990s from Erik Rönnberg, a farmer from Fagerdal in Hammerdal, Jämtland, now form part of RJ’s aggregate assets and are managed with the rest. RJ distributes the return on these investments every three years, in the form of three-year fellowships for young researchers at Karolinska Institute (KI) in Stockholm. For the period 2015–17, Sara Johanna Hägg, PhD and Erik Hjort, PhD have been awarded fellowships for research on age-related diseases, and Anna Magdalena Lindstrand, MD has received one for research on diseases in early childhood.

NILS-ERIC SVENSSON FUND

In 2014 the last recipients of Nils-Eric Svensson fellowships were appointed. From 2015, these fellowships are no longer being awarded.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 41 GRANTS FOR COSTS OF PREMISES AND INDIRECT COSTS

The issue of indirect costs and costs of premises was covered in detail in previous RJ Annual Reports. The HEIs receive a grant in the form of an increment in Swedish kronor, the size of which is connected to the volume of working time funded by RJ. For one year’s full-time employment, a grant of SEK 145,000 was disbursed in 2015. From 2016 the grant will rise to SEK 150,000. Since the funds are disbursed following requisition as the researchers use them, the money remains under RJ’s management, where it contributes to the Founda- tion’s return and resource efficiency.

RESEARCH COMMUNICATION

RJ works strategically to enhance the status of research in humanities and social sciences, in both the short and the long term, in line with the Foundation’s purpose of promoting social sciences and humanities. This work characterises RJ’s communication as well. Long-term efforts were boosted in 2015 by active participation in a range of national steering groups for research communication and information, such as the research website forskning.se; Expertanswer, a network that helps journal- ists to find the ‘right’ science experts; the popular science magazineForskning & Framsteg, ‘Research and Progress’; Forskartorget, the ‘Researchers’ Marketplace’; Swecris, the Swedish Current Research Information System, a database containing information on grant-funded research projects; and Vetenskap & Allmänhet (Public and Science). There was also a study trip to the UK, where visits to The Conversation, History & Policy, the Centre for Research in the Arts, Social Sciences and Humanities (CRASSH), the Parliamentary Office of Science and Technology (POST) and the Wellcome Trust contributed to RJ’s ideas and future initiatives for HSS in Sweden. The lessons learnt will influence work in 2016. To strengthen Swedish HSS research further, RJ has supported the review journal Respons, and taken part in a range of review and editing councils. Research results are, above all, what promotes confidence in research. To disseminate the results from RJ’s research programmes, these are presented both at closing conferences and in publication series. Five publications were issued and an equal number of conferences took place during the year. The following (in Swedish) can all be downloaded from our website: • Kognitiv semiotik (‘Cognitive Semiotics’) by Göran Sonesson.

42 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

• Att organisera marknader (‘Organising Markets’), edited by Nils Brunsson. • Kunskapsintegration och innovation i en internationaliserande ekonomi (‘Knowledge Integration and Innovation in an Internationalising Economy’), edited by Hans Andersson and Christian Berggren. • Demokrati bortom nationalstaten (‘Democracy beyond the Nation- State’) by Christer Jönsson. • De samhälleliga institutionernas kvalitet (‘The Quality of Society’s Institutions’) by Bo Rothstein.

As before, RJ’s website is the hub on which communication is based. The site documents funding calls and discussions, and presents ongoing research under RJ’s aegis. Updating takes place daily. During the year, more than 100 articles were published, and there were over 30 book presentations and a dozen debates. In addition, there were 36 press releases and global monitoring took place daily. For the ninth year running, jointly with Forte, Formas and VR, RJ held the Samspråk (‘Conversation’, a get-together aimed at politicians, to bring them and researchers together) event in Almedal Week, a key annual political forum in Swedish politics, in Visby, Gotland. Topics covered were: • ‘The unwanted third function of Swedish higher education: will research results benefit society?’ • ‘One in four Swedes is over 65: are their skills being put to use?’ • ‘Have we reduced algal blooms in the Baltic Sea?’ • ‘Has the threat of climate change gone on holiday?’ • ‘The invisible holders of political power: a threat to democracy?’ • ‘Unholy alliances: the best way to achieve the Millennium Development Goals?’

Another breakfast seminar (on genetics and ethics) was arranged during the week, in cooperation with the popular science journal Forskning & Framsteg (‘Research & Progress’), and the yearbook theme of research about research was presented jointly with the Swedish Association of University Teachers, SULF (YouTube: ‘Navel-gazing or social benefit?’). RJ was once more among the main arrangers of the ‘Researchers’ Marketplace’ at the Göteborg Book Fair (Bokmässan). The following six 15-minute presentations were made: • Munkavle eller megafon? (‘Muzzle or megaphone?’ Lena Halldenius) • Makten över åsikterna (‘Power over opinions’, Svante Nycander) • Kompetens framför kön (‘Skills ahead of gender’, Agnes Wold)

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 43 • Den (o)hållbara förpackningen (‘(Un)sustainable packaging’, Lasse Brunnström and Karin Wagner). • Vikten av att klä sig vuxet (‘The importance of grown-up clothes’, Karin Lövgren) • Författaren som kändis (The author as celebrity’, Torbjörn Forslid).

A couple of major seminars were also held. One, featuring Sverker Sörlin, Agnes Wold and Johan Östling, was based on RJ’s Yearbook Farväl till fri forskning? (‘Farewell to Free Research?’); the other, ‘Muzzle or Megaphone?’ (Munkavle eller megafon?), was held jointly with the Swedish Educational Broadcasting Company (UR) and the Swedish Arts Council. All these arrangements, like the ‘Researchers’ Marketplace’, were well attended and appreciated. The Yearbook, Thinking Ahead: Research, Funding and the Future, associated with the Foundation’s Golden Jubilee, was publicised through a series of seminars (see more under ‘The Foundation’s 50th Anniversary’ below). As part of the Jubilee celebrations, the Yearbook had been translated into English (it is available in both Swedish and English at rj.se).

THE FOUNDATION’S GOLDEN JUBILEE

The year 2015 was characterised by RJ’s 50th anniversary, and two celebra- tory seminars were held. The first was on 2 December 2014, to present the Jubilee book 50 år av nyfikenhet (‘Fifty Years of Curiosity’, in Swedish only, available at rj.se). On 6 May 2015 a major international conference was held and the Yearbook, Thinking Ahead, was presented. This conference centred on questions of the future of and conditions for research. Johanna Koljonen headed the discussions, which were filmed by UR. Speakers included Robert Darnton (‘Books, libraries and the digital future’), Ellen Lust (‘Understanding governance and local development: Challenges and prospects’) and Harmut Rosa (‘Acceleration and alienation: Fast life, slow democracy’), as well as a number of authors and researchers from the Yearbook. Duncan Needham from History & Policy, Peter Hedström, Liv Langfeldt, Johan Östling, Sverker Sörlin, Linda Wedlin, Gustaf Arrhenius, Wilhelm Krull and Helga Nowotny discussed research challenges in the form of time, mobility and universities’ status, and also outreach needs, impact and rankings of various kinds. Finally, the future and what we can learn from history were discussed. The programme is available on RJ’s website and on UR. The Jubilee Initiative, New Prospects for Humanities and Social Sciences, was also launched. Eight projects received funding, and the grantees featured at a

44 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

seminar on 7 December when they presented their projects to decision-makers and the press.

MONITORING AND EVALUATION (INCLUDING OPEN ACCESS)

RJ follows up and evaluates research for several reasons: to ensure that the outcomes of its research support correspond to the Foundation’s purposes; to verify that the grants have been used in the intended manner; to provide information, internally and externally, on RJ’s research support; and to contribute to quality assurance of RJ’s work. Follow-ups of the regular forms of support — projects, programmes and infrastructure for research — are carried out according to a set procedure. For all projects and infrastructural projects that are roughly halfway to completion, written reports are submitted and there have also, since 2014, been meetings with the review panels in charge. This monitoring has proved to be significant not only for the project leader but for the panels and RJ. During 2015, a total of 44 projects and 10 infrastructural projects were followed up. Six of the projects were then followed up through additional questions that have been answered in writing. All the follow-ups have resulted in continued support. Projects within the framework of RJ’s focused initiatives are also monitored in a similar manner. Three projects in the initiative for research on premodernity were followed up with good results. For the programme form of support, monitoring and evaluation take place repeatedly. An initial follow-up is carried out after two years and a midterm evaluation after four. RJ’s Chair Committee takes part in the two-year follow-ups, while the midterm evaluations are implemented by two external international experts and the Chair Committee. In both types of monitoring, research in each programme is also presented at a hearing. For programmes lasting longer than seven years, another follow-up is performed after six years. In 2015, three programmes were followed up after three years, all with good results.

• The Atlas of ancient human genomes in Sweden (Anders Götherström) • Mind the risk: Ethical, psychological and social implications of provision of risk information from genetic and related technologies. A joint European research programme (Mats G Hansson) • Varieties of Democracy (V-Dem) (Staffan Lindberg).

Two programmes underwent midterm evaluations in 2015. RJ’s Board has already set a budget limit for these programmes. The function of midterm evalua-

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 45 tion is to investigate whether there is any reason to adjust the budget allocations for the concluding parts of the programmes. The following programmes underwent midterm evaluations: Cultural heritage, landscape and identity processes in northern Fennoscandia (Ingela Bergman) and Humans making music: An interplay between culture and nature (Fredrik Ullén). A midterm evaluation of a programme that was previous subject to conditions was followed up, the programme being Dementia: agency, personhood and everyday life (Lars-Christer Hydén). In all cases, RJ’s Board decided to disburse funds that had already been approved. Every year, RJ follows up how the researchers awarded funding fulfil RJ’s requirement of publication with open access (OA). The follow-up for 2015 shows, as in previous years, that the researchers are well informed about OA publishing. RJ plans an in-depth follow-up of the OA publication requirement. RJ’s support for a pilot project on quality review of academic monographs connected with OA publication culminated in the ‘Criterion’ project and website being launched. RJ has also provided support for a survey of long-term unimpeded access to research data at Lund University.

46 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 OVERVIEW OF RESEARCH SUPPORT RESEARCH OF OVERVIEW

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 47 Annual Report ADMINISTRATION REPORT 49 - - a- tion is to promote and a ‘The purpose of the ‘considerable flexibility flexibility ‘considerable nonetheless will ‘priority ‘in particular, the found ‘the foundation’s funds will ‘special attention will be ‘the foundation will work to on’s fundson’s will be used found support academic research research support academic In Sweden. with connected work,this will be accorded to activities and, in principle, no area of research will be excluded from the chance to receive grants foundation the from be given to areas of research where funding needs are not for provided well otherwise research national not be used to set up perma However, appointments. nent a appropriate, considered if researcher be may associated for work foundation’s the with such a long period that the foundation the support from bemay characterised as a scholarship.’ lifelong ti long-term support large, to projects research paid to new research assign prompt, requiring ments vigorous measures promote contacts inter with RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS

- 2 - was 1 . The aim wasto com 3 RJ is an independent foundation. foundation. independent an is RJ The Swedish Parliament. Swedish The the as known formerly bank, central Sweden’s Formerly known internationally as the Bank of of Bank the as internationally known Formerly

Bank of Sweden. of Bank Sweden Tercentenary Foundation. Foundation. Tercentenary Sweden 2 3 Translator’s notes: Translator’s 1 ADMINISTRATION REPORT ADMINISTRATION resolution, with an endowment from from endowment an with resolution, Riksbank the memorate the Riksbank’s Tercentenary Tercentenary Riksbank’s the memorate 1968 simul and in (300th anniversary) taneously address ‘an urgent national purpose’. The Statutes of Foundation, adopted the by Riksdag on 2 December 1964, were amended on 1 January 1988 financial independent an RJ make to entity and transfer responsibility for its Riksbank management the from asset Board.to RJ’s In 1993, when Sweden’s dissolved, were ‘wage-earner funds’ donation, new a approved Riksdag the the Humanities and Social Sciences donations Further RJ. for Donation, alsohave been received. The Riksdag RJ for statutes current the adopted on 30 2006 May in response to major Sweden in markets financial in changes and abroad. can RJ now invest in all the financial instruments andstructured assets to be found on the market. independently decides Board The on its activities, within the scope of the Statutes, which (in define §2) the following aims for RJ: founded, pursuant to a 1964 Riksdag Purpose The Swedish Foundation for Humanities and Social Sciences (Stiftelsen RJ) Jubileumsfond, Riksbankens Governance Working practices, budget Board members are appointed by the On 6 May 2015 RJ celebrated its Riksdag for four-year terms. Since Golden Jubilee with a well-attended half the members are elected every academic seminar and a book, both other year, the Board is progressively highlighting future tasks for the renewed. The Board met four times Foundation, and a dinner for special in 2015 and took one decision per invitees. The 50th anniversary of RJ’s capsulam, by email voting. It decides inception also provided the opportu- on the budget, research grants, the nity for a special Jubilee Initiative and forms of RJ’s involvement in society at other research-funding application large, guidelines for financial activities, calls, and also increased measures to and delegation procedure. The Board disseminate the results of research decides, in shaping RJ’s multiannual that RJ funds. forms of research support and in the RJ primarily supports research in annual budget decision, how in prac- humanities, social sciences, law and tice to fulfil the purposes defined in theology, and works broadly along the Statutes. two lines. First, high-quality research The Board’s Executive Committee, proposed in applications from the comprising the Board Chair and Vice- researchers themselves is funded Chair, met seven times during the within the framework of the regular year. Tasks delegated to the Executive support forms: projects, programmes, Committee by the Board include infrastructure for research, and deciding on grants for research initia- research initiation. Second, there are tion, production support for books and focused initiatives serving, in accord- cooperation with the Riksdag. ance with the Statutes, to develop RJ’s Finance Committee, delegated Swedish research and enhance its by the Board to take decisions on international status. financial matters, has two permanent RJ gives researchers’ own initiatives members. The Finance Committee most of the scope for new research met on four occasions in 2015, when and in recent years these have it dealt with specific agenda items accounted for some 75% of the annual according to a set annual schedule budget. In all kinds of calls the appli- and also with day-to-day administra- cants may, moreover, freely define tive business of various kinds. For their own research questions, which RJ’s financial administration, see the gives researcher-initiated projects a special sections below. central place. Grant decisions rest The Chief Executive is respon- solely on an assessment of academic sible, under the annually adopted quality — a principle that, as expe- Authorisation and Delegation rience has shown, also favours the Procedure, for ongoing activities and long-term value and benefit of results. heading RJ’s Secretariat. In addition, measures in 2015 sought to strengthen various phases of the academic career; ensure attain-

