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Major step towards the renewal of Corvinus University: Maecenas Universitatis Corvini Foundation to be set up| 2019.02.12.

The purpose of creating the trust fund to be known as Maecenas Universitatis Corvini that will exercise the maintainer’s rights of the Corvinus University of Budapest under the new governance model is to increase the competitiveness of Corvinus, said Minister of Innovation and Technology László Palkovics at a press conference held at the university on 11 February. Corvinus University Rector András Lánczi confirmed that Corvinus was making these efforts to hold its ground in the worldwide competition for students.

Minister László Palkovics announced that the founding assets of the Maecenas Universitatis Corvini will come from holding 10% stakes in each Hungarian oil and gas company MOL and drugmaker Richter, with an estimated market value of HUF 380 billion. Dividends paid on the shares can be used to achieve the university’s goals.

The Trust Fund being a new legal category in Hungary, Minister of Justice László Trócsányi presented the operational rules of the foundation that is to control the University. He said that such trust funds offered an excellent solution both for private purposes, e.g. professional management of family assets and for public purposes, e.g. maintainer control in higher education.

The legal framework of the foundation is based on foreign precedents and stipulates a minimum capital requirement of HUF 600 million. Moreover, the new draft legislation contains further safeguards with respect to the foundation, like a larger board of trustees, mandatory auditing and a supervisory board to enable it to fulfil the role of asset controller.

Rector András Lánczi called the project a national enterprise

Rector András Lánczi said that the university had already reached a point from which it would have been unable to move forward on its own. It was this recognition that brought about the decision to operate Corvinus as a public benefit purpose entity maintained by a state foundation as of July 2019. The rector called the Corvinus renewal project a national enterprise and stressed that the university was counting on everyone’s support to bring it to fruition. He said that the objective was to stand up to the worldwide competition for students and to make it clear for even the best students that staying in Hungary and studying at Corvinus was just as good an option as studying at any foreign university. The opportunity, however, also represents a major challenge to the Corvinus community and therefore fostering a new institutional culture encompassing shared responsibility and an unfaltering commitment to strive for the best is indispensable.  A more efficient structure is needed to secure smoother operations as well as broader and better services to both students and staff.

Chancellor Lívia Pavlik confirmed that opportunities to study on a tuition-free basis would continue to be available at the university at all levels. She underlined that students admitted to programs beginning in September 2019 would be able to complete their program under the financial scheme applicable upon admission. State scholarships will be replaced with tuition-free places offered by the Corvinus Scholarship Program as of September 2020. These applications will also be evaluated through the national admissions services. Pavlik also talked about changes affecting staff. Since from July 2019 Corvinus will cease to operate as a budgetary institution, staff members of the university will perform their tasks as regular employees rather than civil servants. Whereas civil servants’ appointments for a definite term will become fixed-term employment relationships, civil servants’ appointments for an indefinite term will become employment relationships of indefinite duration. Furthermore, the Act on Higher Education provides transitional guarantees for staff transferred from civil servant status (regulated under the Civil Servants Act) to regular employment status (regulated under the Labour Code). 

 

Source: MTI /CUB Communication Service

Last modified: 2018.11.30.

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