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Annual-Report-2020 FINAL.Pdf AMBA & BGA ANNUAL REPORT 2019/20 Association of MBAs & Business Graduates Association 2020 Annual Report and Financial Statements For the year ended 30 September 2020 Company Number 921702 Charity number 313412 AMBA & BGA ANNUAL REPORT 2019/20 AMBA & BGA ANNUAL REPORT 2019/20 Members of the International Management Board Contents (also Directors and Trustees) Legal and administrative information 2 Chair’s report 6 Enrique José Bolaños Abaunza, Appointed The year in review 7 President, INCAE Business School, Costa Rica and Nicaragua 20 September 2018 Schools: AMBA accreditation 10 Fangruo Chen, Appointed Dean, Antai College of Economics and Management, China 25 May 2019 Schools: Business Graduates Association 12 Josep Bullich Franch, Appointed Legal and Schools: AMBA Development Network 15 Administrative Dean, ESADE Business School, Spain 21 September 2019 Information AMBA membership: highlights 16 Andrew Lock, Appointed 29 April 2014 Emeritus Professor, University of Leeds, UK Resigned 29 April 2020 Company Number BGA membership: highlights 18 Registered in England Appointed and Wales 921702 Corporate: sponsors and partners 20 Wendy A Loretto, Dean, University of Edinburgh Business School, UK 16 November 2019 Charity Number 313412 Events: Business Schools 21 Emmanuel Métais, Appointed Events: MBA student and graduate members 24 Dean, EDHEC Business School, France 22 September 2020 Principal address and registered office 25 Hosier Lane Events: Awards 26 Peter Moizer, Appointed London EC1A 9LQ Dean, Leeds University Business School, UK 8 December 2016 www.associationofmbas.com Marketing: AMBA 28 Gary Narunsky, Appointed Marketing: BGA 30 CEO CA (SA), MBA, London Business School, UK 15 June 2017 Andrew Main Wilson Partner and CFO, Grovepoint Capital Research and insight 32 Chair of the Finance and Risk Committee Company Secretary Editorial and thought leadership 34 Louise Park Tim Randall, Appointed MBA, Open University Business School, UK 19 February 2015 Public relations 36 Auditors Service Owner, NATS Aviation & Aerospace Moore Kingston Smith LLP Social media 37 Chair of the Membership Committee Devonshire House, 60 Goswell Road London EC1M 7AD Accounts and Financial Statements 39 Bodo B Schlegelmilch, Appointed Former Dean of WU Executive Academy, Vienna University of Economics and 25 September 2014 Solicitors Report of the Board of Trustees 40 Business, Austria Appointed Chair Osborne Clark 2 February 2018 2 Temple Back East, Temple Quay Report of the independent auditors 46 Bristol BS1 6EG Anju Seth, Appointed Consolidated statement Director, Indian Institute of Management, Calcutta, India 22 February 2019 Stone King LLP 16 St John’s Lane, London EC1M 4BS of financial activities 50 Steven Leendert van de Velde, Appointed Principal Banker Balance sheets 51 Former Dean, Rotterdam School of Management, 6 March 2018 NatWest Bank plc Erasmus University, the Netherlands St James’ Piccadilly Branch Consolidated statement of cashflows 52 Chair of the International Accreditation Advisory Board P.O. Box 2 DG, 208 Piccadilly London W1A 2DG Notes to the financial statements 53 2 3 AMBA & BGA ANNUAL REPORT 2019/20 AMBA & BGA ANNUAL REPORT 2019/20 Members of the AMBA & BGA Members of the AMBA & BGA Asia Pacific Advisory Council Latin America Advisory Council Country Country Ruth Banomyong, Thailand Enrique José Bolaños Abaunza, Costa Rica Dean, Thammasat Business School President, INCAE Business School and Nicaragua Fangruo Chen, China Luiz Brito, Brazil Dean, Antai College of Economics and Management Dean, EAESP - Escola de Administração de Empresas de São Paulo (Che) Ruhana Isa, Malaysia Gustavo Genoni, Argentina Dean, Faculty of Business and Accountancy, University of Malaya Dean, Escuela de Negocios, Universidad de San Andrés (UDESA) Gulnar Kurenkeyeva, Kazakhstan Octavio Ibarra, Colombia Dean, Graduate Business School, Almaty Management University Dean, Escuela de Negocios, Universidad del Norte (Uninorte) Gastón Labadie, Uruguay Hiroyuki Kurimoto, Japan Dean, Facultad de Administración y Ciencias Sociales, Chancellor (former Dean & President), Nagoya University of Commerce and Universidad ORT Uruguay Business (NUCB) Virginia Lasio, Ecuador Bob O'Connor, Australia Former Director, ESPAE - Escuela de Postgrado Executive Director, QUT Graduate School of Business, Queensland University en Administración de Empresas of Technology (QUT) Sergio Olavarrieta, Chile Anju Seth, India Former Associate Dean, Facultad de Economía y Negocios, Universidad de Director, Indian Institute of Management, Calcutta Chile (UChile) Ignacio de la Vega, Mexico Greg Whitwell, Australia Dean, EGADE Business School, Instituto Tecnológico y de Estudios Superiores Dean, University of Sydney Business School de Monterrey (ITSEM) Peru