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Karsten Dybvad: The responsibility for entering the contract is mine and I, of course, note the Public Accounts Committee and the National Auditors’ criticism

Man in grey suit

Karsten Dybvad was the Chairman of the CBS Board of Directors from 2015 to 2019. Currently, he's the Chairman of Danske Bank's Board.(Photo: Danske Bank)

The former Chairman of the CBS Board of Directors, Karsten Dybvad, explains why he signed an agreement with the former President of CBS for a one-off fee of DKK 692,000, although he knew it contravened the rules.

News |   27. Aug 2021

Anne Thora Lykkegaard


CBS risks having to pay DKK 692,000 back to the Ministry of Higher Education and Science after the National Auditors have found that the one-off fee given to the former President of CBS violated the rules and regulations for state subsidies.

The former Chairman of the CBS Board of Directors, Karsten Dybvad, signed the agreement regarding the one-off fee although, according to the National Auditors, he had been made aware that this did not comply with the rules.

CBS WIRE has reached out to Karsten Dybvad for comment on questions including why the president of CBS should even receive a one-off fee of that amount. Karsten Dybvad has not answered the specific questions, but in an email explains the background for signing the agreement.

“The one-off fee for the President of CBS was part of the president’s original contract before the extension and was not a new fee. However, the original contract stated that the fee would be discontinued in case of an extension of the position,” he writes and continues:

“After the CBS Board of Directors’ decision to extend the president’s contract at around the turn of 2015–16, the case was discussed with the Agency for Higher Education for several months, as it would be a significant deterioration of the president’s severance terms if he were to be deprived of the fee in relation to an extension.”

He explains that the intention was to retain the president in a way that did not reduce his severance and pension terms, while implying that the extension would not become more expensive for CBS, as the alternative, according to Karsten Dybvad, would be to terminate his contract.

“At a meeting on July 1, 2016 with the agency, it was my distinct impression that we reached an understanding with the agency that CBS could extend the president’s employment with the specified fee in the extension contract. I have, therefore, acted to the best of my knowledge and in good faith,” he writes and continues:

“In spite of this, the responsibility for entering the contract is mine, and I, of course, note the Public Accounts Committee and the National Auditors’ criticism and await CBS’ clarification of the case’s conclusion.”

In the report, the National Auditors write that “CBS should consider making a claim against the former CBS Board of Directors for the loss of the grant”.



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