The Pres­id­ent of Ice­land ad­dressed the an­niversary meet­ing of Háskjólas­jóður Eim­skipafélagsins

The event was hosted at Landsbankinn, Reykjastræti 6 on Thursday 5 December to mark the 60th anniversary of the funding of Háskólasjóður hf. Eimskipafélag Íslands. The Fund was founded in 1964 in memory of all Icelandic emigrants to North America who participated in the establishment of Eimskipafélagið in 1914.

Foresight and dreams of the future

Halla Tómasdóttir, the President of Iceland, noted that next year will mark 150 years since the first large group from Iceland settled in Manitoba, Canada and founded New Iceland. While Icelandic settlement had begun a few years previously, in 1875 was the year settlers founded a type of autonomous dominion at Lake Winnipeg in Manitoba, called New Iceland. “Many reasons drove these people to take this uncertain chance - poverty and overpopulation, certainly, but some were following their dreams. All of those who sailed envisioned another future than what they could expect in Iceland,” said Halla.

“Foresight and dreams of a better future also characterised the vision of the Icelanders who believed the nation must own its own shipping company to secure travel to and from the country. Public contributions played a major part in the establishment of Eimskipafélag Íslands in 1914 and even more notably, settlers in the US and Canada provided around a fifth of the founding share capital. They understood the importance of the company for the old nation which at the time was still a part of the Danish kingdom. Marine transport was vital to Iceland’s isolated state at the time.”

Halla spoke of the founding of the Fund which is now the country’s largest endowment fund. Its purpose, according to its charter, is to contribute to the success of the University of Iceland, and to support promising students at the University. “May they explore new lands and realise their dreams through study and research. My congratulations to you all and to all of us who have enjoyed the fruits of the Fund’s labour until now. I trust that it will continue its good work for the future welfare of all,” said Halla.

The President's address on forseti.is

Game-changer for doctoral studies

Jón Atli Benediktsson, Rector of the University of Iceland, highlighted the importance of the Fund for the University. He stated that allocations from the Fund had brought about significant transformations, allowing doctoral studies in Iceland to thrive. The Fund had fortunately survived the financial crisis and has since been managed by Landsbankinn.

Supporting Polish families through musicking

Adam Janusz Switala, adjunct lecturer and doctoral candidate at the Faculty of Education at the University of Iceland, is researching how to support immigrant families from Poland through family-inclusive musicking. He noted that since 2012, the proportion of immigrants in Iceland has increased from 8% to over 17%. Poles make up the largest immigrant group, accounting for 34% of the total, with many being families with young children. Studies show that children and teenagers from Polish immigrant families in Iceland tend to report lower life satisfaction, face greater challenges, and receive less social support compared to their Icelandic-born peers, so Adam. Research has also demonstrated the importance of immigrant children having a strong grasp of their mother tongue. Adam's study focuses on assessing how music and singing in the children's native language can enhance their language skills.

Public attitude toward climate action

Sóllilja Bjarnadóttir, a doctoral candidate at the Faculty of Social Sciences, is researching how political trust and trust in other societal institutions influence public attitudes toward climate action. She examines whether individuals perceive climate action as personally costly and how trust impacts this complex relationship, both in Iceland and across twelve other European countries. Sóllilja explained that climate action affects different demographics in varying ways and stressed the importance of ensuring that each society approaches the transition to a greener economy in a just manner. Her findings indicate that institutional trust appears to be key in aligning the goals of climate protection with social justice, both in Iceland and Europe.

Sustainable energy production from bio-waste

Dr. Aysan Safavi earned her PhD in Chemical Engineering from the University of Iceland in 2023. Her doctoral research focused on sustainable energy production from bio-waste using pyrolysis. Aysan highlighted that waste from households and businesses in Iceland is predominantly either landfilled or incinerated. Although gasification of waste and biomass has been considered a more environmentally friendly alternative, there is no guarantee that the gasification process fully complies with emission regulations. Pyrolysis, a process within gasification, is a sustainable technology used to produce biofuels and is recognised for its low emission of harmful substances. In her doctoral work, Aysan evaluated the sensitivity of models commonly used for wood pyrolysis and two improved models.

Assets amount to ISK 4 billion

The founding capital of Háskólasjóðurinn consisted of shares in Eimskipafélagið, owned by Icelandic emigrants to North America. At the end of 1966, the Fund's total assets amounted to about ISK 1 million, which was approximately 4.5% of the company's value at that time. In 2004, it was decided to sell all the Fund’s shares in Eimskipafélagið and that the Fund would invest in a more diverse portfolio of bonds and equities. The Fund’s purpose remained unchanged. The Fund operates under a confirmed charter and an independent investment policy. Since 2005, it has allocated about ISK 1.8 billion, including ISK 500 million for the construction of Háskólatorg, the University Centre. Currently, the Fund's assets represent approximately 6.3% of Eimskip's market value, based on the company's share price as of 5 December 2024.

The Board of the Fund is comprised of Jón Atli Benediktsson, Rector of the University of Iceland, Jón Th. Sigurgeirsson, Chairman of the Board of Directors of Landsbankinn, Lilja B. Einarsdóttir, CEO of Landsbankinn, and Vilhelm Már Thorsteinsson, CEO of Eimskip. Managing Director of the Fund is Vigdís Sif Hrafnkelsdóttir, Account Manager with Landsbankinn Asset Management.

The top-most photo shows Vilhelm Már Thorsteinsson, Halla Tómasdóttir, President of Iceland, Jón Atli Benediktsson, Jón Th. Sigurgeirsson, Lilja B. Einarsdóttir, Sóllilja Bjarnadóttir, Aysan Safavi, Adam Janusz Switala and Vigdís Sif Hrafnkelsdóttir.