Annual Report 2013-2014 IESE ALUMNI ASSOCIATION

www.iese.edu/alumni

CONTENTS

3 Letter From the President 4 IESE Alumni Association 8 The Alumni Legacy 10 Learning and Development 22 Global Alumni Reunion 28 Meetings and Networking Opportunities 34 Career Support 40 Communications and Publications 42 Afﬁ liation and Globalization 44 Governing Bodies 48 Financial Information 50 Exhibits

Annual Report IESE Alumni 2013-2014 3

LETTER FROM THE PRESIDENT

Dear friends,

It is my pleasure to present the IESE Alumni Association’s Annual Report for 2013-2014. Looking back over the year gives us the opportunity to recognize the progress that has been made and to make renewed efforts to ensure that IESE alumni, scattered across 116 countries, can continue to learn and make the most of all the advantages of staying in touch.

IESE offers us a wide range of activities. Among this year’s highlights is the Entrepreneurship platform, established to give alumni better access to all of IESE’s entrepreneurial content and tools. We should also mention the revamped Alumni website, which provides access to highly relevant content and learning materials, in addition to the Association’s services.

Launching new projects and consolidating existing ones would not be possible without the support of each and every one of the alumni who make up this great community. Through its executives, IESE strives to make a positive impact on business and society. This year, the school aims to make an even greater mark as the number of alumni grows and the commitment of its graduates deepens. The school advances thanks to generations of alumni whose generous support helps maintain investment in faculty development and research, and enables top-level students to join the IESE community.

I can’t ﬁ nish without expressing our sincere gratitude to Mireia Rius, former director of the IESE Alumni Association, and to her team for their energy and commitment. At the same time, we welcome Javier Muñoz, who I’m sure will continue to promote the Association’s goals with the same enthusiasm.

Yours sincerely, Jorge Sendagorta (PADE ‘90) President of the IESE Alumni Association IESE ALUMNI ASSOCIATION

An Ongoing Experience

The IESE Alumni Association was founded in 1959 by the Special Initiatives in the 2013-2014 Academic Year: ﬁ rst graduating class, which aimed to create a platform that would allow alumni to: • Joint alumni reunions: Five-yearly MBA Reunion (MBA, EMBA and GEMBA); PDD Reunion and PDG and PADE • Keep up to date with new ideas and share business Reunion. Individual class reunions and joint reunions experiences through a program of continuous education. offered greater opportunities for networking over the year. • Maintain close links with the school, faculty and classmates, and participate actively in IESE’s • Establishment of the Entrepreneurship platform: development. Further consolidating the Association’s career support services, the new Entrepreneurship platform was The IESE alumni community now comprises 41,000 launched to give alumni access to all of IESE’s resources business people and executives who live and work around and help established and would-be entrepreneurs. the world. The Alumni Association’s activities are divided into www.iese.edu/en/entrepreneurship chapters or geographical regions that aim to cultivate ties with the IESE community in a particular geographical area. • New alumni website: Now more accessible, intuitive There are now more than 30 Chapters in 116 countries, and functional, the new web is a unique point of with members who reﬂ ect 129 nationalities. reference that offers alumni tools for different stages of their personal and professional development. On By lending them support and guidance throughout their average, an IESE graduate visits the website every two professional and personal lives, the Association ensures that minutes, making it one of the school’s most visited alumni strengthen their bond with IESE every day. pages. It is also the main channel of communication between alumni and the Association. www.iese.edu/alumni

Alumni now beneﬁ t from a larger email inbox and the advantages of an exclusive ﬁ nance card.

THE ASSOCIATION’S SERVICES

LEARNING & DEVELOPMENT NETWORKING CAREER SUPPORT RESOURCES & SERVICES Continuous Education Global Alumni Reunion Career opportunities services Alumni magazine and Program newsletter Alumni Directory SUCCEED platform E-conferences Membership card Program reunions Personalized assessment Educational resources: Payment card Class reunions Professional development Economic Overview, IESE workshops Use of on-campus facilities Insight, IESE Publishing and Social networks Library Entrepreneur platform Request for certiﬁ cates Alumni Club Discounts on IESE programs Faculty consultations Chaplaincy service Specialized webinars 5 Annual Report IESE Alumni 2013-2014

PADE-1960, June 25, 1960

Jordi Canals, Dean of IESE Business School “IESE alumni are a great source of ideas, inspiration and innovation.”

5-Year MBA Reunion, May 31, 2014 6 Annual Report IESE Alumni 2013-2014

THE ALUMNI ASSOCIATON IN NUMBERS 41,257 3,000+ SOCIAL NETWORKS IESE ALUMNI COMPANIES REGISTERED ON THE 15,000+ EMPLOYMENT PLATFORM LINKEDIN MEMBERS 25,202 2,000+ 6,500+ PARTICIPANTS IN THE CONTINUOUS REGULAR USERS OF THE OPPORTUNITIES PLATFORM TWITTER FOLLOWERS EDUCATION PROGRAM 4,500+ 16 1,200+ FACEBOOK LIKES SPECIALIZED PROFESSIONAL PROFESSIONAL JOB OFFERS PUBLISHED CAREER WORKSHOPS

CANADA NORDIC COUNTRIES RUSSIA THE NETHERLANDS GERMANY BELGIUM-LUXEMBOURG POLAND USA UNITED KINGDOM FRANCE AUSTRIA CHINA JAPAN MEXICO INDIA PORTUGAL ITALY HONG KONG SPAIN* *CHAPTERS IN SPAIN COLOMBIA SWITZERLAND ARAGON ANDALUSIA SINGAPORE-MALAYSIA BALEARIC ISLANDS PERU BRAZIL CATALONIA GALICIA CHILE LEVANTE ARGENTINA-URUGUAY MADRID NAVARRA-BASQUE COUNTRY-LA RIOJA

Chapters Continuous Education 334 14 13 Program sessions E-CONFERENCES CONTINUOUS EDUCATION DIRECT SESSIONS VIA PROGRAM CYCLES WEBEX 7 Annual Report IESE Alumni 2013-2014

Jorge Sendagorta (PADE ‘90) President of the IESE Alumni Association “The strong bond that IESE graduates have with the school is one of the cornerstones of its success, which is why I encourage you to participate in its future as active members of the Alumni Association.” THE ALUMNI LEGACY

As in previous years, faculty development, MBA scholarships, and research grants and awards were among the Association’s main contributions in 2013-2014. Thanks to these and other efforts, IESE has succeeded in becoming one of the top business schools in the world.

By continuously cultivating these key initiatives, IESE is able to advance its mission of developing global leaders who aspire to make a positive impact on business and society.

MBA Scholarships 56% FACULTY DEVELOPMENT

27% RESEARCH Last year, the Association awarded scholarships to six MBA students. As in other years, they were granted to candidates 14% MBA SCHOLARSHIPS with stellar academic and professional credentials. The scholarships cover 50% of tuition for both years of the MBA 3% RESEARCH AWARDS

CONTRIBUTIONS* program.

Faculty Development

Salim El Mazhor, Morocco The IESE Alumni Association recognizes faculty development as one of the school’s cornerstones to support its ongoing (MBA ‘15) teaching and research efforts. For this reason, year after year “I am very grateful for this tremendous IESE aspires to attract the best global talent to its faculty. opportunity and intend to make the most of it to achieve my professional objectives, meet Professors who recently joined the IESE faculty include: your expectations and contribute to the school’s success.” • Íñigo Gallo, Assistant Professor of Marketing, PhD in Marketing, University of California, Los Angeles (USA) • Robert Gregory, Assistant Professor of Information Systems, PhD E-Finance Lab, Goethe University, Frankfurt (Germany) • Thomas Klueter, Assistant Professor of Entrepreneurship, PhD in Management, University of Amalia Routi, Greece Pennsylvania (USA) (MBA ‘15) • Wei Luo, Assistant Professor of Production, Technology “I truly appreciate your ﬁ nancial support and will and Operations, PhD in Operations Management, Duke make every effort to live up to the requirements University (USA) of your renowned and demanding MBA program, • Massimo Maoret, Assistant Professor of Strategic as well as continue your long tradition of Management, PhD in Organizational Studies, Boston developing competent managers and successful College (USA) • Manuel Mueller-Frank, Assistant Professor of Economics, business leaders.” PhD in Economics, Northwestern University (USA)

An overview of the Association’s economic contributions may be seen on page 49 in the “Surplus” section. Annual Report IESE Alumni 2013-2014 9

Research Projects Research Excellence Awards

IESE Business School is ﬁ rmly committed to developing Established by the Alumni Association in 2002, these awards global leaders capable of making sound decisions in a recognize the research efforts of IESE professors in three variety of complex environments. Central to advancing IESE’s categories: best article, best book and best course. mission is faculty research. IESE faculty apply academic rigor to understand and resolve managerial challenges. Their Profs. John Almandoz, Josep Maria Rosanas and Eduardo research enriches the classroom experience and provides Martínez Abascal were the winners of the Research key insights for both corporate and academic communities. Excellence Awards presented by the IESE Alumni Association. Exhibit 1 includes a list of the books published and articles featured in the most acclaimed academic journals over the The prize for best article was awarded to Prof. John past year. Almandoz for “Arriving at the Starting Line: The Impact of Community and Financial Logics on New Banking Following is more information on the number of publications Ventures,” published in the Academy of Management and types of research projects generated by IESE in Journal, 2012, Vol. 55, No. 6, pp. 1381–1406. The 2013-2014. international prestige of the academic journals was the main criteria in the jury’s decision.

For the book award, the jury based its decision on the quality, prestige and distribution of the publication, since the books published addressed a wide range of subjects. The jury recognized Prof. Josep Maria Rosanas for Decision-Making 5ONLINE 61 OFFLINE ARTICLES PUBLISHED IN JOURNALS in an Organizational Context: Beyond Economic Criteria, published by Palgrave Macmillan, 2013. 11 BOOKS

12 BOOK CHAPTERS The prize for the best course was presented to Prof. Eduardo Martínez Abascal for “Corporate Finance.” The course 41 OTHER PUBLICATIONS comprised two modules—Operational Finance and Structural Finance—which included seven and nine sessions, 62 CONFERENCE PARTICIPATIONS respectively.

108 CASE STUDIES The jury was made up of professors Julián Villanueva and Marta Elvira, as well as the representatives of the 33 TEACHING NOTES Association’s Executive Committee: Alejandro Beltrán, Antoni Esteve and Jorge Sendagorta. 28 TECHNICAL NOTES PUBLICATIONS

28 INTERNATIONAL RESEARCH PROJECTS

43 NATIONAL RESEARCH PROJECTS

11 CONFERENCES ORGANIZED PROJECTS PROJECTS LEARNING AND DEVELOPMENT

Lifelong Opportunities Without Borders Ana Arroquia (PDD ‘11) “The sessions that the Association organizes are very One of the pillars of the IESE Alumni Association is inspiring and a good way of staying up to date. They continuous education. Each year, the Continuous Education are also the perfect way of keeping in contact with program organizes more than 200 sessions which are former classmates.” organized into 14 themed cycles: professional development, business development, family business, leadership, major industries, and digital marketing, among others. The Alumni website contains more than 300 recorded sessions to allow members to consult them whenever they wish. Furthermore, ACADEMIC YEAR 2013-2014 many conferences are streamed in real time so members can follow them live wherever they are the world.

