IESE ANNUAL REPORT 2019-2020

01. Reflect From the Dean Highlights Alumni Stories Meet IESE Global Reach Governance Engagement Advancement

02. Learn & Innovate MBA Programs MiM PhD & MRM Career Development Center Executive Education Faculty Research

03. Social Impact Leadership for Everyone IESE People Environment

FROM THE DEAN

This year, the world has faced an unprecedented crisis. Although the COVID-19 pandemic has now eased in many places, it has not yet ended. While we come to terms with the health-related consequences of the virus for individuals, the broader economic and social consequences are just beginning to be felt.

Against this backdrop, IESE's mission of working for the common good and striving to help others make a positive impact on society has never been more relevant.

As companies and organizations act to re-energize the economy, adapting to new ways of working, they can rely on IESE to lead the way. We have invested heavily in our digital capacity in recent years, which left us ready to move quickly. One of the first actions we took was to open up access to sessions of the Alumni Learning Program, so that anyone, anywhere in the world, could benefit from the expertise of IESE faculty members on the issues affecting them.

To support our MBA and Executive Education students, we optimized our programs for delivery in live online and hybrid formats. Meanwhile, we instituted strict health and safety protocols on campus, in collaboration with 's Hospital Clínic and the Clínica of the .

And we looked, as always, to the future. Our new Master in Management program allows us to serve the needs of the next generation of business leaders, while the new Executive MBA Munich is accelerating the career development of working managers in Germany.

With the valued support of the partner companies who make our work possible, we will continue to do the same. Together, we can help businesses to emerge from the crisis wiser, stronger and ready for whatever comes next.

Franz Heukamp IESE Dean

ANNUAL REPORT 2019/2020 IESE 3 01. REFLECT HIGHLIGHTS

NEW IESE MASTER IN NEW EXECUTIVE 50 YEARS MANAGEMENT MBA MUNICH OF THE IESE PHD In 2019-2020, IESE launched a new The first-ever IESE Executive MBA to This year, the school's PhD program program aimed at recent university be delivered in Munich saw 60 high- celebrated five decades of rigorous graduates. The 11-month Master in potential managers and entrepreneurs training in research. In this time, 176 Management develops the general expand and transform their abilities. students of more than 30 nationalities management skills of future leaders The 18-month Munich EMBA shares have completed the program on their in the early stages of their career the same program content as IESE's way to developing careers at the top journey. In the first edition, students other Executive MBAs in Barcelona, levels of academia. The IESE PhD from 15 countries participated. and São Paulo. program is 100% funded, with every student receiving a full scholarship.

FT RANKINGS: SIX YEARS AS WORLD #1 IN EXECUTIVE EDUCATION For an unprecedented sixth consecutive year, the again ranked IESE Executive Programs as the best in the world. The FT highlighted the school’s performance in categories including program innovation, faculty, the ability to provide new skills to executives, follow-up given to participants, and internationality.

4 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT COVID-19: ADAPTING TO CHANGE The 2019-2020 academic year was defined by the impact of the global COVID-19 pandemic. To support our students, alumni, corporate partners and the wider business world as they faced challenges and difficult circumstances, we shared knowledge, research and resources as well as we transform the way we were delivering our programs.

FROM FACE-TO-FACE TO LIVE ONLINE TO HYBRID

MOVING ONLINE measures to ensure the safety of The school reacted quickly to the students returning to campus. compulsory closure of campuses introduced in many of the countries The Ready-Safe-Go webpage where it operates by moving reflected the changes made, programs to a live online format. highlighting the comprehensive Recent investment in technology new health and hygiene meant that the IESE was prepared protocols, with particular in terms of infrastructure for emphasis on controlled campus such a move. Nevertheless, its access and widespread testing, implementation required a great deal to minimize any risk of infection. of effort, flexibility and teamwork from the IT and teaching staff, who NEW HYBRID were themselves working from home. FORMATS There is still uncertainty about CARING how COVID-19 will affect FOR STUDENTS classroom activities, travel and As well as delivering program other aspects of education. content, it was essential to care To ensure that we can meet for students by helping them cope students' needs, from recent with the changes and create an university graduates in the new educational environment where they Master in Management program were living. For many students away to senior executives in our Custom from their homes and families, IESE Programs, we have optimized became their main source of support. much of our program portfolio for delivery in online or hybrid ENSURING SAFETY formats. These combine online During the de-escalation stage, study with face-to-face learning the school implemented stringent where possible.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 5 01. REFLECT

SUPPORTING THE FUTURE

COVID-19 recovery in the coming years are able to and Telefonica to launch Restarting SCHOLARSHIPS receive the education and professional Together. This global challenge aims In response to the pandemic, IESE development they need. to promote innovative projects that dedicated €5.5 million for talented can both contribute to speeding up students who are unable to finance their RESTARTING economic recovery after the pandemic studies because of the impact of the TOGETHER and increase resilience against future COVID-19 pandemic. IESE collaborated with leading crises. Three winners will have the companies including Airbus, BASF, possibility of receiving access to With this aid, the school seeks to BizLab, Boston Consulting Group, corporate resources from the organizing ensure that potential future leaders CEMEX, Citi, Endeavor, IDB Lab, IE, companies, including potential who could contribute to the economic Microsoft for Startups, South Summit acceleration or investment.

6 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT

SHARING KNOWLEDGE

OPEN ACCESS to help executives manage the crisis Highlights included: TO EXPERTISE and prepare for the 'new normal.' Between March and June 2020, the • Future of Banking: The second school shared knowledge with the INSIGHTS FROM report in this series by IESE and CEPR wider business community via 43 TOP LEADERS examined the mounting challenges open-access LinkedIn live sessions, In May 2020, the VIII Annual facing the sector and the competitive reaching an audience of over 520,000 Director's Forum was held online responses of both veteran and new people. The series explored leading for the first time. Organized by IESE players to the COVID-19 crisis. and working during difficult times, together with KPMG and Spanish and understanding what may come newspaper El País, it discussed the • Vaccines and Risk Compensation: after the health crisis has subsided. role of boards in the crisis and the Eduard Talamàs (IESE) published a IESE professors provided insights ways in which the pandemic was study of how free, perfectly safe but into practical aspects of the crisis, affecting large Spanish companies. A only partially effective vaccines can its financial impact, its economic session dedicated to the perspective harm everyone. consequences and its geopolitical of CEOs featured leaders including fallout, as well as human resource and the president of the CNMV (Spain's • The Evolution of Epidemics: Prof. operations management. financial market regulatory Miguel Ángel Ariño published a authority), Sebastián Albella; Cellnex review on multi-region epidemic PRACTICAL ADVICE CEO Tobías Martínez Gimeno; and evolution and optimal control IESE faculty shared their experience the CEO of Banco Santander, José approach. and knowledge to help students and Antonio Álvarez. executives make the most of the • Toward Better Coronavirus changed circumstances. A popular RESEARCH Modeling: Professors Jeroen highlight was a video series from Prof. AND REPORTS Neckebrouck and José Azar looked at Mireia Las Heras, Research Director of IESE faculty continued to create forecasting the spread of COVID-19 IESE's International Center for Work research and reports to help based on insights from logistic and Family, sharing advice on working companies and leaders understand growth models. remotely during the COVID-19 crisis. and respond to the crisis. These were disseminated in different ways • The Global Economic Impact of PROJECT SAFEGUARD for maximum impact, including COVID-19: A report by Prof. Nuno This three-week online program, free online publication, academic Fernandes investigated the potential focused on delivering practical tools, journals and the school's own future economic damage resulting was created and delivered specifically knowledge portal, IESE Insight. from the crisis.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 7 01. REFLECT ALUMNI STORIES UNITED IN ACTION IESE's mission statement declares, “We want to educate leaders to whom we can entrust the future of business and society.” Throughout the COVID-19 crisis, our alumni have proven to be those leaders by stepping up and taking positive action for the common good. These are just some of their stories.

“Our motivation “It’s important to be “We’re all in “I’m proud couldn't be greater” part of the solution” this together” of my team” Ramon Pastor (PDD '01) Brian Ellison (MBA '03) Julia Zhou Timo Buetefisch (MBA '04) (EMBA Munich '20) Head of Hewlett-Packard's 3D- Business development CEO and co-founder of Cooltra, printing division, he worked as manager at Midwest Managing director of he helped introduce a relief part of an international team Prototyping, with two Mandarin Group, she raised initiative, reserved part of the to meet the growing demand engineer friends he created enough funds from users company's motor-scooter fleet for medical equipment such as over 20,000 “Badger Shield” of a Chinese social media for food delivery — including to face masks, face shields, mask face shields a week for platform to ship 40,000 families in need­ — and donated adjusters and hands-free door hospitals in the U.S. state of surgical masks from China vehicles to Médecins Sans openers. Wisconsin. to Spain. Frontières.

ASSISTING HEALTH partner of esTalento, helped create a for volunteers and local organizations in SERVICES free coaching service to support health Valencia. professionals dealing with the emotional Alejo Miranda de Larra (EMBA '16), director Jaime Barreiro (EMBA '15), head of impact of COVID-19. of Health Infrastructure in the Autonomous solutions delivery at Nextail labs, raised Jairo González Monje (EMBA '07) and Community of Madrid, led efforts to build a over €16,000 to buy medical supplies and Lucía Méndez-Bonito (EMBA '08), CEO temporary field hospital with 1,300 beds to donate them to the Hospital Univ. Príncipe Southern Europe and CEO Spain of B&B treat COVID-19 patients. de Asturias in Madrid. Hotels, made 284 rooms available to Nikhil Nathwani (GEMBA '10), CEO of Borja Boada (EMBA '18), CEO of Fudeat, healthcare workers in Madrid. beauty treatment chain Centros Único, launched a solidarity campaign to provide Jesús Llinares (PDG '17), CEO of Andreu donated company medical equipment home-cooked meals for health workers. World, turned the company’s production supplies to the Hospital Nuestra Señora del Patricia Ferrando (MBA '80), founding facilities over to making medical masks Rosario in Madrid.

