2020 was a watershed year in the development of the AKO Foundation, as it marked the departure from the board of our founder, Nicolai Tangen, upon his appointment as Chief Executive Officer of Norges Bank Investment Management.  In this role Nicolai is responsible for the management of the ‘Government Pension Fund Global’, more usually known as the Norwegian sovereign wealth fund, and widely considered to be among the world’s largest investment funds.

The Trustees warmly congratulate Nicolai upon his appointment, but at the same time regret the departure of both Nicolai and Katja Tangen from the board: Nicolai’s and Katja’s generosity, ambition and vision had provided the driving force for the Foundation since its inception in 2013. 

The arrangements connected with Nicolai’s assumption of his new role required the divestment both of his majority ownership interest in AKO Capital, and of a number of his other investment assets.  Substantially all of these have been gifted by Nicolai to the Foundation (and its wholly-owned subsidiary), resulting in the very substantial increase in the Foundation’s net assets since 2019. 

The Trustees wish to place on public record their enormous gratitude and appreciation for this act of great generosity.