CBS to curb new collaborations with Danske Bank
As it is, CBS will not establish new collaborations with Danske Bank. This decision has been made in the wake of the money laundering via the bank’s Estonian branch; money laundering which potentially exceeds more than one trillion Danish Kroner.
Members of Senior Management have been asked about CBS’ current collaborations with Danske Bank and our position on collaborating further with Danske Bank after the bank’s own internal investigation has revealed gross mismanagement with reference to money laundering on an unprecedented scale. We have spent the past days gaining insight into our collaborations with Danske Bank and our scope for action (see our current collaborations and their extent below).
There is no doubt that we are taking this matter very seriously - not least because we, as a business school, wish to promote and develop responsibility and responsible leadership in our students. Per Holten-Andersen, President of CBS, comments on the matter:
- This is a critical case of laundering vast amounts of money and associated mismanagement. There is no doubt that the top management of Danske Bank has failed to live up to their responsibility, failed their employees and failed society at large. Obviously, the actions of Danske Bank’s top management cannot serve as examples to our students, says Per Holten-Andersen. He continues:
- On this basis, we have decided that CBS will not establish new collaborations with Danske Bank, until a new top management has been appointed and has demonstrated the ability to restore confidence in the bank through critical dialogue with society.
Although Senior Management is taking this matter very seriously, CBS is a public institution and must meet its current contractual obligations with Danske Bank. The current collaborations will thus continue; however, we will be paying special attention to our relations with Danske Bank. Per Holten-Andersen says:
- It is natural that CBS’ graduates are employed by many kinds of companies, and that the faculty of CBS and CBS as an institution collaborate broadly with the business community. We are happy to provide our knowledge of CSR, international money laundering regulations and proper governance to Danske Bank and would like to extract learning from the bank; also in times of crisis. However, there is no doubt that we will paying special attention to our collaborative relationships with Danske Bank and the next steps of the bank’s top management in the coming months, says Per Holten-Andersen.
CBS SENIOR MANAGEMENT
Current collaborations with Danske Bank (updated 08.10.18 and 10.10.18)
Collaborations that involve Danske Bank are worth DKK 23.5 million, of which DKK 10 million is donated by Danske Bank or Danske Banks Fond:
The research project ‘Nordic Finance and the Good Society’.
The total funding is DKK 8,690,000. Danske Bank’s share is DKK 3,000,000. The project runs from 01/01/2015 to 31 December 2018.
The industrial PhD project ‘Making Sense of Organizational Changes’.
The total funding is DKK 2,000,000. Danske Bank’s share is DKK 1,035,000. The project runs from 1. December 2016 to 31. November 2019.
The research project ‘Compliance and Risk Management’.
The total funding is DKK 2,250,000. Danske Bank’s share is DKK 750,000. The project runs from 1 January 2018 to 30 June 2023.
The research project ‘Situated Accounting and Sustainable, Community Managed Development’.
The total funding is DKK 130,376. Danske Bank’s share is DKK 130,376. The project runs from 01/06/2017 to 31 December 2018.
The research project ‘An Analysis of Share Repurchase by Listed Firms’.
The total funding is DKK 233,000. Danske Bank Foundation’s share is DKK 100,000. The project runs from 15/10/2016 to 15/12/2017.
The research project ‘Corporate Impact Initiative’ for CBS Impact Day.
The total funding is DKK 200,000. Danske Bank’s share is DKK 50,000. The project runs from 01/01/2016 to 31/12/2017.
Professorship in digitalisation.
The total funding is DKK 10,000,000. Danske Bank’s share is DKK 5,000,000. The project runs from 1 August 2018.
Adjunct professorship. Chairman of the Board in Danske Bank, Ole Andersen, is adjunct professor at CBS. He was appointed in 2015, and the professorship runs until 2020. An adjunct professor is not on the payroll and is not subject to any teaching or research obligations.
Danske Bank has a Corporate Partnership with CBS, running from 1 January 2018 to 31 December 2018. A corporate partnership is: “reserved for companies who have a high level of involvement in CBS in terms of research, education and case competitions”. Danske Bank does not pay for the partnership itself and exposure of their logo on an auditorium and campus; however, they do pay for the use of employer branding and recruitment services on an ad hoc basis.
Danish Finance Institute (DFI).
A collaboration between four universities, including CBS, and the bank sector through Finance Denmark. DFI grants scholarships to particularly talented international researchers of finance in order for Danish universities to attract them. This is a continuous collaboration.
Executive in Residence.
Thomas F. Borgen, former CEO of Danske Bank, was Executive in Residence at CBS between 1 September 2017 and 1 July 2018. This function implies meetings with students and researchers during one academic year.
Other collaborations: Danske Bank is CBS’ bank.