8 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT

Maraya Perinat (PMD '09), director of the Biomecánica de Valencia (IBV), co- disabilities and their families, led Cotton House Hotel in Barcelona, made developed a new mechanical ventilator. special fundraising efforts during the rooms available for patients who needed Xavi Pont (MBA '02), social entrepreneur COVID-19 crisis. to isolate but couldn’t do so because of and CEO and co-founder of Ship2B, Juan Carlos Garavito (GEMBA '20), their personal circumstances. a private foundation than promotes CEO of ClarkeModet Colombia, raised Juan Roma (MBA '02), partner and entre- investment with social impact, helped funds for school meals and offered IT preneur at Careventures private equity launch various initiatives to combat the services to companies combating the fund. Two of the fund’s companies helped pandemic. coronavirus. the German government increase its María Río (MBA '88), general manager José Eugenio Fernández (PDG '19), testing capacity and provided 3D-printing and VP at Gilead Sciences, worked with director of logistics at Hiper Usera, facilities for medical equipment. health authorities in Spain to develop provided transport and delivery services Teresa Sáez-Benito (MBA '86), alliance COVID-19 treatment and prevention to hospitals as well as donating food coordinator at REDMADE foundation, led strategies, as well as donating equipment products. volunteer efforts to provide retirement worth €1.6 million. Carlos Eugui (MBA '88), president of homes and health centers with protective Xavier Ros (PDG '09) and Patricia Such Ensalandia-Egrin Alimentación, donated clothing made from recycled materials. (PDG '16) executive VP HR and Head meals for health workers across Spain. Kepa Sagastabeita (PDG '09), CEO health and safety, respectively, of IESE Carlos Gelabert (PDD '17), cofounder of of Zerintia Technologies, launched a partner company SEAT, were involved The Fitzgerald Burger Company, donated project to help sick and elderly people with the company, halting car production medical materials to hospitals in Valencia. to manufacture OxyGEN motor-assisted in Catalonia receive medical attention Pedro López (PDD '00) and Valeriano remotely. emergency ventilators for COVID-19 patients, in collaboration with other López (MBA '03), of Chocolates Valor, Manel Vallet Garriga (PADE '15) and leading organizations and the Spanish donated €300,000 to research and the Guillermo Vallet Millet (PADE '19), VPs of Agency for Medicine. provision of medical equipment. Catalonia Hotels & Resorts, made five of Enrique Silla (PDD '93), CEO of Guillermo Martínez González (PDG '02), their hotels available for health workers in CSO & partner at Vunkers IT Experts, Madrid, Barcelona and Sabadell. Jeanologia, adapted its sustainable, hi-tech textile manufacturing to provide donated mobile technology to help Ge Wang (EMBA Munich '21), CEO advanced facemasks. isolated patients connect with their of Himmuc Information Technology, families. leveraged contacts to arrange donations SUPPORTING Josep María Martínez Ribes (PADE '99), of over 100,000 surgical masks and other BUSINESSES CEO of Bella Aurora Labs, provided a medical supplies to Italy and to Madrid. helpline and outreach services to support Iñaki González, Cristina Aparicio, Jorge people isolated during the pandemic. DEVELOPING Fernández, Iván Arévalo, Antonio Pérez SOLUTIONS and Vicente Llorens (all EMBA '14) co- Pablo Múgica (PDG '01), chief business founded SOS4pymes, bringing together officer of Krustagroup, collaborated with Rosario Cospedal (PDD '06), CEO of 70 professionals to provide free advice organizations including Food4Heroes, GENOMICA, helped develop a highly and support for SMEs affected by the Food for Good Barcelona, Chefs for sensitive COVID-19 testing kit that works crisis. Spain and World Central Kitchen to send with 98% reliability on asymptomatic healthy food to disadvantaged people Ramón Martín (PDG '09), CEO of Ricoh patients. and health workers. Spain and Portugal, offered companies Michele Frisoli (MBA '11), CEO of free licenses for its teleworking solutions Patricia Ripoll (PDD '15), co-founder of Italian aeronautics and aerospace parts while also providing manufacturing COVID Warriors, led projects to connect manufacturer Manta Group turned support to 3D-print respirators. families separated by the crisis and production facilities over to making provide emotional support to grieving facemasks for several weeks. HELPING families who could not hold normal Begoña Hernández de Aguirre (PDG '17), SOCIETY funerals. sales director of 3D-tech company, Abax Arancha Caballero, CEO of Nuadda; Rebeca Rubio (EMBA '12), head Innovation Technologies also worked on Elena Menor, general manager of of real estate at Grupo 5 Acción y developing ventilators to help COVID-19 Filarmonía de Madrid; and Jorge Martín, Gestión Social, provided emergency sufferers. head of Telefónica outsourcing solutions accommodation and support for Óscar Macià (EMBA '12), CEO of (all PDG '18), arranged the delivery of homeless people. ForceManager, collaborated with , mobile tech to patients in hospital, to Enrique Somolinos (PDD '07), business Telefónica and to create a helping them connect with their families. unit managing director at Delcom, COVID-19 assistance app. Elena de Carandini (PDD '11), general raised funds and launched an initiative Inés Pereira Carrillo (PDD '15), innovation manager of Fundación Boscana, to provide food for health workers and management director at Instituto de which helps people with intellectual vulnerable people in Asturias.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 9 01. REFLECT MEET IESE Educating leaders with integrity for the future of business and society

IESE is the graduate business school of the University of Navarra and has been at the forefront of management education for nearly 60 years.

OUR MISSION, IESE’S STRUCTURE AND VISION AND VALUES ACTIVITIES EMBODY ITS VALUES:

We want to educate leaders to whom RENOWNED FACULTY System) and the United Kingdom's we can entrust the future of business The school’s 113 full-time professors AMBA (Association of MBAs). and society. Our activities are centered bring academic excellence as well around three management axes: a as wide-ranging real-world business INNOVATING FOR IMPACT global mindset, a general management experience to their classrooms. To remain at the forefront of approach, and a people-centered vision, management education, and have with the ethics and social responsibility Program participants benefit from an ever-greater impact, IESE that entails. their contacts in the top levels of pioneers new methodologies, global business and their dedication technologies and concepts that Our mission is to develop leaders who to teaching. anticipate the needs of participants strive to have a deep, positive and and companies. lasting impact on people, companies The faculty’s open-door policy reflects and society through professional the inclusive learning environment it CHRISTIAN HUMANISM excellence, integrity and spirit of fosters. IESE is an initiative of , a service. Roman Catholic organization. The RELEVANT RESEARCH ethical and moral values of the school Our vision is to be the top business IESE’s faculty generates knowledge are based on the Christian tradition, school in the world for purpose, that drives conversations and and respect the rights, freedom and inspiring leaders for whom everybody improves business management. dignity of everyone. matters. By accompanying people on their journeys of lifelong learning, IESE’s 27 chairs and 12 research ETHICS AND COMPLIANCE we bring a deeper meaning to doing centers guide its rigorous and relevant We are launching a compliance business. research. program to ensure compliance by all stakeholders with applicable Our values determine our actions. INTERNATIONAL PRESTIGE legislation in the regions where IESE We believe that companies – and Leading publications regularly operates. It establishes measures to business schools – are, above all, rank IESE’s programs among the assess, prevent, detect and manage communities of people who work best in the world. The school also any risks present in the school. better in an atmosphere of respect and holds the prestigious ‘triple crown’ trust. Because we follow the Christian of accreditation from AACSB IESE is determined to prevent any tradition, with respect for the freedom (Association to Advance Collegiate behavior violating current legislation or and dignity of every human being, Schools of Business), EQUIS ethical standards and to comply with its people of all beliefs (or of none at all) (European Quality Improvement own internal procedures. are welcome at IESE.

10 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT A COMMUNITY OF LEARNING Diverse faculty, staff, students, partners and sponsors around the world, united as a community of learning.

51,736 1,517 Alumni 135 Degree Program Partner Participants 147 Companies Nationalities

ALUMNI PARTICIPANTS & COMPANIES 15,681 37 Alumni Learning Chapters Program Participants

34% Membership

68 10 Custom Industry Programs Meetings 475 Staff 28 Focused Programs 34 Staff 27 Nationalities IESE Chairs ACTIVITY TALENT 5 Degree Programs

113 12 Full-time Research Professors 7 Centers General 23 Management Full-time 137 Programs Professors Alumni Learning Nationalities Program Sessions

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 11 01. REFLECT A WORLD OF MANAGEMENT EDUCATION Global reach, global impact

In a time when international travel has Africa. been restricted, the presence of our At IESE, we believe that we can support five permanent campuses in Barcelona, African countries through the education of Madrid, Munich, New York and São Paulo, responsible managers and entrepreneurs, plus a network of partner schools and who contribute to build and improve African offices around the world, has proven companies. Since IESE began activities in more important than ever. Africa in 1991, it has supported the founding of three business schools (Lagos Business As circumstances change, we continue School in Nigeria, Strathmore in Kenya, to deliver transformative programs for and MDE in Côte d’Ivoire). IESE’s Africa Initiative now oversees activities including executives everywhere. partnerships, events, an MBA module in Kenya, the MBA Africa Club, the MBA Global Strategy & Geopolitics course (with two sessions on Africa), and the Global CEO IN NUMBERS Program for Africa.

Asia. 5 IESE has been active in Asia for decades: Campuses 1,365 IESE alumni come from the region, as do approximately a quarter of the students in IESE MBA programs. In 2019-2020, we continued to expand our initiatives in Asia through modules of programs such as the Global CEO Program, the full-time MBA, 8 Executive MBA and the Global Executive Offices MBA, as well as Custom Programs.

