Northern Horizon Capital's Commitment to Enhanced Governance
Northern Horizon Capital AS, known for its commitment to good governance, has been under the scrutiny of the Estonian Financial Supervision and Resolution Authority (FSA). This attention followed an on-site inspection conducted in May 2024, aimed at evaluating the company's internal control systems and the effectiveness of measures meant to prevent conflicts of interest.
FSA's Findings and Northern Horizon's Response
On December 19, 2024, the FSA issued a precept to Northern Horizon Capital AS requiring improvements in specific aspects of its internal control processes. This directive was a significant step in addressing some identified weaknesses within the company. The FSA's role is crucial, as their inspections ensure that financial institutions uphold high standards of operation and governance.
In response to the findings, Northern Horizon Capital AS has demonstrated remarkable cooperation with the FSA. They were proactive in addressing the issues raised, preparing an action plan by August 2024. Many weaknesses have already been remedied, showing the company's dedication to elevating its operational standards.
Lars Ohnemus on Governance Practices
Lars Ohnemus, the Chairman of the Supervisory Council of Northern Horizon Capital AS, expressed the company’s commitment to maintaining exemplary governance practices. He acknowledged the importance of addressing the points raised in the FSA report promptly. According to him, “Our commitment to good governance practices is fundamental. It has been essential for us to make adjustments as swiftly as possible. The majority of points raised in the report have already been addressed, and we continue our efforts.”
Understanding the Role of Northern Horizon Capital AS
Northern Horizon Capital AS is a prominent player in the real estate sector and operates under the Alternative Investment Fund Manager (AIFM) license. The firm is dedicated to managing assets responsibly while ensuring compliance with regulatory requirements. Those interested in real estate investments can look to the Baltic Horizon Fund, for which Northern Horizon Capital AS serves as a manager.
How the Fund Operates
The Baltic Horizon Fund, managed by Northern Horizon Capital AS, operates as a registered contractual public closed-end real estate fund. This structure allows for a focused investment strategy while aiming to deliver stable returns to investors.
Future Plans for Improvement
Going forward, Northern Horizon Capital AS plans to continue its enhancement efforts in governance and internal controls, as per the guidance provided by the FSA. This ongoing commitment reflects the company's dedication to transparency and upholding high standards in its operations.
Frequently Asked Questions
What triggered the FSA's inspection of Northern Horizon Capital AS?
The FSA conducted an on-site inspection to evaluate the effectiveness of the internal control systems at Northern Horizon Capital, particularly regarding conflict of interest prevention measures.
What actions has Northern Horizon Capital AS taken post-inspection?
The company developed an action plan to address identified weaknesses, with many issues already resolved, ensuring a stronger governance framework.
Who is Lars Ohnemus?
Lars Ohnemus is the Chairman of the Supervisory Council of Northern Horizon Capital AS and is responsible for overseeing the company’s governance and operational strategies.
What is the Baltic Horizon Fund?
The Baltic Horizon Fund is a closed-end real estate fund managed by Northern Horizon Capital AS, focusing on investments in the Baltic region’s real estate market.
How can investors learn more about updates from the Baltic Horizon Fund?
Investors interested in updates can register on the official Baltic Horizon website and follow their social media platforms for real-time announcements.
