N RTHERN

LIGHTS
ISSUE 1//2018

IMPORTANT DATES

FEBRUARY
3rd – Den Norske Klub Art
Series – Hannah Ryggen
(Modern Art Oxford)
21st – In&Out Fireside Chat:
Lt Col Williams
ALSO IN THIS ISSUE
MAY
17th – Den Norske Klub
17th May Dinner 8 20 28
JUNE
1st – Den Norske Klub AGM
23rd – Den Norske Klub
Ascot Day
Fredagspils every first Wealth Management & Annual Julebord A journey into the desert
Friday of the month! Aquavit Tasting celebrations

www.dennorskeklub.co.uk 1
 CALENDAR OF EVENTS Message from
05 Your Board

Den Norske Klub

07 Merchandise

January April
5th  en Norske Klub
D 6th Den Norske Klub Wealth
Fredagspils Fredagspils 08 Management &
Aquavit Tasting
5th Jan – 12th In&Out Cognac &
29th Apr Abba: Super Pierre Herme Macron
Troupers (Royal Tasting
Gender quotas on
Festival Hall)
19th In&Out Burn’s Night May 12 corporate boards –
10 Years On
4th  Den Norske Klub
February Fredagspils
1st Nils Petter Molvaer 16th Canning Club Recital A little piece
Group (Ronnie Scotts) - Manana Collective 15 of Scandinavia
in the UK
2nd  Den Norske Klub 17th Den Norske Klub
Fredagspils 17th May Dinner
3rd  Den Norske Klub 21st Susanne Sundfoer
(Barbican) NORWEGIANS
Art Series - Hannah
Ryggen (Modern Art 24th In&Out Cigar Dinner 17 IN FOCUS:
Fridtjof Nansen
Oxford)
10th In&Out Inter-Club Mess June
Dinner for under 35s 1st Den Norske Klub AGM Julebord –
14th An Acoustic Evening
with A-ha (O2)
1st Den Norske Klub 20 Saturday 25th
November 2017
Fredagspils
15th In&Out Pol Roger 2nd Tigran Hamasyan with
Dinner Nils Petter Molvaer
21st In&Out Fireside Chat: (Barbican) INVESTOR CORNER:
Three reasons to be
Lt Col Williams
23rd In&Out Club Quizz
4th In & Out AGM
14th In&Out Waterloo
26 optimistic on the
investment outlook
Dinner
March 23rd  Den Norske Klub
2nd Den Norske Klub Ascot Day DISCOVERY:
Fredagspils
8th In&Out Italian Dinner
27th In&Out Fireside Chat:
General Kiszely
28 A journey into the
desert
8th Oda Voltersvik
(1901 Arts Club) July Although every effort has been made
to ensure accuracy, neither Den Norske
29th In&Out Irish Whiskey 6th D
 en Norske Klub Klub in London nor the authors can
Tasting Fredagspils accept liability for errors or emissions.
Views expressed in this newsletter
HOW TO BOOK are not necessarily those of Den
Please e-mail: secretary@dennorskeklub.co.uk Norske Klub. No responsibility can be
accepted for unsolicited submissions,
EVENT CANCELLATION transparencies or photographs. All
Please note that cancellation of events made less than prices and information contained in
event advertisements are correct at the
seven days before the event will not be refunded.
time of going to press.
Front cover photo by Cecilia Luras
2 www.dennorskeklub.co.uk
Keep it Nordic.
Keep it Nordic.
Nordic.

nordeaprivatebanking.com
nordeaprivatebanking.com
nordeaprivatebanking.com
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LEISURE PLEASURE BUSINESS

