OPERATIONS OF THE SWEDEN-ESTONIA COOPERATION FUND

The operations of the Foundation Sweden-Estonia Cooperation Fund are regulated by Swedish legislation. The operations are reported to the governments of both Sweden and Estonia. Supervising authority is The County Administrative Board of Stockholm (Länsstyrelsen i Stockholm). Every year the Administrative board, as the governments of Sweden and Estonia, are provided an annual administrative report on activities conducted the previous year. The report has been reviewed and signed by the auditor of the fund, Lars-Erik Engberg at MOORE Allegretto, recognized as a highly respected accountant with extensive experience in reviewing foundations.

The board members are appointed by the governments of both countries, four each. The board has full responsibility for conducting operations in accordance with statutes established by the Swedish government, in consultation with the government of Estonia.

The Fund´s capital is managed by Kammarkollegiet, with a long historic experience in asset management, not least for foundations. Kammarkollegiet is also responsible for the financial administration.

The boards entitles the full board to sign on behalf of the foundation. The board also entitled the Chair to sign on behalf of the foundation individually. Since the foundation is Swedish, and some documentation is in Swedish the Chair and vice chair recommend that the board entitle the vice chair to sign on behalf of the foundation individually.

The primary risks are related to the system of grants given by the Foundation, which is the core business to fulfil the Foundation’s statutes and purpose.

First, the risk can be mitigated by a thorough examination of the applications. Criteria for assessments of applications have been decided by the board and are published on the website Sweden-Estonia Cooperation Fund (sweestfund.org). Second, the board decides jointly on what applications should be awarded and potential conflicts of interest are announced following the policy regarding conflicts of interest. Third, the secretariat performs due diligence investigation on the awarded applications.

The rules state that applicants who receive a grant must report about the use of grants no later than three month after the project is finished. A specification on how the grant was used should be included in the report. Any grants not used in accordance with the application must be refunded.