50 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 51 - - - - - RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS Of 40 46) applications (2014: for cants concerned were then invited invited then were concerned cants to submit full applications. Funding, mostly for three years, was approved for a total of 43 48) applications. (2014: The number of applications for the (2014: 29 was grants programme major of which31), eight were shortlisted and three 3) (2014: ultimately funded. In the are researchers Swedish programmes, making increasingly extensive use of the opportunities to fund international colleagues’ participation as well. were 21 research, for infrastructure assessment in-depth for referred and of these 13) 9 (2014: received funds. The approval rate for project applications approximately is 8%, which means that competition for RJ’s project grants remains Based stiff. comparable experience, their on have funders research international during the year. The overruns on indi on overruns The year. the during imately SEK 315m was awarded. The project form gives researchers at opportuni key stages career various ties to test new ideas. In 2015, applica tions for project grants numbered 529 713).(2014: Of these, the review panels selected 107) (2014: 110 and the appli vidual budget items occurred — apart occurred — items budget vidual within grants framework the from focused initiatives — mainly because projectRJ’s grants were accepted slightlyby more researchers than were grants programme the expected, somewhat larger than in previous years and the number of high-quality applications in the research initiation higher. support was of form support forms Regular support, approx of forms these Within - - - Ahead of the Board’s budget budget Board’s the of Ahead All spending scrutinised is and ment policy RJ’s of of gender-equal research develop distribution; grant infrastructures; dissemina improve tion of results; monitor and evaluate funders other with collaborate inputs; to achieve more impact; and promote mobility among social sectors and the with accordance In internationally. Statutes and the needs of Swedish research, various aspects of inter nationalisation are given increasing academic the when only not weight quality of applications assessed, is but also when academic ties are being extended. decision, financiala sustainability test (‘stress test’) carried is out. The budget for 2015 totalled SEK 490 million, which of roughly SEK 437m grants. research new in consisted Owing to the change in accounting of ‘framework grants’ that was made in 2014, awarded RJ new grants totalling just under SEK 543m during 2015. The change means that the Board earmarks a sum when that later, is the process assessment and application grantees to awarded complete, is or recipients and thus entered as a frameworkliability. (On grants, see ‘Characteristics of funding’ below.) Accordingly, the SEK 543m awarded also includes the special Jubilee Initiative of SEK 100m occasioned by 50thRJ’s anniversary, planned in 2014 grantees the among distributed and in 2015. applications for only approved funding require quality stringent meet that reallocations for scope The ments. used not was items budget among stated that approval rates of at least Board both adopted an action plan in 10–12% are desirable. Nevertheless, 2015 on how future proactive meas- the two restrictions imposed by RJ’s ures would be prepared and tasked Board on scope for applying for grants the Secretariat with devising an overall resulted in a considerable rise in the strategic work plan for RJ’s activities. approval rate. One of the restrictions, Work on the action plan and the anal- introduced on a three-year pilot basis, yses that Sweden’s national research means that from 2015 an applicant is councils have performed ahead of the permitted to join in only one applica- 2016 Research Bill show that there are tion. The second means that appli- a number of basic issues that RJ must cants whose project applications have continue to tackle. been rejected in the first application Among the focused research initi- stage two years running may not apply atives, the special Jubilee Initiative the year after. New Prospects for Humanities and As the above figures show, the meas- Social Sciences, marking RJ’s 50th ures already had the desired effect in anniversary, is most noteworthy. The 2015: the number of applications fell application call, which was based on by nearly 200 compared with 2014. No aspirations in the world of research to adverse effects on gender distribution work in a broad, integrative fashion, of grants have been discernible. It was designed to enable researchers to is too early to say how the quality of think more freely and on a larger scale applications may have been affected. than in other contexts. The pivotal challenges and key issues to focus on Focused initiatives were freely defined by the research- Under the Statutes (see above), ers, who were given scope to involve supporting new scholarly assignments colleagues, with no limitations, from and strengthening research are among the entire research field, and to work RJ’s tasks. Here, the focused initia- on riskier approaches than normal. RJ tives meet an important function and required participation by researchers help the Foundation to fulfil its role as from other countries. initiator and catalyst. In the past few In other focused initiatives RJ is decades, RJ has set up ‘sector com- collaborating, in several cases, with mittees’ to start and stimulate new other funders in providing the funding research in fields that are deemed vital for a research area to achieve greater but poorly developed or insufficiently impact. One example is the research recognised. Two such committees programme on Long-term Provision operated in 2015. of Knowledge: Swedish Research A previous evaluation of the sector and Higher Education in an committees had resulted in clarifica- International Context. For RJ, this tion of these forms of work and exten- emanated from the Sector Committee sive scrutiny in the Secretariat, with for Aims and Outcomes in Public- a survey of how other, similar funders Sector Activities. This programme is work. In response to the results, RJ’s an example of co-funding with three

52 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 53 ------, a RJ Sabbatical RJ programme is oriented oriented is programme Flexit RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS The The purpose of three-year pilot initiative, both is to provide inspiration for a more flexible system research of funding and to struc career academic the strengthen ture through grants to senior lecturers and professors, enabling them to com plete their research and write major requirement The syntheses. and works andof, financial support a research for, supports international abroad stay collaboration senior at level. ities and social sciences, and also to paths career alternative demonstrate for researchers. Following the points made in a previous evaluation, it has been possible to develop the pro increas an meet further and gramme towards creating more ties between research in humanities and social organ and hand, one the on sciences, isations and the business sector on researchers Postdoctoral other. the are appointed for a maximum of three years to spend of their 75% working time on research and 25% on service in the company or organisation. There are several aims, the foremost being for more organisations outside academia to discover and make use of the skills of PhD graduates in human ingly strong response from companies, alike. researchers and organisations course, of is, development latter The crucial for the future of this initiative. Quality assessment strivesRJ for high quality in the review process. Every application assessed is in relation to academic quality criteria in Hanover jointly with the British Wellcome Trust. - - - . -

- , implemented Collections and Research and Collections Pro Futura Europe and Global Challenges Based on experience from the the from experience on Based The cutting-edge researchpro A finalexample of collaboration state research bodies:the Swedish (Vetenskapsrådet, Council Research VR), the Swedish Research Council for Health, Working Life and Welfare and the(Forte) Swedish Research Formas. Council postdoctoral programme for the ALM library (archive, and museum) sector, the Swedish Royal Academy of Letters, History and Antiquities and RJ decidedhave create to new scope for research in This being is done funding by close collaboration between memory institu tions and research higher at education institutions (HEIs). gramme applications in 2015, issued and RJ by Foundation Volkswagen German the in cooperation with the Swedish Collegium for Advanced Study issued(SCAS), a 10th call. The Pro researchersFutura are showing very good results and the programme is sometimes admiringly described as an ‘incubator for professors’. It fosters international and mobility research collaboration for example, by, inviting leading universities in neighbouring countries to nominate participants as well. Thanks to agreements with a number of highly distinguished inter Pro environments, research national researchersFutura can be admitted without (fellows) researchers guest as appli formal HEIs’ the undergoing first cation process — a significant recogni tion of this programme’s high quality. with other funders the is third call for and international standards. In every open-access publication, and while context, applications with international requiring internationalisation it also connections have priority. Availability provides financial support to enable of expert members of review panels it to be realised in practice. The good and other groups is a precondition for results of RJ’s asset management the quality and legitimacy of deci- coupled with favourable market trends sions. Issues relating to conflicts of have, over the years, allowed a range interest are dealt with meticulously; of new support forms and focused the Board’s rules for dealing with such initiatives, founded on thorough, inde- conflicts in assessment of research pendent analysis, to be developed. applications are published on RJ’s RJ’s unique inputs, such as Pro Futura, website (www.rj.se). To reduce such have proved especially interesting problems and ensure that interna- and valuable. Thanks to RJ’s work, tionally current quality norms guide the quality and diversity of Swedish the ranking of applicants, non-Swed- research have been enhanced. ish members are increasingly being In recent years, RJ has been restric- engaged in the review organisation. tive in approving standard, unspec- Applications referred for further ified grants for premises costs and consideration after the initial review indirect expenses. The size of such are assessed externally by specialists, grants to supplement programme and in most cases foreign experts. Where project awards is calculated accord- necessary, hearings are held with the ing to how much research time is to applicants to obtain full documenta- be funded. The rule that researchers tion for funding decisions. must requisition the funds in step with their use counteracts the HEIs’ Characteristics of funding accumulation of large sums, approved The Statutes exhort RJ to use its but unused, that generate a zero or freedom of action to engage in very low return. For RJ, this and other problem-oriented, flexible work. measures yield substantial financial The purpose of actively seeking to gains. co-fund vitally important research A minority of RJ’s awards are with other stakeholders (such as the ‘framework grants’, which means that Swedish Research Council, the Royal the Board decides to issue a call for Swedish Academy of Letters, History applications and earmarks a specific and Antiquities and the Volkswagen sum for subsequent distribution Foundation) is to give RJ’s grants lev- among recipients as the application erage while also broadening support and assessment processes are for its inputs in the research system. implemented. Framework grants that RJ’s grants are designed to be applied have been awarded but not yet used for and chosen by the best research- are, from 2015, disclosed in Note ers. RJ supports the entire research 34, under the heading ‘Framework process and awards funding for grants’. As decisions to award grants book and translation production and are made and contracts written with

54 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 55 - - World SocialWorld Science Report . RJ’s international. RJ’s collaboration RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS The website now is used for debate Swedish applications to the European Research Council Broad (ERC). research of analyses comparative Swedish in development foster can humanities and social sciences, and therefore is RJ contributing financially to the 2016 is continuouslyis reviewed,and all the inputs or agreements are time-limited. assistance and Information During 2015, intensified RJ its efforts to communicate the results of research in humanities and social sciences to the interested public, other and decision-makers media, conviction the on based researchers, that results are the to foster way Golden RJ’s research. in confidence Jubilee afforded several opportunities to renew and boost the Foundation’s inputs. In visits, including those to UK research councils, the Wellcome Trust, History and The Policy, Conversation and the Parliamentary Office of Science and Technology (POST), staff from studied have RJ the latest expe ued. The website instrument a key is for outreach information, as are the page, Facebook Foundation’s the Yearbook, Report,Annual the rience in research communication and in providing advice to decision-makers. on topical issues, news coverage published, books on information and well as else, much and conferences of before, as announcements, as application calls and which projects beenhave awarded grants. Efforts to make large parts of the website available in English too contin have ------Europe and Global Swedish Foundations’ Foundations’ Swedish , the aim of which is call. Another the is newly RJ hasRJ an acknowledged position Starting Grant to boost the number of successful International collaboration International The importance of the international collaboration and ties of Swedish are grants RJ’s growing. is research the strengthen and renew to intended ties and impact of Swedish research in other countries. The Foundation lays interna on emphasis considerable grantees and grant administrators, administrators, grant and grantees the amounts are entered as liabilities. Before 2014, the frameworks were disclosed as liabilities, and in the annual accounts for 2014 the frame among entered were grants work contingent liabilities. applica when collaboration tional tions are assessed. The signals to the research community been have reinforced for example, by, the special requirements imposed Jubilee in RJ’s Initiative and the decisions on RJ Sabbatical. Further measures will be needed to improve Swedish research ers’ potential to develop in an interna environment. tional commu academic international the in nity and continues to work in various framework the within including forms, of the European research foundations’ Philanthropy for Forum European and Research also is Funding. RJ continuing to be an active member of the European Foundation Centre One(EFC). example research of foundations other with collaboration theis three-year formed Swedish foundation consor foundation Swedish formed tium behind the Challenges ezine, the YouTube page and the many benefits and effects of RJ’s research public events in which RJ takes part. support are evident, in many cases, The Yearbook for 2015/16, Thinking only in the long term. By ensuring Ahead, was discussed at a special that the applications approved for seminar on 2 December, on the theme funding maintain the highest academic of how excellent Swedish humani- quality, RJ lays a solid foundation. ties and social sciences actually are. During the funding period, monitoring The results of the major programme and evaluation take place for several initiatives are continuously presented reasons: to ensure that the grants in a popular science publication and are used as intended and the results at the conferences and symposia that correspond to the Foundation’s pur- all the programmes hold when they are poses; to provide information about concluded. activities, internally and externally; and RJ is continuing to assist in, for to facilitate quality assurance of RJ’s example, developing research commu- own work. Ahead of budget decisions, nication through its grant to Public and RJ’s Board also needs comprehensive Science (Vetenskap & Allmänhet, documentation that makes it possible VA), a non-profit organisation, and par- to judge and change support forms ticipation in the forskning.se research and work procedures. portal and Swecris (the Swedish The various review panels’ follow-up Current Research Information System, studies and project visits thus have a database containing information on a quality-enhancing function. RJ’s grant-funded research projects). The experience is good, and these efforts Foundation also features in ‘Politicians’ are also appreciated by the research- Week’ at Almedal in Visby, Gotland (a ers as a way of obtaining feedback on key annual forum in Swedish politics), their work. From 2015, every project in the ‘Researchers’ Marketplace’ is followed up with a written report (Forskartorget) at the Swedish Book and with a hearing roughly halfway and Library Fair in Gothenburg, and at through the project period. For the several conferences. review panels, this and the need to read all the final reports entail a much Quality assurance and target fulfilment greater work input than before. The A comparison of the Statutes with reason for setting up a special review reports on activities implemented panel for research infrastructure and shows both that and how RJ uses the above-mentioned measures to its scope for acting flexibly for the reduce the number of project appli- purpose of strengthening humanities cations was to offset the panels’ and social sciences. It also shows workload increase to some extent. how large, long-term projects are In 2015, 44 regular projects and supported, ideas for new research 10 projects involving infrastructure questions identified and international for research were reviewed. Six research contacts promoted. The were then followed up with addi- enduring academic value, relevance, tional written questions. Once the