Norwegian Private Members Club

in London since 17th of May 1887
Join us!
secretary@dennorskeklub.co.uk
dennorskeklub.co.uk
Message from YOUR BOARD
Dear Members
Welcome to the first edition of Northern
Lights 2018!
The new edition not only features
memories from the annual Klub Julebord
and the wealth management and aquavit
tasting evening with Danske Bank
International which were both held at
Den Norske Klub in our splendid King
Harald V room, but also interviews with
Dr. Cathrine Seierstad following her
recent talk on board room diversity at
a Nora London event, Scandikitchen
showcasing “a little piece of Scandinavia”
in London, as well as, our two regular
columns, Investor Corner, and Discovery,
featuring travel, culture and food reviews.
In the latest issue, Nordea Private
Banking’s Nicholas Flaherty shares his
investment outlook for 2018, and Board
Member and Editor Constanse Bowes-
Lyon tells us about her latest travels in
Jordan.
Board achievements in 2017
During 2017, your board continued
organizing successful and fun events at
the Klub with our longstanding partners
and are delighted to announce our first
corporate patron in Nordea Private
Banking International Luxembourg.
We launched a new website with the
help of the London based Norwegian led
digital marketing company Adwaiz, have
relaunched the Klub’s newsletter Northern
Lights, in a neater A5 format and with
more content, and from January 2018, the
Klub will become fully cashless accepting
only bank transfers, major credit cards
and contactless payments, incl. Android
and ApplePay.
In terms of 2017 events, we refreshed
the content of our annual events, mixing
the traditional with the contemporary;
the Klub’s 17th May dinner featured
contemporary music and video-imagery
with the performance of Lancaster based
Norwegian cellist and video-artist Maja
www.dennorskeklub.co.uk
Bugge, whilst the annual Klub Julebord
featured an inspiring and funny Takk-for-
maten tale by Cllr Ian Adams, the Right
Worshipful Lord Mayor of Westminster
and traditional Christmas carols expertly
led by the pianist Paul Gobey. Courtesy
of Grev Wedels Plass Auksjoner, we were
fortunate to host a private view of a rare
edition of Gustav Vigeland’s Sinnataggen
at the Klub in November. We introduced
Den Norske Klub Art Series, hosted the
annual Fårikål dinner at the Norwegian
Seamen’s Church in London, and a
Wealth Planning Seminar and Aquavit
Tasting with Danske Bank International
and Wealins.
New Merchandise
We re-styled and re-launched the Klub’s
historic cufflinks and have created a new
elegant Klub tie, taking its inspirations
from the colors of the Norwegian flag.
In 2018, we will be introducing a ladies
accessories range. All available to
purchase at your leisure from the Babmaes
reception.
Member survey
Ahead of the AGM in June (1st June), we
invite current and potential members to
express your views as to the direction and
organization of the Klub, the Klub’s new
events, as well as the content and focus of
our newsletter Northern Lights. For those
of you wishing to remain anonymous, you
will get the opportunity to express your
views through the first ever members
survey that we will be sending through
in February, but we also encourage you
to express your views, both good and
bad, throughout the year. All your board
members are at your disposal. Should
you wish to become more involved
with the Klub, either through the events
committee, by joining the board or writing
articles for publication in Den Norske
Continued overleaf
5
 Klub’s newsletter Northern Lights, please
do not hesitate to get in touch with your New Members
Chair Cecilia Luras. The Klub is a meeting • Henrik Boge Thu
place for all Norwegians, as well as those
• Claes & Yasar Zangenberg
with a special connection to Norway.
• Mikkel Skajem
• PAG Andersson
Dates for 2018 • Berit Stokke
Going into 2018, we will be hosting the • Nicholas Sims
Klub’s Fredagspils every first Friday in • Didrich Berge
the month and throughout the year – the
first one was held January 5th at the Klub.
And we are pleased to announce that the
Fredagspils raffle comes with the support Your Board
of Amathus Arcus and Scandikitchen. Cecilia Luras
The iconic 17th May dinner is a seasonal Chair and Editor-in-Chief
“must-attend.” And we’re planning a day Hege Nordahl
at Ascot, and more Den Norske Klub Art Board Member
Series events, after a successful evening Constanse Bowes-Lyon
at the Nationaltheatre seeing Bertlett Board Member and Editor
Sher’s production of the play “Oslo” by
Christian Hvamstad
J.T. Rogers and featuring a pre-theatre Treasurer
talk by the Norwegian Ambassador to
Irene Garland
the UK HE Mona Juhl. Other events for Board Member
the agenda include the In&Out’s Pol Roger
Pauline Houppilart
and Waterloo dinners, and fireside chats in
Board Member
February and June with special focus on
Norway,…. Patrick Moe
Legal Counsel and Company Secretary
We’re very much looking forward to Patrick Jonassen
seeing you at the next Fredagspils and/or IT Counsel
at one of our other exciting events!

Warm regards,
Chair Cecilia Luras
on behalf of the DNK Board.

P.S. Don’t miss the chance to become

a full Den Norske Klub member – you
can find your application form on
www.dennorskeklub.co.uk/membership.

Den Norske Klub Corporate Patron

Nordea Private Banking International Luxembourg.

6 www.dennorskeklub.co.uk
 DEN NORSKE KLUB
MERCHANDISE
Den Norske Klub TIE
We are delighted
to announce
the generation
of a new Den
Norske Klub
tie, which has
been approved
by the Board
and launched
at the recent
17th May dinner.
The members of DNK can now wear their
very own tie. Loosely designed around the
colours of the Flag of Norway, the tie also
features the DNK emblem and is ideal for
all occasions. It is made in the UK from pure
silk and the special label on the reverse
sports the date of the Klub’s foundation,
with images of those cornerstones of
Norwegian culture: a kransekake and a
bottle of aquavit!

Den Norske Klub CUFFLINKS

We are also delighted to announce
that we have a new, limited, batch
of DNK cufflinks in stock. It’s been a
number of years since they’ve been
available and a number of members
have asked
whether they
were scheduled
to make a
return. In time
for DNK’s 130
year anniversary,
they’re back!

Den Norske Klub ties, cufflinks and tie-pins can now

be bought directly from the Babmaes reception.

www.dennorskeklub.co.uk 7
 On Tuesday 17th October,
Den Norske Klub hosted a Wealth
Planning evening in the stunning
King Harald V room with Danske
Bank International, Wealins, and
Irwin Mitchell, followed by an
Aquavit tasting with Amathus
drinks’ Jon Anders Fjeldsrud.