Latin America. IESE maintains close bonds with many Latin 15 American countries through its students Associated and alumni, its academic alliances and its Business Schools associated schools. IESE’s strong presence in Latin America is reflected in the 3,469 alumni we have there. Working closely with local academic and business communities, IESE has played a key role in founding and developing these nine business schools in Latin America: IAE (Argentina), ISE (Brazil), 135 ESE (Chile), INALDE (Colombia), IDE (Ecuador), Partner Companies UNIS (Guatemala), IPADE (Mexico), PAD (Peru) Around the World and IEEM (Uruguay).

12 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT

Barcelona Campus IESE began in Barcelona and still coordinates many of its global activities from there. The vast IESE Barcelona campus comprises three main buildings covering 60,000 m2. As well as impressive architecture, views and landscaped gardens, it also features state-of- the-art lecture rooms, a library, 597-seat auditorium, Entrepreneurship Hub, digital and virtual learning spaces, meeting rooms and dining areas. At present, IESE Barcelona delivers MBA, Executive Education and PhD programs, and is home to much of the school’s research area.

Madrid Campus. Work on IESE’s Madrid campus expansion is nearing completion. The new building will double the school’s capacity to deliver programs in the Spanish capital, which is one of Southern Europe’s most important centers of business, finance and politics. IESE has been present and growing in Madrid since 1974, and currently delivers the Master in Management (MiM), Executive MBA, general management programs, Focused Programs, and Custom Programs for companies there. IESE Madrid’s research centers include the Center for International Finance (CIF) and the Center for Public Leadership and Government (CPLG).

Munich Campus In 2015, after ten years of full-time operations in Germany, IESE became the first international business school to have a permanent presence in the country. The Munich campus delivers Executive Education programs, in-company programs for multinationals operating in German-speaking and central European countries, and Focused Programs, as well as MBA and Global Executive MBA modules. The Munich Executive MBA launched in 2019 with more than 60 students.

New York Campus. IESE’s has been connected to the United States since 1963, when it co-founded the -IESE Committee. 2019-2020 marked the tenth anniversary of IESE’s move to its campus in mid-town Manhattan, just steps away from Carnegie Hall, Lincoln Center and Central Park. It delivers Executive Education programs and Custom Programs for North American organizations; carries out research into media, entertainment and other key business areas; and serves the unique needs of alumni in the United States.

São Paulo Campus. Since 2001, IESE has developed and offered programs in Brazil, delivered on the ISE campus in Bella Vista (São Paulo). Currently, these include the Executive MBA, the Advanced Management Program (AMP) and the Program for Management Development (PMD). The IESE MBA programs also have an overseas module in the city.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 13 01. REFLECT GOVERNANCE

IIESE’s Executive Committee defines the IESE EXECUTIVE IESE INTERNATIONAL school’s strategy and COMMITTEE ADVISORY BOARD oversees its execution. IESE’s International DEAN Isak Andic N.R. Narayana Murthy Advisory Board, U.S. Franz Heukamp Mango, Spain Infosys Technologies, India Advisory Council and ASSOCIATE DEAN Ibukun Awosika Takeshi Niinami Alumni Association Eric Weber First Bank of Nigeria, Nigeria Suntory Holdings, Japan Executive Committee SECRETARY GENERAL Hans-Jacob Bonnier Rafael del Pino advise the school’s Jaume Armengou Bonnier AB, Sweden Ferrovial, Spain management Andrea Christenson Paul Polman team. The Harvard Business GENERAL ADMINISTRATOR Jaume Vidal Cementos Molins, Austria International Chamber of Commerce, The B Team, U.K. School-IESE Committee Bruno Di Leo ASSOCIATE DEAN meets yearly to discuss Bearing North, U.S. Marc Puig FOR FACULTY, Puig, Spain the state of management RESEARCH Brian Duperrault education. & PhD PROGRAMS AIG, U.S. Helena Revoredo Javier Quintanilla Prosegur, Spain Oscar Fanjul ASSOCIATE DEAN Omega Capital, Spain Franck Riboud Groupe , France FOR MBA PROGRAMS Benita Ferrero-Waldner M. Julia Prats Fundación Euroamérica, Austria Roberto Servitje Grupo Bimbo, Mexico ASSOCIATE DEAN Patricia Francis FOR EXECUTIVE Government of Jamaica, Jamaica Risto Siilasmaa EDUCATION F-Secure Corporation, Mireia Rius Victor K. Fung Finland Li & Fung Group, China DIRECTOR Franz Haniel OF PEOPLE DIVISION S4 Capital, U.K. The Haniel Group, Germany Marta Castán Kees J. Storm Franz Heukamp Aegon, The Netherlands DIRECTOR IESE, Germany OF MADRID CAMPUS Francesco Vanni José Luis Suárez Denise Kingsmill d’Archirafi Inditex, U.K. Citi, U.S. Janina Kugel Eric Weber Kugel & Associates, Germany IESE, Canada Hans Ulrich Maerki George Yeo Mettler-Toledo International, Kerry Holdings Limited, Switzerland China Juvencio Maeztu Ingka Holding BV (IKEA Group), The Netherlands Klaus Mangold Knorr-Bremse AG, Germany Janne Haaland Matlary University of Oslo and Government of Norway, Norway Liz Mohn Bertelsmann, Germany Stanley Motta Motta Internacional, Panama

14 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT

THE U.S. HARVARD BUSINESS ALUMNI ADVISORY COUNCIL SCHOOL-IESE COMMITTEE EXECUTIVE COMMITTEE

William F. Baker HBS PRESIDENT Amparo Moraleda WNET Srikant Datar Alejandro Beltrán (PDG ’95), Airbus Arthur Lowes Dickinson, Professor (MBA ’98), McKinsey & Company Gerry Byrne Javier Muñoz Penske Media Corporation of Business Administration and Senior Associate Dean VICE-PRESIDENTS (MBA ’03), IESE Cristina de Parias Benito Cachinero for University Affairs Alan Pace Egon Zehnder (MBA ’91), BBVA Das Narayandas (MBA ’94), Citicorp Securities Thomas H. Castro Edsel Bryant Ford Professor Joan Molins Services El Dorado Capital (PDG ’71), Cementos Molins of Business Administration, Senior Kristoff Puelinckx Carmen DiRienzo Associate Dean for HBS Publishing MEMBERS (MBA ’96), Delta Partners DiRienzo Consulting and Senior Associate Dean Jaume Armengou for External Relations (PDG ‘05), IESE Javier Pujol Artigas Hamish Dodds (AMP ‘04), Ficosa Internacional Hard Rock International Richard H.K. Vietor Simon Pedro Barceló Baker Foundation Professor, (SEP JSF ‘17), Grupo Barceló Julio Rodríguez Izquierdo Fritz Folts Paul Whiton Cherington Professor (PDG ’97), Cementos Molins 3EDGE Asset Management of Business Administration, Georg von Boeselager José Luis de Rojas Emeritus (AMP-Munich ‘08), Merck Finck Alan Glazen (MBA ’88), Zertem Glazen Urban Núria Cabutí Communication Group Francis J. Hager IESE (MBA ’92), Penguin Random Opp CAP Group Franz Heukamp House Heriberto Urzúa (MBA ’89), Holding Patagonia Dean Franz Heukamp Aurora Catà Investment IESE José Luis Nueno (MBA ’89 & PADE ’02), María del Pino Velázquez Professor of Marketing Seeliger y Conde Claire A. Huang (MBA ’91), Grupo Unísono JP Morgan Chase & Co. M. Julia Prats María Díaz-Morera Rafael Villaseca Bertrán Foundation Chair (MBA ‘06), Grupo EDM Jay Ireland (MBA ’76), Foundation GE Africa of Entrepreneurship Professor Antoni Esteve of Entrepreneurship and Associate (PDD ’87 & GCP ’13), Paco Ybarra Douglas Jones Dean for MBA Programs Agari Laboratorios Esteve (MBA ‘87), Eric Weber Henry Laurent Joaquim Faura Associate Dean and Professor Fairmount International (MBA ’78), Telefónica of Accounting and Control Kate O’Sullivan Helena Herrero Microsoft Corporation (PADE ’02), HP Carlos Padula Franz Heukamp Stelac Advisory Services (AMP-Munich ‘06), IESE Juan Pujadas

Wells Fargo Luis Maroto (MBA ’89), Amadeus IT Group Edward T. Reilly American Management Assn. Marta Martínez International (PADE ’05), IBM Tom Rogers Tobías Martínez TRget Media (PADE ’07), Cellnex Telecom John Schmitz Jordi Mercader Prime Transatlantic (MBA ‘03), Miquel y Costas & Miquel Christopher Vollmer MediaLink Eric Weber IESE

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 15 01. REFLECT

ENGAGEMENT IESE fosters lifelong relationships with more than 51,000 alumni. Together, we continue to learn, collaborate, share knowledge and provide support.

IESE’s vibrant alumni community Flexible formats, including digitized text and videos of no more includes leaders at every career presentations, conferences and than 15 minutes, complemented by stage, from new graduates in their webinars, allow IESE to provide exercises and/or further reading. 20s to industry veterans over 70. They key information on current events represent diverse nationalities and affecting management. SUPPORTING CHANGE backgrounds, but they are united This year, the Alumni Association by their ties to the school, their Recent session topics have included offered specialist resources to those commitment to its mission and by their Managing People and Resources who wanted to build their personal constant desire to learn. in Times of Crisis, The State of brand in order to explore a new career the Economy, and Innovation and path or find a new role. This was LIFELONG LEARNING Transformation. To support the especially relevant given the disruption IESE’s commitment to ongoing broader business community during experienced by many sectors. education is not new: our lifelong the COVID-19 pandemic, we decided learning program recently celebrated its to make these valuable sessions IESE and the Alumni Executive 60th anniversary. available to everyone. Committee continue to work together to strengthen connections with our Today, Alumni Learning Program sessions In addition, our “Learning Pills” on the global alumni community. Our alumni provide direct access to both the latest Alumni App provide a deep well of are stakeholders in the future of IESE. cutting-edge research of IESE faculty knowledge for alumni to draw from We support them, as they support us and the insights of leading business easily at any time. Covering a range of with their invaluable donations, which practitioners and thought leaders. subjects, they comprise condensed, allow us to carry out our vision.

