Støre won’t give up personal wealth

The Labour Leader Jonas Gahr StøreThe Labour Leader Jonas Gahr Støre. Photo: Vidar Ruud / NTB scanpix

Støre won’t relinquish share in a family company if he becomes Prime Minister

Jonas Gahr Støre will still retain his share in the family’s investment company if he becomes Prime Minister. Experts say he should create greater distance.

 

The Arbeiderpartiet (Labour Party – Ap) leader says he will resign as chairman, and leave the board of the family investment company, Femstø, if he becomes Prime Minister in the autumn, reported Dagens Næringsliv newspaper.

Støre will leave the management to his sons, but will not relinquish his ownership interest in the company, which has an equity of NOK 33.9 million. He will also retain voting rights at general meetings.

‘In order to avoid doubts about impartiality, I will ensure that the administration continues according to today’s model while I’m Prime Minister. This means that Femstø will only invest in broad equity funds’, said Støre.

Not distancing himself sufficiently

Professor Eivind Smith believes that the Ap leader isn’t taking sufficient distance from his own company.

‘Støre will benefit by establishing clear and credible distance. Legally, this is not strictly necessary, but building confidence in the prime minister speaks strongly for creating such a distance. It’s not enough that he retires as chairman of the family company’, said the professor in public law.

Smith received support from Guro Slettemark of Transparency International Norway. She believes his retaining interest will be too close if his sons manage the company.

 

© NTB Scanpix / Norway Today

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