WEALTH MANAGEMENT
& AQUAVIT TASTING
with Danske Bank, Wealins, Irwin Mitchell,
and Aquavit expert Jon Anders Fjeldsrud
Photos by Thea Hoyer

8 www.dennorskeklub.co.uk
T
he evening started with an inheritance law and matrimonial regimes in
introduction by Frode Andersen of various geographic locations. All superbly
Danske Bank International presenting interesting and complex.
various wealth management and investment
Shortly following the Wealth Planning,
solutions potentially of interest to Den
canapés prepared by the In&Out chefs
Norske Klub members and guests. His
were brought in and Jon Anders Fjeldsrud,
presentation was followed by an update
Amathus Drinks Aquavit Expert, led us
of the current tax situation for Norwegians
through the wonderful history and palettes
currently living in the UK, both permanently
of aquavit. Tasting our way through
and/or temporary, and both pre and post
caraway and dill aromas, we learnt the
Brexit by Alex Ruffel, partner with Irwin
differences between Norwegian (potato
Mitchell Solicitors. Whilst Vinh Nguyen and
based) aquavit and Swedish/Danish
Tony Nordblad from Wealins told us about
aquavit (barley based), maturation in port
cross border portability and what the tax
and madeira casks, as well as maturation
implications are for current UK residents
at sea. We started by tasting a Gammel
moving back to Norway, and abroad, to
Oppland, followed by Loitens, Gilde Taffel,
France, Switzerland, Spain and Sweden,
and two different types of Linie aquavit,
and how best to manage the transfer of
the traditional matured at sea in sherry
current held wealth. We were told about
casks, and an extra matured in port casks.
how best to structure and manage our
We finished off the tasting with a glass of
individual wealth portfolios, discussed
Presidenten, a lovely aquavit based cocktail.
estate and succession planning, as well as
Continued overleaf
www.dennorskeklub.co.uk 9
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The event started and finished with
networking drinks and canapés, providing
Den Norske Klub’s members and guests an
excellent opportunity to discuss their own
personal tax situation with the teams from
Danske Bank, Wealins and Irwin Mitchell, as
well as learn more about aquavit and other
spirits from Jon Anders.

To make your own version of

Presidenten, stop by Amathus Drinks
Soho store for ingredients, then
stir 25ml Dolin dry vermouth and 1/2
tsp orange Clement Creole Shrubb
Liqueur into 50ml Linie Aquavit.
Decorate with zest of orange. Lovely!