Sessions are held in more than 25 countries in coordination with the Association’s 33 international Chapters. Thanks to new technology, there are no frontiers, which is essential 25,202 for a school that has alumni in 116 countries. The Alumni TOTAL NUMBER OF PARTICIPANTS website’s new inituitive design gives members access to other valuable resources such as webinars. 334 E-CONFERENCES www.iese.edu/alumni 247 TOTAL NUMBER OF SESSIONS

Marzena Bielecka (AMP ‘08) 14 CONTINUOUS “Ongoing EDUCATION PROGRAM development is CYCLES essential since it helps you grow in every sense of the word. We must continue to learn throughout our lives.” 13 DIRECT SESSIONS VIA WEBEX Annual Report IESE Alumni 2013-2014 11

The IESE Alumni Association would like to express its thanks to the dedicated faculty for maintaining the rigor and quality of the Continuous Education program.

Our thanks to: Alumni Cycles

ACCESS GESTIÓN INTEGRAL DEL GAS NATURAL FENOSA BOARD OF DIRECTORS EMPLEO GEORG FISCHER ECONOMICS ARNOLD & PORTER GRUPO PÉREZ RUMBAO ENTREPRENEURSHIP ARTHUR D. LITTLE IAE BUSINESS SCHOOL ETHICS AND RESPONSIBLE BANCO SANTANDER BUSINESS IDE BUSINESS SCHOOL BCI FAMILY BUSINESS IDOM BLACKROCK FINANCIAL MANAGEMENT INFOSYS BMW FINAVES IRFC CAI IT SYSTEMS ISE - INSTITUTO SUPERIOR DE CAIXABANK EMPRESA LARGE SECTOR COLEGIO MAYOR LA ESTILA PAD - ESCUELA DE DIRECCIÓN LEADERSHIP CORPORACIÓN HIJOS DE RIVERA PARTNERRE PROFESSIONAL DEVELOPMENT EASY RITUALS SALES MANAGEMENT ELÉCTRICA DE VALDRIZ ROLAND BERGER STRATEGY E.ON TECNUN TAXATION FUNDACIÓN VALENTÍN DE THE BOSTON CONSULTING GROUP MADARIAGA 12 Annual Report IESE Alumni 2013-2014

Alumni Around the World*

IESE Dean Leads Continuous Education Sessions in Tokyo, Shanghai and Hong Kong

AMSTERDAM LONDON IESE Dean Jordi Canals met Alumni in the Netherlands Chapter More than 100 alumni attended alumni in Tokyo, Shanghai and had the the chance to learn more a session at BlackRock’s London Hong Kong on March 24, 25 about the global cosmetics company, headquarters. The subject of the and 27, respectively. The Dean Rituals from its founder and CEO, debate was “Controversies and led the session “Excellence Raymond Clostermann, as well as Impact on Investment Decisions” in in Business Leadership and its COO Arjen Schouten (MBA ‘98). which Prof. Javier Estrada discussed Governance” in Tokyo which The conference was titled “Rituals: the differences between short- and welcomed more than 70 guests, The Origins and Growth of a Success long-term risks and the impact while 50 attended the session Story.” that different ways of measuring at the CEIBS in Shanghai. A few risk has on long-term investment days later, some 40 alumni and decisions, particularly in the context of DUBAI other guests attended the Hong retirement savings. The Alumni Association and Kong session. International Open Programs IESE alumni met at Instituto Cervantes organized a session titled “Personal Each year, the Alumni in London for the fi rst edition of Financial Planning” in Dubai imparted Association organizes around the workshop series “Property by Prof. Ahmad Rahnema. During 15 Continuous Education Planning and Financing Residential the session, Prof. Rahnema aimed sessions in Asia, which boasts Investments.” These interactive to debunk the myth that only highly 500 members in chapters in sessions are organized by chapter intelligent people are capable of China, Hong Kong, Japan, India members with the support of the understanding fi nancial plans. He and Singapore. IESE also offers Alumni Association and other IESE lamented the widespread belief that modules of the MBA, EMBA and members. The speakers featured were fi nancial plans must be necessarily Global EMBA in China, as well as Thierry Marteu, a senior consultant complex and offered advice on how to general management programs, at Boulle International, and Reinaldo simplify them. such as the Global CEO Program Soto-Rosa, a partner at St. James’ and the Global CEO for China. Place Wealth Management. Patrick Some custom programs are also Kelly, MBA ‘01 and a managing held in Asia. partner at Roxbury Parnters, organized the event.

* A selection of some of the 108 International Continuous Education sessions. Annual Report IESE Alumni 2013-2014 13

PARIS The French Chapter, presided by Gloria Perrier-Châtelain (EMBA ‘93 and AMP ‘10), organized a session in Paris on the situation of entrepreneurial initiative and risk capital in France. Moderated by Prof. Rob Johnson, the session featured the expertise of Phillippe Dufour, senior vice president at Edenred Partners; Fabio Lancellotti (MBA ‘10), senior associate at Aster Capital; and Sven Lung, venture partner at DFJ Esprit.

MUNICH NEW YORK SAN FRANCISCO “Sustainability has become a Prof. Fabrizio Ferraro visited IESE’s San Francisco hosted a new key element in BMW’s corporate New York campus to give the Entrepreneurial Forum in which Neal strategy,” said Rainer Feurer, senior session “Heritage, Catwalks and Dempsey, partner at Bay Partners, vice president of Sales Strategy and Strategic Vision: What’s Next in the imparted the session “The DNA of a Steering of Channel Development at Luxury Goods Industry?” During his Phenomenal Entrepreneur.” This was BMW Group. He made his remarks presentation, the ﬁ rst alumni event followed by a session moderated by during an alumni meeting held in the of the 2013-2014 academic year, he Prof. Juan Roure titled “Decoding spectacular BMW Welt facilities. Prof. discussed the prevailing trends that Entrepreneurial DNA - Is There a Marc Sachon opened the meeting, will shape the future of the luxury Formula for Success?”, with Evan which convened 150 people keen to brand sector. Powell (GEMBA ‘08), a successful hear how one of the world’s leading entrepreneur in the software industry; car-makers views its future. The New York campus also welcomed Ravi Belani, Fenwick&West Lecturer Prof. Yih-Teen Lee, who delivered the on Entrepreneurship at Stanford The German Chapter invited alumni session “Chinese Multinationals Go University; and Jason Johnson, CEO to the conference “The Future of Abroad: Haier in Japan and Beyond.” DE August, managing partner of Banking and Finance in Europe: A The session examined the ﬁ rm’s Founders Den, and president of the Challenging Environmnent.” Peter expansion and management model in Internet of Things Consortium. Buschbeck, a board member at the Japanese market, and success in HypoVereinsbank UniCredit Bank and overtaking established players. Prof. José Manuel González-Páramo SAO PAULO imparted the session. OSLO IESE Dean Jordi Canals traveled to Sao Paulo to give the talk “Excellence Franz Heukamp, professor of The author of the recently released in Business Leadership and Managerial Decision Sciences, met book Marcas que sueñan (Brands Governance” to Brazil-based alumni. with alumni for the March 20 session That Dream), Prof. Xavier Oliver The session was held in the Instituto “Decision Making in an Uncertain invited alumni to create “brands Superior de Empresa. World.” The session was held at that dream.” If they didn’t dare to the headquarters of the prestigious dream, these brands would not be Norwegian company Statkraft, a ZURICH able to stand out from the multitude European leader in renewable energy. The Swiss Chapter organized an event of brands that people encounter on a in the Georg Fischer AG headquarters day-to-day basis. as part of the Swiss Icon Series. The session featured the company’s CEO Yves Serra and Prof. Marc Sachon. 14 Annual Report IESE Alumni 2013-2014

High-Proﬁ le Events

A STUDY OF THE LAGARES COMMISSION On March 26, the Madrid campus hosted a session on tax reform. The event, led by Maximino Carpio, chair of Applied Economics at the Universidad Autónoma de Madrid, examined the Lagares Commission’s recommendations. Nitin Nohria, Dean of Harvard Business School, INNOVATION AND BUSINESS GROWTH: THE SENIOR Visits IESE EXECUTIVES’ PERSPECTIVE A special session on innovation To mark the 50th anniversary of the Harvard-IESE and business development Committee, the dean of Harvard Business School from a senior management visited IESE’s Barcelona campus. Nohria emphasized perspective was held on April 4 that “more than our common interest in the case as part of the Global Leadership study method, what we really share are the same Conference. Two members of values.” He also led a session of the Continuous IESE’s International Advisory Education program titled “Innovative Leadership: Board, Kees Storm, president Learning from Asian Companies.” In his view, of InBev, and Denise Kingsmill, companies in emerging markets gain just as much member of the executive competitive advantage from low wage structures as committee of the International Airlines Group, took part. from innovative leadership strategies. Storm recommended surrounding yourself with people who think differently from you. He said that senior executives need courage and audacity to drive growth and promote creative thinking throughout the organization. Kingsmill agreed with Storm and added that having diverse views on the executive committee helps change the company’s mindset. GLOBAL ECONOMIC OUTLOOK “Although it’s not possible MONSIGNOR ÁLVARO DEL PORTILLO BEATIFICATION to say exactly when it will The Chancellor of the University be positive, the contraction of Navarra (1975-1994) was of economic growth will beatiﬁ ed on September 27 in end soon,” said Prof. Javier Madrid. The Alumni Association Díaz-Giménez during the and members organized several September 11 Continuous Continuous Education sessions Education session in Madrid. in recognition of Portillo and the Titled “The Economy: important role he played at IESE. Perspectives for This Fall,” the session also featured Prof. Juan José Toribio. The conference was part of the Economic Overview Cycle organized by the IESE Alumni Association. Annual Report IESE Alumni 2013-2014 15

SANDALIO GÓMEZ OUTLINES THE CAPITAL SINS OF BUSINESS LEADERS In recent years, we have witnessed every type of bad Sustainability and executive behavior. Prof. Impact With Paul Polman Sandalio Gómez discussed the capital sins of business leaders “We need leaders who are motivated by a good in a session organized by the cause. If you don’t have one, what are you Alumni Association. There’s no doing here?” Paul Polman, CEO of Unilever, ﬁ lled such thing as a perfect leader, the auditorium on IESE’s Barcelona campus on in his opinion, not even in November 26 for an extraordinary session titled business. However, he recommends that business leaders “Leadership in a Turbulent and Global World.” do their utmost to avoid the most common management The conference commenced with comments from mistakes. “Carelessness, arrogance, impatience and IESE Dean Jordi Canals, who said that Polman had weakness, a lack of balance and temperance, a lack of managed to make a big company into one that seeks courage, excessive ambition and inconsistency are the to transform the world through sustainability and principal vices that every leader should avoid,” he said. innovation. Polman began his talk by saying that “never before in history has there been a greater THE RULES OF THE BANKING GAME HAVE CHANGED need for leadership. Our leaders have not been Banks deserve the trust prepared for a world such as this.” of business in spite of the turbulence they have endured since the onset of the economic crisis. This was the key message conveyed by Prof. Jorge Soley during Continuous Education sessions offered on IESE’s Barcelona and Madrid campuses. Organized by the Alumni Association, the session was titled “Why We Should Still Trust Banks.”

