Contents From the Chairman Class Statistics 02 26 From the Dean Career Development Centre 04 28 Faculty and Research World of Talent 08 30 Centres of Excellence Executive Education 10 32 Faculty Recognition Advancement 12 and Awards 36 The Infrastructure Celebrating INSEAD 40 of Excellence 14 Case Studies Finances New Faculty 42 16 Endowment Doctoral Programme 44 20 Our Constituencies INSEAD Knowledge 46 in 2016/2017 22 Master Degree Graduating Classes 24 Programmes 53 02 03 B oard of D irectors ANNUAL REPORT 2016/2017 From the Chairman Board of Directors Honorary Chairman Emma Goltz Mika Salmi Chair, INSEAD Alumni Fund Chair, Remuneration Committee, Claude Janssen INSEAD; Board Director, André Hoffmann CreativeLIVE, Inc Non-Executive Vice-President, Chairman Roche Holdings Ltd; Non-Executive Mirjam Staub-Bisang Andreas Jacobs Vice-President, Givaudan SA Chair, Endowment Management Member of the Board, Committee, INSEAD; President, Philippe Houzé Jacobs Holding AG INSEAD Switzerland Council; President, INSEAD France Council; CEO and Co- Founder, Independent Executive Chairman, Galeries Capital Group AG Vice-Chairman Lafayette Group Gary Wang Claude Rameau Sadia Khan Founder, Light Chaser Animation Emeritus Professor of Decision President, INSEAD Alumni Studio Sciences, INSEAD; Former Dean, Association; CEO, Selar Enterprises INSEAD Daniel Labrecque Permanent Invitees Chairman, International Council, Members INSEAD; Founder and CEO, Ilian Mihov DNA Capital Dean, INSEAD; Professor of Jolyon Barker Economics, INSEAD; The Rausing Chairman, Audit, Finance & Risk Daniel Lalonde Chaired Professor of Economic and Committee, INSEAD; Global Leader, As I look back over INSEAD’s achievements in faces. We greatly appreciate the fresh perspectives President and CEO, SMCP Business Transformation, INSEAD Clients & Industries, Deloitte MCS 2016/2017, there is much for us all to be proud of. and added diversity, in terms of both gender and origin, Limited Christina Law Laurence Capron, that they bring to our work. Group President, Asia and Latin In fact we have broken so many of our own records, Professor of Strategy, INSEAD; Rémy Best America, General Mills that it would be wrong for me to single any of them out Last but not least, it has given me great pleasure to The Paul Desmarais Chaired President, Fondation Mondiale for celebration. Instead I would like to highlight the real see Ilian Mihov re-elected as Dean for another five-year Professor of Partnership and INSEAD; Chairman, INSEAD Frédéric Lemoine momentum we have built in engaging our entire term beginning in September 2018. So many of the Active Ownership, INSEAD Campaign Board; Managing Partner, Former Chairman of the Executive community – not just every department in the school successes in this report have been driven by his Pictet & Cie Board, Wendel Group Charles Galunic but also our alumni and supporters throughout the leadership – and his distinctive ability to enthuse and Professor of Organisational world – to join forces and take INSEAD to new heights. mobilise our community through his vision for the role Karen Fawcett Leonidas Los Behaviour, INSEAD; The Aviva of business in society. This vision, his new term and CEO, Retail Banking for Standard Shipbroker, Trimarine Shipping Chaired Professor of Leadership At a strategic level too, there have been some the new academic year are already heralding even Chartered Bank Company and Responsibility, INSEAD fundamental advances. The signing of a new greater achievements for INSEAD in the years to come. Deepak Gupta Michael Pragnell agreement and the opening of a new campus in Abu Brigit Soccard Chairman, Nominations Committee, Founder, CEO Syngenta AG Dhabi is a historic step. And our second consecutive Executive Assistant to the Chief INSEAD; Founder and Chairman, year at #1 in the Financial Times MBA rankings was R. Todd Ruppert Communications Officer and Denita Group of Companies another important milestone. Founder and CEO, Communications Department, Ruppert International Inc As far as governance is concerned, both the Board and François Hériard Dubreuil INSEAD the INSEAD Alumni Association have welcomed new Andreas Jacobs President, Fondation INSEAD; Chairman Chairman, Orpar; Chairman, Rémy Cointreau 04 05 F rom T H E D ean ANNUAL REPORT 2016/2017 From the Dean Reflecting on a momentous year for the school: record engagement in all areas, historic donor generosity, changes in leadership and curriculum, high-flying faculty and a renewed focus on gender equality. What a tremendous honour and privilege it is to be Record engagement and giving reappointed as Dean of INSEAD for a second term. I am humbled by the opportunity to continue to lead Across the board, engagement with alumni, donors INSEAD, and immensely grateful for the support shown and supporters has skyrocketed. We’re seeing record- by the INSEAD community. This is an important breaking participation rates in our Executive Education moment in our school’s history: we are exceeding programmes, a dramatic increase in enrolment in our expectations in almost every measurable way, and I Online