www.dennorskeklub.co.uk 11
 Dr Cathrine Seierstad in conversation with
Helle Skog-Paulsen, Vice President at JP Morgan
Private Bank and Board Member of Nora.
GENDER QUOTAS
ON CORPORATE BOARDS
10 YEARS ON
2018
will mark ten years
since, by law, all Public
Limited Companies (PLC/
ASA) in Norway had to have a minimum
representation of 40% of each sex on their
boards. Intrigued to learn of progress in
this field, Nora and Team Norway invited Dr
Cathrine Seierstad, lecturer at Queen Mary,
University of London, to speak. Cathrine
has extensive expertise through research
dedicated to the field of leadership, within
which, she has focused on diversity and in
particular, women on boards.
Cathrine, for background, please
can you share the drivers behind the
introduction of the law and the legal
quota?
The law was driven by two key rationales,
social justice and equality rationales and
the business case for diversity. Norway
was challenged with particularly strong
segregation patterns between men and
women in the workforce, with both genders
in stereotypical jobs. Moreover, women
have been underrepresented in leadership
positions, which can be seen as problematic
from a business and utility perspective.
This split formed part of the backdrop for
the focus and the law. Originally the law
was introduced in 2003 as a “sunset law”,
it had no penalties for non-compliance, but
by 2005 women representation on boards
stood at only 16%. As a result and in the
12
By Helle Skog-Paulsen
following year, the Norwegian state gave
PLCs two years to comply with the 40%
quota, making it a legal requirement for
firms to comply in order to remain a listed
company. Impacting about 500 companies
at the time of implementation, a number that
has been shrinking since and currently affect
around 200 companies, the law caused
controversy and many met it with skepticism.
2018 will mark ten years since
companies had to comply with the
quota, the year will therefore serve as
a review point for assessing the impact
of the law. In addition to reaching the
40% representation on PLC boards,
what do you see as the broader impact
from the introduction of the law and do
you view it as successful?
While Norway in many respects has a very
equal society, consistently ranked among
the most equal countries in the world, and
the law has put the subject firmly on the
agenda in many other countries, we still
have not seen the expected “trickle-down
effect” within Norwegian businesses, states
Cathrine. Norwegian companies complies
with the law and meets the 40% quota, yet
they generally do not exceed it. Furthermore,
in privately owned limited liability companies
(AS) which are not impacted by the law we
have only seen a modest increase from 17%
to 19% women on boards, while for PLC that
www.dennorskeklub.co.uk
have changed the status to a limited liability
company we have actually seen a reduction
in female board representation. Moreover, for
PLCs, there has been an increase of women
in the Chair position, up from 4% in 2006
to 13% in 2016, while the increase of female
CEOs has been modest and is still only at
around 8%.
Looking past the numbers, Cathrine
highlights that she also applies a broader
less quantitative angel for assessing
progress. Through research we now find
that companies apply increased scrutiny to
the board nomination procedure with an
increased focus on the composition of the
board, more use of nomination committees
and headhunters as well as more use of
board assessments. Research also finds that
female directors are better educated than
their male counterpart, yet the background
is slightly different, indicating a criteria
widening, not weakening in the board
recruitment procedure. Furthermore, both
the press and the business context, which
at the outset displayed limited support of
the law, accept that law and now places less
focus on gender and is progressing away
from stereotyping.
Outside Norway, which other countries
have applied quotes and do we see the
same impact and results?
In Europe, despite the EU voting against
a quota law of a similar nature in 2011,
the subject reached the agenda in other
countries. Today Spain, Iceland, France, Italy,
Belgium, the Netherlands, Germany and
very recently Austria and Portugal have, to
varying degrees, introduced quota laws for
company boards. Similar to the Norwegian
situation between 2003 and 2006, in
countries where there are no penalties for
noncompliance, the rate of women on boards
remains low. However, Cathrine highlights
that, as a first mover, Norway has ensured
that the subject of diversity on board is
on the agenda. In the UK, The Lord Davies
Report introduced in 2011 set out to improve
gender balances on FTSE 100 boards. The
target of 25% by 2015 was reached as female
representation doubled in less than five years
and the effort have now been broadened.
This is currently followed up with the new
www.dennorskeklub.co.uk
Hampton-Alexander Review putting the
lack of women on FTSE boards firmly on
the agenda. In addition, the EU has again
proposed the idea of a quota for boards
from EU level, indicating that this is an area
where we see developments and debates.
Looking forward, what are the
main challenges and where do you
recommend focus is directed for
continued progress?
Progress has been made. The subject of
diversity, women on boards and in senior
positions in general and the business case
for diversity is widely accepted. Yet, while
perceptions have been altered, challenges
remain. As an example, the lack of women
in senior management positions in general is
an issue. On one hand one we can question
if Norway exhausted the pipeline of very
senior women by giving companies only two
years to implement the law for the boards.
While this argument could be warranted,
it carries less validity now ten years on. In
order to further improve and develop in the
area, Cathrine recommends the following for
driving further progress: For organizations,
it is important to develop strategies which
focus on the pipeline, including both talent
management and diversity management
initiatives. Setting targets and monitor
progression is important. This might help
in challenging the gendered stereotypes in
relation to both women as well as directors.
Moreover, in order to create change, senior
management buy in is essential and we
need diversity champions. To close the talk
Cathrine addressed her audience specifically,
highlighting the importance of seeking
mentors and sponsorship internally and
externally combined with maintaining a
network.
http://cathrineseierstad.com
13
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A little piece of
SCANDINAVIA
in the UK
ScandiKitchen opened
its doors back in 2007
when Jonas and Bronte
were suffering serious
kaviar and salty liquorice
withdrawal symptoms;
‘no one should ever have
to through that’, they
thought. ScandiKitchen
started as a café serving
breakfast, good coffee
and a smorgasbord
of lunch items; from
smoked salmon and
egg to roastbeef
and remoulade and
everything in between.

Continued overleaf
www.dennorskeklub.co.uk 15
 N
ordic food has been increasingly
popular over the past decade – we,
of course, are not surprised – and
like to remind people that there’s so much
more to Nordic food than pickled herring
and meatballs. There are several distinctly
Nordic cheeses, for example – Norway’s
brown cheese is amongst the more famous
ones – and one that is gaining popularity
faster than you can say waffle iron. Brown
cheese topped with a dollop of jam or
perhaps a little honey is a real Norwegian
treat!
Brown cheese aside, several dishes overcomplicate it. Just pick (or pickle),
and ingredients link all the countries of serve and eat. Our topless sandwiches
Scandinavia together, bringing a uniquely are offered alongside seasonal, hearty
Nordic cuisine together. Stretching from the salads, homemade baked goods and
midnight sun of northern Norway to the flat, nostalgic favourites like hotdogs – because
fertile fields of Denmark, Scandinavian food sometimes, a proper pølse is all you need.
culture is vast and varied, but at the core In addition to our breakfast, lunch and
there are more similarities than differences, coffee & cake offering, we also stock
formed by thousands of years of shared hundreds Norwegian food and drink items
culture (and a bit of good old Viking – from brown cheese and Norvegia to
pillaging) which has turned into our shared crispbreads, coffees, jams and chocolates
Scandinavian heritage. (yes, including Kvikk Lunsj for your hikes!).
In essence, Scandinavian food is simple. Pop by or visit our online shop - we ship
We call it husmannskost – farmer’s fare. across the UK and EU, aiming to cure any
It’s natural and honest, made with the degree of homesickness.
staple produce found on the land. For
Cafe & Shop:
ScandiKitchen, trying to turn traditional
61 Great Titchfield Street, W1W 7PP
dishes into fancy and fussy affairs isn’t
true to who we are. When you work with Online shop: www.scandikitchen.co.uk/dnk
the very best produce, there’s no need to Twitter & Facebook: @scandikitchen

16 www.dennorskeklub.co.uk
This editions’ Norwegian in focus is
the Norwegian explorer, scientist,
diplomat and Nobel peace prize
winner with strong links to London
and the UK. He was in 1906 appointed
Norway’s first minister in London and
Den Norske Klub actually have his
skies which are brought out for special
occasions for members to see.