ADAPTING A GIANT TO DIGITAL LIFE “In business, every challenge is an opportunity,” said César Cernuda (PDD’02), president of Microsoft Asia Paciﬁ c. Cernuda made his remarks during the February 26 session in Barcelona. 16 Annual Report IESE Alumni 2013-2014

SPANISH CITIES THAT HAVE HOSTED CONTINUOUS EDUCATION SESSIONS

SAN SEBASTIAN

SANTIAGO DE COMPOSTELA BILBAO ANDORRA

PAMPLONA

ZARAGOZA Extraordinary Session BARCELONA VALENCIA With Mario Monti MADRID PALMA DE MALLORCA “Europe has shown signs of leadership and infl uence at the world level on the few occasions when it has been able to act as a unique entity, as in the case of business and competition.” SEVILLA Mario Monti, the former Italian prime minister and European Commissioner, led a session on the future of Europe and its infl uence in the world to commemorate the 50th anniversary of Grupo Zegna KOJI ONO, CHIEF STRATEGY OFFICER OF TATA in Spain. Ermenegildo Zegna, CEO of the group and member of IESE’s International Advisory board, also TELESERVICES participated in the event, which was presented by Although the 2008 merger of IESE Dean Jordi Canals. the two telecommunications giants NTT DoCOMo (Japan) and Tata Teleservices (India) went smoothly, intercultural misunderstandings are inevitable, Koji Ono told alumni on February 25 on the SPORTS SPONSORSHIP CONFERENCE: Barcelona campus. KEYS TO SUCCESS As part of the Continuous BIG CHALLENGES FOR BIG COMPANIES Education program, the Center The food and drink sector faces for Sport Business Management many challenges in the coming hosted a conference that years. “Food security is a real featured top industry players, problem and the future of who explained the keys behind agriculture is a critical factor. the success of their sports Planning is the key,” said sponsorship programs. Among Umran Beba, Pepsico’s vice the speakers was the late Emilio president and chief human Botín, president of Banco Santander, who said that “By resources offi cer for Asia, the sponsoring Ferrari, our bank will have accumulated €5 for Middle East and Africa. Beba every euro invested in advertising by the end of 2014, and made her comments during a February 20 session. in the fi rst year, we’ll recoup our entire investment, whose payback was initially forecasted for fi ve years.” Annual Report IESE Alumni 2013-2014 17

Global Leadership Breakfasts on IESE’s New York Campus

JEFF ZUCKER, PRESIDENT OF CNN NANCY DUBUC, CEO OF A+E ARTHUR O. SULZBERGER JR. WORLDWIDE “A+E’s success is down to the PRESIDENT AND EDITOR OF THE NEW Jeff Zucker shared his fears about less importance we give to the three “Ps” YORK TIMES consolidated forms of journalism and – people, programs and partnerships,” The president of The New York Times their potential impact on democracy. Nancy Dubuc said. The CEO of A+E visited IESE’s New York campus on The president of CNN admitted that Networks was the keynote speaker May 8. During his talk, he confessed you can’t ignore how people choose to at a session moderated by Prof. Bill that “some time ago I made the consume news and information, but Baker. A+E currently manages six mistake of saying that the paper stated that “people refer back to CNN TV channels, which broadcast 18 of newspaper would disappear within to check if something is true.” the 50th most-viewed programs in the ﬁ ve years, and seven have already United States. gone by.” He added that, to overcome crises, it’s essential to encourage everyone in the company the keep up the effort, be resilient and, above all, maintain unity. 18 Annual Report IESE Alumni 2013-2014

Other Important Activities

GLOBAL HR THINK TANK 2014 IESE Global More than 70 human resources executives from major Leadership Conference companies gathered on IESE’s Barcelona campus for the Global HR Think Tank, a two-day event that included interactive sessions on global leadership, talent development and cultural Academic and business leaders convened on IESE’s adaptation. Bloomberg, Ricoh, Danone, BASF, TESCO, Discovery Barcelona campus on April 3 and 4 for the Global Networks, L’Oreal and HARTMANN were among the companies Leadership Conference. During the event, corporate represented. leaders offered practical advice on how fi rms can GLOBAL ENTREPRENEURSHIP WEEK promote intrapreneurship and integrate a culture of innovation throughout their organizations. Global Entrepreneurship Week (GEW) was held from November 18-24 in 138 countries around the world including Spain, whose theme was “Entrepreneurship at Any Age.” IESE organized the activities in Spain for the fi fth consecutive year. GEW is a global initiative comprised by business leaders, academics, investors, government representatives and other institutions to create new opportunities for entrepreneurs and enhance their visibility as key players in society. George Yeo Chairman, Kerry Logistics ANNUAL MEETING OF THE INTERNATIONAL IAB Member ADVISORY BOARD “It’s important to prepare oneself for IESE’s annual IAB meeting was held in Barcelona on April uncomfortable situations when moving into 4, coinciding with the Global Leadership Conference, which unfamiliar territory.” gathered academics and business leaders to analyze leadership development and corporate growth in an unstable economy. The IAB comprises presidents and CEOs of leading companies, as well as globally renowned economists from Europe, Asia and the Americas. The board has convened every year since 1989 to examine the key challenges in executive education and advise Bruno Di Leo IESE on current trends. Global Vice President of Sales and Distribution, IBM IAB Member 11TH DOING GOOD DOING WELL CONFERENCE “Innovation matters when it differentiates Organized by IESE’s MBA students, Doing Good Doing Well you in the eyes of all the groups you’re is among Europe’s most important conferences on social corporate responsibility. This year, the conference gathered interested in.” 500 entrepreneurs, speakers and students under the theme “Innovate, Impact, Inspire.” The common thread during this year’s sessions was how profi t and sustainability are complementary—and not opposing—objectives. Annual Report IESE Alumni 2013-2014 19

REPORT ON CONTINUOUS EDUCATION PROGRAM ACTIVITIES

Spain Outside Spain Total meetings 139 Total meetings 108 Total attendance 20,561 Total attendance 4,641

MEETINGS AND ATTENDANCE IN THE CONTINUOUS EDUCATION PROGRAM 2013-2014

Meetings in Spain 139 Attendance 20,561 BARCELONA 58 BARCELONA 10,165 MADRID 47 MADRID 7,824 ANDALUSIA 8 ANDALUSIA 97 ARAGON 4 ARAGON 714 BALEARES 3 BALEARES 299 GALICIA 8 GALICIA 120 LEVANTE 8 LEVANTE 878 NAVARRA-BASQUE COUNTRY-LA RIOJA 3 NAVARRA-BASQUE COUNTRY-LA RIOJA 464

Meetings in other countries 108 Attendance 4,641 ANDORRA 3 ANDORRA 360 ARGENTINA-URUGUAY 5 ARGENTINA-URUGUAY 124 AUSTRIA 3 AUSTRIA 69 BELGIUM-LUXEMBOURG 4 BELGIUM-LUXEMBOURG 70 BRAZIL 7 BRAZIL 253 CHILE 2 CHILE 115 CHINA 5 CHINA 210 FRANCE 6 FRANCE 227 GERMANY 9 GERMANY 406 INDIA 2 INDIA 137 ITALY 1 ITALY 19 JAPAN 3 JAPAN 227 MEXICO 5 MEXICO 171 PERU 6 PERU 270 POLAND 6 POLAND 280 PORTUGAL 3 PORTUGAL 115 RUSSIA 1 RUSSIA 60 SCANDINAVIA 1 SCANDINAVIA 30 SWITZERLAND 5 SWITZERLAND 238 THE NETHERLANDS 3 THE NETHERLANDS 127 UK 7 UK 413 USA 13 USA 470 OTHER COUNTRIES 8 OTHER COUNTRIES 250 20 Annual Report IESE Alumni 2013-2014

Educational Resources

IESE INSIGHT MAGAZINE IESE INSIGHT PORTAL ECONOMIC OVERVIEW IESE Insight is a quarterly online IESE’s knowledge portal aims to Produced in English and Spanish, management magazine sent to IESE disseminate high-impact research this monthly publication analyzes the Alumni members. Each edition contains produced by the school, not only to current economic situation. Editions a series of in-depth articles written by academic circles, but to executives can be accessed via the alumni website international experts and interviews with who are looking for tools to help them and a printed version is mailed to all key players. It is written from a practical deal with the day-to-day running of members who reside in Spain. The perspective. their businesses. editorial board comprises professors from IESE’s Economics Department: This year’s editions addressed the following The portal includes articles in Spanish Antonio Argandoña, Jordi Canals, topics: and English on a selection of the Javier Díaz-Giménez, Núria Mas, research carried out by IESE faculty, as Manuel Mueller-Frank, Morten Olsen, • Digital Transformation: Ready, well as original studies. Alfredo Pastor, Juan José Toribio and Steady, Go? Pedro Videla. • How Does an Executive’s Mind Work? This material is complemented by • Competencies for Leading Change business indicators, opinion articles, More information on the Economic • Corporate Governance: Responses to videos and podcasts. Its monthly Overview editions published over the the Crisis electronic newsletter contains the last year may be viewed in Exhibit 2. latest news. In addition to IESE faculty, the following IESE PUBLISHING experts contributed articles to the magazine in 2013-2014: IESE Publishing (IESEP) is a www.insight.iese.edu world leader in the distribution of • Diane E. Bailey, School of Information case studies and technical notes - University of Texas in Spanish. Its aim is to contribute • Stephen R. Barley, Stanford University to research and education through School of Engineering the distribution of teaching material • Felipe Caro, UCLA Anderson School developed by IESE professors and 14 of Management other top business schools, such as • Kim Cameron, University of Michigan Harvard Business School in the United Ross School of Business States, IAE in Argentina and AESE in • Sheila Heen, Occidental College and Portugal. Harvard Law School and founder of the Triad Consulting Group It presently includes a collection of • Sheena Iyengar, Columbia Business Mar Raventós around 32,000 documents in Spanish, School (PADE’01) English and Portuguese. Around • Jay W. Lorch, Harvard Business “IESE Insight offers a broad 49,000 users (professors, academic School outlook on the current business institutions, alumni and executives) • Kristie McAllum, Université de and economic situation. It helps beneﬁ t from its content. IESE members Montréal me identify what we are doing enjoy a 30% discount on the school’s • Allan L. McCall, Stanford Graduate documents. well, how we can improve and School of Business where we should be going.” • Cuno Puempin, St. Gallen University • Ravi Shanmugam, Edward F. McQuarrie and Shelby H. McIntyre, Santa Clara University’s Leavey School of Business IESE Library

Learn more about a company, brush up on the latest trends in a speciﬁ c industry, research a country’s trade policies, download a book, or consult the latest edition of a specialist journal...all of this and more is possible in the IESE Library. Alumni can take advantage of the library’s broad resources and services, aimed at helping them advance in their careers. Alumni have at their disposal resources and services focused on helping them to develop their careers.

More information: Twitter.com/IESELibrary es-es.facebook.com/IESELibrary

THE LIBRARY IN FIGURES 1,450+ BUSINESS JOURNALS AND REPORTS 80,000+ E-BOOKS

Rafael Fernández Santor Joaquín Solana (MBA ‘96) (PADE ‘99) 50,000+ “Accessibility, “The library efﬁ cacy and stands out for BOOKS ﬂ exibility: IESE’s the information library team and sessions they hold documents are an periodically, as well excellent gateway to as for the relevant knowledge.” and up-to-date content of their blog.” GLOBAL ALUMNI REUNION

The 2013 Global Alumni Reunion was held on November Óscar Torres (PDD ‘03) 7-9 in Barcelona. More than 2,500 participants from 53 countries took part in the most important event in the IESE “The work that the Association carries calendar and showed their pride in belonging to a community of more than 40,000 alumni. Perhaps this is the reason why, out turns an IESE program into a year after year, global alumni travel so many miles to reunite with classmates, share experiences and even launch new lifelong relationship. The quality of projects in cities such as Sao Paulo, Madrid, New York or, in the sessions at the Global Alumni this case, Barcelona. Reunion make joining the Association Many alumni say that taking part in the Global Alumni Reunion a must.” is a way to give back what IESE gave them and to show their gratitude for the ongoing support they receive from the school.