56 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 57 ------RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS The transition to digital manage rectly retained income tax source at shareon RJ’s deals in a number of European 20.8 nations (SEK million and, second,to date) ensure to that the tax issues are handled correctly from now on, which facilitates asset investment boosts and management procurement public previous A return. and maintenance renovation, a for undergoes project (RMI) improvement Descriptions monitoring. continuous of work routines in the Secretariat are ment of all documents involved in research administration continuing. is In all IT changes, reliable and up-to- date ITstructure prioritised. is With tax lawyers’ assistance efforts have continued, first, to claim back incor tion vouchers complete. is CapMan, the securities management system, external independent an underwent evaluation in 2014 to ensure functional mentation of all routines. As a result of this development work, CapMan reports and the all generates now notes for the annual accounts, which the reduces and efficiency enhances risk of errors. The systems for financial administration been have developed further, mainly to facilitate the new of keepingway track of framework above). (see grants inspected and shortcomings remedied onan ongoing basis. As before, new functions been have added to the applicationTekla system to enhance its data reliability and the efficiency of man asset In work. operators’ the agement, the switch to electronic handling, signing and filing of transac ity and high-quality data. One result of the findingsis more complete docu - - - - Besides these continuous meas continuous these Besides Administration Administration The functionality and reliability of the various forms of IT support are replies were found satisfactory, announced. support was continued progress issued programmes Three reports after two years and two with evaluations midterm underwent the assistance of external experts. A programme that, in 2014, was judged certain to have weaknesses, which had to be remedied before disbursement of the grant for the place, take could year concluding thereaf and plan action an produced ter received the go-ahead for the final year’s funding. The projects in RJ’s focused initiatives are monitored in for that to corresponding manner a period project the When grants. other a submit must researchers the ends, financial report anda brief account of publica the and findings research the tions resulting from the project. carries necessary, where also, RJ ures its of evaluations comprehensive out own special initiatives, exclusively by overall experts. The external engaging findingis that the researchis of high researchers the However, quality. certainhave difficulties in combining, department, the or workplace their at and teaching with research RJ-funded weaknesses reflects this work; other in the career system. In addition, the review panels noted have a recurrent lack of clear publication strategies and also found that several partic ipants find it difficult to coordinate the various parts of their work in a whole. coherent reviewed where necessary. Updating panel members and experts, and of annual schedules is ongoing, as also spending on external informa- is updating of the schedule of how tion, are reported as administrative researchers are allowed to combine expenses in the income statement. various support forms, in both cases The other administrative costs of RJ’s with a view to enhancing reliabil- Secretariat and activities, compris- ity and efficiency in these work ing staff and external expenses and processes. The staff manual for depreciation of equipment, decreased Secretariat staff is also, where neces- during the year by 2.1% altogether, to sary, updated and supplemented with SEK 37.7m (38.5m). guidelines and policy documents. The financial result for the full year 2015 was SEK 806m (1,412m); see Staff Table 1. Total return on RJ’s assets At year-end 2015, RJ’s Secretariat was 6.4% (12.9%) for the year, which had 18 employees (2014: 18). During exceeded RJ’s benchmark index by the year, one staff member left and 0.5 (0.8) percentage point (pp). The one new appointment was made. One financial markets were more volatile employee was on parental leave for in 2015 than in the previous year. part of the year, and was replaced by During the year, the tactical allo- a consultant. cation of assets among different classes, compared with the index, made a positive contribution of 0.2 (0.4) pp to total return. FINANCIAL REVIEW RJ’s share portfolios yielded a return of 9.3% (21.6%) during the year. Income and investment return Interest-bearing investments returned Profit for 2015 was SEK 967 million 0.3% (3.2%) and hedge funds 5.2% (534m)4. Full-year profit including (10.5%). The directly owned property changes in unrealised gains was SEK portfolio showed a pre-tax return 758m (1,373m); see Note 13. During of 10.3% (7.3%), while the return on the year, RJ awarded a total of SEK property funds (including participat- 543m (410m) in research funding. ing loans) was 17.7% (23.1%). Currency The year’s return on assets, in the hedging of foreign assets, which is form of dividends, interest income reported separately, reduced total and operating surpluses on proper- return by −0.8 (−1.7) pp. ties, amounted to SEK 365m (300m). The Swedish share portfolio The administrative costs of RJ’s returned 10.6% (16.9%) in 2015, 0.1 activities during the year totalled SEK (1.0) pp higher than the benchmark 48m (38m), corresponding to 0.4% of SIX Portfolio Return Index for the year average equity. The rise in administra- as a whole. During the year, small and tive costs compared with the previ- medium-sized companies yielded the ous year is mainly attributable to the fact that, from 2015, fees for co-opted 4 Figures in brackets relate to 2014.

58 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 59 - RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS The directly owned property owned directly The The return investments on RJ’s Through new investments in part- erties aggregate in RJ’s investment assets rose to 12% year-end at 2015 fromand 14% 1 January 2016, against year-end. previous the at 10% in investments comprising portfolio, housing and office space in central Stockholm, provided a totalreturn of some 10.3% for the year. (7.3%) was value market properties’ The estimated means by of external valuations carried out Cushman by & on based DTZ), (formerly Wakefield cash-flow analyses. During theyear, the market value of the residential properties, according to the time- weighted method, rose 9.3% by (7.3%) to an average of some SEK per 37,200 valuation market The metre. square of the office properties rose by 6.8% in 2015. The portfolio consists of 73% residential and 27% office properties. A small proportion of the properties are financed with mortgagesa at 1.1% was which rate, interest variable (1.9%) during No the year. directly or purchased were properties owned sold during the year. part-owned property and in funds unlisted property companies totalled for This the year. was (23.1%) 17.7% period the Riksbank lowered its key interest rate, in three stages, from 0% to −0.35%. the At same time, the five-year of rate interest on Swedish government bonds rose from to 0.1% 0.3% and the five-year rate on housing bonds increased from 0.6% to 1.3%. rising property and owned companies market values of existing property prop of proportion the investments, - - - - - Total return on the international international the on return Total As in previous years, the entire Return in the interest-bearing port highest return in the Swedish share portfolio. share portfolio for the year was 7.9% (26.0%), which exceeded the bench mark pp. index year-end, 1.5 At by (0.1) the international share portfolio had the following composition: North America 59% Western (60%), Europe excluding the UK the 16% UK (17%), Japan8% (8%), Asia 9% exclud (8%), ing Japan and 7% (6%) Latin America The positive (1%). 1% deviation from by explained is index benchmark the an advantageous sector composition and successful stock-picking in such sectors as technology and financial services. international and Swedish stock port interest-bearing portfolios and folio were managed in-house, RJ’s by Department. investment The Finance that companies emphasising policy are ‘best with reasonable in class’, share valuations, part a key is of the overall strategy. folio for 2015 was 0.3% (3.2%), which pp lowerwas 0.1 than the benchmark has which portfolio, bond The index. bonds housing Swedish covered a showed index, benchmark its as return of 0.6% 0.2 (4.6%), pp below on return The index. benchmark the assets interest-bearing short-term during the year was −0.3% (1.3%), which was in line with the bench mark index. During credit the year, spreads pushing diverged sharply, index, the with compared return down with bonds corporate for especially this Within rates. interest variable the asset class with the highest investments denominated in cur- return in 2015. In May, RJ became rencies other than Swedish kronor. a part-owner of Midstar Hotels AB, The Finance Department hedges the unlisted hotel property company. 25–75% of positions in USD, EUR, The investment was made jointly GBP and JPY, 50% being a neutral with other Swedish institutions, position. At 31 December 2015 RJ Alecta being the largest owner. had 28.5% (31.1%) of the portfolio Midstar, which is expanding, acquired denominated in foreign currencies hotel properties in Karlskrona and and the open currency position was Trondheim during 2015. In November, 20.7% (18.7%). Following decisions RJ took on an investment commit- in the Finance Committee early in ment, totalling SEK 300m, in the the year, the Finance Department Areim Fund III property fund. This chose to remove the hedging in CHF, included a co-investment of which which is now an open position. The SEK 147m was invested in December. guidelines for USD hedging, which is RJ has also invested in Thule Real the largest currency exposure of RJ’s Estate Fund which, from 1 January total assets, have also changed, and 2016, gives exposure amounting to dollar hedging of 0–75% has been SEK 250m to Skandia Fastigheter’s possible since August 2015. During 112 Swedish properties in three seg- the year, the net loss disclosed on ments — offices, shopping centres currency forward contracts was SEK and housing — in an unpledged −104m (−208m). The general weaken- portfolio. ing of the krona resulted in losses on In 2015 the return on RJ’s invest- currency forward contracts while they ments in hedge funds was 5.2% have also decreased owing to active (10.5%) in Swedish kronor. The port- currency management, with hedging folio contains 11 holdings, subject to of the dollar holdings averaging 27.5% seven different investment strategies. during the year, against the neutral During the year, 85% (82%) of all the 50% position. holdings yielded a positive abso- lute return. RJ’s total investments Financial position in hedge funds have shown a posi- To provide further information on the tive return every full year since the Foundation’s financial position, the Foundation began investing in hedge annual statements are supplemented funds, i.e. throughout the period from by figures for book value and compa- 2002 to 2015. The return on RJ’s rable market value of balance-sheet hedge-fund investments in 2002–15 items; see the separate appendix on exceeded by a substantial margin the page 93–94. At year-end, the market world index for hedge funds, repre- value of RJ’s assets exceeded their sented by the HFRX Global Hedge book value by SEK 2,858m (3,067m). Fund Index. RJ’s disclosed equity rose during For diversification, RJ invests in the year from SEK 8,336m to SEK international shares and alternative 8,799m. The Foundation’s net assets