NORWEGIANS IN FOCUS

FRIDTJOF NANSEN
Text by Constanse Bowes-Lyon

Early Life and Explorations

Born in Christiania today’s Oslo, we went
on to study zoology at the Royal Frederick
University before becoming a curator at
the University Museum of Bergen where
his research in neurology earnt him a
doctorate. In the late 1890s his interested
shifted towards oceanography an interest
that would lead him to go on a number
of scientific cruises in the North Atlantic.
He was also a vocal supporter of ending
Norway’s union with Sweden and a key
influencer of Prince Carl’s of Denmark
accepting the Norwegian throne.
Nansen went on to be one of the world’s
most famous explorers following his
North Pole expedition but also leading
the first crossing of Greenland in 1888. His
innovations in clothing and equipment
influenced subsequent generations of
explorers.
Continued overleaf
www.dennorskeklub.co.uk 17
 With wife Eva
One of his first major expeditions which he
was inspired to go on whilst in Bergen was
the Greenland expedition. Unlike explorers
before him, Nansen would end his travels
in Disko Bay meaning his journey would go
from east to west. Nansen also planned his
expeditions based on a small group of six
(as opposed to the heavy manpower of prior
expeditions) and designed much the groups’
equipment from scratch. This approached
received criticism from the press however
persevered. The journey was full of obstacles
which the team overcome and on 3rd
October 1888 they reached Godthaab.
Links to London
After returning to Norway and retiring from
exploration, Nansen became the Norway’s
first minister to London with responsibility
for working with representatives of Europe
to guarantee Norway’s position. He became
a popular figure in London including with
the then King Edward. Although having
mixed feelings about court functions and
diplomatic duties, his time in London
enabled him to further pursue his interest
in science and geography and he quickly
18
became part of the Royal Geographical
Society.
Once the treaty guaranteeing Norway’s
independent status was secured, Nansen
resigned his post to return to Norway and
although prompted to stay by King Edward,
he returned home where his wife Eva was
seriously and unfortunately died before his
return. His skies are still to be found in Den
Norske Klub and we have showcased them
on a number of occasions most recently
during a book launch.
Refugees, Repatriation and the
League of Nations
Following the outbreak of war in 1914,
Nansen was appointed president of the
Norwegian Union of Defense. However
following acute shortages of food in Norway
following loss of oversea’s trade, Nansen
was sent to the US to secure food and
supplies something he succeeded in doing.
Shortly after the war, an agreement was
reached to create a League of Nations and
Nansen became president of the Norwegian
League of Nations Society. In April 1920,
www.dennorskeklub.co.uk
the League entrusted Nansen to organise on the plight of the Armenian refugees. In
the repatriation of half a million prisoners of 1926 he was also a signatory to the Slavery
war which had been stranded. By November Convention outlawing the use of forced
he could report that 200 000 had been labour.
returned home and by 1922 the number He worked on behalf of refugees until
stood at 427 886 people repatriated to his death in 1930 after which the Nansen
around 30 countries. International Office for Refugees was
Even before this work was finished, Nansen created. This office was to receive the
accepted the post as High Commissioner for Nobel Peace Prize in 1938. His name is
Refugees with his main task being resettling also honoured in geographical features,
the two million Russian refugees displaced particularly those in polar regions.
by the Russian revolution. At the same time,
he was also tackling famine as a result of
crop failure in the country. A major problem
for refugees was the lack of documents
proving their identity or nationality which
could secure their legal status meaning they
were unable to move. In response to this,
Nansen created what became known as
the Nansen passport, an identification for
stateless persons recognised by in excess
of 50 governments and enabling refugees
to cross borders. In 1922 he was awarded
the Nobel Peace Prize for his work with
repatriation of prisoners of war. He donated
The Fridtjof-Nansen-School in Gronau
the prize money to relief work. From 1925
(Germany)
and onwards, Nansen spent most of his time

www.dennorskeklub.co.uk 19
 Den Norske Klub’s annual Julebord
was celebrated at the Klub in its usual
style with a black-tie and bunad dinner
in the splendour of the stunningly
refurbished King Harald V room.