IN NUMBERS 51,736 137 147 50+ Alumni Learning Sessions Nationalities Networking Events, Reunions & Meetings

16 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 01. REFLECT

ADVANCEMENT

PARTNER COMPANIES, FOUNDATIONS & FAMILIES IESE is a non-profit • ACCENTURE • FONDO • MANGO business school. • ALLIANZ SEGUROS ALONSO-STUYCK • MAT INVESTMENT • ALPHABET ESPAÑA • FRITZ HENKEL STIFTUNG HOLDING Program revenues • AMERICAN EXPRESS • FUEL FREEDOM • MERCADONA • ARDANUY INGENIERÍA FOUNDATION • MERCK SHARP & DOHME • ASEPEYO • FUNDACIÓN AGBAR • MERCURY CAPITAL cover operational • ASTRAZENECA • FUNDACIÓN DAMM • META 4 SPAIN • BANCO MEDIOLANUM • FUNDACIÓN • MICROSOFT IBÉRICA expenses, but we • BANKINTER GLOBALCAJA HXXII • MIQUEL Y COSTAS • BASF • FUNDACIÓN JOAQUIM & MIQUEL depend on the • BBDO MOLINS FIGUERAS • MOVENTIA • BCNONWOVENS • FUNDACIÓN MARIA • MUTUA MADRILEÑA philanthropy of alumni, • BLUETAB SOLUTIONS FRANCISCA DE • NESTLÉ • BOEHRINGER INGELHEIM ROVIRALTA • NOVARTIS friends, firms and • BP OIL ESPAÑA • FUNDACIÓN PUIG • NOVO NORDISK • BRIGHTLINE • FUNDACIÓN RAMÓN • ORANGE • CAIXABANK ARECES • PENTEO foundations in order • CAPRABO • FUNDACION UNIR • PEPSICO • CASER • GENERAL ÓPTICA • PROSEGUR to grow. • CELLNEX TELECOM • GFT IT CONSULTING • QUIMIDROGA • CELSA GROUP • GIDATXA • RANDSTAD • CEMENTOS MOLINS • GILEAD • RED ELÉCTRICA DE This year, donors increased their • CEREALTO SIRO FOODS • GONVARRI CENTRO ESPAÑA • CHIESI ESPAÑA DE SERVICIOS • RICOH support by a total of 12% compared • CITIGROUP • GRUPO CATALANA • ROCA to the previous year, allowing us to • COALIMENT OCCIDENTE • ROCHE carry out our mission and invest for • COFARES • GRUPO RAVENTÓS • SAP • COVAP CODORNÍU • SCHNEIDER ELECTRIC the future. • CRÈDIT ANDORRÀ • HUAWEI • SEAT • DEUTSCHE BANK • IBERIA • SEIDOR • DIAGEO • IBM • SENER Thanks to their generosity, we were • DOW CHEMICAL IBÉRICA • INDERHABS • SGS TECNOS able to invest in people, in innovation, • DSM • INDRA SISTEMAS • SIGNIFY in ideas and in global understanding. • EDM HOLDING • INTENT HQ • SIGRUN PARTNERS • ELECTROSTEEL EUROPE • INTERMAS NETS • SIMON They funded research projects led by • ELOSA • ISS FACILITY SERVICES • STEELCASE our faculty that advanced the frontiers • ENAGÁS • JOHN DEERE • STI of management knowledge and helped • ENCE ENERGÍA Y • JOSÉ FELIPE BERTRÁN • STRATESYS CELULOSA DE CARALT • TELADOC HEALTH us move closer to completing the • EPSON • JOSÉ MARíA LAFUENTE • TIMAC AGRO expanded new Madrid Campus. • ESTABLIMENTS VIENA • KPMG • TÜV RHEINLAND • ESTEVE • LABORATORIOS ORDESA • WAVIP PHARMACEUTICALS • LANTANIA • WERFEN In total, more than 135 companies • EUREST • LEAR CORPORATION • WILLIS TOWERS supported IESE as a partner in • EUROCAJA RURAL • LG ELECTRONICS • WOOD • EUROFRAGANCE • LIDL • XEROX 2019-2020. We thank them for their • EVERIS • LIFERAY • ZAMBON philanthropy and commitment to the • FAMILIA LUCAYA CASTAN • LOGISFASHION • ZANINI • FICOSA • LOGISTA • ZARDOYA OTIS future, especially in this challenging • FLUIDRA • LUCTA time for the global economy. • MAHOU SAN MIGUEL

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 17 02. LEARN & INNOVATE

IESE is actively engaged with the challenges facing business and society. Through its innovative programs, activities, research and methodologies, the school pioneers not just new knowledge but also new ways to learn.

02. LEARN & INNOVATE DEGREE PROGRAMS IESE expanded its portfolio of general management programs this year with two new additions: the Master in Management and the Executive MBA Munich.

THE FULL-TIME MBA Nairobi. The MBA Exchange program IESE’s full-time MBA was again recog- includes schools such as MIT, CEIBS, nized for its excellence by prestigious Chicago and Berkeley, allowing for a international publications. In 2020, truly global experience. the Financial Times ranked the full- time MBA #1 in the world for Corporate LEARNING BY DOING Social Responsibility (determined by Experiential learning is at the heart hours dedicated to social and environ- of the MBA program, which equips mental issues and ethics) and among students with the managerial skills the top five in Europe and top 15 in the that they will need in business. It also world overall. encourages them to develop entre- preneurial attitudes. In 2019-2020, the The Economist ranked the program Capstone Project saw 367 students in #2 in Europe and among the world’s 40 MBA teams work to solve real prob- top ten overall in 2019. This ranking lems presented by companies including emphasized the outstanding career BLSSD Fashion, BakeNight, InBound placement of IESE MBA alumni (94% Cycle, IDNEO, Facebook, ISDIN, Natur- of the Class of 2019 accepted a job gy, Dufry, Pangea and Roche. offer within three months of gradu- ation) and the international reach of ADAPTING TO COVID-19 the program’s alumni network. Forbes, In mid-March 2020, due to the global meanwhile, ranked the IESE full-time COVID-19 pandemic, the MBA program MBA #3 in the world. moved all its sessions to an online distance-learning format using the Zoom STRENGTH IN DIVERSITY platform. This lasted until June 2020, In 2019-2020, there were 716 students when classes resumed on campus in from 74 countries enrolled in the MBA. a hybrid format. The economic crisis Cross-cultural learning was further caused by COVID-19 will likely increase enhanced by cross-border experiences interest in the full-time MBA over the in elective overseas modules held in next years but will also increase the New York City, São Paulo, Shanghai and demand for scholarships.

20 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE

THE EXECUTIVE MBA This year saw 61 students participate in the first-ever IESE Executive MBA to MASTER IN be delivered in Munich. Like the EMBA MANAGEMENT programs in Madrid, Barcelona and São This new IESE program is aimed at Paulo, it is an 18-month part-time MBA for recent university graduates with up to high-potential managers, executives and one year of professional experience. entrepreneurs who want to accelerate It is an 11-month general management their career development. The Munich program, delivered in English. The Master EMBA has the same program content in Management (MiM) is a milestone as the other editions, and is designed for IESE, allowing the school to cater to to help participants discover their business education needs at all stages of strengths, transform their abilities and professional development and complete expand their perspectives. its portfolio of programs.

WOMEN LEAD THE WAY The first edition of the MiM saw a very The participation of women in the international cohort comprising students Executive MBA has doubled to 30% in from 15 countries. Classes moved to just a few years. The EMBA empowers a synchronous online model during women and equips them with the the COVID-19 lockdown, with students competencies and confidence they collaborating, studying, and taking need to succeed. Initiatives in this area exams online. include the Women EMBA Club (EMBAC), an exclusive network that promotes learning, networking and support; the IESE Women in Leadership (I-WIL) platform; and scholarships for women. THE GLOBAL EXECUTIVE MBA IESE’s Global Executive MBA (GEMBA) helps senior international executives develop further as leaders and advance in their careers. Participants expand their general-management perspective through collaborative learning and develop advanced decision-making skills within the context of global business, taking into account emerging trends.

The Class of 2020 was interrupted by the COVID-19 crisis, but the 46 executives enrolled will complete the program and graduate in October 2020. During the pause, participants had the chance to attend specifically created online sessions with IESE faculty on relevant topics.

