In the wake of the financial crisis, the Swedish National Audit Office has, for the first time, evaluated asset management of eight foundations.

The study concluded that these foundations (Chalmers, the KK Foundation, the Bank of Sweden Jubilee Foundation, the Baltic Sea Foundation, MISTRA, SSF, STINT and the Vårdal Foundation) have appropriately managed their capital, recovering in early 2009 more than €430 million of the app. €1.1 billion losses of 2008. The study notes the Boards should exert strict control and monitoring on asset management to decrease the risk level.

An earlier 2010 decision of the government to appoint only 2 members to the Board translates into lower ability of the government to demand accountability. However, as Auditor General Claes Norgren argues, because these foundations were created by public funds it is important that the government evaluates their asset management.

Click here to read the report (SW).