JULEBORD
SATURDAY 25TH NOVEMBER 2017
Text by Cecilia Luras
Photos by Thea Hoyer

T
he evening started with a beautiful
Christmas piano prelude by world-
renowned pianist Paul Gobey, as
elegantly dressed ladies and gentlemen
arrived to a bubbly aperitif in the glamorous
Inner Hall at the club, chatting and catching
up with new and old friends. Whilst the
New Zealand made N.V. Hunter’s Miru
Miru Brut, supplied by Jeroboams, and the
conversations flowed, Den Norske Klub
Chair Cecilia Luras introduced the evenings
private art viewing kindly made possible by
Hans Richard Elgheim, General Director of
Grev Wedels Plass Auskjoner, and featuring
art historian and Chief Curator of the
Vigeland Museum in Oslo, Nils Messel, who
had prepared an insightful and interesting
account of the world famous sculpture,
Sinnataggen, Vigeland’s Sculpture Park
in Oslo and Gustav Vigeland’s place in
Norwegian Art History.

20 www.dennorskeklub.co.uk
 Vigeland Special
Ahead of its 25th Anniversary Sale, Grev Wedel’s Plass
Auksjoner gave members of Den Norske Klub and their
guests, a special preview of a rare edition of Gustav
Vigeland’s famous sculpture Sinnataggen. During the dinner
it was placed on the mantelpiece in the beautiful King Harald
V room, next to a bronze bust of the Norwegian explorer,
diplomat and Nobel Peace Prize laureate, Fridtjof Nansen.

Warm welcome
Dinner followed in the splendid surroundings of Den Norske
Klub’s King Harald V Room, now possibly the most beautiful
room of its kind in London. In front of more than 70 guests,
Chair Cecilia Luras wished members and guests a warm
welcome to the 2017 Den Norske Klub’s Julebord. Long
standing Den Norske Klub member Sjur Berven proposed
the annual jule-toast.

Continued overleaf
www.dennorskeklub.co.uk 21
 Elegantly decorated tables
The tables were beautifully laid with white tablecloths, Den
Norske Klub and Christmas paraphernalia to put everyone
in a festive mood! The menu was traditional Julebord fare:
to start, smoked salmon with avocado, followed by a main
course of roast pork with all the right accompaniments;
pork crackling, surkål, red cabbage and boiled potatoes. The
dessert a traditional crème caramel with a British twist and
a Norwegian Kransekake, very kindly donated by honorary
Den Norske Klub members, Rolf and Angela Christophersen,

Inspiring Takk-for-Maten Tale

The guest of honour, Cllr Ian Adams, the Right Worshipful
Lord Mayor of Westminster, gave an entertaining and
inspiring Takk-for-Maten Tale (speech), sharing memorable
moments with Oslo Mayor, Marianne Borgen, as they
chopped down the 2017 Christmas tree just outside Oslo
during his visit to the city mid-November. The Christmas tree
is an annual gift from the city of Oslo to the people of Great
Britain as a token of gratitude for British support to Norway
during World War II.

22 www.dennorskeklub.co.uk
 Wine, Aquavit and Songs
The wines accompanying the delightful smoked salmon
starter and the lovely roast pork with crackling and surkål,
were supplied by Berry Brothers & Rudd and the In&Out.
The white wine, a Tarabilla Blanco, Vino de La Tierra, came
from the In&Out’s Spanish wine selection. The red wine
was supplied by Berry Brothers and was a Ronan, a 2014
Pommerol from Chateau Clinet. The bottles of Linie Aquavit
that filled the smaller glasses, were generously donated by
Den Norske Klub and sourced from Amathus Soho.
No Norwegian festive Julebord is complete without a
song…. Already in a festive mood after Pianist Paul Gobey’s
wonderful musical Christmas repertoire before dinner, our
guests joined into singing both På Låven Sitter Nissen and
Glade Jul during the sumptuous dinner, and continuing the
evening’s festive Christmas mood.

Continued overleaf
www.dennorskeklub.co.uk 23
 FINDING SOLUTIONS.
TOGETHER.
”They are people we trust
and like to do business with.
Chambers Europe, 2017

LONDON OSLO BERGEN

Paternoster House, 2nd Floor Haakon VII’s gate 10 Vestre Strømkaien 7
65 St Paul’s Churchyard PO Box 1484 Vika PO Box 43 Nygårdstangen
London EC4M 8AB NO–0161 Oslo NO–5838 Bergen
England Norway Norway
Advokatfirmaet Thommessen AS. www.thommessen.no/en
Superb raffle!
The evening was rounded off by Raffle Queen Berit Scott,
who elegantly and joyfully, hosted the legendary, Den
Norske Klub raffle, with the help of the first ever Raffle
Prince, Franz Schiassi. With fantastic prizes, tickets were
selling like hot cakes. First prize was the much sought after
train ticket for two anywhere in Norway, very kindly donated
by NSB, and won by Den Norske Klub member and guest,
Mr Reed and Ms Nelson. Other prizes included cufflinks and
ties from Den Norske Klub’s new gentleman’s collection,
lunch for two at the Scandinavian Kitchen; a generous
number of bottles of Prosecco and Linie Aquavit from Den
Norske Klub, Berry Brothers and Amathus; and a variety of
dinner vouchers kindly donated by the London based digital
marketing agency, Adwaiz.
After the dinner, the festive moment continued downstairs
around the piano as the dinner guests joined into more
Christmas carols, singing Å Jul med din Glede and Rockin’
Around the Christmas Tree. Whilst the more resilient
members of the party carried on the festivities in the
Canning bar into the early hours…..A very successful evening
altogether and a great start to the Christmas Seasons!