Jordi Canals, Dean of IESE Business School “We want to change the world through companies that have better leaders and a better understanding of their human and ethical dimension.” Annual Report IESE Alumni 2013-2014 23

Concert in Barcelona’s Palau de la Música

The Global Alumni Reunion is much glean new insights from the featured Páramo, CEO of BBVA and an IESE more than an opportunity to stay up speakers taking part. Before the professor, took the same ideological to date with economic trends: it’s a academic sessions began, a Mass was line, insisting that “Europe is emerging meeting point that also includes space held in memory of deceased alumni. from an existential crisis. Politicians for culture. The reunion began on the need to revive the European ideal.” night of Thursday, November 7, with an The meeting was titled “Decide: exclusive concert in Barcelona’s Palau Taking On Tomorrow’s Opportunities Donna Gent, global head of de la Música, led by the orchestral Today” in line with the longstanding leadership, learning and organizational conductor Inma Shara. The following commitment of the school and its development at Bloomberg, said that day, November 8, was dedicated alumni to build long-term strategies effective leadership requires improving to academic sessions. The panel and a sustainable future. The meeting both weaknesses and strong points discussions in Palau de Congressos fi rmly rejected the widely held view that since it fosters strategic thinking. de Catalunya centered on the Europe can no longer play a signifi cant macroeconomic outlook, global change, role. Prof. Canals gave the example In spite of the high level of education, the healthcare sector, of Germany as a strong European unemployment, 36% of companies business models, innovation in the economy and said that it showed report having trouble fi nding good digital era and social entrepreneurship. that it was possible to compete in a candidates. “Are we creating companies The event attracted more than 2,500 context with high salaries and good for which there are no workers and guests, who had the chance to social services. José Manuel González- workers for which there are no 24 Annual Report IESE Alumni 2013-2014

Sponsors:

AENA AEROPUERTOS HAVAS MEDIA GROUP AJUNTAMENT DE BARCELONA HUSA HOTELES BANC SABADELL INVEST IN CANADA CODORNÍU RAVENTÓS LA CAIXA DELOITTE NESPRESSO ERMENEGILDO ZEGNA QUELY ESTRELLA DAMM RICOH FUNDACIÓN ABERTIS SWAROVSKI GAS NATURAL FENOSA Annual Report IESE Alumni 2013-2014 25

companies?” asked Eric Noël, senior Errasti, managing director of the maintain independence. However, vice president for North America at Center for Applied Medicine at the without clear leadership, growth is Oxford Analytica. Simon Paris of SAP’s University of Navarra. Today more impossible.” Simon Liang, CEO of strategic industries added: “You have to than 50% of what were once fatal Sinopacifi c, commented that “in an refl ect the market that you serve.” cancers and heart conditions are emerging market, you’re better off curable, and surgery is safer and less as a generalist than as a specialist. Surinderdeep Singh, managing invasive. Nevertheless, health care in During this period of development director of Shell Marine, pointed out the West is costly and ineffi cient. “The you don’t have to be perfect, just very that the case for externalization was healthcare system is an industrial good.” But family businesses take losing force given the changes and process, not an art,” said Josep Maria a different view on growth. Markus innovation in energy, especially in the Piqué, director of Barcelona’s Hospital Langes-Swarovski, member of the United States. Siegfried Russwurm, Clínic. Health care must be “much Swarovski executive committee, member of the executive committee more centered on the patient and less emphasized that “successful family and CEO of the industry sector at on the doctor,” said Keith Dreyer, vice businesses have a more conservative Siemens, warned that we live in an president and associate professor of and long-term outlook and are more interrelated world and that the old radiology at Massachusetts Hospital risk-averse.” paradigms no longer work. “Today General. there are decisions that are taken by Prof. Marc Sachon, one of the algorithms, so we need to be sure It is diffi cult to maintain growth during academic directors of the Global that we cannot be substituted by a period of economic stagnation. Alumni Reunion, concluded the algorithms.” Francisco Reynés (MBA ’89), CEO meeting by saying that it had achieved of Abertis, insisted that “growth is its objective of “inspiring a clear “The quality of healthcare services is the holy grail of corporate strategy. It proposal: the determination to begin rapidly advancing,” added Francisco allows companies to create value and and to act now.” 26 Annual Report IESE Alumni 2013-2014

Valeria Budinich, Founder and José Viñals, Financial Nuria Chinchilla, IESE Professor CEO, Full Economic Citizenship Counsellor and Director of the “Leadership is not just a Initiative, Senior Vice Monetary and Capital Markets position, it’s a mindset.” President, Ashoka Department of the IMF “It is possible to create “It’s not just the European wealth and have a social Union and the United impact at the same time.” States but also emerging markets that need to carry out structural reforms.”

Pedro Alonso, Director of Júlia Prats, IESE Professor Núria Mas, IESE Professor Barcelona Institute for Global “As IESE alumni, we share “Between 70 and 80% Health the dream of making the of health spending in “Science has the power to world a better place, but the developed countries change the lives of the poorest challenges we face require goes to treating chronic people. If you want to go bolder responses.” illnesses.” quickly, travel alone. If you want to go far, travel together.” SPEAKERS AT THE 2013 GLOBAL ALUMNI REUNION

Boosting a Dynamic Economy Ibukun Awosika, Founder and Prof. Antonio Argandoña, IESE Business School José Manuel González-Páramo, CEO of BBVA and Professor, IESE Business CEO of The Chair Center Group School Prof. Alfredo Pastor, IESE Business School “Yes, you can make José Viñals, Financial Counsellor and Director of the Monetary and Capital money, but change the Markets, International Monetary Fund world.” Global Shifts in Business Strategy Bruno Di Leo, VP, Sales and Distribution, IBM Corporation Dr. Siegfried Russwurm, Member of the Executive Committee and CEO of Industry Sector, Siemens Prof. Marc Sachon, IESE Business School Surinderdeep Singh, Managing Director, Shell Marine

How to Think About Education and Investment in People Prof. Nuria Chinchilla, IESE Business School Donna Gent, Global Head of Leadership Learning and Organizational Development, Bloomberg LP Eric Noël, Senior Vice President for North America, Oxford Analytica Simon Paris, President, Strategic Industries SAP

Innovation in the Digital Era: The Healthcare Industry Dr. Keith J. Dreyer, Vice President of Radiology, Massachussets General Hospital and Associate Professor of Radiology, Harvard Medical School Francisco Errasti, Director, Fundación para la Investigación Médica Aplicada (FIMA) Catalina Hoffmann, Founder and CEO, Vitalia Prof. Núria Mas, IESE Business School Josep Maria Piqué, General Manager, Hospital Clínic de Barcelona

How to Think About Corporate Growth Antonio Argandoña, IESE Markus Langes-Swarovski, Member of the Executive Committee, Swarovski Professor and Co-Academic Simon Liang, Founder and CEO, Sinopaciﬁ c Prof. Pedro Nueno, IESE Business School Director of the Global Alumni Francisco Reynés, CEO, Abertis Infraestructuras Reunion Entrepreneurship With Social Impact “It’s time for companies to Pedro Alonso, Chair and Director of Research Centro de Investigación en Salud Internacional, Hospital Clínic - Universitat de Barcelona be optimistic and to invest Ibukun Awosika, Founder and CEO, The Chair Centre Group in the future.” Valeria Budinich, Founder and CEO, Full Economic Citizenship Initiative, Senior Vice President, Ashoka Antonio González-Barros, President, Grupo Intercom Prof. Júlia Prats, IESE Business School MEETINGS AND NETWORKING OPPORTUNITIES

One of the main objectives of the The Alumni Association wishes to thank those Alumni Association is to enable graduates to maintain close ties alumni who always manage to ﬁ nd time in with classmates, faculty and the IESE community. To achieve this, their busy schedules to come back to IESE the Association organizes more than 30 on-campus events every year that and support its networking and academic gather more than 4,000 alumni, in initiatives. Our sincere thanks to all of you! addition to the annual Global Alumni Reunion.

For the ﬁ rst time, joint meetings were held for participants in Executive Education programs in Barcelona (PADE, PDG and PDD). The city also hosted the MBA Reunion, which convened more than 300 participants from the MBA, EMBA and GEMBA programs.

The Madrid campus hosted numerous class and joint reunions, including its ﬁ rst MBA alumni reunion.

Reunions were also organized in the main Spanish and international MBA REUNION IN BARCELONA ANOTHER REASON TO COME BACK: MORE chapters, usually with a faculty The Barcelona campus welcomed THAN 300 ALUMNI MEET IN MADRID member as the keynote speaker. In 300 alumni on May 31 for the ﬁ ve- The sixth Madrid EMBA Alumni addition, the IESE Alumni Association yearly MBA reunion. The meeting Reunion, held on February 12, helped organize reunions for speciﬁ c featured sessions by Profs. Santiago brought together around 300 alumni classes throughout the year. Álvarez de Mon, José Antonio who came to relive their time at IESE, Segarra, Carlos Cavallé and Pedro meet up with their former classmates Videla, among others. and meet new graduates. Profs. Francisco Iniesta and José Ramón Pin opened the meeting. Prof. Javier Díaz-Giménez and the magician More led a session on the current economic situation which combined IESE’s academic rigor with a touch of humor. Annual Report IESE Alumni 2013-2014 29

MORE THAN 200 ALUMNI ATTEND THE PADE REUNION On January 16, IESE’s Madrid campus welcomed PADE alumni for the third time. More than 200 alumni took advantage of the chance to meet with classmates, share experiences and get to know graduates from other cohorts.

The meeting was opened by IESE Dean Jordi Canals, who led the MBAs MEET IN MADRID: ANNUAL MBA REUNION ON THE MADRID CAMPUS session “Corporate Management and Its Impact on Society.” Cristina For the ﬁ rst time, Madrid hosted a reunion of MBA graduates who reside in the Garmendia (EMBA ‘92), president city. The reunion featured Prof. Javier Díaz-Giménez, who delivered the conference of the Genetrix group and partner “The Color of Shoots: The Economic Outlook.” Held in October, the MBAs Meet and CEO of the risk capital ﬁ rm in Madrid event was presented by Prof. Francisco Iniesta, dean of the school in Ysios Capital Partners, was the guest Madrid, and Mireia Rius, director of the IESE Alumni Association. speaker. During her presentation, titled “Career Management: A Multifaceted Experience” and moderated by Prof. Santiago Álvarez de Mon, Garmendia stressed the importance of investing in 4,396 31 R&D. PARTICIPANTS MEETINGS 30 Annual Report IESE Alumni 2013-2014

EXECUTIVE EDUCATION SESSIONS

PADE, PDG and PDD alumni, surrounded by fellow classmates and professors, had the chance to participate in several meetings held on IESE’s Barcelona campus over March and April.

The reunions featured sessions on entrepreneurship, the current economic landscape, strategy, big data, the digital economy, family-owned businesses, and product- and service- oriented branding.