60 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ADMINISTRATION REPORT 61 ------RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS Moreover, the active asset man All the asset classes that are com RJ’s assetRJ’s management also is ment risks can be classified among the following risk factors: agement conducted in RJ’s Finance Finance RJ’s in conducted agement Department in 2003–15 surpassed by constituted index benchmark the the reference portfolio a total by of 25.5 pp. This attributable is to the excess return in relation to the index, both tactical in RJ’s asset alloca ity a scenario involving a sharp fall in asset value would exert. The invest tion drawn Financial up RJ’s by Finance the by adopted and Director Committee. Since the starting annual real 2003, average the year, portfolio has reference the on return real for target long-term the exceeded return 92.9 by pp. tion and in the three sub-portfolios: Swedish shares, international shares investments. interest-bearing and pared with market indices attained returns for the period 2003–15 that benchmark respective their exceeded funds, hedge and Properties indices. attained benchmarked, not are which 6.1% of returns real annual average and 5.9% respectively for 2003–15. risk management and Risks carries RJ Every year, out a ‘stress test’ to assess what impact on the capac dividend future Foundation’s evaluated on the basis of a bench which portfolio, reference or mark should be seen as suitably com posed to make the real-return target portfolio is reference The attainable. Department Finance the by proposed support documenta decision in ------For the years 2003–15 inclusive, inclusive, 2003–15 years the For Of investment RJ’s assets at Of assets, RJ’s 29% were denomi Long-term target fulfilment target Long-term By a substantial margin, finan RJ’s nated in foreign currencies. However, However, currencies. foreign in nated con currency foreign outstanding tracts nominally worth SEK 1,030m (1,506m) December 31 at 2015 meant that net currency exposure was 21% of total assets. cial administration has fulfilled the return targets set the by Board for the Under activities. financial Foundation’s a Board decision of 2003, investment activities must, in the long term, strive for an average annual real return of leastat 4%, i.e. 4 pp higher than the index. price consumer the financial result was SEK 10,142m. for return annual average real The the same period was 8.4%, against the return target of 4.0% per annum. for return real the Accordingly, 2003−15 amounted to 184.9% alto long-term the exceeds which gether, target 118.4 by pp. (equity at market value) rose from from rose value) market at (equity SEK 11,404m to SEK11,657m. year- At 11.9 was forward brought profit end, times the research funds awarded for admin ifthe the year, Foundation’s istrative costs are also taken into consideration. This be may compared with the Board decision to make avail able a sum equivalent least to at three scale. normal a on dividends years’ year-end 2015, shares made up 54% investments interest-bearing (57%), 26% directly (25%), owned properties 7% (7%), property funds and (3%) 5% (8%). 8% funds hedge • market risks, including stockmarket, restrictive approach and not allowed property, currency, interest-rate and investments in companies that have hedge-fund risks not complied with our ethical guide- • credit risks, including counterparty risks lines. Applying RJ’s ethical principles • liquidity risks. means that we refrain from investing in businesses implicated in human- RJ’s investment policy, which is rights violations, severe environmen- adopted by the Board, states the tal damage and infringement of rights Foundation’s investment approach, under labour law. The list of compa- limits to investment risks, approved nies that RJ chooses not to invest in financial instruments, return targets includes, for example, suppliers to the and ethical guidelines. Within the nuclear weapon industry, manufactur- framework of this policy and subject to ers of cluster bombs, oil and mining the Finance Committee’s decisions on companies responsible for extensive such matters as the reference portfo- environmental degradation, and com- lio, investment decisions are delegated panies that employ child workers or to the Finance Department, where the prohibit employees from engaging in Foundation’s Financial Director bears trade-union activities. overall investment responsibility for On 1 October 2013 RJ switched to the whole of RJ’s asset management. DJSI World Diversified Index, a global The Finance Department employs share index focusing on sustainable three more people as portfolio businesses, as the benchmark index managers, responsible for different for the international share portfolio. investment remits. All securities are The purpose of this change was to held in safe custody in a Swedish strengthen the ethical profile in RJ’s bank. Financial administration, which asset management. Information is separate from asset administration, about the Index may be found at comprises the Administrative Director, http://sustainability-indices.com/. In Controller and Back Office functions. addition, since year-end 2013 RJ has refrained from investing in tobacco Application of ethical policy shares. Since 2003, RJ’s investments have Since the end of 2015, a project has been subject to ethical requirements been under way to compile a sus- based on the investment policy, which tainability report on the investments states that RJ must comply with the included in RJ’s asset management. Conventions signed by Sweden in the areas of human rights, environmental conservation and labour law. In general, since RJ’s cooperation with the ethical consultancy GES Investment Services AB began in 2006, the Foundation has opted for a

62 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 FINANCIAL OPERATIONS

FINANCIAL OPERATIONS — A TEN-YEAR SUMMARY

On 1 January 1988 Riksbankens Chart 2. Real return, % of opening assets Jubileumsfond adopted new statutes that gave it financial independence. 50 The bar charts below show the past 40

decade’s trends of four fundamental 30 financial indicators: total return, real 24.0% 20 15.25% (inflation-adjusted) return, equity at –12.0% 13.21% 8.3% 9.73% 10 market value and research grants 6.38% 0 approved. –0.8%

–10 –6.1%

–20 –19.3%

–30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Chart 3. Equity at market value (SEK m)

14 000

12 000 11 657 11 404 10 418 10 000 9 572 9 435 9 541 9 237 8 883 8 759 8 000 7 288

6 000

4 000

2 000

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Chart 1. Chart 4. Total return, % of opening assets Approved research grants (SEK m) 543 50 500

40 410 30 400 24.9% 352 348 355 339 333 330 327 317 20 15.39% 300 13.6% 12.90% 10.6% 10 9.68% 6.43% 2.7% 0 200

–4.1% –10 100 –20 –18.4% –30 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 63 FINANCIAL RESULT (SEK ’000)

Assets Income or expense 2015 2014

Properties Income 37 648 34 595 Depreciation −5 480 −5 469 Interest expense −475 −840 Other expense −24 847 −22 170 Provision to tax allocation reserves −1 878 − Reversal of tax allocation reserves 2 362 − Consruction in progress and prepay- −1 435 − ments, Rekryten 6 Tax on profit for the year −1 240 −1 314 Change in unrealised gain 94 981 56 468 Total, properties 99 636 61 270

Shares Dividend 221 968 180 150 Dividends, property funds 4 051 − Realised gain or loss 764 633 466 084 Reversal of write-down 83 895 109 095 Write-down, shares −123 887 −83 895 Write-down, Midstar, shares and share- −289 − holder contributions Write-down, Areim shares and share- − −1 286 holder contributions Reversal of write-down, Areim shares 1 286 4 031 and shareholder contributions Change in unrealised gain, shares −261 158 633 969 Change in unrealised gain, property 27 769 9 084 funds Total, shares 718 268 1 317 232

Hedge funds Realised gain or loss 81 401 − Change in unrealised gain −31 261 94 576 Total, hedge funds 50 140 94 576

Unlisted property Dividend 1 979 2 167 fund (Aberdeen) Reversal of write-down 9 908 7 948 Realised gain or loss −1 128 −551 Write-down −2 433 −9 908 Total, unlisted property fund 8 326 −344

64 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 FINANCIAL RESULT

Assets Income or expense 2015 2014 Participating loans Interest income 47 743 7 211 Realised gain or loss 693 532 Change in unrealised gain −26 433 36 683 Total, participating loans 22 003 44 426

Interest-bearing loan, Areim and Profi Interest income 9 373 6 717 Total, interest-bearing loan, Areim and 9 373 6 717 Profi

Interest-bearing assets Bank deposits Interest income 41 457 Interest expense −31 −23 Foreign exchange gain or loss −88 2 200 Commercial papers Interest income 2 510 9 009 Write-down −261 − Change in unrealised gain −424 25 Floating-rate notes Interest income 6 318 9 684 Realised gain or loss 896 311 Write-down −7 636 − Change in unrealised gain −6 681 −360 Bonds Interest income 58 368 65 029 Realised gain or loss −6 659 −24 146 Reversal of write-down − 9 043 Write-down −11 255 − Change in unrealised gain −28 152 28 152 Total, interest-bearing assets 6 946 99 381

Currency forwards Interest income −51 7 303 Interest expense −7 095 −265 Foreign exchange gain or loss −160 691 −154 990 Reversal of write-down 41 426 − Write-down − −41 426 Change in unrealised gain 22 205 −19 046 Total, currency forwards −104 206 −208 424

Financial expense Financial expense −4 060 −3 312 Total, financial expense −4 060 −3 312

Financial result 806 426 1 411 522

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 65 INCOME STATEMENT (SEK ’000)

Note 2015 2014

FOUNDATION INCOME Dividend 1 227 998 182 317 Interest income 2 124 302 105 410 Profit from properties 3 5 130 5 642 Profit from disposal and write-down, financial 4 789 425 477 258 instruments Other income 3 2

FOUNDATION EXPENSE Write-down, commercial papers −261 − Financial expense 5 −4 060 −3 312 Interest expense 6 −7 601 −1 128 Result from foreign exchange etc. 7 −119 353 −194 216 Personnel expense 8, 9, 10 −26 619 −27 516 External expense 11, 35 −21 584 −10 793 Depreciation of equipment 12 −137 −155 Profit or loss for the year 26 967 243 533 509

For profit or loss for the year including change in unrealised gain, see Note 13.

66 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 BALANCE SHEET BALANCE

BALANCE SHEET (SEK ’000)

Note 31 Dec. 2015 31 Dec. 2014

ASSETS FIXED ASSETS Tangible assets Properties 15, 16 257 406 259 387 Construction in progress and prepayments 17 13 402 5 851 Equipment 12 92 229 Total, tangible assets 270 900 265 467

Financial assets Bonds 18 1 873 253 1 672 387 Floating-rate notes 19 741 261 522 164 Shares 20 5 131 642 5 020 665 Shares and share contributions, property funds 21 311 774 87 995 Hedge funds 21 791 230 743 102 Participating loans 21 80 762 139 599 Interest-bearing loan, Areim and Profi 21 104 422 102 584 Unlisted property fund 21 46 790 48 338 Total, financial assets 9 081 134 8 336 834 Total, fixed assets 9 352 034 8 602 301

CURRENT ASSETS Current receivables 22 15 293 1 898 Deferred expense and accrued income 23 32 746 38 174 Commercial papers 24 574 586 712 974 Currency forwards 25 − − Cash and bank balances 87 483 118 855 Total, current assets 710 108 871 901 Total, assets 10 062 142 9 474 202

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 67 BALANCE SHEET CONT. (SEK ’000)

Note 31 Dec. 2015 31 Dec. 2014

EQUITY AND LIABILITIES RESTRICTED EQUITY 26, 27 Donation capital 2 673 168 2 674 363 NON-RESTRICTED EQUITY 26, 27 Humanities and Social Sciences Donation 1 933 076 1 933 941 Profit brought forward 4 192 902 3 728 059 Total, equity 8 799 146 8 336 363

TAX-ALLOCATION RESERVES Tax-allocation reserve, properties 28 9 353 9 836 Total, tax-allocation reserves 9 353 9 836

PROVISIONS Provisions for pensions 381 1 317 Total, provisions 381 1 317

LONG-TERM LIABILITIES Mortgage loans 45 050 45 050 Total, long-term liabilities 45 050 45 050

CURRENT LIABILITIES Grants approved but not yet disbursed 1 180 884 1 019 060 Accounts payable 6 580 4 216 Currency forwards 25 − 41 426 Other current liabilities 29 12 343 7 827 Accrued expense and deferred income 30 8 405 9 107 Total, current liabilities 1 208 212 1 081 636 Total, liabilities 1 262 996 1 137 839 Total, equity and liabilities 10 062 142 9 474 202

PLEDGED ASSETS 31 49 371 49 371 CONTINGENT LIABILITIES 32 6 550 10 632

Book value and comparable market value of balance-sheet items may be found in a separate appendix.

68 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 CASH FLOW STATEMENT

CASH FLOW STATEMENT (SEK ’000)

2015 2014

CASH FLOW FROM OPERATIONS Profit or loss for the year 967 243 533 509 Adjustment for non-cash items: Depreciation of tangible fixed assets 5 618 5 624 Reversal of write-down, financial fixed assets −95 089 −130 118 Write-down, financial fixed assets 145 500 95 089 Capital profit or loss, financial fixed assets −839 836 −442 230 Change in tax-allocation reserves −484 − Change in provisions for pensions −936 −92 Change in interest receivable 5 574 9 906 Change in interest payable −33 −44 Adjustment¹ 11 948 52 063 Cash flow from operations before changes in short- term operating receivables and liabilities 199 505 123 707

CASH FLOW FROM CHANGES IN WORKING CAPITAL Change in short-term receivables 124 848 112 106 Change in short-term liabilities −35 216 10 997 Cash flow from operations 289 137 246 810

CASH FLOW FROM INVESTMENTS Investments in tangible fixed assets −3 500 −71 Construction in progress and prepayments −7 552 −5 271 Investment in financial fixed assets −4 833 863 −3 300 556 Disposal of financial fixed assets 4 878 989 3 383 440 Cash flow from investments 34 074 77 542

CASH FLOW FROM GRANTS APPROVED Change in grants approved but not yet disbursed 149 876 68 988 Unused grants 38 322 9 857 Grants approved for the year −542 781 −409 579 Cash flow from grants approved −354 583 −330 734

Net cash flow for the year −31 372 −6 382

Opening cash and bank balances 118 855 125 237 Closing cash and bank balances 87 483 118 855

1 Owing to the previous year’s reversals in entry of framework grants. See also Notes 26 and 27.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 69 ACCOUNTING AND VALUATION PRINCIPLES

The financial statements in this Annual Buildings 50 years Report were prepared according to Equipment 5 years the Swedish Annual Accounts Act and Computers 3 years the Swedish Accounting Standards Board’s general recommendations. When there is any indication that the The accounting and valuation prin- value of an asset or group of assets ciples are unchanged, except where has fallen, an assessment of its dis- certain costs are concerned. closed value is carried out. If a value From 2015, expenditure on fees decrease is expected to be lasting, the for co-opted members and experts, asset is written down. and also on external information, is Land is reported at acquisition value disclosed as administrative expense less requisite write-down. in the income statement. Previously, Investments in software, both these items were equated with developed in-house and acquired, are research funds and reported as grants written off on a continuous basis. directly against equity. Construction in progress and pre- The disposition of the income state- payments are entered at acquisition ment is adapted to the Foundation’s value. On completion of the work, activities and therefore deviates from value-adding expenses are entered the forms of layout in the Annual under ‘properties’ in the balance sheet Accounts Act. Information is provided, and other expenses are entered in the in notes to the balance sheet and income statement. income statement, on the market value of assets and on profit or loss for Valuation of financial assets the year including change in unrealised Share-related securities (including gain. convertible securities and shares and Book value and comparable market shareholder contributions) are valued value of balance-sheet items may be individually at acquisition value less found in a separate appendix. requisite write-down. Accrued interest on convertible securities is reported as Valuation of tangible assets accrued income in the balance sheet. Tangible assets are valued at acqui- Hedge funds, participating loans and sition value less depreciation and the unlisted property fund are valued requisite write-down. Tangible assets collectively for each group separately, are depreciated systematically over at acquisition value less requisite the expected useful life of the assets write-down. concerned. The linear depreciation Interest-bearing securities (including method is used for all types of tangible floating-rate notes and interest-bearing asset. The following depreciation loans) are valued collectively at acqui- periods are applied: sition value less requisite write-down. Accrued interest on coupon bonds is