www.dennorskeklub.co.uk 25
 I N V E S TO R CO R N E R

NAME: Nicholas Flaherty

TITLE: Investment Strategist, Nordea

Three reasons to be
OPTIMISTIC
on the investment outlook
2018
has started off brightly
for the markets, largely a
continuation of a successful
last year for investors who were willing to
take on risk, particularly in equities. The
next question, then, is whether this can
continue in the coming months? In our
view, yes it can and we have three principal
reasons why.
First of all, we see a very healthy-looking
macroeconomic picture, looking as broad-
based and sustainable since the Financial
Crisis. If we take the world’s 25 largest
economies, for example, close to 100%
of them are in expansionary mode, levels
not seen since the boom period of 2003-
07. So, what is going on in the global
economy and what makes us think it can

26 www.dennorskeklub.co.uk
continue? Importantly, governments are
finally loosening their fiscal strictures. Many
governments, especially in Europe, were
obsessed with austerity after the financial
crisis; but now this appears to be over, and
what is referred to as the ‘fiscal thrust’ is
positive.
Meanwhile, we also have support from
consumers. Labour markets all around the
world continue to heal and this in turn is
feeding into consumer confidence and
brighter prospects for consumption. In
addition, we are finally also witnessing
an uptrend in investment spending as
corporate ‘animal spirits’ begin to be
reinvigorated and businesses once again
begin to build capacity. In other words, we
have a situation where economic dynamics
are definitely on our side, supportive of
corporate earnings as well as investors’ risk
sentiment.
Our second reason to remain upbeat is
related to monetary policy. Indeed, going
forward, global monetary policy will likely
remain very predictable and gradual,
which should continue to help risk assets
along. If we look at the ECB, for example, it
remains prudent in its approach, as we saw
highlighted back at the policy meeting in
October last year. While it is beginning to
‘taper’ its QE programme, this will be done
very slowly with no rate rise on the horizon
for the time being.
Over in Washington, at the Fed, the
Committee is raising rates, but in a very
tempered and predictable fashion. The
recent appointment of Jerome Powell as
the new Fed Chair will see a continuation of
this policy, meaning the Fed too is moving
very cautiously.
Important to bear in mind is that central
banks have good reason to proceed
so cautiously – inflation remains low,
considerably below target in most markets.
And it is unlikely to zoom up for the time
being, kept in check by cyclical factors, but
also by structural aspects such as global
competition and technology. This, in turn,
gives central bankers less reason to act
and ensures that a ‘goldilocks scenario’ can
continue for some time to come – where we
www.dennorskeklub.co.uk
see strong growth, but still loose monetary
policy.
Our third and final reason for staying
optimistic is that risk in China is contained
for now, which is highly important as China
has become central to global risk appetite
in recent years.
Why are we not overly worried about
China? For one, economic growth is
holding up. While it has cooled a little, it
is coming down from a very high level
– it was growing above trend, now it is
moving back to trend, which does not
mean a ‘hard landing’ is afoot. There is,
however, some concern in the investment
community around Beijing’s reform agenda
and that the Party could act too hastily,
constraining credit growth excessively or
clamping down heavily on the property
market, which in turn could lead to a major
downturn – essentially what we saw back
in 2015. But what many of these investors
are missing is that while Beijing is pushing
ahead with reform, the context is entirely
different now. The global manufacturing
sector, for example, is healthy, not plagued
by declining commodity prices, while the
yuan is much cheaper, meaning there is
less pressure on capital outflows. Moreover,
the Chinese economy continues along
its path of ‘rebalancing’, relying more on
consumption as a growth driver, which also
places it on more stable footing.
In sum, then, we have enough reasons to be
cheerful for the time being and hence have
started off the New Year on the front foot
and advocate taking on risk.
Nordea Private Banking’s soundcloud
https://soundcloud.com/user-951730902
27
 D I S COV E RY

From the sweeping deserts of the Wadi

Rum to the ancient ruins of Petra to
cosmopolitan Amman and the ruins
of Jerash, Jordan is an adventurer’s
paradise.
And with pleasant temperatures well
into November (and for a Norwegian
that is anything above 20 degrees),
Jordan offers an interesting alternative
to more well-trodden destinations
for late autumn sun seekers and thrill
seekers alike.