The GEMBA is already one of IESE’s most blended programs, and the Class of 2021, which began strongly in January 2020, will include a Digital Journey.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 21 02. LEARN & INNOVATE

IN NUMBERS 1,464 30 Total participants Business schools in the full-time MBA Exchange Program

• BERKELEY HAAS, U.S. • CEIBS, CHINA THE FULL-TIME MBA • CHICAGO BOOTH, U.S. EXECUTIVE MBA • COLUMBIA BUSINESS SCHOOL, U.S. • CORNELL UNIVERSITY, U.S. GLOBAL EXECUTIVE MBA • DARDEN, UNIVERSITY OF VIRGINIA, U.S. MASTER IN MANAGEMENT • DUKE UNIVERSITY (FUQUA), U.S. • HEC, FRANCE • HKU, CHINA • HKUST, CHINA • IAE UNIVERSIDAD AUSTRAL, ARGENTINA MASTER IN THE FULL-TIME EXECUTIVE GLOBAL • IPADE, MEXICO MANAGEMENT MBA MBA EXECUTIVE MBA • INDIAN SCHOOL OF BUSINESS (ISB), INDIA • INTERNATIONAL UNIVERSITY OF JAPAN, JAPAN • KEIO UNIVERSITY, JAPAN • KELLOGG SCHOOL OF MANAGEMENT, U.S. 47 716 601 100 • Students (LBS), U.K. • MELBOURNE BUSINESS SCHOOL, AUSTRALIA • MICHIGAN ROSS, U.S. • MIT SLOAN, U.S. 23 29 32 38 • NANYANG, SINGAPORE • NATIONAL UNIVERSITY OF

Average age Average SINGAPORE, SINGAPORE • NYU STERN, U.S. • RECANATI, ISRAEL • ROTTERDAM SCHOOL OF MANAGEMENT (RSM), THE % % % % NETHERLANDS Women 40 28 30 40 • TUCK, U.S. • UNC KENAN-FLAGLER, U.S. • WHARTON, U.S. • YALE SCHOOL OF MANAGEMENT, U.S. 15 74 22 29 • YONSEI SCHOOL OF BUSINESS (YSB), SOUTH KOREA Nationalities

22 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE PhD PROGRAM This year marked the 50th anniversary of IESE’s PhD program. The PhD in Management and MRM (Master of Research in Management) programs prepare students for a career at the top levels of academia.

They provide rigorous training in qualitative and quantitative research, guided by professors who are renowned globally in management research. The IN NUMBERS programs are 100% funded, with every student receiving a full scholarship.

Over the decades, 176 students of approximately 30 nationalities have 53 completed the IESE PhD program. Many Students have continued their work at the world’s best business schools and universities, influencing management thinking through their research and teaching.

In 2019-2020, 98% of the 53 students enrolled were international. Several 20 students were awarded prizes that Nationalities recognized the impact of their research. These included:

• Nana Yaa A. Gyamfi (fourth year PhD) – co-author with Lee Yih-teen – Winner, 2020 Emerald Literati Award; for Gyamfi & Lee (2019), “Toward a 98% Framework of Contextualized Assets International and Liabilities in Global Leadership: Identity and Power Implications in an African Context” published in Advances in Global Leadership, vol. 12, Emerald.

• Liudmila Alekseeva (first Year PhD) – first prize in XI UAM-Accenture 176 Chair 2019 Award in Economics and Alumni Management of Innovation (paper: "Local Human Capital and Innovation Spillovers”).

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 23 02. LEARN & INNOVATE CAREER DEVELOPMENT CENTER

Companies trust IESE to provide the CDC offered a new set of online them with the talent they need, workshops focused on recruiting in especially in these complicated times of crisis, including resilience, times of change. The IESE Career research, networking and online Development Center (CDC) supports interviewing. the school’s corporate partners with their talent recruitment while FULL-TIME MBA also providing tools, resources and MBA students receive career opportunities for IESE students guidance both before and during and alumni to develop careers at the program, first with the General companies where they can have a Career Preparation modules and later positive and lasting impact on society. with sector-specific preparation that develops the skills they need during SUPPORTING application processes and interviews. COMPANIES This support is given through Companies across most sectors have workshops and individual counseling. experienced difficulties as a result As well as this guidance, students of the COVID-19 pandemic. Facing receive practical support from IESE revenue reductions and tighter professional clubs that are mentored budgets, they have relied more than by the CDC, and many opportunities ever on IESE to support them with to meet recruiters at career events and the right talent to fill essential roles. treks. One of the features most valued by companies is the personalized key Despite the massive disruption to account management that every recruiting caused by COVID-19, 87% of company is assigned. Another very the Class of 2020 found employment popular service is the IESE job board, within three months of graduation, a platform that allows companies to especially through structured recruit all levels of talent, spanning recruiting in consulting and banking. junior positions for our MiM students, mid-management for our MBAs and THE EXECUTIVE MBA senior positions for our alumni. This year, the CDC introduced more aligned and focused career SUPPORTING STUDENTS counseling for EMBA students across The IESE CDC has worked closely all campuses, comprising workshops, with IESE students and alumni during education panels, individual coaching the COVID-19 crisis, dealing not only and guidance on using online with their career concerns but also resources. their personal situations. The CDC team provided one-on-one counseling MASTER IN sessions online and organized MANAGEMENT online drop-in sectoral informational Many students in this new program, sessions, town-hall meetings and which launched in Madrid, regular newsletters with updates on participated in CDC activities. These recruiting processes. In addition, include general career workshops,

24 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE

TOP RECRUITING COMPANIES FOR FULL-TIME MBA & MASTER IN MANAGEMENT

sector-specific preparation and interaction with companies, guided at every stage by career experts. Thanks to contacts made during the program, students in the first graduating class – completing the program in summer 2020 – are poised to take up positions in top companies across a diversity of sectors such as technology (25%), finance (25%), consulting (19%) and consumer goods (14%). ALUMNI FOUND EMPLOYMENT WITHIN THREE MONTHS Career management is becoming OF GRADUATIONS increasingly important for our alumni, so the services offered by the CDC Full-time MBA Master in Management in that area have been very popular. Class of 2020* Class of 2020 They include a mentoring platform that connects alumni from all over the world according to their interests, and an annual individual executive coaching session to help them reflect on their career aspirations and reach their goals. More than 30 career 87% 82% coaches deliver over 850 sessions each year in 17 countries.

Alumni can also take part in online or in-person career management workshops. These provide access FULL-TIME MBA CLASS OF 2020 PLACEMENT to tools to help alumni build their personal brand, maximize networking Employment sectors Employment regions opportunities, practice interviews, develop action plans and more. Webinars, exercises, presentations and 36% 16% 4% 28% videos are also available online. Consulting Tech North Europe America In addition, our job board allows alumni both to post opportunities 25% 23% 20% Industry Financial Spain for fellow alumni and to look for new Services opportunities themselves. The latest addition to our service offering has 18% been the online ten-week Professional 23% Asia -- Latam Transition Program to support alumni *According to MBACSEA 7% looking for a career change. reporting rules. Rest of the world

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 25 02. LEARN & INNOVATE

EXECUTIVE EDUCATION In 2019-2020, IESE’s Executive Education programs were ranked the best in the world by the Financial Times for a record-breaking sixth consecutive year.

The school’s ongoing high valuations cities around the world. The school and Government (CPLG) provides by participants in the wake of the also prepared for the launch of programs for directors in public COVID-19 crisis reflects its ability to new programs, including an online administration and social leaders. They adapt quickly to meet the changing general management program, in the aim to educate government officials in needs of executives, entrepreneurs and 2020-2021 academic year. best-of-class management techniques companies. in order to contribute to economic and FOCUSED PROGRAMS social growth. IESE’s collaboration with GENERAL Each IESE Focused Program is an the Harvard Kennedy School remained MANAGEMENT intensive experience that tackles a strong in 2019-2020 despite the PROGRAMS specific issue facing companies and COVID-19 crisis. The school delivers seven different industries. The school delivered 28 general management programs in on-campus Focused Programs in INDUSTRY MEETINGS Spanish and English. Their participants 2019-2020 in Barcelona, Madrid and IESE held ten Industry Meetings in range from functional managers to New York. The diverse participants, 2019-2020, sparking trends and senior and c-suite executives. IESE’s 35% of whom were women, ideas, and catalyzing action among general management approach allows included 45 nationalities. academics, executives and institutions. participants to view the organization The meetings offer rigorous and up-to- as a whole, integrating strategy, LEADERSHIP the-minute content that attracts key finance, operations and all other PROGRAMS FOR PUBLIC speakers and participants from sectors functional areas. This year, there were SECTOR MANAGEMENT including automotive, healthcare, food programs for general managers in 10 IESE’s Center for Public Leadership and beverage, energy, banking, real

26 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE estate and insurance. The redesigned Industry Meetings website now includes a comprehensive repository UNRIVALED RECORD of the history of the programs and speakers, as well as research and audiovisual material. 6 years as CUSTOM PROGRAMS world #1 The school continued to diversify its custom portfolio, gaining clients in new industries and geographic regions. A total of 68 programs helped new The Financial Times again ranked IESE Executive Programs clients, including TDK and Allied Irish as the best in the world. This unrivaled 6-year run broke Bank, as well as returning clients, the previous record of five years at the top, set last year including PepsiCo and Bankinter. by IESE. ONLINE PROGRAMS Prior to the COVID-19 crisis, IESE was This run of success is the result of the school’s performance already working on the development in categories including program innovation, the ability to of a portfolio of online open programs. provide executives with new skills, the follow-up given to The next step in that development is participants, program internationality and faculty. the design and delivery of an online general management program. Technological disruption in recent years has changed Scheduled to launch in late 2020, the the business landscape significantly. IESE’s proven program will be delivered in Spanish. It will be aimed at successful functional track record of helping clients thrive in challenging managers with the goal of developing circumstances put it in a strong position to provide value the competencies of a senior general during the COVID-19 pandemic. manager. IESE programs adapt to specific challenges, utilizing Research into ways to deliver the latest teaching methods and technologies to ensure experiential learning in virtual maximum flexibility, whether delivered online, face to face contexts was already under way or both. at IESE before the start of the COVID-19 pandemic but dramatically accelerated when restrictions were “From the beginning of the COVID-19 crisis, we’ve been in introduced in many of the countries constant dialogue with companies and executives around where the school has clients. In 2019- the world, adapting to their immediate needs. This builds 2020, as a result of the restrictions, on our model of always putting the concerns of our many school activities were optimized students, alumni and clients at the center,” said Mireia for online activity, and four programs Rius, IESE Associate Dean for Executive Education. were redesigned completely for a live online format.

IN NUMBERS 7 28 68 10 General Focused Custom Industry Management Progams Programs Programs Meetings

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 27 02. LEARN & INNOVATE

SUPPORTING EXECUTIVES AND COMPANIES WORLDWIDE

IESE Executive Education programs help individuals and companies around the world to achieve sustainable excellence.

