Hanken Support Foundation
The Stiftelsen Svenska Handelshögskolan/Hanken Support Foundation (the Foundation) was established in May 1932 under the name Stiftelsen Svenska Handelshögskolan i Helsingfors. The Foundation received its endowment funds from the Aktiebolaget Högre Svenska Handelsläroverket i Helsingfors (Higher Swedish Commercial College in Helsinki), which in that context, was dissolved. As its purpose, the Foundation received the responsibility of maintaining a Swedish school of economics in Helsinki.
According to the current governing statutes, which date from September 2016, the Foundation’s purpose is to support Hanken financially and promote its purposes. The areas of focus for the Foundation’s funding are chosen in consultation with the School and the funding is to be directed primarily to projects that contribute to the School’s competitiveness and attractiveness, such as projects to promote research and education, Hanken’s internationalisation, and links with industry and the business community at large.
Examples of areas of activity where the Foundation funding is crucial:
- Scholarships for incoming and outgoing exchange students
- Distinguished Senior Fellows Programme, where 4 to 5 visiting scholars are guests of Hanken 1-2 times per year
- Research sabbaticals for eminent Hanken professors
- Two-year international post-doc positions for 3-4 individuals
In the employment of personnel, Hanken is usually the employer, while the Foundation channels the necessary funds to the School.
The market value of the Foundation’s portfolio fluctuates depending primarily on the price fluctuations of the shares held, and the lowest level in recent years has been under EUR 30 million. Presently, the market value is at approximately EUR 50 million.
The annual dividend which is transferred to the School is approximately EUR 2 million, which in recent years has corresponded to approximately 4% of the starting value that the Hanken Support Foundation Board annually decides with the budgeting that takes place in the autumn. The Foundation’s contribution represents approximately 10% of the School’s total financial budget. The budget is prepared by the Foundation’s ombudsman during the months of August-September. The distribution of the dividends takes place according to the principle that the capital of the endowment must be held intact.