70 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 ACCOUNTING AND VALUATION PRINCIPLES

disclosed as accrued income in the Approved research grants balance sheet. Zero-coupon bonds Approved research grants are reported are valued at accrued acquisition directly against non-restricted equity value. and entered as liabilities on the Foreign securities are valued with decision dates concerned. Approved reference to the exchange rate on the funding payable from return in future acquisition date. years is entered as a contingent liability. Information on approved framework Valuation of current assets grants with no final beneficiary is given Receivables are entered in the in a note. amounts that, after individual assessment, are expected to be paid. Equity Receivables in foreign currency are Book equity consists of restricted and valued with reference to the exchange non-restricted equity. The restricted rate on the balance-sheet date. equity (donation capital) consists of Outstanding forward currency the Bank of Sweden Donation and the contracts are valued collectively at Erik Rönnberg Donations. Under the the lower of cost or market value. terms and conditions of these dona- Accordingly, if the asset group of tions, their real value is to be sustained forward currency contracts has a neg- over time. This takes place through an ative market value, this is entered as a annual allocation to restricted equity, liability along with the corresponding in an amount calculated with reference write-down. The difference between to the trend of the Swedish consumer forward and spot rates is distributed price index between the years con- over the term of the forward currency cerned. The restricted equity is not contract and reported as accrued available for distribution. interest income. Non-restricted equity consists of Commercial papers are valued col- the Humanities and Social Sciences lectively at the lower of cost or market Donation and profit brought forward. For value. Accordingly, if the asset group this Donation, as stated in the terms and of commercial papers has a book conditions, its entire capital may be used value in excess of the real value, the for research grants. Within the scope of requisite write-down of the difference non-restricted equity, however, an alloca- is entered. Accrued interest on com- tion is nevertheless made to preserve the mercial papers is entered as accrued real value of the Donation. income in the balance sheet. Profit brought forward consists of Bank deposits in foreign currencies the gains made less the sum allo- are valued at the exchange rate on the cated to preserve the real value of the balance-sheet date. Donations and less approved research grants. Under a 1992 Board decision, Valuation of liabilities profit brought forward must amount Liabilities in foreign currency are to a sum equivalent to at least the valued with reference to the exchange research funds distributed over three rate on the balance-sheet date. years, on a normal scale.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 71 Notes 1–35 NOTES

NOTES (SEK ’000)

NOTE 1. Dividend 2015 2014

Shares 221 968 180 150 Alternative investments 6 030 2 167 Total 227 998 182 317

NOTE 2. Interest income 2015 2014

Bank deposits 41 457 Commercial papers 2 510 9 009 Floating-rate notes 6 318 9 684 Bonds 58 368 65 029 Interest-bearing loan, Areim and Profi 9 373 6 717 Currency forwards −51 7 303 Participating loans 47 743 7 211 Total 124 302 105 410

NOTE 3. Profit from properties 2015 2014

Income from rent 37 648 34 595 Depreciation −5 480 −5 468 Other expense −24 847 −22 171 Provision to tax-allocation reserves −1 878 − Reversal of tax allocation reserves 2 362 − Tax on profit for the year −1 240 −1 314 Total 5 130 5 642

Of the property income, 4 285 (4 290) refers to estimated internal rent for RJ’s own premises. See also Notes 6, 15, 16 and 17.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 73 NOTE 4. Profit from disposal and write-down of financial instruments 2015 2014

Realised gain or loss, bonds −6 659 −24 146 Reversal of write-down, bonds − 9 043 Write-down, bonds −11 255 − Realised gain or loss, shares 764 633 466 084 Reversal of write-down, shares 83 895 109 095 Reversal of write-down, Areim shares and shareholder contributions 1 286 4 031 Write-down, shares −123 887 −83 895 Write-down, Areim shares and shareholder contributions − −1 286 Write-down, Midstar shares and shareholder contributions −289 − shares Realised gain or loss, floating-rate notes 896 311 Realised gain or loss, hedge fund 81 401 − Realised gain or loss, unlisted property fund (Aberdeen) −1 128 −551 Realised gain or loss, participating loans 693 532 Reversal of write-down, unlisted property fund (Aberdeen) 9 908 7 948 Write-down, unlisted property fund (Aberdeen) −2 433 −9 908 Write-down, floating-rate notes −7 636 − Total 789 425 477 258

NOTE 5. Financial expense 2015 2014

Safe-custody charge 1 109 988 Other financial expense 2 951 2 324 Total 4 060 3 312

NOTE 6. Interest expense 2015 2014

Bank 31 23 Properties 475 840 Currency forwards 7 095 265 Total 7 601 1 128

NOTE 7. Profit from foreign exchange etc. 2015 2014

Unrealised exchange gain or loss −88 2 200 Profit from currency forwards −160 691 −154 990 Reversal of write-down, currency forwards 41 426 − Write-down, currency forwards − −41 426 Total −119 353 −194 216

74 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 8. Salaries, other remuneration and employer’s social-insurance contributions 2015 2014

Salaries and other remuneration: Board and Chief Executive 3 527 3 706 Other staff 13 655 13 470 Total 17 182 17 176

Employer’s social-insurance contributions 8 895 9 693 – of which pension costs 2 764 3 581

Of pension costs, 818 (885) relates to Chief Executive. There are no pension expenses or pension benefits for Board members.

NOTE 9. Average number of employees 2015 2014

Women 11 11 Men 7 7 Total 18 18

NOTE 10. Sickness absence, 2015 Short-term Long-term absence absence

Women 0.383% 0.00% Men 0.00% 0.00% Total 0.234% 0.00%

NOTE 11. Remuneration to auditors (incl. VAT) 2015 2014

PwC Internal audit assignment 288 394 Additional consultation 106 129 Swedish National Audit Office External audit assignment 777 300 Total 1 171 823

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 75 NOTE 12. Equipment 2015 2014

Acquisition value brought forward 4 322 4 457 Purchases − 71 Sales and rejects − −206 Cumulative acquisition value carried forward 4 322 4 322

Depreciation brought forward −4 093 −4 144 Sales and rejects − 206 Depreciation for the year −137 −155 Cumulative depreciation carried forward −4 230 −4 093

Planned residual value carried forward 92 229

NOTE 13. Profit or loss for the year including change in unrealised gain 2015 2014

Profit or loss for the year 967 243 533 509 Change in unrealised gain (see below) −209 154 839 551 Total 758 089 1 373 060

Change in unrealised gain 2015 2014 Change

Properties 692 594 597 613 94 981 Bonds − 28 152 −28 152 Floating-rate notes − 6 681 −6 681 Shares 1 878 012 2 139 170 −261 158 Property funds 36 853 9 084 27 769 Hedge funds 217 946 249 207 −31 261 Participating loans, Sveafastigheter 10 468 36 901 −26 433 Commercial papers − 424 −424 Currency forwards 22 205 − 22 205 Total 2 858 078 3 067 232 −209 154

See also Note 27.

NOTE 14. Allocation for preservation of real value

The Swedish consumer price index averaged 313.35 in 2015. The corresponding index for 2014 was 313.49, and the decrease between 2014 and 2015 was therefore 0.0447%. The real value of the donations (restricted equity) must therefore have fallen by 2 674 363 x 0.0447% = 1 195, while the Humanities and Social Sciences Donation (non-restricted equity) must have fallen by 1 933 941 x 0.0447% = 864. See also Notes 26 and 27.

76 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 15. Properties Book value Market value1

Styrpinnen 23, Stockholm 117 794 193 000 Brännaren 7, Stockholm 13 199 99 000 Sländan 2, Stockholm 6 121 78 000 Rekryten 6, Stockholm 20 860 160 000 Snöklockan 1, Stockholm 16 921 114 000 Jasminen 4, Stockholm 11 418 70 000 Apelträdet 5, Stockholm 11 806 54 000 Hjorten 17, Stockholm 13 625 115 000 Sånglärkan 12, Stockholm 45 662 67 000 Total 257 406 950 000

The properties are 100% owned by RJ. 1 The figures for market values are based on external valuations by Cushman & Wakefield (formerly DTZ).

NOTE 16. Properties 2015 2014

Buildings Acquisition value brought forward 273 428 273 428 Acquisition for the year 3 500 − Cumulative acquisition value carried forward 276 928 273 428

Depreciation brought forward −99 960 −94 492 Depreciation for the year −5 481 −5 468 Cumulative depreciation carried forward −105 441 −99 960

Write-down brought forward −10 700 −10 700 Cumulative write-down carried forward −10 700 −10 700

Land Acquisition value brought forward 96 619 96 619 Cumulative acquisition value carried forward 96 619 96 619

Planned residual value carried forward 257 406 259 387 Tax assessment value, buildings 281 936 281 936 Tax assessment value, land 321 151 321 151

The market values of properties are specified in Note 15. See also Notes 3, 6 and 17.

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 77 NOTE 17. Construction in progress and prepayments 2015 2014

Construction in progress and prepayments, Rekryten 6 13 402 5 851 Closing accumulated acquisition values 13 402 5 851

NOTE 18. Bonds Maturity year Nominal value Book value Market value1

Swedish nominal-rate mortgage bonds 2017 230 000 260 630 250 768 2018 760 000 808 945 812 802 2019 170 000 182 811 181 036 2020 182 000 211 539 207 103 Total 1 342 000 1 463 925 1 451 709

Swedish nominal-rate corporate bonds 2016 159 000 160 713 163 520 2018 97 400 100 600 99 666 2019 100 000 99 832 100 105 2020 28 000 27 850 29 235 2023 30 000 31 588 29 018 Total 414 400 420 583 421 544 Total 1 756 400 1 884 508 1 873 253

1 Bonds are market-valued at real value. Real value is normally the last price paid on the balance-sheet date or, failing this, the last bid price or estimated indicative price based on an average paid by three market players. The third option is currently used for the majority of corporate bonds.

Note 19. Floating-rate notes Maturity year Nominal value Book value Market value1

Swedish floating-rate notes 2016 85 800 85 827 86 947 2017 25 000 25 000 25 208 2018 250 000 252 074 249 352 2019 219 000 221 406 217 922 2020 163 000 164 590 161 832 Total 742 800 748 897 741 261

1 Floating-rate notes are market-valued at real value. Real value is normally the last price paid on the balance-sheet date or, failing this, the last bid price or estimated indicative price based on an average paid by three market players. The third option is currently used for the majority of floating-rate notes.

78 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 20. Shares Swedish shares Number Book value Market value1

Alfa Laval 520 000 78 543 80 600 Assa Abloy B 900 000 89 801 160 200 AstraZeneca SDB 80 000 38 444 46 240 Atlas Copco B 970 000 151 861 189 441 Autoliv SDB 50 000 29 567 53 650 Beijer Alma AB B 125 135 18 641 27 467 Betsson AB B 200 000 12 294 31 100 BillerudKorsnäs 350 000 42 397 55 020 CLX 50 000 2 950 4 525 Coor Service 500 000 18 190 19 700 Electrolux B 175 000 30 732 35 910 Elekta B 1 400 000 95 783 100 940 Ericsson B 2 450 000 201 635 201 635 Fabege 250 000 18 058 35 025 Fenix Outdoor International B 100 000 7 123 40 800 Getinge B 400 000 80 466 89 000 Hennes & Mauritz B 1 050 000 244 859 317 204 Hexagon AB B 300 000 67 843 94 440 Hexpol 380 000 31 031 34 618 Indutrade 60 000 14 624 28 830 Intrum Justitia 250 000 49 335 72 150 Investor B 630 000 112 087 196 938 Inwido AB 450 000 32 490 49 950 JM B 200 000 46 605 50 540 Kinnevik B 330 000 86 460 86 460 Kungsleden 729 287 32 019 44 122 Mekonomen B 200 000 34 600 34 600 NetEnt B 70 000 25 965 34 615 Nolato B 100 000 16 514 25 750 Nordea 2 200 000 123 561 205 260 Pandox AB 150 000 16 619 23 385 Poolia B 386 395 4 791 4 791 Sandvik 1 100 000 81 455 81 455 SCA B 735 000 135 670 181 178 SEB A 1 680 000 106 548 150 192 Skanska B 150 000 17 161 24 720 SKF B 300 000 41 160 41 160 Svenska Handelsbanken A 1 240 000 101 688 139 996 SWECO AB B 92 653 9 124 11 512 Swedbank A 775 000 98 767 145 003 TeliaSonera 1 750 000 73 833 73 833 Trelleborg B 50 000 5 724 8 240 Troax 300 000 24 276 37 500

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 79 NOTE 20. Shares Swedish shares Number Book value Market value1 Volvo B 1 300 000 102 830 102 830 ÅF B 365 000 31 319 52 469 Total Swedish shares 2 685 443 3 524 994

