Copenhagen Business School, also known as CBS, is one of the three largest business schools in Northern Europe and is situated in Copenhagen, Denmark. With more than 17,000 students and 1,300 staff members, CBS is also one of the largest business schools in Europe. CBS offers a wide range of business-oriented university programmes and an innovative research environment to ensure value for society. CBS graduates find employment in both the private and the public sector. CBS's most senior executive is the President who is appointed by a Governing Board composed of a majority of external members. CBS was established in 1917 by the Danish Society for the Advancement of Business Education (now known as FUHU), which is a private educational institution. In 1965 the business school became integrated as an institution of higher education in the Danish education system. Today it is regulated by the Danish Universities Act of 2003. The school is currently undergoing the process to gain AACSB accreditation and it is expected to be awarded sometime in 2010.