Independent University Newspaper
Copenhagen Business School

Popular searches:

Independent University Newspaper

Copenhagen Business School

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”.



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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

  • News

    Layoffs break the crucial trust between organisation and employee

    CBS is laying off a number of employees soon, which will affect our university in different ways. When employees are fired without having done anything wrong, it shatters the trust between the organisation and employees, while also taking a toll on productivity, according to a CBS expert. Layoffs also affect the ‘survivors’, who are forced to adapt to a changed workload and the loss of cherished colleagues.

  • News

    Here to help – at the touch of a button and at Campus Desk

    Exam anxiety? Lost student card? I’ve wedged my car between a Fiat 500 and a lamp post, can you help? You never know what you’ll be asked next. But that’s just how the Campus Desk team like it. And if they can’t fix your problem, they’ll know someone who can. CBS WIRE asked the team about the whole range of topics they advice on every day.

  • News

    Why so sudden? The CBS financial crisis explained

    Employees and union representatives have posed many questions in the wake of the 17 August announcement of a firing round. In this interview, University Director Arnold Boon explains how Senior Management has been working with the budget and a change of financial strategy since the fall of 2022, and why layoffs are now necessary.

  • Illustration: Ida Eriksen


    Here’s what you need to know about the master’s reform

    The political parties behind the master’s reform have adjusted their original proposal to shorten or reorganize up to 50 percent of master’s programmes after pressure from CBS and the other Danish universities. Fewer shortened master’s and longer to implement changes are some important revisions to the reform. CBS’ president is pleased that the government and other parties behind the reform have listened to some of the critique given by the universities but raises concern about cutting more study places in bachelor’s programmes.

  • News

    CBS Quiz Time: Unraveling the success story

    A successful university environment such as CBS is often associated with academic pursuits, but campus life extends far beyond the classroom. At CBS Quiz Time, a student society motivated by creative thinking and social engagement, students join in a refreshing range of creativity, excitement, and social interaction. CBS WIRE talked to Celine Møller-Andersen to find out about the society’s vision, strategies and the factors that are driving its rapid expansion.

  • Gif of the week
  • Blog

    Uncertain times: Essential for business schools to understand their market

    The alliance of European business schools met at CBS in June to enhance recruitment strategies, stay informed on industry trends, and analyse where the global economy is heading. The CBS MBA Programmes shares some key take-aways from Associate Dean and Professor Jesper Rangvid’s presentation.

  • News

    Working hard all summer: Bachelor Admissions

    The employees in charge of bachelor admissions at CBS are a small exclusive team. They ensure the validity of diplomas and the fulfilment of entry requirements for bachelor’s degrees at CBS – and, not least, that the applicants get the necessary help to upload the right documentation and find their way around the application procedures.

Follow CBS students studying abroad

CBS WIRE collaborates with

Stay connected