Hanken Support Foundation
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
- Hanken's PhD Programme
- Offering possibilities for international scholars to visit Hanken
- Research sabbaticals for Hanken professors
- Awards for scientific publications in relevant scientific journals
In the employment of personnel, Hanken is 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 value fluctuations of the assets held, and the lowest level in recent years has been under EUR 30 million. Presently, the market value is at approximately EUR 57 million.
The share of the returns on the combined assets of the Foundation that is annually channelled to the School amounts to between 2 and 3 M€. The Hanken Support Foundation Board annually decides on the withdrawal in consultation with the Investment Committee. The aim is to be able to maintain a stable and growing level of financial support within the limits of the portfolio returns. 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.