Programmes and exceptionally high completion am committed to keeping us on that trajectory as we rates in online education – nearly the highest in the begin this next chapter together. world. Similarly, our Executive Degree programmes are performing incredibly well. Traffic on INSEAD Knowledge, our thought leadership portal, was also Leadership changes the highest we have ever seen. One of the ways we are positioning INSEAD for success Taken together, this is bolstering the financial is by restructuring parts of our leadership team. This position of the school. In 2016/17, we broke another was spurred, in part, by significant increases in alumni record by exceeding €100M in revenues in both our and donor engagement, along with greater activity on Master Degree Programmes and Executive our website, social media channels and publications. Education programmes. Alumni giving also grew To better leverage these opportunities, Peter Zemsky 41% and philanthropic contributions reached all-time as Deputy Dean of INSEAD, will oversee the leadership highs. Today, the INSEAD endowment is at its teams for Advancement and Communications, while highest level ever. continuing to lead our school’s digital transformation as Dean of Innovation. 06 07 F rom T H E D ean PETER ZEMSKY & ILIAN MIHOV AT THE ALUMNI FORUM IN PARIS, 2017 ANNUAL REPORT 2016/2017 Curricular innovations INSEAD professors won category awards in The Case performance, and increasing the number of women in our MBA Programme this year, and that gender Centre Awards 2017: in Human Resource Management/ the workplace drives economic development. diversity on our leadership team has also increased. and academic excellence Organisational Behaviour, and Marketing. Professors But there is still much work we must do. Renée Mauborgne and W. Chan Kim published their In the past year, INSEAD has renewed its focus on We recognise that, in a rapidly transforming global highly anticipated Blue Ocean Shift: Beyond Competing, gender balance. Our long-term initiative, the Gender marketplace, INSEAD must continually iterate and while also appearing on Forbes’ list of the World’s Most Initiative, is dedicated to integrating research, My thanks to you innovate its educational offerings. Our goal is to Influential Thinkers 2017. business and pedagogy to engage the full potential of harness new technologies and new learning techniques men and women. And our year-long celebration, iW50, As this Annual Report reflects, these achievements to provide a superior educational experience. To that In the past year, we’ve recruited 11 outstanding faculty is marking the 50th anniversary of female students at belong to you – our faculty, students, alumni, end, in September 2017, we unveiled a new curriculum from six countries and now have six new postdoctoral INSEAD with a series of events that take a hard look at donors, supporters and staff. They are the result of for the MBA Programme. Students now have access to researchers. These accomplished scholars represent gender issues and recognise the past, present and your hard work, incredible talent, deep collaboration a personalised leadership development course; a range an extraordinary range of disciplines, backgrounds and future of women at our school. and commitment to our mission. Thank you for all of topical courses on business and society; new expertise areas, and they are poised to add to the that you do. There is no silver bullet for achieving gender balance. electives on digital initiatives and ethics; and a richness and diversity of our school. However, at INSEAD, we have found some success in capstone class that simulates a business crisis. As you read this Annual Report, be proud. You made using data to support discussions about gender this success story happen. The impact of these curricular changes is amplified by Advocating for women leaders issues, engaging men and women in gender diversity our world-class faculty, who continue to excel as both efforts, and having an open mind to innovation. Based With sincere thanks for your continued support, teachers and researchers. In the past year, three faculty and gender balance on research by two of our professors – Lucia Del members were named to the Thinkers50 Ranking; three Carpio and Maria Guadalupe – we know that female In today’s business world, women are severely professors were among The Case Centre’s top-ten role models play an important part in the advancement underutilised and undervalued – which also means that bestselling authors for case writing; 24 scholars won of women, so we are working to create more of those business outcomes and social outcomes are falling awards for their papers; and dozens more received role models. I am pleased to report that we enrolled the short of their potential. Indeed, research indicates that Ilian Mihov other prestigious recognitions. For example, two highest-ever percentage of female students (36%) in engaging female talent leads to better business Dean 08 09 F We currently have aculty and R 14 9 esearc faculty representing H ANNUAL REPORT 2016/2017 Faculty and Research 41 nationalities.