ERSTE Foundation


ERSTE Foundation is the biggest Austrian savings bank foundation. In 2003, it evolved from the Erste Oesterreichische Spar-Casse, the first Austrian savings bank founded in 1819. It is the main shareholder of Erste Group. ERSTE Foundation uses the profit from its shares to support the development of societies in Central and South Eastern Europe.

Mission

ERSTE Foundation is active in Central and South Eastern Europe. Its mission goes back to the savings banks idea of the 19th century. It supports social participation and civil society engagement; it aims to bring people together and disseminate knowledge of the recent history of a region that has been undergoing dramatic changes since 1989.

Thematic fields

Social Innovation

The Foundation aims to develop social infrastructures – from financial services for people without a bank to capacity building for NGOs, or to digital solutions for social problems. It conveys models of social integration, intervention and innovation. The projects serve as a reference for partnerships with other actors in the non-profit sector.

Contemporary culture

The Foundation promotes engagement with critical societal developments by artists and cultural producers and mediates their works to civil society actors and a wider public.

European cohesion and democracy

The Foundation creates knowledge for mature, active citizens of Europe, promotes liberal democratic values and European cohesion.
It implements various initiatives as a contribution to strengthening the European idea, democratic values and free society. It fosters critical journalism and established various fellowship programmes for journalists.

Projects (examples)

ERSTE Foundation established the biennial Igor Zabel Award for Culture and Theory in 2008. It supports the work of art historians and theorists in CEE and highlights the notion of arts and culture, encouraging the production of cultural knowledge and exchange between ‘East’ and ‘West’. The award is named after the Slovenian author, art critic and curator Igor Zabel, the senior curator of Ljubljana's Moderna Galerija. He established cultural links between Eastern and Western Europe.
Winners:
Since 2018 ERSTE Foundation publishes carefully researched stories and reports from renowned media in the region as well as original articles in its bilingual online magazine. The magazine follows developments significant to society, politics and culture in Central, Eastern and South Eastern Europe. It supplies images and concepts on topical issues, encourages discussion and contributes to current debates.

History

The origins of the foundation go back to the 19th century. The Erste österreichische Spar-Casse was founded in 1819. As a result of the amendment to the Austrian Savings Bank Act, Erste österreichische Spar-Casse was split into an operational bank and a holding company in 1993. In 1997 Erste Bank, which had merged with GiroCredit Bank AG der Sparkassen, went public, making AVS the main shareholder of the company, which has been listed on the Vienna Stock Exchange ever since. In 2003 AVS was formally transformed into DIE ERSTE österreichische Spar-Casse Privatstiftung, in short: ERSTE Stiftung, which began its operations two years later.

Organisation

ERSTE Foundation is a savings bank private foundation as defined by the Austrian Savings Bank Act.

Boards

The bodies of the foundation include the Managing Board, the Supervisory Board and the Association. The private Savings Bank Association, established in 1819 and comprising more than 100 members, elects the members of the Supervisory Board and designates its president. The Supervisory Board appoints the members of the Managing Board and supervises the foundation’s management. The Managing Board conducts the foundation’s business and decides on the allocation of project funding, assisted by an Advisory Board of international experts.

Members of the supervisory board

At ERSTE Foundation work around 20 employees at 2019. More than 1,500 projects have been implemented or supported since 2005. ERSTE Foundation’s total project expenditure 2005–2019: more than EUR 100 mio.

Memberships in umbrella organisations

The foundation is a member of the following national and international umbrella organizations:
Founded in 2007, the ERSTE Foundation Library advances knowledge by building collections and providing open access to materials and information resources that support and reflect both ERSTE Foundation’s mission and the diversity of its projects. It contains around 12.000 items. Topics include art and media theory and history, minority and gender issues, cultural theory and policies, economic and political developments, social banking, innovation in foundations, philanthropy, demography, migration, education, and the art of memory. Geographically, the collection focuses on Central and South Eastern Europe. The Library is open to the public and free of charge.