[Asia Economy Reporter Hyungsoo Park] Seoul National University announced on the 14th that it will establish a holding company called 'SNU Holdings' and engage in its own profit-making business.
According to Seoul National University, the agenda to establish SNU Holdings was approved at the first board meeting held last month. Procedures such as approval from the Ministry of Education and the personnel composition including the CEO have also been completed.
The endowment fund for SNU Holdings was 486.6 billion KRW as of last year, and a similar budget is reportedly allocated for this year. Since its transition to a corporation in 2011, Seoul National University has conducted various profit-making businesses within the scope that does not interfere with educational and research activities.
A Seoul National University official said, "To support school autonomy and profit-making businesses, we have been discussing the establishment of a holding company to oversee profit-making businesses since last year," adding, "We plan to discuss specific business directions through an advisory group."
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