Foreign shares Number Book value Market value1

Australia Westpac Banking Corp. 120 000 24 046 24 751 Belgium KBC 25 000 9 522 13 324 Canada Enbridge Inc. 50 000 13 407 13 769 Rogers Communications Inc. 48 000 13 737 14 039 Toronto-Dominion Bank 95 000 25 730 31 573 China Alibaba Group 43 000 29 529 29 529 China Construction Bank 4 600 000 26 455 26 455 Denmark Danske Bank 105 000 23 909 23 909 France BNP Paribas 58 000 18 512 27 960 LVMH 14 000 13 249 18 884 Sanofi Aventis 26 000 12 889 18 997 Schneider Electric 63 000 31 000 31 000 Total 87 000 30 626 33 148 Germany BASF AG 35 000 19 312 22 689 Bayer AG NPV 36 000 38 214 38 214 Kion Group AG 70 000 26 280 29 529 Linde AG 25 000 30 685 30 685 Hong Kong AIA Group 525 000 15 748 26 405 China Mobile 150 000 14 218 14 218 Italy Intesa Sanpaolo 1 000 000 21 412 28 306 Japan Canon 80 000 20 513 20 513 Itochu 350 000 28 780 35 214 Mitsubishi UFJ Financial Group 900 000 34 070 47 542 Nidec Corp. 36 000 22 197 22 197 Panasonic 380 000 31 781 32 890 Seven & I Holdings Co. 93 000 25 452 36 013 SMC Corp. 9 000 10 534 19 950

80 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

Foreign shares Number Book value Market value1 Softbank 36 000 12 800 15 420 Toyota Motor 160 700 68 794 83 958 Mexico Banorte 700 000 31 782 31 888 Singapore DBS Group 380 000 31 656 37 691 South Korea Hyundai Motor 13 000 11 857 13 753 Samsung 500 2 534 4 473 Samsung Electronics (Global Deposit 10 800 29 705 48 623 Receipts) Spain Red Eléctrica 45 000 28 244 32 002 Switzerland Nestlé 125 000 40 943 79 044 Novartis 29 218 10 480 21 512 Roche 31 400 55 855 73 617 Sunrise Communications 30 000 15 039 15 039 Taiwan Taiwan Semiconductor Manufacturing Com- 160 000 20 631 30 778 pany Ltd (American Deposit Receipt) United Kingdom AstraZeneca 30 000 16 346 17 248 BG Group 175 000 21 612 21 612 BT Group 735 000 36 887 43 073 Capita Plc 160 000 24 293 24 293 Lloyds TSB 2 800 000 25 668 25 668 Prudential 210 000 25 278 40 438 Reckitt Benckiser 53 000 23 517 41 655 Royal Dutch Shell B 121 000 23 556 23 556 Shire Plc 14 000 6 665 8 204 Whitbread Plc 32 000 17 721 17 721 United States 3M 33 000 23 316 42 147 Accenture Plc 38 000 15 646 33 820 Allergan PLC 23 000 15 007 60 923 Alphabet Inc. Class A 3 700 7 943 24 584 Alphabet Inc. Class C 2 207 4 766 14 306 Anadarko Petroleum 37 000 15 050 15 050 Apple Inc. 20 000 10 310 18 046 Bank of America 385 000 51 500 55 188 Biogen 6 000 15 554 15 554 Blackstone 150 000 16 385 37 468 Capital One Financial Corp. 45 000 17 854 27 698

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 81 Foreign shares Number Book value Market value1 Cisco Systems 312 000 47 949 72 214 Citigroup 170 000 46 103 74 750 Comcast Corp. 69 000 15 284 32 898 Conocophillips 12 000 4 701 4 701 DOW Chemical 68 000 29 534 29 534 Edison International 63 000 21 193 31 939 Electronic Arts 24 000 13 557 14 054 Exxon Mobil 62 000 37 655 40 716 General Electric 270 000 49 576 70 483 Hain Celestial 38 300 13 164 13 164 IBM 10 000 11 121 11 715 Infinera Corp. 350 000 44 524 54 114 Ingersoll Rand 66 000 30 979 30 979 Intel 125 000 17 899 36 772 International Flavors & Fragrances 36 000 33 048 36 508 Johnson & Johnson 111 000 56 490 96 849 JPMorgan Chase 200 000 61 959 111 969 Macy's Inc. 81 000 20 323 24 094 McDonald's 12 000 6 965 12 049 Mead Johnson Nutrition 20 542 9 006 13 701 Medtronic Inc. 72 020 38 401 46 944 Merck US 113 670 41 084 50 889 Microsoft Corp. 353 000 71 592 167 117 Mondelez International 137 000 23 490 52 419 Nike 100 000 15 743 53 177 Pepsi Co. 95 000 51 269 80 789 Procter & Gamble Co. 84 000 47 631 56 547 Rockwell Automation Inc. 24 000 13 877 20 981 Schlumberger 26 000 14 102 15 223 Starbucks 105 000 28 306 53 690 United Parcel Service 53 000 43 003 43 263 Valero 35 000 9 482 21 063 Verizon Communications Inc. 32 401 9 566 12 741 Visa Inc. 54 000 18 673 35 571 Walt Disney 99 000 30 099 88 510 Wells Fargo 85 000 24 449 39 226 Zoetis 62 982 7 401 25 554 Total foreign shares 2 446 199 3 484 660 Grand total, shares 5 131 642 7 009 654

1 Share-related securities (incl. convertible securities) are market-valued at real value. Real value is normally the last price paid on the balance-sheet date or, failing this, the last bid price. Foreign securities are valued with reference to the exchange rate on the balance-sheet date.

82 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 21. Alternative investments Number of units Book value Market value1

Hedge funds Brummer Multi-Strategy 40 913 90 000 94 759 Carve 68 702 70 000 92 586 IPM 403 565 50 000 50 106 Lynx 236 135 41 388 58 550 Madrague 58 833 80 000 81 148 Manticore 16 741 28 125 30 184 Nektar 65 950 115 092 166 099 Observatory 46 460 85 625 126 312 Ram One 97 227 110 000 128 951 Rhenman 210 000 21 000 59 207 Zenit 2 034 100 000 121 274 Total, hedge funds 791 230 1 009 176

Participating loans Sveafastigheter Fund II 11 600 3 161 Sveafastigheter Fund III 69 162 88 069 Total, participating loans 80 762 91 230

Unlisted property fund Aberdeen 265 210 49 223 46 790 Write-down Aberdeen –2 433 Total, unlisted property fund 46 790 46 790

Shares and shareholder contributions, property funds Shares and shareholder contributions 312 062 348 627 Write-down −289 Interest-bearing loan 104 422 104 422 Total, property funds 416 195 453 049 Total, alternative investments 1 334 977 1 600 245

NOTE 21. Undrawn commitments in property funds and 2015 2014 part-owned property companies 2)

Undrawn commitment in participating loans, Sveafastigheter Fund II. The commitment is valid up to and including 30 June 2019. 2 560 2 560 Undrawn commitment in participating loans, Sveafastigheter Fund III. The commitment is valid up to and including 31 December 2017. 26 044 32 139 Undrawn commitment in participating loans, Areim. The commitment is valid up to and including 26 July 2016. 84 614 157 835 Undrawn commitment in the Areim Brädstapeln property fund. The Areim commitment is valid up to and including 26 July 2016. 17 192 17 192

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 83 NOTE 21. Undrawn commitments in property funds and 2015 2014 part-owned property companies 2) Undrawn commitment in the Areim 3 property fund. The commitment is valid up to and including 30 September 2019. 153 374 − Undrawn commitment in the Profi property fund. The Profi commitment is valid up to and including 26 November 2021. 75 871 83 108 Undrawn commitment in Midstar Hotels. The commitment is valid up to and including 31 December 2028. 126 069 − Commitment in Thule Fund S. A. Payment is due 31 March 2016. 250 000 − Total 735 724 292 834

1 Hedge funds, participating loans, the unlisted property fund and property funds are market-valued at their real value. Real value is normally the value reported by the respective fund manager. Foreign securities are valued with reference to the exchange rate on the balance-sheet date. 2 Undrawn commitments in property funds and part-owned property companies were disclosed as contingent liabilities up to and including 2014.

NOTE 22. Receivables 2015 2014

Rent receivables etc. 272 − Prepaid salaries − 3 Tax 2013 − 894 Tax 2014 796 982 Tax 2015 1 562 − Securities sold but not paid for 12 663 − Others − 19 Total 15 293 1 898

NOTE 23. Deferred expense and accrued income 2015 2014

Accrued interest 32 217 36 452 Deferred expense 529 1 722 Total 32 746 38 174

NOTE 24. Commercial papers Maturity in 2016 Nominal value Book value Market value1

Corporate commercial papers 1st quarter 465 000 464 632 464 733 2nd quarter 110 000 109 954 109 853 3rd quarter − − − 4th quarter − − − Total 575 000 574 586 574 586

1 Commercial papers are market-valued at their real value. Real value is normally the last price paid on the balance-sheet date or, failing this, the last bid price.

84 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 25. Currency forwards Currency purchased or sold Nominal amount Market value1

Maturity month January 2016 SEK/EUR 117 638 3 078 SEK/GBP 57 747 1 734 SEK/JPY 83 374 −342 Maturity month February 2016 SEK/EUR 40 305 445 SEK/GBP 39 531 2 219 SEK/JPY 49 605 775 SEK/USD 232 056 7 935 Maturity month March 2016 SEK/EUR 94 442 990 SEK/GBP 35 642 836 SEK/JPY 49 255 424 SEK/USD 230 604 4 109 Total 1 030 199 22 205

1 Currency forwards are market-valued at their real value. Real value is normally the last rate paid on the balance-sheet date or, failing this, the last bid rate. If the asset class of currency forwards has a negative market value, it is entered as a liability and the corresponding write-down is made.

NOTE 26. Equity, book value Restricted Equity, 31 December 2014 equity1 Non-restricted equity All equity Humanities and Profit Social Sciences brought Donation forward

Closing balance 31 December 3 716 111 2014 Adjustment 6 11 948 Equity, 31 December 2014 2 674 363 1 933 941 3 728 059 8 336 363 Allocation for preservation of real value of donation capital2 −1 195 −864 2 059 − Profit or loss for the year 967 243 967 243 Unused grants 38 322 38 322 Research grants approved 4 −542 781 −542 781 Equity, 31 December 2015 2 673 168 1 933 077 4 192 902 8 799 147

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 85 NOTE 27. Equity, market value5 Restricted Equity, 31 December 2014 equity1 Non-restricted equity All equity Humanities and Profit Social Sciences brought Donation forward

Closing balance 31 December 6 783 344 2014 Adjustment 6 11 948 Equity, 31 December 2014 2 674 363 1 933 941 6 795 292 11 403 596 Allocation for preservation of real value of donation capital2 −1 195 −864 2 059 − Profit or loss for the year including change in unrealised gain 3 758 089 758 089 Unused grants 38 322 38 322 Research grants approved 4 −542 781 −542 781 Equity, 31 December 2015 2 673 168 1 933 077 7 050 981 11 657 226

1 Bank of Sweden Donation and Erik Rönnberg Donations. 2 The conditions of the Bank of Sweden Donation stipulate that the real value of the donation must be preserved over time. The same basic provision applies to both of the private donations received by Stiftelsen Riksbankens Jubileumsfond (from Erik Rönnberg). See Note 14. 3 See Note 13. 4 For approved research grants, see Note 33. 5 The Foundation’s equity is valued at market value, and corresponds to assets less liabilities at market value. 6 Refers to the 2014 change in the accounting principle for framework grants.

NOTE 28. Tax-allocation reserve, properties 2015 2014

Tax-allocation reserve, properties, 2010 − 2 362 Tax-allocation reserve, properties, 2011 2 250 2 250 Tax-allocation reserve, properties, 2012 2 591 2 591 Tax-allocation reserve, properties, 2013 1 055 1 055 Tax-allocation reserve, properties, 2014 1 578 1 578 Tax-allocation reserve, properties, 2016 1 879 − Total 9 353 9 836

NOTE 29. Other current liabilities 2015 2014

Employees’ tax at source 1 268 985 Management of funds from joint projects 10 257 6 058 Value-added tax (VAT) 205 309 Other, including transactions not settled 613 475 Total 12 343 7 827

86 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 NOTES

NOTE 30. Accrued expense and deferred income 2015 2014

Employer’s social-insurance contributions 1 080 1 089 Holidays earned in advance but not taken 1 747 1 635 Special (payroll) tax on pension insurance premiums 821 816 Accrued interest 41 74 Deferred rental income 2 842 3 630 Miscellaneous, properties 503 1 095 Other accrued expense 1 371 768 Total 8 405 9 107

NOTE 31. Pledged assets 2015 2014

For own allocations and debts For liabilities, secured loans and derivatives Property mortgage 49 371 49 371 Total 49 371 49 371

NOTE 32. Contingent liabilities 2015 20141

Grants approved to be disbursed from return in the year 6 550 10 632 ahead Total 6 550 10 632

1 In the Annual Report for 2014, framework grants and undrawn commitments in property funds were disclosed as contingent liabilities. Information about these is now given in Notes 34 and 21 respectively.

NOTE 33. Approved research grants 2015 2014

From Bank of Sweden Donation, including Nils-Eric Svensson Fund 151 308 171 275 From Humanities and Social Sciences Donation 390 673 237 504 From Erik Rönnberg’s Donation for research on ageing and age-related diseases 600 600 From Erik Rönnberg’s Donation for research on diseases during the early childhood years 200 200 Total 542 781 409 579

For more detailed information, see the ‘Overview of research support in 2015’ section (pages 10–44).

