Contents

02 From the Chairman 26 Class Statistics 04 From the Dean 28 Career Development Centre 08 Faculty and Research 30 World of Talent 10 Centres of Excellence 32 Executive Education Faculty Recognition Advancement 12 and Awards 36 The Infrastructure Celebrating INSEAD 40 of Excellence 14 Case Studies 42 Finances 16 New Faculty 44 Endowment 20 Doctoral Programme 46 Our Constituencies 22 INSEAD Knowledge in 2016/2017 Master Degree Graduating Classes 24 Programmes 53 02 03 B D of oard 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 t rom 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 t rom 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 R and aculty

14 9 esearc faculty representing h ANNUAL REPORT 2016/2017 Faculty and Research 41 nationalities.

This year, they published TIMOTHY VAN ZANDT, DEAN OF FACULTY

True to our guiding principle 10 books and wrote At INSEAD our faculty are our engine of excellence. Their groundbreaking of maximising diversity insights and classroom expertise stand at the heart of our twin mission throughout the school, to excel in both research and teaching. our faculty come from every corner of the world 100 journal articles, With international backgrounds and diverse outlooks, scholarship in the field of business management. Our to influence and inspire – our faculty nurture a global perspective and richness challenge now is to continue growing both our faculty in and out of the classroom. of debate that no other school can match. Ultimately, body and research output, without compromising the our faculty are how we make an impact on the rapidly quality for which we have become known. evolving world of business. 79 Reflecting the importance of this strategic goal, the working papers, INSEAD’s continued growth and high rankings are decision was taken in 2016/2017 to appoint a second ZIV CARMON, DEAN OF RESEARCH possible only thanks to our professors and the dean responsible for this area. As of September 2017, discoveries they make. Research output and PhD- Timothy Van Zandt remains Dean of Faculty, while Ziv programme performance were both key criteria in Carmon, INSEAD Chaired Professor of Marketing in maintaining our #1 position in the Financial Times Memory of Erin Anderson, joins him on the Executive 90 global MBA ranking for a second consecutive year in Committee as Dean of Research. case studies and 2017. And in the influential UTD Top 100 Business School Research Rankings, produced by the University of Texas to track publication in prominent Worldwide recognition journals, we remained the leading business school outside the United States. In September 2017, the publication of Professors Renée 28 Mauborgne and W. Chan Kim’s Blue Ocean Shift: Beyond chapters in Competing, the follow-up to Blue Ocean Strategy, Faculty recruitment immediately garnered worldwide attention. Another highlight of the year was the recognition of four INSEAD After a major recruitment push throughout the academic faculty members who were among The Case Centre’s 40 year, we were delighted to welcome 11 outstanding new best-selling case authors for 2016/2017: Professors 23 resident faculty members (pages 16-19) in September Mauborgne and Kim at #8, Pierre Chandon (#10) and Ben publications. 2017. We also have six new postdoctoral researchers, an M. Bensaou (#39). Elsewhere, numerous other faculty expanding community that reflects our commitment to awards (see page 12) provide cause for celebration. 10 11

The Rudolf and F Blue Ocean Valeria Maag R and aculty Strategy Institute Centre for Entrepreneurship

Centre for Corporate esearc Economic Governance h

ANNUAL REPORT 2016/2017 Growth Centre ZOE KINIAS, ACADEMIC DIRECTOR OF MARK STABILE, ACADEMIC DIRECTOR OF THE STONE CENTRE GENDER INITIATIVE FOR THE STUDY OF WEALTH INEQUALITY

