From 1 July 2019, the Corvinus University of Budapest has been operated by Maecenas Universitatis Corvini Foundation.
The Foundation was established by Act XXX of 2019. The Act stipulates that “the duty of the Foundation is to exercise the founder’s and operator’s rights of the educational institution, especially the Corvinus University of Budapest, to ensure the realisation of its institutional development goals, to which end and in the framework of its business activity Maecenas Universitatis Corvini Foundation manages the assets assigned by the founder and the assets provided by the entities joining the Foundation. In order to develop the economic, social and international relations of Hungarian higher education, the Foundation (a) operates an educational, scientific research, student, teacher, researcher, teacher support program; (b) provides need-based aid; (c) supports the operation of talent development programs. ”
The Foundation was registered by the Budapest-Capital Regional Court on 21st May 2019, with an initial founder’s capital of HUF 600 million. Afterwards, in accordance with Point a) Subsection (1) Section 3 of the MUC Act, 81,942,946 series “A” shares of MOL Magyar Olaj- és Gázipari NyRt and 18,637,486 series “C” series shares of Chemical Works of Gedeon Richter Plc., and as of 1st January 2020, in accordance with Subsection (1) Section 4 of the MUC Act, the Budapest, urban area property registered under topographical lot number 5063 and located in Budapest, District XI, 9 Mányoki Road were placed under the fiduciary asset management of Foundation.
According to Section 7 of Act XXVI of 2020 – which entered into effect on 21st May 2020 – in order to achieve the objectives of the Foundation, the Government transferred the above shares to the ownership of the Foundation.
The Foundation as operator is responsible for the institutional and financial functioning of the University. Consistently with this responsibility, the Charter issues the Charter Document of the University, adopts its Organisational and Operational Regulations, Institutional Development Plan, budget and financial report, as well as makes proposals to the President of the Republic regarding the Rector of the University and appoints the President and Chancellor of the University. The operator shall perform its duties related to the functioning of the University in cooperation with the University and its citizens, considering in particular the Senate and the other bodies of the University.
In the course of its management activities the Foundation respects the autonomy of the University in accordance with the provisions of the Fundamental Law of Hungary and the National Higher Education Act, and it is has no powers regarding content and methodological aspects of the research and educational activities.
The governing body of the Foundation is the Board of Trustees. The activities of the Foundation are supervised by the Supervisory Board and the Asset Controller. The activities of the Foundation are supported by a Secretariat.