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 87 NOTE 34. Framework grants1 2015 2014

Framework grants 39 652 178 011 Total 39 652 178 011

1 Framework grants were disclosed as contingent liabilities in the annual accounts for 2014.

NOTE 35. External costs 2015 2014

External research-related costs 1 10 666 − Other external expense 10 918 10 793 Total 21 584 10 793

1 Refers to fees for co-opted members and experts, and costs of external information. Up to and including 2014, these were equated with research funds and reported as grants directly against equity.

88 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 AUDITOR’S REPORT

Annual Report, Stiftelsen Riksbankens Jubileumsfond 2015, Stockholm, 25 February 2016

Marit Jänterä-Jareborg Thomas Strand Ewa Thalén Finné Chair Vice Chair

Virpi Havila Carina Mood Hans Mertzig

Ingela Nylund Watz Elisabeth Svantesson Kerstin Hessius

Agneta Gille Esabelle Dingizian Bo Stråth

Göran Blomqvist Managing Director

The Auditors’ Report 1 was signed by the Riksrevisionen (The Swedish National Audit Office) on 29 March 2016.

Anders Herjevik Jesper Fagerberg Authorised Public Accountant Authorised Public Accountant

1 Which departs from the standard form

RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 89 Translation from Swedish

AUDITOR’S REPORT FOR STIFTELSEN RIKSBANKENS JUBILEUMSFOND 2015

REPORT ON THE ANNUAL ACCOUNTS plans and performs the audit in such a way Pursuant to Section 5 of the Swedish as to obtain reasonable assurance that the Act on Audit of State Activities etc. annual accounts are free from material mis- (2002:1022), the Swedish National Audit statements. We are independent in relation Office (NAO) has audited the annual to the Foundation, in accordance with the accounts of Riksbankens Jubileumsfond ISSAI 30 Code of Ethics, and have fulfilled (the Swedish Foundation for Humanities our commitments in conformity with these and Social Sciences) for 2015, dated 25 ethical rules. February 2016. The objectives of our audit are to obtain The Foundation belongs to the audit reasonable assurance that the annual area of Auditor General Margareta Åberg. accounts as a whole are free from material The audit was performed under the aegis misstatement, and to draw up an audit of Anders Herjevik as the Auditor in report that contains the NAO’s statements. Charge, with Jesper Fagerberg as the Audit Reasonable assurance is a high degree of Manager. certainty, but not a guarantee that an audit according to ISSAI and RRI will always Board and Chief Executive’s responsibility detect a material misstatement when it for annual accounts exists. Misstatements may arise owing It is the Board and Chief Executive who, to irregularities or other errors and are under the Swedish Annual Accounts Act deemed to be material if, singly or together, (SFS 1995:1554), bear responsibility for they may reasonably be expected to affect drawing up annual accounts that provide a the financial decisions taken by the user on true picture. The Board and Chief Executive the basis of the annual accounts. are also responsible for the internal govern- As part of an audit in accordance with ance and control deemed by the Act to be ISSAI, we planned and carried out the necessary for drawing up annual accounts audit with a workmanlike assessment and that are free from material misstatement, maintained an attitude of professional whether due to irregularities or to errors. scepticism. We also: • identified and assessed the risks of Auditor’s responsibility material misstatements in the annual The NAO’s responsibility is to express an accounts, whether due to irregularities opinion on the annual accounts based on or errors; shaped and implemented our its audit. The Office has conducted this auditing measures to deal with these audit in accordance with the International risks; and thereby obtained audit evi- Standards of Supreme Audit Institutions dence that is sufficient and suitable for (ISSAI) for financial auditing and the NAO’s providing a foundation for our state- instructions for auditing of the income ments. The risk of not detecting a mate- statement and other information in the rial misstatement owing to irregularities annual accounts (RRI). Our responsibility is greater than for other misstatements, in accordance with these standards means since irregularities may entail collusion, ensuring that the Office complies with forgery, wilful neglect, misleading or professional ethical requirements, and incorrect presentation of information,

90 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 AUDITOR’S REPORT 91 - - - - RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS drawn up its annual accounts according to the Swedish Annual Accounts Act (1955:1554) provided a true picture of the financing results, financial Foundation’s and financial position31 at December 2015. issued an administration report and compatible are that information other with and support a true picture in the Annual Report as a whole. We considerWe that the audit evidence we Our communication with the management relates to matters including the planned scope and emphasis of the audit and substantial results from it, including any substantial shortcomings internal in gov ernance and control that we identify during the audit. appropriate and sufficient is obtained have as a basis for the Swedish state NAO’s Particularly important information ments below. Opinion In the view, NAO’s Riksbankens Jubileumsfond has, in all essential respects: • • • Reporting of framework grants theIn previous framework year, grants were disclosed as contingent liabilities. With effect these from grants are no 2015, longer reported as contingent liabilities and, instead, information is provided on them in 34. Note Our opinion is expressed without any reservation in this respect. Reportingoutstanding any of invest ment commitments in funds, were any, if reported as contingent liabilities. With effect these from are no longer 2015, reported as contingent liabilities and, instead, information is provided on them ment commitments funds in previousIn years outstanding invest ------for other information not directly directly not information other for connected with the financial state cial or non-financial nature provided provided nature non-financial or cial in the administration report, we have audit appropriate and sufficient found been has information this that evidence purpose, with along the compiled with the other parts of the annual report, of operations of picture true a conveying on the basis of the rules. ments, we taken have steps to assure ourselves, based on our knowledge of is information this that Foundation, the compatible with the other parts of the report material annual from free and errors. evaluated the suitability of accounting plausibility the and applied principles related and assessments estimates, of manage the by presented information for essential information of a finan obtained an understanding of the the of understanding an obtained are that control and governance internal relevant to the audit, in order to devise audit measures that are suitable in the context but not to express an opinion Foundation’s the of effectiveness the on control. and governance internal presentation, overall the evaluated structure and content of the annual and information, including accounts, reason accounts annual the whether appropriate and sufficient secured financial the regarding evidence audit Foundation. the for information or circumvention of internal governance governance internal of circumvention or control. and ment in the annual accounts. trans underlying the represent ably actions and events in a manner that attains a true picture.

• mented the audit in such that: a way • • As part of our examination in accordance with RRI, we also planned and imple • • • in Note 21. Our opinion is expressed Grounds for opinion with reservation without any reservation in this respect. Under Section 5 of the foundation charter, in paying fees to Board members, the Foundation must comply with the REPORT ON OTHER STATUTORY Swedish Act (1989:185) on Fees, etc. for REQUIREMENTS Assignments within the Riksdag, its Board and Chief Executive’s administration Authorities and Bodies. It has become In addition to auditing the Foundation’s evident in the administrative audit annual accounts, the Swedish NAO implemented that fees to Board members has also audited the Board and Chief have been disbursed in contravention Executive’s administration of the of the Act (1989:185) on Fees, etc. Foundation for the 2015 financial year. for Assignments within the Riksdag, its Authorities and Bodies, and the Board and Chief Executive’s responsibility Foundation has therefore not complied It is the Board and Chief Executive who are with Section 5 of the foundation charter. responsible for administration under the Since the payments have been made in Swedish Foundations Act (1994:1220) and contravention of current law, the Board the Deed of Foundation. member or Chief Executive may also, owing to this conduct, have caused the Auditor’s responsibility Foundation to suffer financial loss. The Swedish National Audit Office’s responsibility is to express, with reasona- Opinion ble assurance, an opinion on the adminis- In the Swedish National Audit Office’s tration on the basis of its audit. The NAO opinion, the Board members and Chief conducted the audit according to ISSAI, Executive have not acted in contra- RRI and relevant parts of RevR 209, the rec- vention of the Swedish Foundations ommendation on auditing of administration Act (1994:1220) or the Swedish Annual by the board and managing director/chief Accounts Act (1995:1554). executive issued by the Swedish Institute As a consequence of the situation of Authorised Public Accountants (FAR). described under ‘Grounds for opinion As a basis for our opinion, besides audit- with reservation’, the NAO’s view is that ing the annual accounts, the Audit Office the Board member or Chief Executive has has examined material decisions, actions acted in contravention of the foundation and circumstances in the Foundation in charter and may thereby be obliged to pay order to be able to determine whether any compensation. Board member and/or the Chief Executive Anders Herjevik, Auditor in Charge, owes money to the Foundation or whether decided on this matter. Jesper Fagerberg, grounds for dismissal exist. We have also examined whether any Audit Manager, was the rapporteur. Board member and/or the Chief Executive has otherwise acted in contravention of Anders Herjevik the Swedish Foundations Act (1994:1220), the Deed of Foundation or the Annual Jesper Fagerberg Accounts Act (1995:1554). We consider that the audit evidence we have obtained is sufficient and appropriate as a basis for Copy for information to Stiftelsen our opinion. Riksbankens Jubileumsfond

92 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 DONATIONS AT MARKET VALUE 93 - (0.0709%) (0.2304%) (69.7385%)

(29.9602%) 8 085 26 274 3 416 540 7 952 696 11 403 595 (SEK ’000) RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS

Erik Rönnberg's Donation for research on diseases during years childhood early the Total assetsTotal at market value at the beginning of 2015 Erik Rönnberg's Donation for research on ageing and age-related diseases Humanities and Social Sciences Donation Sciences Social and Humanities Bank of Sweden Donation, including the Nils-Eric Svensson Fund the Bank of Sweden Donation donation (the from the Bank of Sweden research) support scientific and promote to the Nils-Eric Svensson Fund the Humanities and Social Sciences Donation Erik Rönnberg’s Donation for research on ageing and age-related diseases Erik Rönnberg’s Donation for research on diseases during the early years. childhood 4. 3. 2. 1. Riksbankens Jubileumsfond’s total return in 2015 (reported surplus for the year plus change in unrealised gain = 967 243 + − 209 154 = 758 089) to be is allocated proportionately to the various donations. were as follows: At theAt beginning of 2015 the market values of the various donations All funds donated are to RJ managed jointly. The returns on the various dona • • • • • a more(For detailed description of the purposes of the various donations, please refer to the ‘Overview of research support in 2015’ section.) The funds administered by Riksbankens Jubileumsfond are derived from one one from derived are Jubileumsfond Riksbankens by administered funds The donations. four and fund DONATIONS AT MARKET VALUE MARKET AT DONATIONS total foundation’s The purposes. different for earmarked however, are, tions return on managed funds must therefore be shared among these donations. : 1. Bank of Sweden Donation, including Nils-Eric Svensson Fund Value brought forward 7 952 696 Share of total return for the year 528 680 Grants for the year and unused grants −351 802 Market value 31 December 2015 8 129 574

Grants from the Nils-Eric Svensson Fund have no direct link to the return on managed funds. RJ’s Board has undertaken to ensure that the grants made each year can amount to a given sum, this being SEK 400 in 2015.

The donation is expected to be exhausted by year-end 2015. In this summary, the Nils-Eric Svensson Fund has therefore been combined with the Bank of Sweden Donation.

2. Humanities and Social Sciences Donation Value brought forward 3 416 540 Share of total return for the year 227 125 Grants for the year and unused grants −151 137 Market value 31 December 2015 3 492 528

3. Erik Rönnberg’s Donation for research on ageing and age-related diseases Value brought forward 26 274 Share of total return for the year 1 747 Grants for the year and unused grants −1 162 Market value 31 December 2015 26 859

4. Erik Rönnberg’s Donation for research on diseases during the early childhood years Value brought forward 8 085 Share of total return for the year 537 Grants for the year and unused grants −358 Market value 31 December 2015 8 264

Total assets at market value, 31 December 2015 11 657 225

94 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 APPENDIX 95

– 229 value 5 851 1 898 38 174 97 079 48 338 118 855 Market Market 992 310 176 500 102 584 713 399 857 000 863 080 528 845 872 326 1 700 539 7 159 834 11 669 109 12 541 435 10 806 029

– 229 Book value 5 851 1 898 31 Dec. 2014 38 174 87 995 48 338 118 855 871 901 522 164 743 102 139 599 102 584 712 974 259 387 265 467 1 672 387 8 602 301 5 020 665 8 336 834 9 474 202

92 (SEK ’000) (SEK ’000) value 13 402 91 230 15 293 46 790 32 746 22 205 87 483 Market Market 741 261 104 422 732 313 950 000 963 494 348 627 574 586 1 009 177 1 873 253 7 009 654 11 224 414 12 187 908 12 920 221

– 92 Book value 31 Dec. 2015 13 402 15 293 80 762 46 790 32 746 87 483 741 261 311 774 710 108 791 230 104 422 257 406 270 900 574 586 5 131 642 9 081 134 1 873 253 9 352 034 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS 10 062 142 17 12 18 19 21 21 21 21 21 20 22 23 24 25 15,16 Note

BOOK VALUE AND COMPARABLE MARKET MARKET MARKET COMPARABLE COMPARABLE AND AND VALUE VALUE BOOK BOOK ITEMS ITEMS OF BALANCE-SHEET OF BALANCE-SHEET VALUE VALUE ASSETS FIXED ASSETS assets Tangible Properties Construction in progress Construction in progress and prepayments Equipment Total, tangible assets Total, Financial assets Bonds Floating-rate notes Floating-rate Shares property funds Shares and share contributions, contributions, and share Shares Hedge funds Hedge Participating loans Participating Interest-bearing loans, Areim and Profi Areim loans, Interest-bearing Unlisted property fund Unlisted property Total, financial assets Total, Total, fixed assets fixed Total, CURRENT ASSETS receivables Current Deferred expense and accrued income expense Deferred Commercial papers Commercial Currency forwards Currency Cash and bank balances Total, current assets current Total, Total, assets Total, BOOK VALUE AND COMPARABLE MARKET VALUE OF BALANCE-SHEET ITEMS CONT. (SEK ’000)