U.S. NEW YORK CAMPUS LATAM, BRAZIL

GENERAL MANAGEMENT GENERAL MANAGEMENT PROGRAMS: PROGRAMS: • Advanced Management Program • Advanced Management Program • Global CEO Program • Program for Management Development • Driving Leadership Potential (PMD São Paulo)

FOCUSED PROGRAMS: CUSTOM PROGRAMS INCLUDE: • Getting Things Done PepsiCo • Digital Mindset: How to Lead and Manage in an Ever-Changing Environment (DM)

CUSTOM PROGRAMS INCLUDE: Amcor, Ebu-Eurovision, Enterprise Ireland, Henkel, JSF, Oracle and Shiseido

28 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE

GERMANY, AFRICA ASIA MUNICH CAMPUS GENERAL MANAGEMENT GENERAL MANAGEMENT GENERAL MANAGEMENT PROGRAMS: PROGRAMS: PROGRAMS: • Global CEO Program for Africa • Global CEO Program • Program for Management Development • Pan-Africa AMP (PMD Munich) CUSTOM PROGRAMS CUSTOM PROGRAMS INCLUDE: INCLUDE: CUSTOM PROGRAMS INCLUDE: NLNG Amcor, JSF, OCBC, Shiseido, E.ON, Enterprise Ireland, ERSTE and Oracle TDK and TRATON

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 29 02. LEARN & INNOVATE FACULTY & RESEARCH

IESE’s faculty is an engine of innovation. The curiosity and rigorous research of our professors reveal new paths forward to empower leaders. The result is an increased impact on business and society.

Our faculty have diverse backgrounds, cultures, beliefs and nationalities but share a commitment to teaching and discovery. Their extensive experience as consultants and board members brings current knowledge of key trends directly into the classroom.

IESE’s academic expertise is grouped into 11 distinct academic departments, each delivering outstanding research and specialist knowledge based on solid ethics. In 2019-2020, IESE recruited eight new faculty members, all with PhDs from top institutions, bringing the total number of professors to 113.

IN NUMBERS 113 23 8 Full-time Nationalities New full-time professors professors

30 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020

02. LEARN & INNOVATE

FACULTY AWARDS AND HONORS NEW FACULTY Almandoz, J., 2019 IESE Research Ormazábal, G., Outstanding Reviewer Excellence Award, awarded by the Award, awarded by the Accounting IESE Alumni Association for his article Review. (2019), “The Rise of Socially Responsible -- Investment Funds: The Paradoxical Role Reiche, S., Best Reviewer of the of the Financial Logic” co-authored International Management Division of the with S. Yan and F. Ferraro, published 2020 Academy of Management Annual Administrative Science Quarterly, Vol. 64 Meeting. (2), pp. 466-501. -- Diego Aparicio Romain -- Reiche, S., International Management Boulongne Antón, M., Premio Cátedra UAM- Division Best Paper in OB / HRM / OT, Marketing Accenture 2019, awarded for his paper awarded by the Academy of Management PhD, Massachusetts Strategic Management Institute of PhD, HEC Paris “Local Human Capital and Innovation for his paper “Expatriate work role Technology Spillovers” co-authored with L. engagement: A Conditional Crossover Alekseeva. and Spillover Perspective,” Academy of -- Management Proceedings, vol. 2020(1), Berrone, P., Highly Cited Researcher co-authored with M. Dimitrova, M. Distinction 2019, awarded by the Web Westman, S. Chen, O. Wurtz, M. Lazarova of Science Group in recognition of & M. A. Shaffer (2020). exceptional research performance -- demonstrated by production of multiple Reiche, S., 2019 Best Reviewer Award, highly cited papers that rank in the top awarded by the Journal of World Business. 1% for field and year. -- Nuno Fernandes Emmanouil -- Ricart, J. E., SMS Service Award 2019, Gkeredakis awarded by the SMS in recognition of Financial Berrone, P., 2020 Best Reviewer Award Management for the Academy of Management significant and enduring service that Information Systems PhD, IESE Business PhD, University Conference - ONE division. made an outstanding and distinguished School of Liverpool, -- contribution to the Strategic Management Management School Berrone, P., 2020 Best Paper Society and its members. Award, awarded by the Academy of -- Management Discoveries for his paper Stremersch, S., EMAC Distinguished ”Localizing Sustainable Development Marketing Scholar Award 2020, awarded Goals: Nonprofit Density and City by the European Marketing Academy. Sustainability” co-authored with H.E. -- Rousseau and L. Gelabert (2019). Vaccaro, A., Commendatizia Award, -- awarded by the Guardia di Finanza Police Ferraro, F., FIR-PRI Finance & for his study “Structural Integration as Sustainability Awards 2019, awarded for Response to Environmental Complexity: his article “Creating Common Ground: The case of Guardia di Finanza.” Robert Raney Valentina Raponi A Communicative Action Model of -- Accounting Financial Dialogue in Shareholder Engagement,” Vroom, G., 2019 IIESE Research Excellence and Control Management Organization Science, vol. 29 (6), pp. Award, awarded by the IESE Alumni PhD, Michael G. PhD, Imperial College 1187-1207, co-authored with B. Beunza Association for his case series on Spotify, Foster School of Business School & Business, University (2018). Spotify: Face the Music (2019 Update), co- PhD, La Sapienza of Washington University of Rome -- authored with I. Sastre (2019). Ferraro, F., 2019 IESE Research -- Excellence Award, awarded by the Zhu, W., 2019 iFORM Best Paper Award, IESE Alumni Association for his article awarded by INFORMS for “Buyer “The Rise of Socially Responsible intermediation in supplier finance,” Investment Funds: The Paradoxical Role Management Science, vol. 64(12), pp. of the Financial Logic” co-authored 5631-5650, co-authored with T. I. Tunca with S. Yan and J. Almandoz, published (2018). Administrative Science Quarterly, Vol. 64, -- Nº. 2, 2019, pp. 466-501. Zott, C., Highly Cited Researcher -- Distinction 2019, awarded Christoph Eduard Talamàs Nueno, P., “2019 IESE Research by the Web of Science Group in Schneider Economics Excellence Award,” awarded by the recognition of exceptional research Information Systems PhD, Harvard IESE Alumni Association for his book performance demonstrated by production PhD, Washington University Autoengaño y Empresa. of multiple highly cited papers that rank in State University -- the top 1% for field and year.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 31 02. LEARN & INNOVATE RESEARCH

Our faculty members strive to solve complex challenges and provide relevant knowledge that can improve business and society. Their results help shape public conversations around essential issues such as empowering women, increasing diversity, narrowing the skills gap, balancing the interests of multiple stakeholders and making better decisions.

Many IESE research efforts involve rigorous, multidisciplinary, international teamwork on long-term projects.

In 2019-2020, two new internally funded IESE High Impact projects were approved, “The Changing Landscape of Ownership around the World: Implications for Corporations and Society” with Profs. Mireia Giné and Miguel Antón, and “Global Work Role Transitions and the Evolutions of Collective Identities and Well-Being Over Time” with Prof. Sebastian Reiche.

Sixteen new competitive projects were also launched, with funding reaching more than €866,300. An EU Horizon 2020 fellowship under the Marie Sklodowska-Curie program was awarded to Prof. Diego Aparicio, and Prof. Valentina Raponi received the Beatriu de Pinós Scholarship from AGAUR (the Agency for Management of University and Research Grants in Catalonia).

IN NUMBERS 59 24 84 14 75 Articles in Articles in non-refereed Cases Books Teaching notes refereed journals journals and magazines and technical notes

32 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE

IESE INSIGHT HELPING BUSINESS ADAPT THE IESE LIBRARY IESE BUSINESS SCHOOL TO CHANGE During the COVID-19 crisis, the IESE INSIGHT – PRINT & ONLINE The school’s research and the library’s prime purpose of lending MAGAZINE combined expertise of its faculty are support to the IESE community This year, in addition to three made available through the portal was more important than ever. editions of the print edition of the in order to help businesses navigate It launched initiatives including IESE INSIGHT report and magazine, change. expanding its eBook collections, the school also launched a digital offering online training sessions version. More than 40,000 alumni, As a result of the COVID-19 and providing remote access to friends of IESE and other business pandemic and consequent products, as well as supporting leaders read the print magazine, disruption, that expertise was other IESE areas. Although its on- while 46,600 read the digital format. valued especially highly in 2019- campus facilities were closed, there 2020. Some of the most accessed was exponential growth in demand IESE INSIGHT PORTAL resources included: for its online services. The library INSIGHT, the school’s knowledge currently has over 43,500 volumes, portal, has more than 16,000 • Coping with the coronavirus crisis: 31,800 books and 374,800 eBooks, newsletter subscribers. It A guide for business leaders as well as 61,730 electronic journals. includes over 3,000 articles plus (videos) by various professors. complementary materials – such as • COVID-19. Resources to navigate slides, videos and podcasts – covering the crisis (round up) by various areas like leadership, marketing, professors. strategy and analysis. INSIGHT • Toolkit for tomorrow’s executives presents summarized research (video) by J. Valor. information in an easily accessible • The future of the workplace (special format, plus links back to the originals. report) by C. Vergara and S. Reiche.

