The Corvinus Foundation receives a significant dividend

MOL and Richter also held their annual general meetings, at which both companies decided to pay dividends to their shareholders for the 2020 business year. The Maecenas Universitatis Corvini Foundation, which maintains Corvinus University, receives a total of approximately HUF 12 billion in dividend income from the dividend payments of the two companies.

 The Maecenas Universitatis Corvini Foundation, which maintains Corvinus University of Budapest, has a significant number of stocks in MOL and Richter. Proceeds from the annual dividend on these shares may be used by the Foundation to finance the various scholarships offered by the University, the operation and development of the institution.

On April 15, 2021, MOL and Richter also held their annual general meetings, at which the two companies decided on dividend payments for the 2020 business year. Pursuant to the decision of the General Meeting, MOL has decided to pay a dividend of HUF 75.875 billion to its shareholders in 2021 for the 2020 business year. This corresponds to approximately HUF 100 per share. The foundation maintaining Corvinus University of Budapest will thus receive a dividend payment of approximately HUF 8 billion on MOL shares.

On April 15, 2021, Richter also held its annual general meeting, and the company approved the establishment and payment of a total of HUF 41,934 billion in dividends on ordinary shares for the 2020 business year. This corresponds to an amount of HUF 225 per share. This means a dividend payment of approximately HUF 4 billion for the Corvinus University of Budapest Foundation.

One of the basic conditions for the renewal of the Corvinus University of Budapest was to move from a state-run university to a foundation-maintained institution. The reservation of the foundation provides the university with a more flexible operation and a broader funding framework. Simultaneously with the model change, 10-10% of MOL’s and Richter’s shares were acquired by the Maecenas Universitatis Corvini asset management foundation, which maintains Corvinus University. In the operation of the foundation, the maintainer only partially finances the operation of the Corvinus University of Budapest from the annual dividend of MOL and Richter shareholding, as the university also has its own financial revenues. It is also important to note that the operation of the university is ensured by the maintainer in the long run, regardless of the annual dividend income.