Note 31 Dec. 2015 31 Dec. 2014 Book Market Book Market value value value value

EQUITY AND LIABILITIES RESTRICTED EQUITY 26, 27 Donation capital 2 673 168 2 673 168 2 674 363 2 674 363 NON-RESTRICTED EQUITY 26, 27 Humanities and Social Sciences Donation 1 933 076 1 933 076 1 933 941 1 933 941 Profit brought forward 4 192 902 7 050 981 3 728 059 6 795 292 Total, equity 8 799 146 11 657 225 8 336 363 11 403 596

TAX-ALLOCATION RESERVES Tax-allocation reserve, properties 28 9 353 9 353 9 836 9 836 Total, tax-allocation reserves 9 353 9 353 9 836 9 836

PROVISIONS Provisions for pensions 381 381 1 317 1 317 Total, provisions 381 381 1 317 1 317

LONG-TERM LIABILITIES Mortgage loans 45 050 45 050 45 050 45 050 Total, long-term liabilities 45 050 45 050 45 050 45 050

CURRENT LIABILITIES Grants approved but not yet disbursed 1 180 884 1 180 884 1 019 060 1 019 060 Accounts payable 6 580 6 580 4 216 4 216 Currency forwards 25 – – 41 426 41 426 Other current liabilities 29 12 343 12 343 7 827 7 827 Accrued expense and deferred income 30 8 405 8 405 9 107 9 107 Total, current liabilities 1 208 212 1 208 212 1 081 636 1 081 636 Total, liabilities 1 262 996 1 262 996 1 137 839 1 137 839 Total, equity and liabilities 10 062 142 12 920 221 9 474 202 12 541 435

PLEDGED ASSETS 31 49 371 49 371 CONTINGENT LIABILITIES 32 6 550 10 632

96 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 BOARD OF DIRECTORS 97 - Pursuant Statutes, to RJ’s the Board AUDITORS The Swedish National Audit Office audi external Foundation’s the are tors under the Act on Audit of State Activities etc. (2002:1022). The auditor in charge Authorised is Public Herjevik. Anders Accountant has appointed PwC as its internal auditors, with Authorised Public as Dahl Granholm Ulrika Accountant the auditor in charge. Personal deputies Personal Professor Mats Malm Kristoffersson Eleonor Professor Professor Roger Qvarsell Professor Marianne Gullberg Ms Pia Nilsson, MP Party) Democratic (Social Mr Niclas Malmberg, MP (Green Party) Mr Ingemar Nilsson, MP (Social Democratic Party) Ms Shadiye Heydari, S Party) Democratic (Social Mr Jonas Jacobsson Gjörtler, MP (Moderate Party) Ms Betty Malmberg, MP (Moderate Party) RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS

(Chair)

(Social Democratic Party) Democratic (Social Board Members Board Jänterä-Jareborg Maarit Professor Mr Hans Mertzig, CEO Ms Kerstin Hessius, CEO FINANCE COMMITTEE Professor Maarit Jänterä-Jareborg Maarit Professor (Chair) Mr Thomas Strand, MP Party) Democratic (Social Ms Kerstin Hessius, CEO Mr Hans Mertzig, CEO COMMITTEE EXECUTIVE (Moderate Party) (Social Democratic Party) Democratic (Social Ms Ingela Nylund Watz, MP Party) Democratic (Social MP Svantesson, Elisabeth Ms (Moderate Party) ThalénMs Ewa Finné, MP (Deputy Chair) (Green Party) Ms Agneta Gille, MP Mr Thomas Strand, MP Professor Virpi Havila Professor Sven-Axel Månsson Professor Bo Stråth BOARD OF DIRECTORS OF BOARD 1 January–31 December 2015 (Chair) Ms Esabelle Dingizian, MP Dingizian, Esabelle Ms REVIEW PANELS

Review Panel 1: Economics, Law, Political Science etc. Professor Virpi Havila, Business Studies, Uppsala University (Chair) Professor Göran Djupsund, Political Science, Åbo Akademi University Professor Lene Hansen, Political Science, University of Copenhagen Professor Daniel Hjorth, Business Studies, Copenhagen Business School Professor Eleonor Kristoffersson, Law, Örebro University Professor Grete Rusten, Economic Geography, University of Bergen Professor emeritus Tore Schweder, Statistics, University of Oslo Professor Rune Stenbacka, Economics, School of Economics, Helsinki Mr Ingemar Nilsson, MP (Social Democratic Party) Mr Jonas Jacobsson Gjörtler, MP (Moderate Party) Ms Ewa Thalén Finné, MP (Moderate Party) Research Manager Robert Hamrén (RJ)

Review Panel 2: Pedagogy, Psychology, Sociology etc. Professor Sven-Axel Månsson, Social Work, Malmö University (Chair) Professor Carl Martin Allwood, Psychology, University of Gothenburg Professor Gunilla Holm, Education, University of Helsinki Professor Lars Mjöset, Sociology, University of Oslo Professor Elianne Riska, Sociology, University of Helsinki Professor Ann-Margret Rydell, Psychology, Uppsala University Professor Elisabeth Thomson, Demography, Stockholm University Ms Shadiye Heydari, S (Social Democratic Party) Mr Thomas Strand, MP (Social Democratic Party) Research Manager Torbjörn Eng (RJ)

Review Panel 3: Languages, Art, Literary Studies etc. Professor Roger Qvarsell, Culture Studies, Linköping University (Chair) Professor Gunnstein Akselberg, Nordic (Scandinavian) linguistics, University of Bergen Professor Kjersti Bale, Comparative Literature, University of Oslo Professor Yvonne Eriksson, Art and Information Design, Mälardalen University Professor Janne Bondi Johannessen, Linguistics and Language Technology, University of Oslo Professor Stefan Helgesson, English Literature, Stockholm University

98 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REVIEW PANELS 99 (Chair) RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS (Chair) University of Geneva of University University of Bergen of University Karlstad University Professor Dorthe Berntsen, Psychology, Aarhus University Aarhus Psychology, DortheBerntsen, Professor Professor Kjell Arne Brekke, Economics, University of Oslo Contemporary Philosophy, and Modern Engel, Pascal Professor Professor Gregersen, Frans Linguistics, University of Copenhagen Professor Sigmund Grønmo, Sociology, University of Bergen Tampere of University Science, Political Herne, Kaisa Professor Professor Thomas Hylland Eriksen, Social Anthropology, University of Oslo Professor Klaus Müller-Wille, Nordic Philology, University of Zürich Professor Niina Nummela, International Business, University Finland of Turku, Professor Helle Vandkilde, Archaeology, Aarhus University Professor Anette Elisabeth Warring, History, Roskilde University Party) (Moderate MP Svantesson, Elisabeth Ms Ms Ingela Nylund Watz, MP (Social Democratic Party) Lundmark (RJ) ManagerResearch Fredrik Programme Committee Programme Jänterä-Jareborg Maarit Professor Professor Tine Damsholt, European Ethnology, University of Copenhagen of University Ethnology, European Damsholt, Tine Professor Professor Olav Gjelsvik, Philosophy, University of Oslo Professor Lotte Hedeager, Archaeology, University of Oslo Denmark Southern of University History, Economic Henriksen, Ingrid Professor Professor Kjersti Larsen, Social Anthropology, University of Oslo Professor Michael Stausberg, Study of Religion, University of Bergen Ms Betty Malmberg, MP (Moderate Party) Ms Pia Nilsson, MP (Social Democratic Party) Research Manager Britta Lövgren (RJ) Review Panel 4: Philosophy, Historical Sciences, Theology etc. Historical 4: Philosophy, Panel Review Professor Bo Stråth, History, University of Helsinki Ms Agneta Gille, MP (Social Democratic Party) Mr Niclas Malmberg, MP (Green Party) Research Manager Maria Wikse (RJ) Professor Peter Larsen, Information Science and Media Studies, Studies, Media and Science Larsen, Information Peter Professor Professor André Jansson, Media and Communication Studies, Review Panel for Infrastructure for Research PhD Magdalena Gram, former head of research, library and archives at Sweden’s Nationalmuseum Professor Marianne Gullberg, Psycholinguistics, Lund University Professor Anneli Ivarsson, Public Health and Clinical Medicine, Umeå University Professor Staffan Lindberg, Political Science, University of Gothenburg Professor Mats Malm, Comparative Literature, University of Gothenburg (Chair) Director General Jussi Nuorteva, National Archives of Finland Ms Esabelle Dingizian, MP (Green Party) Research Manager Robert Hamrén (RJ)

Chair group (with responsibilities including Humboldt Fellowship etc.) Professor Maarit Jänterä-Jareborg (Chair) Professor Virpi Havila Professor Sven-Axel Månsson Professor Roger Qvarsell Professor Bo Stråth

SECTOR COMMITTEES

Mediatisation of Culture and Everyday Life Dr Göran Blomqvist, Chief Executive of RJ (Chair) Ms Tina Ehn, MP (Green Party) until 30 April 2015 Professor Mats Ekström, Journalism, Media and Communication (JMG), University of Gothenburg Professor Johan Fornäs, Media and Communication Studies, Södertörn University Professor André Jansson, Media and Communication Studies, Karlstad University Professor Anne Jerslev, Media, Cognition and Communication, University of Copenhagen Ulrika Knutson, journalist, former Chairman of the Publicist Club Professor Pelle Snickars, Media and Communication Studies, Umeå University Eva Swartz Grimaldi, Chair of Norstedts, Board member of Stockholm University and Stockholm Concert Hall Research Manager Maria Wikse (RJ)

100 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 SECTOR COMMITTEES 101 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS (Chair) Linköping University University Linköping University Stockholm University University of Gothenburg Swedish National Road and Transport Research Institute (VTI), Linköping KTH Institute Royal of Technology Professor Mats G.Hansson, Biomedical Ethics, Uppsala University Dr Ericka Johnson, Senior Lecturer in Technology and Social Change,Linköping Lund Sciences, and Ideas of History Kaiserfeld, Thomas Professor University Professor Cecilia Magnusson-Sjöberg, Swedish Law and Informatics, Professor Christian Munthe, Practical Philosophy, University of Gothenburg Lund Studies, Systems Environmental Energy and Nilsson, Lars J. Professor University Science, Political in Lecturer Senior Strandberg, Urban Dr Professor Jane Summerton, Mobility, actors and planning processes, Associate Professor Nina Wormbs, History of Science and Technology, Lundmark (RJ) ManagerResearch Fredrik Mr Finn Bengtsson, MP (Moderate Party), Professor of Clinical Pharmacology, Technology, Institutions and Change Institutions and Technology, Dr Göran Blomqvist, Chief Executive of RJ SECRETARIAT

Phone (switchboard): +46-8-50 62 64 00 Hanna Köllerström Fax: +46-8-611 22 25 Communications Officer Email: [email protected] +46-8-50 62 64 35 www.rj.se [email protected]

Annsofi Lövgren Administration Receptionist 08-50 62 64 09 Dr Göran Blomqvist [email protected] Chief Executive +46-8-50 62 64 19 Adriana Milovanovic [email protected] (until 3 July 2015) Administrative assistant Helena Berg 08-50 62 64 38 PA to Chief Executive [email protected] +46-8-50 62 64 01 [email protected] Anna Mogård (from 1 June 2015) Dr Jenny Björkman Controller Communications Manager 08-50 62 64 18 +46-8-50 62 64 33 [email protected] [email protected] Elisabet Persson Elisabeth Hong (from 19 May 2015) Administrative Director Administrative assistant +46-8-50 62 64 05 08-50 62 64 38 [email protected] [email protected]

Kristin Jennefelt Sinan Sonono (on parental leave from 1 June 2015) (from 1 June 2015) Controller Back Office +46-8-50 62 64 23 08-50 62 64 23 [email protected] [email protected]

102 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 SECRETARIAT 103 RIKSBANKENS JUBILEUMSFOND ANNUAL REPORT 2015 REPORT ANNUAL JUBILEUMSFOND RIKSBANKENS Dr Fredrik Lundmark Lundmark Fredrik Dr +46-8-50 62 64 21 [email protected] Dr Britta Lövgren Research Manager +46-8-50 62 64 08 [email protected] Dr Maria Wikse Research Manager +46-8-50 62 64 10 [email protected] Research Manager Research Manager +46-8-50 62 64 07 [email protected] Dr Robert Hamrén Dr Torbjörn Eng Eng Torbjörn Dr Research Manager +46-8-50 62 64 22 [email protected] Research Department Research Senior Portfolio Manager +46-8-50 62 64 16 [email protected] Niklas Lundin Magnus Fröblom Magnus Fröblom Senior Portfolio Manager +46-8-50 62 64 37 [email protected] 08-50 62 64 06 [email protected] Sara Blomstergren Sara Portfolio Manager/Analyst Björn Olsson Olsson Björn Financial Director +46-8-50 62 64 04 [email protected] Financial Department

STIFTELSEN RIKSBANKENS JUBILEUMSFOND BOX 5675 | SE-114 86 STOCKHOLM, SWEDEN KUNGSTRÄDGÅRDSGATAN 18 TEL +46 8 50 62 64 00 | FAX +46 8 611 22 25 [email protected] | WWW.RJ.SE