Renowned experts led the sessions, including Profs. Antonio Argandoña, Alberto Fernández, Jordi Gual, Alejandro Lago, Jaume Llopis, Pedro Nueno, Xavier Oliver, Júlia Prats, Marc Sachon, Antoni Subirà, Josep Tàpies, Josep Valor and Javier Zamora, as well as researcher Miquel Lladó.

The annual PDD Madrid reunion, which was celebrated by various cohorts between March 5 and 12, was the ﬁ rst in a series of meetings. Participants were welcomed by the Madrid Dean Francisco Iniesta, who updated participants on the school’s current and future projects. Alumni Day in Madrid This was followed by sessions with sessions with John Müller (PADE ’14), a columnist at El Mundo, and The destruction of almost 3.5 million jobs and an unemployment rate of 25%, Prof. Juan Luis López Cardenete, which jumps to 55% among the young, are two of the worst consequences of who led a debate on “Energy and the the economic crisis in Spain. Faced with such a serious situation, the inevitable Environment: Two Hot Topics.” question is: Is there a formula to create jobs and ﬁ ght unemployment? To address this question, on July 3 IESE brought together business leaders, government representatives and academics in a special meeting to mark Alumni Day. Among the participants were Engracia Hidalgo, Secretary of State for Employment; Joan Rossell, president of the Spanish employers’ confederation; and high-level executives from BASF, BBVA, Bertelsmann Spain, Indra, SEAT and Siemens. Annual Report IESE Alumni 2013-2014 31

Chapter Meetings

Lisbon

Held on July 10, the annual Portuguese alumni meeting featured Juan José Toribio, IESE professor of economics; Francisco Lareda, president and CEO of CTT; and Fernando Ulrich, CEO and vice president of BPI’s board of directors. Portugal’s Minister of Economy, Antonio Pires de Lima (MBA ‘86) closed the event, which was moderated by ﬁ nancial journalist Camilo Lourenço.

Santiago, Chile

The annual alumni meeting in Chile welcomed Prof. José Ramón Pin, whose presentation was titled “Totems in an Executive’s Professional Stages.” Chapter President Lionel Olavarría (MBA ‘75) also participated.

Buenos Aires

The annual meeting of the Argentina-Uruguay Chapter was held at the IAE Business School. Sergio Berensztein, partner at Poliarquí, was among the featured speakers. 32 Annual Report IESE Alumni 2013-2014

17TH LEVANTE CHAPTER MEETING 7TH BALEARIC ISLANDS CHAPTER 7TH GALICIA CHAPTER MEETING More than 200 alumni attended the MEETING The seventh Galicia Chapter meeting May 14 meeting in Valencia. In its 17th Joaquín García Martínez, Minister was held on June 3 in La Coruña. Luis edition, the Levante chapter meeting of Economy and Competition of the Fernando Quiroga (PADE ‘83), featured Prof. Pedro Nueno, whose Balearic Islands, addressed more than Chapter president, and Mireia Rius, presentation was titled “What Will 80 alumni on May 27 at the seventh director of the Alumni Association, the Future Look Like?” Íñigo Parra annual chapter meeting. During the welcomed the 250 attendees. They (MBA ‘90), the Chapter president, meeting, Mireia Rius, director of were accompanied by Prof. Juan Luis Mireia Rius; director of the Alumni the Alumni Association, presented López Cardenete, who led the session Association; and César Beltrán, director the Association’s new projects. “Energy and Climate Change: Two Hot of the Programa de Desarrollo Directivo This was followed by three talks on Topics,” and Prof. Santiago Álvarez de (PDD) in Valencia, welcomed the entrepreneurship: “Entrepreneurship Mon, who gave the talk “Living With participants. Mireia Rius presented the in an Established Company,” by Prof. Uncertainty: The Art of Leadership.” Alumni Association’s new projects and Juan Roure; “Investing Through Clemente González Soler, president Entreprenership,” by Xavier Arquerons, of Grupo Alibérico, led a session on a businessman and private investor; competitiveness in Spain. and “Innovation for Entrepreneurship: From Palmanova to Saudi Arabia,” by Juan Picornell, founder of Grupo Cappuccino. Annual Report IESE Alumni 2013-2014 33

More Networking Opportunities

ALUMNI CLUB The Alumni Club is a digital platform that allows members to maximize their participation in the alumni community. The website is divided into three sections:

• Members Benefi ts: Here club members will fi nd special offers from more than 300 companies. They can claim discounts, suggest new companies and offer their products and services as long as they offer a real fi nancial advantage and comply with IESE’s ethical norms.

• Business Exchange: This feature facilitates business relationships among alumni. Whoever belongs to the club can set up commercial links and offer or ﬁ nd professional products and services, such as marketing and ﬁ nancial advice.

• Members Exchange: This massive online bulletin board enables members to sell, purchase or rent products or services. It’s the place to go to sell a motorcycle or rent a beach house. The platform allows for photographs, a description of the offer or the request, and the preferred form of contact, and enables users to manage their advertisement at all times. CAREER SUPPORT

IESE Not Only Changes Your Entrepreneurship Platform Career, It Changes Your Life for Alumni

IESE empowers alumni to defi ne their personal and I WANT TO BE AN ENTREPRENEUR professional journey and continue to advance in their More than 100 companies and close to 2,500 jobs careers. The Association offers members support to help created. These are some of the positive results of IESE’s seed them at any time after graduation. This guidance includes capital fund Finaves and the Network of Private Investors both professional and personal realms, since no one should and Family Offi ces. IESE also has a chair and research exclusively dedicate themselves to work. The Association center that drive entrepreneurial initiative. These and other and its various services help alumni establish priorities in activities, along with the large number of entrepreneurs accordance with their personal needs. among alumni, are turning IESE into a school of and for entrepreneurs. During the past academic year, a special effort was made to launch the new entrepreneurs platform to help those The Entrepreneurship platform, launched by the Alumni alumni who want to launch or consolidate a business project. Association and spearheaded by its president Jorge Another novelty were webinars on professional development Sendagorta, groups together the many services and offered exclusively to members. benefi ts that IESE already offers. As well as online services, the Association offers assistance for entrepreneurs including In addition to these initiatives, which were well received by workshops, which attracted more than 200 members in the alumni community, the main professional development 2013-2014. services include:

• Personalized assessment • Career opportunities service • Professional development workshops • Speciﬁ c sessions in the Continuous Education program • The SUCCEED platform

IESE offers Association members special rates on several programs.

Mireia Rius Alumni Association Director “The new platform will foster our alumni’s entrepreneurial spirit, help them network among themselves and support them in developing a business project at every stage.” Elena Jiménez-Arellano (EMBA ‘00) “Every Continuous Education session that I attend teaches me something new, and the career development workshops always deliver more than I expected. These initiatives are helping me launch a new business project. They’ve given me key insights and helped me discover new ways of doing things that are better aligned with the current market. The workshops are especially suited for people who are redeﬁ ning their career path, although I highly recommend them to all senior managers since they are sure to give them new perspectives and ideas on how to do their jobs.” 36 Annual Report IESE Alumni 2013-2014

Learning Entrepreneurship

The platform is divided into four phases that include all of the information alumni need throughout the entrepreneurial process.

THE ENTREPRENEUR Jumpstart Your Abilities This process allows you to test your skills and knowledge THE OPPORTUNITY before you launch a project. It helps you to discover what Turning Your Idea Into a Business type of entrepreneur you are (leader, investor, collaborator) IESE helps entrepreneurs from the development stage and analyze which aspects need improvement. The to generating an investment opportunity. This section platform also provides resources to fi ll possible knowledge includes information on training opportunities and gaps, including a self-assessment of entrepreneurial documentation to enable you turn your idea into a viable competencies. You will acquire an integrated vision of the project. The contents and contacts provided will help entrepreneurial process and learn how and where you can you do market research, carry out a feasibility study and fi nd inspiration for a new project. evaluate different fi nancing systems.

Education and Networking Access to education, programs, workshops, events and e-conferences suited to each stage of the process. THE LAUNCH Assessment Initiating Your Project Direct contact with a team of professional In this phase, the entrepreneur brings together all of advisors who offer members a free the resources necessary to move forward. The idea consultation. works and the opportunity has become a project. It’s when the project becomes an investment opportunity. Research In this section, you will ﬁ nd resources and tools to Access to a selection of IESE research studies help you improve your project and make it viable in arranged by subject. the marketplace. You will have a clear business plan at the end of this stage.

RESOURCES IESE & CO. GROWTH Recommended by A list of associations and Finance Your Company’s Growth entrepreneurs, various institutions that work with Once you have a consolidated project, you have various tools and resources for IESE to allow alumni to options depending on your business model: Grow? Sell? different phases of the expand their knowledge Open it up to other partners? This last phase offers entrepreneurial process. and networking circle. learning materials and tools to determine the best way to finance your project based on the business plan, and where and how to find investors. www.iese.edu/en/entrepreneurship Annual Report IESE Alumni 2013-2014 37

Webinars

Given the rise of new technologies and the growing 2013-2014 WEBINARS number of alumni abroad, the professional development department seeks to reach the maximum number of users February 6 Steve Dalton with relevant content and exclusive offers. In 2013-2014, How to Network Your Way to Interviews a new service was developed speciﬁ cally for global alumni: February 27 Ned Sherry webinars. These online sessions feature renowned career Navigating a Successful Career management experts who address a wide variety of topics on March 6 Jörgen Sundberg executive development. How to Get Found by Employers on LinkedIn April 23 Joe Chappell More than 200 alumni signed up for webinars, which are How to Leverage Executive Search for Your either free of charge or offered at discounted rates. Those Career who are unable to follow the webinar live can access the April 30 Monique Valcour recorded version and download any documentation used How to Reinvent Your Role Without Leaving during the session. Among the experts featured were Steve Your Job Dalton, author of the bestseller The Two-Hour Job Search, May 13 Joshua Spodek and Jörgen Sundberg, who imparted the session “How to Get How to Lead People so They Want You to Lead Found by Employers on LinkedIn.” This particular session Them Again generated a lot of interest, and 94% of those surveyed said May 21 Heather Townsend they would recommend it to a friend. Improve Your Professional Networking June 12 Murray Steele Non-Executive Board Roles as a Career Choice

Personalized Assessment

Professional support interviews give alumni the chance to reﬂ ect on their career with an accredited coach. They better deﬁ ne their professional goals, including their career path, and develop their potential by acquiring and strengthening skills and competencies to improve their work. Working alongside the coach, alumni clarify objectives, examine the context of their situation, assess opinions, opportunities and risks, and devise an action plan to achieve their unique goals.

In 2013-2014, 279 interviews were conducted, which represented a 10% increase from the previous year. 38 Annual Report IESE Alumni 2013-2014

Career Development Services

This service publishes job offers sent to the Association that alumni can apply to. During the past academic year, 1,257 offers were published, of which 308 were for positions outside Spain. The number of countries that post job offers continues to grow, from 15 in 2006 to around 80 in 2014, and 25% of employment opportunities come from abroad. Last year, 2,135 alumni applied for at least one of these positions.