A JOURNEY INTO
THE DESERT Text and photos by Constanse Bowes-Lyon

Female Solo Travel

Jordan is seen as a safer travel destination
than neighbouring Iraq, Saudi Arabia and
Palestine. However, the country also saw
a dip in visitor numbers although these
are reportedly on the rise again with travel
companies reporting a spike in bookings
to the country.
Jordanians are friendly and welcoming
making travellers instantly feel at ease.
As a female solo traveller the country is
safe however as with anything, that normal

28 www.dennorskeklub.co.uk
precautions should be taken. With limited
time at my disposal and quite the packed
schedule, I booked a driver to get me from
A – Z.
Upon arrival at Queen Alia International, I
was met by Mamoun, a friendly and to the
point Jordanian that immediately made me
feel at ease and who was also going to be
my guide and driver for the next days. We
quickly drove off in direction of the desert
as we had many miles to drive before
night fall. Several stops later, to smoke and
drink sugary mint tea we made it to our
destination, Petra. To my disappointment
but very much due to the 1am arrival, it was
pitch black and I would have to wait until
morning to see Petra in all its grandeur.
A Desert Odyssey; From Petra
to Wadi Rum
Cradling Petra are hotels of varying
standards offering travellers the
opportunity to rest their heads on a pillow
before or after a long day exploring. After
an early morning wake up and a generous
helping of some key staples of any
www.dennorskeklub.co.uk
traditional Jordanian breakfast hummus,
pita bread, olives, tea and coffee, we set off
towards Petra.
Petra, also known as the “Rose City” is the
former capital of the Nabatean kingdom
who settled there more than 2000 years
ago. With its tombs and temples carved
into sandstone cliffs it’s the undisputed
jewel in the Jordanian crown. After avoiding
small children and older men touting
donkey and horse rides and tourists with
selfie sticks, we entered the Siq, a 1km long
gorge surrounded by cliffs. At the end of
the gorge is Al Knazneh or the Treasury,
which at 45 meters high is the most iconic
structure in Jordan.
Despite the chilly morning the temperature
quickly reached mid-twenties and the
donkey rides became increasingly tempting.
After exploring most of central Petra, my
guide insisted we make the hike to the
Monastery. Twenty minutes and a sunburnt
forehead and shoulder later we made it
to the top. The Monastery is the second
most visited building in Petra and for good
reason. Carved into rock and measuring
29

45 metres high and 50 meters wide, El
Deir as it’s also known is another Nabataen
masterpiece. Surrounding the Monastery
are hills and cliffs offering panoramic views
of the nearby valleys. Several wows and
photographs later we made it down the hill
towards our next destination.
In The Footsteps of Lawrence
of Arabia
The drive to Wadi Rum took us through
mountains and deserts with the standard
cigarette and mint tea break occurring
every 45 minutes. As we arrived we were
met by an open top jeep and a local guide
who quickly said Salam and off we drove.
Wadi Rum or the Valley of the Moon is
located in Southern Jordan 60km east of
Aqaba, the largest wadi (Arabic for valley)
in Jordan. The valley has been home to
many cultures most notably the Nabateans
who’s temples and rock carvings can still be
found. The highest point is Jabal Umm ad
Dami (at 1840 meters) and on a clear day
it’s possible to see the Saudi border and the
Red Sea from its top. It’s also connected to
30
T.E Lawrence who travelled through many
time during the Arab revolt from 1917 – 18.
We sped through the desert to our first
stop where we were met by Bedouin tents,
camels and offers of tea. My local guide
was, much like Mamoun, a great fan of the
tea and cigarette stops. I’d learn quickly
that scattered throughout the wadi were
Bedouin tents which offered an escape and
a rest for tired feet. From there we explored
caves, saw petroglyphs and went dune
surfing before stopping again to watch the
sun set over the valley and this part of our
journey. The sunset was unlike anything I
have ever seen, the colours of an otherwise
beige desert came to life and the sky was
painted purple, blue, green and orange.
Amman
Mamoun quickly sped off towards Amman
but not before helping fellow wadi
explorers get their jeep, which had got
stuck, out of the sand dunes. Traffic and
driving in Jordan is somewhat of a high risk
sport, especially as the sun sets. I would
have to use both hands to count the times
an in front truck driver would fall asleep
and narrowly avoid wiping us off the road.
As with most thing, Mamoun would take
everything in his stride, let out a little laugh
and keep driving. We arrived in Amman,
after sun set and several tea and cigarette
stops later.
Amman is the economic, cultural and
political centre of Jordan and is by many
considered amongst the most liberal cities
in the region. Its home to colourful streets
lined by street stalls hipster hang outs
which are a mecca for interior and art
lovers alike. The city also has a number of
ancient ruins amongst them Amman citadel,
a 2nd century Roman theatre and the
artefacts of Jordan Archaeological Museum.
Amman was also where Mamoun left me
to explore and catch up with Norwegian
expats in the city.
As my trip came to a close I reflected back
on a trip which left lasting impressions
of a friendly and scenic country ripe for
exploration.
www.dennorskeklub.co.uk
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 TRY / Fotograf: Nature Picture Library /Johnér
Cool headed – Warm hearted.
Banking the Norwegian way.

Nature influences how cultures develop. Harsh geographical and climatic conditions have forced
Norwegians to act rationally and pragmatic, but also taught us how important it is to have faith
in people, offer a helping hand when needed, and look for opportunities wherever we go.

Our heritage provides the backbone of our business’ ability to understand the challenges of
safeguarding your international assets. We have the knowledge, the experience and the scale to
manage your wealth across borders, and the strength and capability to handle your individual
needs. Who ever you are, wherever you may be.

Visit us at dnb.no/lu, call +352 45 49 451 or send an email to

privatebanking@dnbgroup.lu for more information.

LUXEMBOURG