Nyenrode was founded in 1946 by top executives of Dutch multinational companies, such as Akzo, KLM, Philips, Shell and Unilever. The Nederlands Opleidings Instituut voor het Buitenland (NOIB) was soon named after the thirteenth century Castle of Nyenrode. In 1982 it was recognized as a university by the Dutch government (Universiteit Nyenrode). Nyenrode decided in 1992 to become independent of Dutch government subsidies, due to the fact that subsidised universities in the Netherlands were and are not allowed to have a selection process of students based on talent and ambition.