The overall fi gures of the platform Advantages for users: since 2006 are as follows: • An online profi le in which the • 3,200 recruiting companies alumnus can decide the level 1,200+ registered in the system of data privacy presented to the OFFERS PUBLISHED • Around 240 new companies company. every year • All of the information on the • 500 companies periodically use LinkedIn profi le can be imported this service without typing it in again. • 11,500 alumni registered with • This profi le can be exported as a the service Word or PDF document to serve as 700+ • Around 1,000 new alumni join it a curriculum. PARTICIPANTS IN PROFESSIONAL CAREER each year • The curriculum can be posted in SESSIONS • Approximately 25,000 applications Spanish or English. sent every year • All of the important information can be saved in the platform’s document library: CV, business cards, etc. AGREEMENTS WITH EMPLOYMENT • Alerts can be established with PORTALS different selection criteria. 500+ In addition to the IESE Alumni employment service, the Association Recruiting companies were pleased PARTICIPANTS IN PROFESSIONAL has agreements with various with the new services introduced in DEVELOPMENT WORKSHOPS employment portals, including IVY 2013-2014, especially the feature that EXEC, MBA-Exchange.com and automatically ranks candidates based QS Global Workplace, as well as on their suitability for the position. BLUESTEPS, the employment portal of the prestigious Association of Executive Search Consultants (AESC), which signed an agreement with IESE this year. Annual Report IESE Alumni 2013-2014 39

SUCCEED Platform CONTINUOUS EDUCATION PROGRAM SESSIONS ON PROFESSIONAL The SUCCEED platform was established to address various concerns expressed on the IESE alumni website. Do I know enough? Are my professional priorities DEVELOPMENT consistent with my personal ones? How should I draw up a CV? How can I plan over the long-term? Managing Your Career: Five Key Points During Times of SUCCEED is a useful and accessible online platform which guides IESE members Crisis by posing a series of questions about their personal and professional life. It offers Prof. Mireia Las Heras resources, self-assessment exercises, links and talks. How to Improve Individual Effectiveness: A Challenge for THE PLATFORM COMPRISES SEVEN PHASES: People and Companies Pablo Maella, research assistant Self-Assessment Executing Your Action Plan in IESE’s Managing People in • Self-awareness • Networking Organizations Department • Need for change • Job portals How to Make the Most Use of • Life coaching • Headhunters LinkedIn and Twitter 1 5 • Start your own company Prof. Mireia Las Heras and Alex López, owner of Sartia How to Manage Your Agenda: Understanding the Market Evaluating Your Opportunities Manage Your Time Before It • Industry: Sectors and • Decision making Manages You business areas • Negotiating a job offer Miquel Lladó, research assistant • Informative interviews in IESE’s Strategic Management 2 • Interim management 6 Department

These sessions can be accessed at: Choosing Your Options Developing Your Future • Ideal work situation Career Plan • Plan your career for the www.iese.edu/alumni long term 3 7 • START program: identifying competencies

Creating Your Brand Professional • Cover letter Development • Résumé 4 • Job interview Workshops

www.iese.edu/succeed Over the 2013-2014 academic year, IESE hosted 16 workshops that included more than 500 participants. These workshops are very popular among alumni since they enable them to acquire skills to manage their careers more effectively. COMMUNICATIONS AND PUBLICATIONS

Enhanced Alumni Website The IESE Alumni Magazine

The alumni website has been updated with new and better The quarterly Alumni Magazine is full of information about functions and adapted to the look-and-feel of the IESE the school and its activitites, including alumni news. The webpage. It is now a more fl exible, intuitive and easy-to-use content is divided into fi ve main sections covering research, platform where alumni will fi nd up-to-date information information and services. It is distributed in English and on Continuous Education programs, career support and Spanish to everyone who maintains a relationship with IESE. networking features, and access to a range of exclusive With a print run of 38,631 copies, it is among the most member services. prestigious fi nancial magazines. www.iese.edu/alumni The cover stories during the past academic year were:

131 132 ALUMNI In addition to viewing all of the relevant information on ALUMNI MAGAZINE MAGAZINE

January-March 2014 October-December 2013 www.iese.edu continuous education, the IESE Alumni Association meetings www.iese.edu

Joan Enric Ricart and Beatriz Muñoz-Seca Mike Rosenberg Miguel Ángel Ariño Hakan Ener Domènec Melé Jaume Llopis The Urban Challenge. Harnessing Culture Professional Networking: & María Luisa Blázquez Entrepreneurship: Fools Rush Are Moral Competences Next Stop: Making SMEs International as the City’s Economic and Social Motor For Whom? And for What? and the professional development area, alumni can also China: The Challenge of a Colossal Country in Where Angels Fear to Tread Important? access the following services via the website:

• Reserve on-campus facilities: IESE offers its members the use of campus facilities for internal meetings. • Alumni directory: Up-to-date personal data on IESE alumni imported from LinkedIn GLOBAL ALUMNI • Consult with professors: Send queries on professional LEADERS REUNION WITHOUT FRONTIERS NOW FOR A BETTER FUTURE issues. 2,500 Participants from 53 Countries • Request certiﬁ cates October-December 2013 January-March 2014 Leaders Without Global Alumni Frontiers Reunion

133 134 ALUMNI ALUMNI MAGAZINE MAGAZINE

April-June 2014 July-September 2014 www.iese.edu www.iese.edu

Sandalio Nuria Guido Stein Gómez Chinchilla Higher Management Comes Graduations 2014: Harvard-IESE IESE Opens Annual Meeting of Partner How to Manage Expatriates? Control Your Agenda From Assuming Responsibility With You Forever, Committee Munich Companies, Chairs MBAs! Meeting Campus and Research Centers

ALUMNI ASSOCIATION: THE ONGOING INNOVATION AS PART OF A IESE EXPERIENCE COMPANY’S DNA NONO N Decipheringih i the h code d of f successful business development Carlos Martínez Jarabo NENE

(EMBA ‘02) E “Thanks to the Association, I was able to get in touch with an IESE April-June 2014 July-September 2014 The Ongoing IESE Innovation as Part of graduate in Peru, where I was Experience a Company’s DNA warmly received.”

The magazine can be read online at: www.ee-iese.com Newsletter

Sent electronically to alumni, this monthly newsletter highlights all the activities organized by the Alumni Association and the school throughout the world. The aim is to facilitate communication between alumni and the Association, as well as to conduct surveys and receive feedback. All editions are available on the alumni website.

www.iese.edu/newsletteralumni

Campaign to Alumni 2.0 Update Personal Data FACEBOOK LINKEDIN 4,500 “Likes” We have both an IESE Alumni Group This is our most active social media and an Association page on LinkedIn. Thanks to an agreement with LinkedIn, channel where you can ﬁ nd news Members of the group share articles, this year, alumni can export their and information about events that the news, products and services. The personal data to the Alumni Directory Association and IESE hold around the main activity of members is creating and within less than a minute world. We invite our alumni to share sub-groups based on regions, programs have them on the IESE website. To their own news and photographs to stay and cohorts. LinkedIn is the channel encourage alumni to carry out this connected with the IESE community. where IESE shares all of its audiovisual migration of data, the Association material that may be of interest to organized a lottery of nine iPad minis TWITTER members. with 16 GB, WiFi and 3G. 6,600 Followers Our most direct media channel, LINKEDIN GROUPS The winners were: Twitter (@iesealumni) allows us to The IESE Alumni Association has immediately address questions, doubts 20 different LinkedIn groups with more • Isabel María Ferreira (AMP ‘06) and suggestions that come up every than 15,500 followers. • Alex Fontanals Díaz (EMBA ‘04) day. We also publish appointments and • Luis Ángel Galindo Sánchez important news about alumni and the IESE BUSINESS (PDD ‘06) Association. SCHOOL-UNIVERSITY PAGE ON • Álvaro González-Alorda (PDD ‘06) LINKEDIN • Bernhard A Krupka (MBA ‘97) Created in 2013-2014, the IESE • Luis Dueñas Peciña (PADE ‘93) LinkedIn page has 48,000 followers • Ángel Coletes (PDD ‘90) who stay up to date on alumni news. • Daniela Luliana Sanpetru (MBA ‘05) • Eva Toledo Martínez (PDG ‘12) AFFILIATION AND GLOBALIZATION

For IESE graduates, becoming a member of the Alumni Association is a commitment to their personal and professional growth, as well as a sign of support for the IESE community.

Globalization Afﬁ liation

The membership profile of the Alumni Association is The Alumni division launched an informational campaign to becoming increasingly global as the number of international give IESE students, past and present, a tangible sense of the participants grows. beneﬁ ts of becoming a member.

The alumni community outside Spain includes around In 2013-2014, there were 1,742 graduates, 83% of which 8,000 graduates—19% of the total—who represent 116 joined the Association before completing their program. countries. The number of international alumni is growing at a rate of 11% annually, as seen in the table below. The campaign was designed to improve the afﬁ liation process by better communicating the diverse range of member beneﬁ ts, the quality of its services, and the immense value of keeping close ties with the school.

INCREASE IN NON-SPANISH ALUMNI BY CONTINENT This year, the Association 3,364 3,144 794 636 2013-2014 comprises 41,257 alumni 3,103 2,822 729 525 2012-2013 and boasts an afﬁ liation rate of 2,836 2,506 376 711 2011-2012 nearly 39%, one of the highest 2,582 2,033 324 780 2010-2011 among global business schools. Europe America Asia Rest of the world Annual Report IESE Alumni 2013-2014 43

ALUMNI BY CHAPTERS

Chapter No. of alumni Spain 31,477 Andalusia 580 Aragon 864 Balearic Islands 340 Catalonia 13,130 Galicia 499 Levante 1,693 Madrid 12,708 Navarra-Basque Country-La Rioja 1,663

Outside Spain 7,938 Europe 3,364 Germany 510 Andorra 151 Austria 59 Belgium-Luxembourg 109 France 169 The Netherlands 204 Italy 142 Eastern Europe 206 Scandinavia 235 Poland 369 Portugal 144 United Kingdom 584 Russia 181 Switzerland 259 Rest of Europe 42

The Americas 3,144 Argentina-Uruguay 181 Brazil 819 Canada 96 Chile 269 Colombia 97 Mexico 251 Peru 124 USA 1,085 Rest of South America 222

Asia 794 Asia 326 China 237 India 109 Japan 122

Rest of the world 636

Alumni without data 1,842 Total alumni 41,257

The Alumni Association wishes to make a special mention of the 2,295 deceased alumni who were members of the Association. We carry fond memories of them and their contributions. GOVERNING BODIES

The Association’s activities and EXECUTIVE COMMITTEE services wouldn’t be possible President without the participation of all of Jorge Manuel Sendagorta, SENER Ingeniería y Sistemas, PADE ‘90 its members. To this end, IESE gives Vice Presidents special attention to the governing Tomás García Madrid, Grupo Villar Mir, MBA ‘88 Joan Molins, Cementos Molins, PDG ‘71 bodies of the Association, which are led by the Governing Board and the Members Salvador Alemany, Abertis Infraestructuras, PDD ‘74 Executive Committee. Juan Asúa, BBVA, MBA ‘89 Alejandro Beltrán, McKinsey & Company, MBA ‘98 José Felipe Bertrán, Fundación Bertrán, PADE ‘65 Núria Cabutí, Random House Mondadori, MBA ‘92 Governing Board Jordi Canals, IESE Business School Aurora Catà, Seeliger y Conde, MBA ‘89/PADE ‘02 Carlos Costa, Mango, MBA ‘86 The Governing Board establishes Christopher James Daniels, Lloyds Banking Group, MBA ‘00 the guidelines through which the Antoni Esteve, Laboratorios Esteve, MBA ‘87/GCP ‘13 Baldomero Falcones, Fomento de Construcciones y Contratas, MBA ‘72 Association elects its president. It Joaquín Faura, Telefónica, MBA ‘78 meets at least once a year and all Antonio González-Adalid, Cartera Industrial Rea, MBA ‘75 alumni are represented through a Javier Muñoz Parrondo, IESE Business School, MBA ‘03 delegate from each class of core Alan Pace, Citi, MBA ‘94 IESE programs. At the same time, the Gloria Perrier-Châtelain, SAP Corporate, EMBA ‘93/AMP ‘10 members of the Executive Committee María del Pino Velázquez, Unísono Business Solutions, MBA ‘91 and a delegate from each Chapter María del Mar Raventós, Codorníu, PADE ‘01 also participate on the Board. Javier Emilio Robles, Danone, PDG ‘90 Julio Rodríguez Izquierdo, Schneider Electric, PDG ‘97 José Luis de Rojas, Zertem Communication Group, MBA ‘88 Rafael Villaseca, Gas Natural Fenosa, MBA ‘76