IESE BUSINESS SCHOOL 33 02. LEARN & INNOVATE

CHAIRS 12 RESEARCH CENTERS AND RESEARCH CENTERS

IESE has 27 chairs and 12 research centers. Endowed chairs play an essential role Center for Business in Society in IESE’s research by making it financially sustainable. -- Center for Corporate Governance -- Center for Globalization and Strategy -- In 2019-2020, the Intent HQ Chair on Changing The Specialist Center for Public-Private Center for Innovation, Consumer Behavior became IESE’s first chair Partnerships in Smart and Sustainable Marketing and Strategy dedicated to the marketing sector. Led by Cities published the report “Financing Smart -- Prof. Jose Luis Nueno, it aims to position IESE Solutions in Cities: Smart Financing,” based Center for International Finance as a leading international center of research on IESE workshops held with designers of -- into modern consumer trends and behavior smart projects and financial stakeholders. Center for Public patterns. Intent HQ is a London-headquartered These analyzed the best financing systems for Leadership and Government company founded by IESE Global Executive the sustainable application of smart solutions -- MBA alumnus Jonathan Lakin. in urban areas. Center for Research The IESE Center for Corporate Governance The Center for International Finance in Healthcare Innovation Management organized its first academic conference this (CIF) enlarged its research team with the year, attended by 105 leading scholars and incorporation of Prof. Germán López Espinosa -- top business leaders. Experts from diverse and Dr. Yuki Sakasai who bring many years of Entrepreneurship disciplines presented and moderated panels experience in the banking sector. The team Innovation Center and tackled a common issue, highlighting the is developing new research on financial and -- interdisciplinary nature of the center’s aim to accounting regulation concerns raised by the Institute for Media provide holistic solutions to pressing corporate COVID-19 crisis, with a demonstrable impact and Entertainment governance challenges. on the function of supervisors. -- International Center The Public-Private Sector Research Center IESE also launched its new Artificial for Logistics Research organized the International Forum in Logistics, Intelligence and the Future of Management -- a think tank that seeks to analyze global and Initiative, a multidisciplinary project led by local issues directly affecting firms operating Prof. Sampsa Samila that will look at how International Center in the logistics sector. It published “Modeling AI is impacting management. The initiative for Work and Family the Logistics Sector in Catalonia,” a research aims to prepare executives to put Al to use -- document that could help design of new in their companies in an ethical and socially Public-Private Sector infrastructures to improve traffic at a local level. responsible way. Research Center

34 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 02. LEARN & INNOVATE

27 CHAIRS

Abertis Chair of Regulation, CELSA Chair of Competitiveness Jaime Grego Chair in Healthcare Competition and Public Policy in Manufacturing Management PROF. XAVIER VIVES PROF. FREDERIC SABRIÀ PROF. NÚRIA MAS ------Alcatel-Lucent Chair Chair of Business Ethics Joaquim Molins Figueras Chair of Technology Management PROF. DOMÈNEC MELÉ of Strategic Alliances PROF. ANTONIO DÁVILA -- PROF. ÁFRICA ARIÑO -- Chair of Family-Owned Business -- Anselmo Rubiralta Chair PROF. JOSEP TÀPIES José Felipe Bertrán Chair of Governance of Strategy and Globalization -- and Leadership PROF. PANKAJ GHEMAWAT Crèdit Andorrà Chair of Markets, in Public Administration -- Organizations and Humanism PROF. SANTIAGO ÁLVAREZ DE MON Antonio Valero Chair PROF. JOSEP M. ROSANAS -- of Business Administration -- Nissan Chair for Corporate Strategy and PROF. FRANZ HEUKAMP Eurest Chair of Excellence International Competitiveness -- in Services PROF. BRUNO CASSIMAN Banco Sabadell Chair PROF. PHILIP MOSCOSO -- of Emerging Markets -- PricewaterhouseCoopers Chair of PROF. PEDRO VIDELA IESE Foundation Chair in Corporate Corporate Finance -- Governance PROF. PABLO FERNÁNDEZ Bertrán Foundation Chair PROF. JORDI CANALS -- of Entrepreneurship -- Puig Chair of Global Leadership PROF. M. JÚLIA PRATS Fuel Freedom Chair for Energy Development -- and Social Development PROF. MARTA ELVIRA CaixaBank Chair PROF. AHMAD RAHNEMA -- of Corporate Social Responsibility -- Schneider Electric Sustainability PROF. JOAN FONTRODONA Grupo Santander Chair of Financial and Business Strategy Chair -- Institutions and Corporate Governance PROF. PASCUAL BERRONE Carl Schroeder Chair PROF. GAIZKA ORMAZABAL -- in Strategic Management -- SEAT Chair of Innovation PROF. JOAN E. RICART Indra Chair of Digital Strategy PROF. ANTONIO DÁVILA -- PROF. JOSEP VALOR Carmina Roca and Rafael -- Pich-Aguilera Chair of Women INTENT HQ Chair on Changing and Leadership Consumer Behavior PROF. NURIA CHINCHILLA PROF. JOSÉ L. NUENO

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 35 03. SOCIAL IMPACT

IESE’s priority is people, with the ethics and social responsibility that entails. The school’s staff, faculty, management, students and alumni choose IESE because they know that by working with integrity and a spirit of service, they can achieve lasting social impact.

03. SOCIAL IMPACT LEADERSHIP FOR EVERYONE

IESE has an impact on society by having an impact on its leaders. It is our opportunity – and our responsibility – to use the IESE experience to emphasize the importance of working for the common good to participants in our programs. By shaping the mentality of present and future leaders – of those who set policies or define the culture in business and society – we achieve a positive social impact. NEW CORPORATE SOCIAL

This impact has lasted for more than six decades and continues RESPONSIBILITY COMMITTEE around the world, on our own campuses and through our global IESE has created a special committee network of 15 associate schools. These schools are based mainly in dedicated to all CSR initiatives that Africa and Latin America, although there are also some in Asia and relate to employees, clients, governance, yet more in Europe. environment and social impact. These take into account the 2030 Sustainable We continue to work to set new goals, to go further and achieve Development Agenda. The committee more. In our research, our teaching and the different programs we comprises faculty and staff from a variety offer, we integrate the values of responsible leadership. of departments and divisions, reflecting the transversal nature of this project, and will Our alumni network, comprising more than 50,000 professionals, devise strategic plans for the future. embodies this impact. And our current students show through their activities that they too are developing the capabilities to be future generators of sustainable value for business and society, and to RANKED #1 FOR CSR work for an inclusive and sustainable global economy. IESE’s MBA was ranked number one for Corporate Social Responsibility this year by the Financial Times. The ranking COMMITTED highlighted the hours dedicated to CSR, TO SUSTAINABILITY ethics and social or environmental issues Since 2003, IESE has been a signatory of the United Nations Global throughout the program. It reflects IESE’s Compact and its Principles for Responsible Management Education longstanding commitment to teaching (PRME) initiative. values that go beyond the bottom line.

In 2015, the UN defined a series of Sustainable Development Goals (SDGs). IESE is fully committed to them and their driving purpose: INSIGHT INTO SUSTAINABILITY to end poverty, protect the planet and ensure prosperity for everyone, in line with the school’s own mission. The school’s flagship publication IESE Insight dedicated a special issue to the The COVID-19 crisis has put social and economic inequality into countdown to the 2030 Agenda for even sharper relief. But it has also motivated IESE to forge ahead Sustainable Development. It outlined the and advance the PRME and meet the SDGs with renewed vigor. history of the UN Sustainability Goals and the establishment of the Global Compact in Full details of the school’s activities in this area can be found in its 2000, and featured a special interview with Sustainability Report, published every two years. Lise Kingo, CEO and Executive Director of the UN Global Compact.

38 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 03. SOCIAL IMPACT

TOWARD THE UN SUSTAINABLE DEVELOPMENT GOALS: AREAS OF ACTION

THE FUTURE OF WORK

8 9 10 17

As social, climatic and technological forces reshape the glo- bal economy, foresight regarding the future of work is more important than ever.

IESE initiatives in this area include the Artificial Intelligence (AI) and the Future of Management multidisciplinary project. Launched in early 2020, it analyzes the impact of AI on business management and helps educate executives about the ethical and socially responsible use of AI in their companies.

Another multidisciplinary project is the Education for Jobs Initiative, which analyzes how the skills companies need will evolve. It encourages dialogue with educational institutions to improve the future employability of young people.

In addition, professors from IESE’s economics department lead discussions and generate ideas about job creation, while our Business Angels network and Family Office support companies and startups that create jobs. IESE also promotes training for governments, unions, companies and executives with a special emphasis on reducing youth unemployment.

ENTREPRENEURSHIP AND INNOVATION 4 8 9 10

Successful entrepreneurs create not only wealth but also jobs and the conditions for a flourishing society. IESE fosters an en- trepreneurial mindset in all its programs. It has also developed a full ecosystem to support aspiring entrepreneurs, providing them with the advice, networks, funding and research they need to bring their dreams to life. We nurture collaboration between startups, innovators and established companies, all of whom play an important role in job creation.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 39 03. SOCIAL IMPACT