Simon Wilkie, Australia Peter Yamakawa, Dean, Monash Business School Dean, ESAN Graduate School of Business, Universidad ESAN (UE) 4 5 AMBA & BGA ANNUAL REPORT 2019/20 AMBA & BGA ANNUAL REPORT 2019/20 CHAIR’S REPORT THE YEAR IN REVIEW Bodo Schlegelmilch Andrew Main Wilson, READY FOR THE NEXT CHALLENGE CEO, AMBA & BGA To call the past year turbulent would I have always believed that the hallmark of a great be an understatement; it has been brutal. organisation is one that sets a clear long-term The Covid-19 pandemic affected students, strategy and is determined to achieve it, no alumni, and Business Schools worldwide. matter what obstacles or crises occur along the At AMBA & BGA, our business model went journey. Covid-19, which impacted eight months through a paradigmatic change. From one day of our financial year, is the ultimate example of a to the next, we had to cancel in-person conferences major crisis. and transfer some of them into virtual events; However, we were not deterred from our strategy of we had to create a new format for online growing the AMBA Business School network further accreditation visits; and we had to conduct towards our 300 exclusive limit and growing the BGA our board meetings on Zoom. All of this had Business School network significantly, in BGA’s first to be coordinated from home offices scattered full year of operation. across different geographies. AMBA & BGA It is a great tribute to our AMBA & BGA Busines had turned into an all-digital organisation. School partners and our staff, that almost every So what were the results of this radical Business School due for reaccreditation or first-time digitalisation? accreditation swiftly agreed to virtual accreditation Online board meetings and discussions assessment panels. This meant that we were able with our advisory councils worked well. to continue the rapid growth of AMBA & BGA, Virtual events, such as the AMBA & BGA which has been a hallmark of our organisation for Business School Leaders Forum offered an the last five years, despite the global chaos caused alternative to in-person meetings. by Covid-19. Even the virtual accreditation visits provided We were, understandably, obliged to cancel us with an option to continue our quality our flagship annual event – our Global Deans and assurance and capacity-building mission. In fact, we and his passionate team. Please accept my sincere Directors Conference, scheduled to take place in in January 2019 to 138 member Schools and we were extended the number of AMBA-accredited Business thanks and appreciation for the smooth collaboration Budapest in May. To the great credit of the AMBA particularly proud that eight AMBA Schools due for Schools to 280 with campuses in 75 countries. This with the board. & BGA team, we swiftly replaced this with a free- reaccreditation chose to successfully achieve joint now comes close to our declared ceiling of 300 Finally, I would like to thank my fellow board of-charge virtual Business School Leaders Forum, AMBA & BGA accreditation during the year. AMBA-accredited Schools. In terms of individual members for their time and expertise in steering recognising that our network wanted to meet virtually Some of the world’s most respected Business members, our AMBA student and graduate AMBA & BGA. and discuss best practice ideas for operating their Schools were AMBA accredited successfully for the membership network surpassed 50,000, cementing As we look ahead to 2021, we continue to face a Business Schools, during an unprecedented time of first time, including The Executive School at the AMBA's place as the world’s largest network made up volatile, uncertain, complex, and ambiguous (VUCA) transition from physical on-campus teaching to at University of St.Gallen, Switzerland; The University of solely of MBAs. world. At the time of writing, we are still firmly in the least partial digital delivery. Sydney Business School, Australia; and Washington The network of our Business Graduates grip of the pandemic – but even pandemics end. Although we are a charity and not a publicly University’s Olin Business School, US. Indian School Association (BGA), initiated in the previous financial Will we ever go back to the modus operandi we listed company, we have always aimed to operate of Business (ISB), one of India’s most prestigious year, also developed further and now includes 138 had before the crisis? I doubt it. Will we remain all to the highest public limited company standards Business Schools, symbolically became the 100th Schools in 42 countries, with 1,953 student and digital? I also doubt it. financially, and I want to thank all our Schools for ‘Triple Crown’ accredited School (AMBA, AACSB graduate members. Virtual meetings are still a poor substitute the punctual payment of their
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