Executive Committee

The Committee is the Association’s executive body. It is divided into individual committees that address all of the Association’s activities. The Executive Committee is also responsible for approving the annual budget and ﬁ nancial results presented to the Governing Board. Annual Report IESE Alumni 2013-2014 45

MADRID REGIONAL BOARD USA CHAPTER

President President Tomás García Madrid, Grupo Villar Mir, MBA ‘88 Alan Pace, MBA ‘94

Members Mid Atlantic Regional Club Esther Alcocer, Fomento de Construcciones y Contratas, PADE ‘10 Members Javier de Andrés, Indra Sistemas, EMBA ‘91 Dye-Sun Chen de Swaan, MBA ‘08 Juan Ignacio Apoita, BBVA, PDG ‘95 Charles Davlin, MBA ‘89 Carmen Becerril, Acciona, PADE ‘00 Morid Kamshad, MBA ‘89 Jordi Canals, IESE Business School Anosha Lewis, MBA ‘07 Juan Antonio Castellanos, Apple, GEMBA ‘02 Lorraine Merghart, MBA ‘84 María Coello de Portugal, IESE Business School, PDG ‘06 Manuel Pérez Cuchet, MBA ‘06 Alberto Durán, Corporación Empresas ONCE, MBA ‘96/PADE ‘08 Noelle Robins Sadler, MBA ‘07 Miguel Escrig, Telefónica, MBA ‘90 Juan Antonio Galán, IESE Business School, EMBA ‘92 South Atlantic Regional Club Juan Carlos García Centeno, Sigrun Partners, EMBA ‘95 Director Francisco García Paramés, Ferreoli Invest, MBA ‘89 Francisco Larenas, GEMBA ‘05 Ignacio Gómez-Llano, Grupo Santander, EMBA ‘94 Francisco Iniesta, IESE Business School, MBA ‘90 Members Javier Marín, Aena, PADE ‘02 José Ramón Aragón, MBA ‘01 Jesús Martínez de Rioja, Euro-Funding, PADE ‘06 Luis Casas, AMP ‘12 Carlos Mas, PricewaterhouseCoopers, PDD ‘98 Ignacio Fiterre, MBA ‘72 Amparo Moraleda, CaixaBank, PDG ‘95 Fernando García Verdejo, GEMBA ‘03 Javier Muñoz Parrondo, IESE Business School, MBA ‘03 Montserrat Garrido, MBA ‘94 /AMP ‘10 Catalina Parra, Philanthropic Intelligence, MBA ‘96 Steven Hickson, GEMBA ‘02 Pablo Sagnier, Egon Zehnder International, MBA ‘90 Carlos de Lemos, GEMBA ‘07 Antonio Tavira, Elzaburu, EMBA ‘90 Clemencia Restrepo de Tobón, MBA ‘76 Victor Sopena, MBA ‘09

Paciﬁ c Southwest Regional Club Director Robb Bittner, MBA ‘98

Members Anna Binder, MBA ‘05

GERMANY CHAPTER

President Alexander Mettenheimer, AMP ‘05

Members Till Blaessinger, MBA ‘99 Franz Borgers, AMP ‘05 Ralph Bräunlein, MBA ‘00 Bernhard von Canstein, MBA ‘98 Andrea Klette Christenson, MBA ‘83 Klaus Peter Müller, MBA ‘96 Rudolf Repgen, GEMBA ‘02 Sven Wahle, MBA ‘99 46 Annual Report IESE Alumni 2013-2014

Chapters

IESE Alumni Chapters are represented by councils formed under the approval of the Executive Committee, which delegates all of the functions that these request, in addition to other functions that contribute to a more efﬁ cient operation of the Association.

CHAPTER PRESIDENTS Europe Austria: Markus Schwarz, MBA ‘96 Belgium-Luxembourg: Laurence Battaille, MBA ‘95 France: Gloria Perrier-Châtelain, EMBA ‘93/AMP ‘10 Germany: Alexander Mettenheimer, AMP ‘05 Italy: Marco Morgese, MBA ‘03 Poland: Piotr Kaminski, AMP ‘07 Portugal: José Gabriel Chimeno, PDG ‘95 Russia: Mikhail Ivanov, GEMBA ‘10 Switzerland: Bence Andras, AMP ‘07 The Netherlands: Philip Joris Alberdingk Thijm, MBA ‘89 United Kingdom: Chris Daniels, MBA ‘00

Spain Andalusia: Pedro Guerrero, MBA ‘90 Aragon: Ángel Adiego, PDD’04 Galicia: Luis Fernando Quiroga, PADE ‘83 Balearic Islands: Raúl González, MBA ‘86 Levante: Íñigo Parra, MBA ‘90 Madrid: Tomás García Madrid, MBA ‘88 Navarra-Basque Country-La Rioja: Javier Chocarro, MBA ‘88

The Americas Argentina-Uruguay: Martín Agramonte, MBA ‘99 Brazil: Adriano C. Amaral, MBA ‘94/AMP ‘07 Canada: Alfonso Soriano, MBA ‘84 Chile: Lionel Olavarría, MBA ‘75 Colombia: Luis Fernando Londoño, MBA’03 Mexico: Gérard Schoor, MBA ‘91 Peru: Hugo Alegre, MBA ‘91 USA: Alan Pace, MBA’94

Asia China: Myra Yu, MBA ‘99 Hong Kong: Luis Go, MBA’96 India: Vinay Kothari, MBA ‘92 Japan: Ken Inouye, MBA’10 Singapore-Malaysia: Juan Claudio Laya, MBA’03

FINANCIAL INFORMATION

As the Association’s highest governing body, the Executive Committee establishes the criteria and objectives regarding the management of the Association’s funds. Financial results are published yearly in the Alumni Annual Report following approval by the Governing Board, comprised of the presidents and secretaries of IESE program cohorts, and the presidents and vice presidents of the Association’s Chapters.

The Association’s revenue in 2013-2014 • Continuous Education Program (Spain and abroad): A 4% savings was was €4.31 million, an increase from achieved by migrating all communications for Alumni sessions to online €4.24 million the previous year. A channels, and eliminating the monthly costs of printing and mailing brochures. concerted effort was made to increase Travel costs were also reduced, while greater efforts were made to increase sponsorship income, which grew by sponsorships and support from corporate donors. 61% compared to 2012-2013. • Chapters: The Aragon-Navarra Chapter didn’t hold its annual meeting in In light of the current economic 2013-2014, which led to a 10% cost reduction compared to the previous year. situation, the Board requested all IESE The chapter asked the Association to postpone the meeting until 2014-2015 divisions to reduce their operating since it had just named a new president. costs as a means of maintaining their margins and financial results. • IESE Global Alumni Reunion, Barcelona: The budget was 41% less compared After cutting certain expenses, the to the 2013 reunion, held in Brazil. Costs were also reduced thanks to corporate Association was able to reduce its sponsorships for the Welcome Reception and academic sessions. overall spending by 5%. • Class and MBA Reunions: These reunions saw a 12% cost reduction given the celebration of the ﬁ ve-yearly MBA (the MBA Reunion is held every two years). The Association also increased revenues by 16% by holding joint reunions for core programs (PDD and PADE/PDG). Grouping these reunions together made them more cost effective.

• Publications: Following the cost-cutting guidelines established by the school, the department was able to negotiate better contracts with suppliers without affecting quality. Accounting concepts were also reclassiﬁ ed, reallocating executive expenses to personnel costs.

• Other Services: The launch of the Association’s communication campaign led to a 37% increase. ALUMNI ASSOCIATION: ANNUAL ACCOUNTS

2012-2013 2013-2014

Revenue 4,249,905 4,317,695 Membership fees 4,121,489 4,110,655 Sponsorship revenue 128,417 207,040

Expenses 3,361,209 3,180,455 Continuous Education program 596,800 563,346 International Continuous Education program 341,695 333,974 Chapters 52,011 46,803 IESE Global Alumni Reunion 541,764 317,861 Class and MBA reunions 73,022 64,609 Publications 125,723 116,846 Professional services 42,892 40,898 Other services 105,134 144,384 Staff expenses 987,589 1,058,454 General expenses 494,579 493,279