Entrepreneurship highlights in 2019- Corporate Governance and the Center faculty development with African 2020 include the school’s founding for Corporate Governance (CCG). PhDs and professors); building bridges role in Restarting Together. This within the business community (via global initiative seeks to boost In October 2019, the CCG organized the promoting Africa’s attractiveness to innovative projects after the impact Corporate Governance and Ownership companies and through networking of COVID-19 in partnership with with Diverse Shareholders conference events that foster connections both companies including Airbus BizLab, in partnership with ECGI (the European among different African countries BASF, Boston Consulting Group, Corporate Governance Institute). and with non-African companies and CEMEX, Citi, Endeavor, IDB Lab, Leading scholars and business leaders entrepreneurs); and contributing to IE, Microsoft for Startups, South considered how different kinds of social action in Africa, collaborating Summit and Telefonica. In addition, shareholders impact the way companies with NGOs to develop solidarity IESE has established a 5G mobile are governed and managed and, as campaigns and volunteer projects. network on the school’s Barcelona a result, influence the decisions that campus, in partnership with telecom define corporate governance. The school’s Fuel Freedom Chair infrastructure operator Cellnex, for Energy and Social Development which will allow the testing of new In addition to organizing conferences, leads research projects in Africa. prototypes. IESE also participated in working groups Its goal is to deliver programs that at the 2020 World Economic Forum to mitigate energy poverty and increase IESE research generates cutting- share knowledge and disseminate good access to affordable fuels. The chair edge knowledge in fields such as practices on corporate governance. is currently developing projects in search funds, tech transfer and angel Here, as in the school itself, IESE Ethiopia. investment in order to facilitate created a learning context in which the success of innovative new participants could reflect on and companies through the Foundation acquire new frameworks and ideas. WOMEN IN Chair of Entrepreneurship, the Entrepreneurship and Innovation LEADERSHIP Center and the International Search AFRICA 4 5 Fund Center. 1 4 7 10 13 17 Both business and society benefit CORPORATE when women participate at all levels of IESE has worked in Africa since 1992 decision-making. However, across the GOVERNANCE to provide management education to world and across all sectors, women’s entrepreneurs and business leaders so leadership is still underrepresented. 4 that they can have a positive impact on Equality for women is essential on its society. Since then, it has helped launch own terms, but we also believe that We believe that senior executives and three business schools there: the Lagos women leaders improve the business boards of directors need to take res- Business School (Nigeria), the Strath- world by offering more diverse pers- ponsibility that reaches further than more Business School (Kenya) and MDE pectives and insights. compliance with legal obligations. They Business School (Côte d’Ivoire). can also fulfill an important social role At IESE, we work to increase by determining the impact on society 2019 saw an important landmark in management education opportunities of business practices because they set IESE’s relationship with the continent: for women and to build networks and the rules and create the culture that the first graduating class of the Global tools that help women to develop – define relationships among all stakehol- CEO Program for Africa, delivered in and gain opportunities – as leaders at ders. partnership with Lagos and Strathmore different stages of their careers. business schools. IESE has three initiatives to support this, Initiatives include: Creating and which generate relevant research and IESE works along three lines under participating in networks and forums help foster better decision-making: the the umbrella of its Africa Initiative: that offer encouragement, support IESE Foundation Chair of Corporate Developing academic content and and examples to women leaders Governance, the Grupo Santander programs (including program design, and aspiring leaders; coaching and Chair of Financial Institutions and case writing, teaching, research and mentoring women as they climb the

40 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 03. SOCIAL IMPACT professional ladder; and fostering the It also requires action on a broad At IESE, we support informed, ethical role of women leaders as role models scale, from human rights within the leadership as an essential component of and mentors in order to help more supply chain to diversity in hiring and good public governance. We believe that women to make the leap to senior environmental responsibility. educating politicians and public servants management. in leadership and management skills has We help raise awareness of real social a direct impact on the future of society. IESE supports women in business through responsibility at every level: employees, several research initiatives, as well as suppliers, customers and communities, Through our programs, we encourage through dedicated MBA and EMBA clubs developing frameworks and tools to help public sector leaders to reflect on and several Focused Programs. management teams understand diverse the purpose of government for the stakeholder interests. common good and help them develop The Carmina Roca and Rafael Pich- management abilities. Through our Aguilera Women and Leadership Chair The importance of this and our research, we develop conceptual researches strategies to integrate women commitment to the UN SDGs can frameworks and tools to help solve in business organizations and facilitate be seen in our research and other problems. And just as importantly, we their advancement and development. activities: the CaixaBank Chair of promote dialogue and partnership In 2020, it published the Women on Corporate Social Responsibility, between private and public sectors in Boards report in partnership with Spanish the Chair of Business Ethics, the order to seek the best outcomes for marketing company ATREVIA. Crèdit Andorrà Chair of Markets, everyone in society. Organizations and Humanism, the The International Center for Work and Schneider Electric Sustainability and IESE initiatives conduct research Family (ICWF) promotes corporate Business Strategy Chair, the Fuel and carry out activities to promote family responsibility in companies Freedom Chair for Energy and Social social impact through better public to foster leadership, culture, work- Development and the Center for governance. The José Felipe Bertrán life balance and flexibility to help Business in Society. Chair of Governance and Leadership employees integrate their work, family in Public Administration, the Abertis and personal lives. It also publishes An article by IESE Professor Pascual Chair of Regulation, Competition and the IESE Family Responsible Employer Berrone and co-author on the UN Public Policy, the Public-Private Sector Index (IFREI), which analyzes the SDGs, “Localizing Sustainable Research Center, the PPP (Public-Private effects of work-family balance policies Development Goals: Nonprofit Density Partnerships) for Cities and IESE Cities in companies and their impact on the and City Sustainability,” was published in Motion Strategies, are dedicated to organization itself and on employees. in 2019 in the Academy of Management public-private leadership. Discoveries. In 2019-2020, the research team from CORPORATE In addition, the student-organized IESE Cities in Motion and IESE Public- Doing Good & Doing Well conference Private Partnerships for Cities launched SOCIAL held in March 2020 focused on the UN a methodology to determine how PPPs SDGs, with the theme “Unlocking the impact UN Sustainable Development RESPONSIBILITY Lifesaving, Moneymaking Potential of Goals. The research was published AND SUSTAINABLE the Sustainable Development Goals.” in the Journal of Sustainability. In November 2019, the PPP for Cities COMPANIES published “Financing Smart Solutions in Cities: Smart Financing,” which 16 17 PUBLIC 1 4 8 analyzed the best financing systems LEADERSHIP for the application of smart solutions in urban areas for building retrofits, At IESE, we have always believed 4 16 sensorization and sustainable mobility. that corporate social purpose is IESE professors also designed an broader than traditional corporate Public sector leaders are tasked evaluation tool, called EASIER, which is social responsibility (CSR) activities. with finding new ways to tackle being reviewed by the United Nations It encompasses how business complex challenges, using ever-fewer to develop its own methodology for delivers positive economic, social and resources, in a world of growing evaluating public-private partnerships environmental impact in the world. inequality and uncertainty. in the field of SDGs.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 41 03. SOCIAL IMPACT IESE PEOPLE IESE’s international character and inclusive values attract people of diverse nationalities, backgrounds, cultures, genders and ages – and unite them as a single community. The school has continued to improve its internal communications in order to work more transparently, freely and cohesively to fulfill its shared mission.

IMPROVING TOGETHER GENDER EQUALITY PLAN The school seeks to attract, develop and retain IESE’s gender equality plan goes beyond professionals who understand IESE’s mission mere regulatory compliance. The and can help us achieve it. IESE also strives development of work relations based on to ensure it is a healthy and safe workplace, equal opportunity, non-discrimination and where people can thrive in an atmosphere of respect for diversity is a strategic goal. trust. These efforts are made everywhere IESE To meet this objective, IESE creates an is present; the One IESE Project facilitates inclusive work environment and provides the coordination of IESE as a unified global measures based on best practices for community. It increases knowledge of IESE’s balancing personal and work life. The mission and values across the organization school has also developed a formal and improves internal communications. protocol for handling sexual harassment in the workplace. At present, 475 non-teaching staff reflecting 36 nationalities work for IESE at 11 different As a result of these and other measures, locations. Among IESE directors, 25% hold IESE is certified as a Family-Responsible MBAs and 59% have completed an executive Company by Fundación Másfamilia, which education program. is approved by Spain’s Ministry of Health, Consumer Affairs and Social Welfare. Helping the career development of team members also supports IESE’s goals by encouraging people to pursue an ever-higher VOLUNTEER AND degree of professionalism, integrity and spirit CHARITABLE INITIATIVES of service. In 2019-2020, the IESE community raised over €10,000 in charity fundraisers to As part of the school’s Learning and support both local and international Development Program, staff participated in initiatives. One of the highlights was the over 120 sessions, including online training in annual Solidarity Christmas Tree to help new tools. charitable causes in Barcelona.

IN NUMBERS 475 74% 36 People Women Nationalities

42 IESE BUSINESS SCHOOL ANNUAL REPORT 2019/2020 03. SOCIAL IMPACT ENVIRONMENT To continue to educate tomorrow’s leaders, it is essential that we continue to respect our planet’s future. IESE strives to minimize the environmental impact of its activities and campuses, making ongoing improvements based on regular audits. To facilitate this, in 2019-2020, the school implemented a multi-faceted 20-year sustainability plan in line with the EU’s Sustainable Development Strategy (EDS).

SUSTAINABILITY TOWARDS 2040 IESE’s operations are based on sustainable use of natural resources and respect for the environment.

One of the school’s most important projects during the 2019-2020 academic year was to design and develop a strategic sustainability plan for 2020-2040. This is in line with the EU’s Sustainable Development Strategy (EDS).

The plan’s overall objectives are:

Cutting Reducing energy Increasing the use of Decreasing waste Reducing CO2 emissions consumption renewable energies generation water use

The plan’s implementation is based on nine lines of action:

Sustainability Environmental Biodiversity Energy Water policy commitment

Procurement Wellbeing Mobility Waste & contracting

Measures implemented or continued electric vehicles, the expansion of electric This aims to reduce the environmental this year as part of the school’s Toward a scooter parking areas, the replacement of impact and increase the sustainability Sustainable Campus initiative included: conventional lighting with LED lighting and of IESE’s activities and facilities. Due to a the installation of new water fountains a new agreement that means the electricity significant reduction in consumption and on the Barcelona and Madrid campuses used on the Barcelona campus is now the replacement of equipment, IESE has (which were used to refill 139,000 bottles produced 100% from renewable energies. cut its carbon footprint by almost a third of water), a branded refillable IESE bottle, The school continues to carry out periodic in recent years while also significantly the installation of more charging points for audits of its use of energy and resources. lowering its water and paper use.

ANNUAL REPORT 2019/2020 IESE BUSINESS SCHOOL 43 www.iese.edu Barcelona Madrid Munich New York São Paulo

For further information regarding IESE’s activities (including accounting and endowment reports), please download the online version of this annual report at www.iese.edu/annualreport

A Way to Learn . A Mark to Make . A World to Change .