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The Board appreciated the hard work and improved academic results of the Aalto community to secure additional external funding, which together with new government midterm review funding instruments, has improved the university financial outlook. The Board approved T1 2017 Management report and the basic funding frame to be allocated to the schools for the year 2018 (EUR 240 million). With the improved financial outlook, the basic funding from the Aalto University to schools is expected to continue roughly on the 2017 level until 2020.

In the meeting, the Board also reviewed campus plans. The cost estimates for Väre and School of Business buildings were updated due to overheating of capital area construction market causing increase in construction costs and due to additional user modifications to promote shared use of the facilities in accordance with Aalto University’s spatial guidelines. The Board also approved investment decisions on the construction of Bionova phase 1 and Lämpömiehenkuja 2 and 3 buildings which will be part of the University investment assets, contributing to the development of Otaniemi innovation ecosystem and to the funding of the University core operations in the future.

In its meeting, the Board also approved Aalto University Code of Conduct and emphasized the importance of continued engagement of the Aalto community in the further development of the Code.

The Board thanked Tuula Teeri cordially for her excellent work in building Aalto University as its President and Tiia Tuomi for her dedication in leading Aalto’s HR services. The of the University is communicated separately.

The Board also discussed the strategy implementation plans and risk management review, and met Aalto University Academic Affairs Committee.