Surplus 888,697 1,137,240 Grants for MBA students 165,000 210,000 Research awards 30,000 40,000 Research 228,920 295,747 Faculty development 464,777 591,493 EXHIBITS • Campos, R., and I. Reggio: “Measurement Error in Imputation Procedures”, Economics Letters, vol. 122, n.º 2 (2014), pp. 197-202. • Campos, R., I. Reggio and D. García-Píriz: “Micro Versus Macro Consumption Data: The Cyclical Properties of the Consumer Expenditure Survey”, Applied Economics, vol. 45, n.º 26 (2013), pp. 3778-3785. • Canals, J., “Global Leadership Development, Strategic Exhibit 1 Alignment and CEOs Commitment”, Journal of Management Development, vol. 33, n.º 5 (2014), pp. 487-502. • Chaturvedi, A., D. R. Beil and V. Martínez de Albéniz: KNOWLEDGE GENERATION “Split-Award Auctions for Supplier Retention”, Management Science, vol. 60, n.º 7 (2014), pp. (BOOKS AND JOURNALS) 1719-1737. • Chen, Y. P., et al: “Family Role Performance: Scale • Allen, F., D. Vayanos and X. Vives: “Introduction to Development and Validation”, Applied Psychology: An Financial Economics”, Journal of Economic Theory, vol. International Review, vol. 63, n.º 1 (2014), pp. 190-218. 149 (2014), pp. 1-14. • Corradin, S., J. L. Fillat and C. Vergara: “Optimal • Anderson, C., and S. Brion: “Perspectives on Power Portfolio Choice with Predictability in House Prices and in Organizations”, Annual Review of Organizational Transaction Costs”, Review of Financial Studies, vol. 27, Psychology and Organizational Behavior, vol. 1 (2014), n.º 3 (2014), pp. 823-885. pp. 67-97. • Cugueró, N., M. Fortin and M. Á. Canela: “Righting the • Antón, M., and C. Polk: “Connected Stocks”, Journal of Wrong for Third parties: How Monetary Compensation, Finance, vol. 69, n.º 3 (2014), pp.1099-1127. Procedure Changes and Apologies Can Restore Justice • Aranda, C., J. Arellano and A. Dávila: “Ratcheting and for Observers of Injustice”, Journal of Business Ethics, the Role of Relative Target Setting”, Accounting Review, vol. 122, nº. 2 (2014), pp. 253-268. vol. 89, n.º 4 (2014), pp. 1197-1226. • Das Neves, J. C., and D. Melé: “Managing Ethically • Ariño, M. Á., et al: “Contracts, Negotiation and Learning: Cultural Diversity: Learning from Thomas Aquinas”, An Examination of Termination Provisions”, Journal Journal of Business Ethics, vol. 116, n.º 4 (2013), pp. of Management Studies, vol. 51, n.º 3 (2014), pp. 769-780. 379-405. • Dokko, G., A. A. Kane and M. Tortoriello: “One of Us or • Ayuso, S., et al: “Maximizing Stakeholders’ Interests: One of My Friends: How Social Identity and Tie Strength An Empirical Analysis of the Stakeholder Approach to Shape the Creative Generativity of Boundary-Spanning Corporate Governance”, Business and Society, vol. 53, Ties”, Organization Studies, vol. 35, n.º 5 (2014), pp. n.º 3 (2014), pp. 414-439. 703-726. • Bednarek, Z., and M. Moszoro: “The Arrow-Lind • Estrada, J.: “Rethinking Risk”, Journal of Asset Theorem Revisited: Ownership Concentration and Management, vol. 15, n.º 4 (2014), pp. 239-259. Valuation”, Applied Financial Economics, vol. 24, n.º 5 • – “Stocks, Bonds, Risk, and the Holding Period: (2014), pp. 357-375. An International Perspective”, Journal of Wealth • Belderbos, R., et al: “Co-Ownership of Intellectual Management, vol. 16, n.º 2, (2013), pp. 25-44. Property: Exploring the Value-Appropriation and • – “The Glidepath Illusion: An International Perspective”, Value-Creation Implications of Co-Patenting with The Journal of Portfolio Management, vol. 40, n.º 4 Different Partners”, Research Policy, vol. 43, n.º 5 (2014), pp. 52-64. (2014), pp. 841-852. • Fitzsimmons, S. R., Y. T. Lee and M. Y. 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Cross-National Inquiry”, Journal of Family Business • Burkert, M., et al: “Relating Alternative Forms of Strategy, vol. 5, n.º 1 (2014), pp. 85-96. Contingency Fit to the Appropriate Methods to Test • Garcia, S., et al: “Recent Updates and Developments to Them”, Management Accounting Research, vol. 25, n.º Plant Genome Size Databases”, Nucleic Acids Research, 1 (2014), pp. 6-29. vol. 42, n.º D1 (2014), pp. 1159-1166. • Caiazza, R., and P. Nueno: “Corporate Strategies of • Ghosh, A., et al: “Ambition Is Nothing without Focus: Automotive Firms: How to Become Global Leaders”, Compensating for Negative Transfer of Experience in R&D”, Competitiveness Review, vol. 24, n.º 2 (2014), pp.119-123. Organization Science, vol. 25, n.º 2 (2014), pp. 572-590. Annual Report IESE Alumni 2013-2014 51

• Gregory, R. W., R. Beck and M. Keil: “Control Balancing in • Rafecas, M., et al: “Anthropometric Characteristics and Information Systems Development Offshoring Projects”, MIS Other Dietary Aspects of a Group of Spanish Women Quarterly, vol. 37, n.º 4 (2013), pp. 1211-1232. Looking for Weight Loss and Enrolled in a Weight • Káganer, E., et al: “Media Tablets for Mobile Learning: Management Program”, Journal of Pharmacy and Friend of Foe?”, Communications of the ACM, vol. 56, n.º Nutrition Sciences, vol. 4, n.º 3, (2014), pp. 177-182. 11 (2013), pp. 68-75. • Reiche, S., et al: “Why Do Managers Engage in • Kovalenkov, A., and X. Vives: “Competitive Rational Trustworthy Behavior? A Multilevel Cross-Cultural Study Expectations Equilibria without Apology”, Journal of in 18 Countries”, Personnel Psychology, vol. 67, n.º 1 Economic Theory, vol. 149 (2014), pp. 211-235. (2014), pp. 61-98. • Larcker, D., A. McCall and G. Ormazabal: “Proxy • Reuer, J. 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Stereotypes, Perceived Status Differences, and Intercultural – “From Academic Research to Marketing Practice: Communication in Global Organizations”, Communication Some Further Thoughts”, International Journal of Monographs, vol. 80, n.º 4 (2013), pp. 478-502. Research in Marketing, vol. 31, n.º 2 (2014), pp. • López-Espinosa, G., et al: “Good for One, Bad for All: 144-146. Determinants of Individual Versus Systematic Risk”, Journal • Roure, J., et al: “Toward a Conceptual Model of the Role of Financial Stability, vol. 9, n.º 3 (2013), pp. 287-299. of Entrepreneurship in the Family Offi ce”, Journal of • López-Viñas, M. L., et al: “Modelo de acreditación de Applied Management and Entrepreneurship, vol. 18, n.º centros de atención hospitalaria aguda de Cataluña”, 4, (2013), pp. 42-63. Medicina Clínica, vol. 143, n.º supl. 1 (2014), pp. 68-73. • Sánchez-Runde, C., L. Nardon and R. M. Steers: “The • McCann, B. T., and G. Vroom: “Competitive Behavior and Cultural Roots of Ethical Confl icts in Global Business”, Nonfinancial Objectives: Entry, Exit, and Pricing Decisions Journal of Business Ethics, vol. 116, n.º 4 (2013), pp. in Closely Held Firms”, Organization Science, vol. 25, n.º 4 689-701. (2014), pp. 969-990. • Sood, A., E. Kappe and S. Stremersch: “The Commercial • McEvily, B., G. Soda and M. Tortoriello: “More Formally: Contribution of Clinical Studies for Pharmaceutical Rediscovering the Missing Link Between Formal Drugs”, International Journal of Research in Marketing, Organization and Informal Social Structure”, The Academy vol. 31, n.º 1 (2014), pp. 65-77. of Management Annals, vol. 8, n.º 1 (2014), pp. 299-345. • Spieth, P., D. Schneckenberg and J. E. Ricart: “Business • Melé, D.: “Antecedents and Current Situation of Humanistic Model Innovation – State of the Art and Future Management”, African Journal of Business Ethics, vol. 7, Challenges for the Field”, R&D Management, vol. 44, n.º n.º 2 (2013), pp. 52-61. 3 (2014), pp. 237-247. – “Human Quality Treatment”: Five Organizational Levels”, • Sun, K. J., et al: “Quantitative Investment and Risk Journal of Business Ethics, vol. 120, n.º 4 (2014), pp. Management: Where Does It Go From Here?”, Journal of 457-471. Applied Finance, vol. 23, n.º 2 (2013), pp. 23-35. • Melé, D., and C. Sánchez-Runde: “Cultural Diversity and • Vaast, E., and E. Káganer: “Social Media Affordances Universal Ethics in a Global World”, Journal of Business and Governance in the Workplace: An Examination of Ethics, vol. 116, n.º 4 (2013), pp. 681-687. Organizational Policies”, Journal of Computer-Mediated • Moschieri, C., and J. M. Campa: “New Trends in Mergers Communication, vol. 19, n.º 1 (2013), pp. 78-101. and Acquisitions: Idiosyncrasies of the European Market”, • Vallès, J., et al: “Genome Size Variation and Evolution in Journal of Business Research, vol. 67, n.º 7 (2014), pp. the Family Asteraceae”, Caryologia: International Journal 1478-1485. of Cytology Cytosystematics and Cytogenetics, vol. 66, • Moszoro, M.: “Microeconomic Foundations of Bailout”, n.º 3 (2013), pp. 221-235. Journal of Natural Resources Policy Research, vol. 6, n.º 1 • Welsh, D. H. B, et al: “Perceptions of Entrepreneurship (2014a), pp. 109-112. Across Generations in Family Offi ces: A Stewardship – “Effi cient Public-Private Capital Structures”, Annals of Theory Perspective”, Journal of Family Business Public & Cooperative Economics, vol. 85, n.º 1 (2014b), pp. Strategy, vol. 4, n.º 3 (2013), pp. 213-226. 103-126. • Zhu, G., et al: “Too Much or Too Little? A Study of the • Pastoriza, D., and M. Á. Ariño: “Does the Ethical Leadership Impact of Career Complexity on Executive Adaptability”, of Supervisors Generate Internal Social Capital?”, Journal of Career Development International, vol. 18, n.º 5 (2013), Business Ethics, vol. 118, n.º 1 (2013), pp. 1-12. pp. 457-483. • Pina e Cunha, M., A. Rego and A. Vaccaro: “Organizations • Zott, C., and R. Amit: “The Business Model: A as Human Communities and Internal Markets: Searching Theoretically Anchored Robust Construct for Strategic for Duality”, Journal of Business Ethics, vol. 120, n.º 4 Analysis”, Strategic Organization, vol. 11, n.º 4 (2013), (2014), pp. 441-455. pp. 403-411. 52 Annual Report IESE Alumni 2013-2014

Exhibit 2

ECONOMIC OVERVIEW

OCTOBER 2013 JUNE 2014 • A Discovery: Political Economy Moves in Cycles, Antonio • The Future of Pensions in Spain, Javier Díaz-Giménez Argandoña • World Economic Growth is Accelerating ... Will this Bring • An Emerging Pain, Núria Mas Problems for Emerging Economies? Rolf Campos • Out of Sight, Out of Mind: High Youth Unemployment, Pedro • Supply Matters, Pedro Videla Videla JULY 2014 NOVEMBER 2013 • A “New” Monetary Policy, Antonio Argandoña • Something (Important) Is Changing in the World, Juan José • A Different Point of View on the Financial Crisis, Alfredo Pastor Toribio • Is Banking Competition Good for Society? Xavier Vives • Latin America and the Deceleration of the Global Economy, Rolf Campos • The Rebellion of the Machines: Will Robots Soon Take Over Our Jobs? Morten Olsen

DECEMBER 2013 • External Imbalances, Alfredo Pastor • Finance: Science or Art? Review of the Nobel Prize Committee, Xavier Vives • Reform of the Spanish Labor Market: a Big Success or a Total Failure? Javier Díaz-Giménez

JANUARY 2014 • Why I’m Not Optimistic (With Nuances), Antonio Argandoña • Why an Apprenticeship and Not Schooling Is Important for Economic Development, Morten Olsen and Ria Ivandic • Competitiveness and Salaries, Núria Mas

FEBRUARY 2014 • Europe: 2014 May Be Better Than Expected, Juan José Toribio • The Imprecise Size of the Latin American Middle Class, Rolf Campos • Securitization: a Lesson From the Financial Crisis, Manuel Mueller-Frank

MARCH 2014 • An Age-old Stagnation of Ideas? Pedro Videla • Hope in the Euro Zone: a Blessing in Disguise from Karlsruhe, Xavier Vives • The Future of Spain (from 2014 onwards) Javier Díaz- Giménez

APRIL 2014 • On the Future of Work, Alfredo Pastor • Government Power is Very Limited, Antonio Argandoña • Online Social Networks: Are They Making the World a Better Place? Manuel Mueller-Frank

MAY 2014 • Minsky’s Big Bang Theory, Morten Olsen and Ria Ivandic • How Can the Cost of Spanish Debt Be as Low as U.S. Debt? Núria Mas • Let’s Talk About Spain, Juan José Toribio

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