Decision Emerging Making and Markets Institute Risk Analysis

European eLab Competitiveness

Global Private Gender Initiative Equity Initiative

Healthcare Global Leadership Management

Initiative for INSEAD-Wharton Centres of Excellence Learning Center for Global Innovation and We now have 20 dynamic Centres of Excellence, which The James M. and Cathleen D. Stone Centre for the Research and build bridges between research and practice, as well as Study of Wealth Inequality was established in recognition Teaching Education between disciplines. Here, faculty from different of a generous gift to the school. Led by Mark Stabile, Excellence James M. and academic areas, practitioners, professional researchers, INSEAD Professor of Economics and the Stone Chaired visiting scholars and other experts collaborate to Professor of Wealth Inequality, the Centre was launched INSEAD-Sorbonne Cathleen D. Stone generate insights with true global impact. to focus on a phenomenon that the World Economic University Centre for the Forum has identified as a major global risk. Behavioural Lab Study of Wealth Two new Centres were created this year. The INSEAD Gender Initiative builds on INSEAD’s core institutional By convening an international, interdisciplinary team of Inequality value of diversity and decades of efforts to empower scholars from across and beyond the school, the Centre women. At INSEAD, we have long recognised that will take a novel approach to examining the impact of the Randomized gender imbalance has significant consequences for ‘top one percent’ around the world. The findings will feed Social Impact both business and society. By seeking to understand directly into new courses at INSEAD – a significant step Controlled Initiative its dynamics, causes and consequences, we hope to in helping to change the way future business leaders Trials Lab engage the full potential and contribution of both address one of the most significant issues of our time. women and men in organisations across the world. Wendel Associate Professor of Organisational Behaviour Social International Zoe Kinias will lead these efforts as Academic Innovation Centre for Family Director of Gender Initiative. Centre Enterprise 12 13 F GIANPIERO PETRIGLIERI, #47 THINKERS50 R aculty RANKING 2017 A and ecognition

ANNUAL REPORT 2016/2017 Faculty Recognition wards and Awards

ERIN MEYER, #39 THINKERS50 RANKING 2017 AND HR MAGAZINE’S MOST INFLUENTIAL THINKER

Recognition Thinkers50 Radar 2017 Finalist, 2017 Organisation Runner-up, 2017 Business Thinkers50 and Management Theory Best Ethics Quarterly Best Article Nils Rudi Entrepreneurship Paper Business Ethics Quarterly Finalist, 2017 William H. Academy of Management Meeting Leena Lankoski, N. Craig Smith, Newman Award World’s Most Influential Balagopal Vissa, Kim Claes Luk Van Wassenhove Academy of Management Thinkers 2017 Sunkee Lee Forbes Best Conference Paper Prize, Finalist, 2016 Dissertation W. Chan Kim and Renée Mauborgne 2016 Proposal Conflict Management Division’s SMS Special Conference INFORMS New Directions Award 2017 HR Most Influential Yidi Guo, Xiaowei Rose Luo David Clough Academy of Management Thinkers 2016 Eric Anicich, Frederic Godart, HR Magazine Annual Meeting Best Paper, Third Runner-up, 2016 Roderick Swaab, Adam Galinsky Erin Meyer 2016 Best Student Paper Award Academy of Management Competition 2017 MSI Young Scholar Nathan Furr INFORMS Marketing Science Institute Service Awards Ashish Kabra David Dubois LAURENCE CAPRON, RECIPIENT, 2017 SUMANTRA Best Conference Paper, 2016 GHOSHAL AWARD FOR RIGOUR AND RELEVANCE IN 2017 Sumantra Ghoshal Award Strategic Management Society Finalist, Best Dissertation Award THE STUDY OF MANAGEMENT #4, Thinkers50 Ranking 2017 for Rigour and Relevance in the Ilze Kivleniece INFORMS Thinkers50 Study of Management Haibo Liu W. Chan Kim and Renée Mauborgne London Business School Runner-up, ENRE Best Student Laurence Capron Paper Award 2016 Best Poster Award for PhD #39, Thinkers50 Ranking 2017 INFORMS Students and Young Scholars Thinkers50 Bhavani Shanker Uppari, Ioana INSEAD-ILO Evidence Symposium Erin Meyer Awards Popescu, Serguei Netessine Ari Adbi, Matthew Lee, Jasjit Singh

#47, Thinkers50 Ranking 2017 Best Student Paper Award 2017 Finalist, DAS Student Paper Thinkers50 Decision Analysis Society Award 2016 Gianpiero Petriglieri Bhavani Shanker Uppari, Decision Analysis Society Sameer Hasija Sasa Zorc, Ilia Tsetlin Thinkers50 Radar 2017 Thinkers50 Outstanding Article Award 2017 Noah Askin International Association for Conflict Management Michael Schaerer, Roderick Swaab, Adam Galinsky 14 15 C INSEAD C INSEAD elebrating S ase

ANNUAL REPORT 2016/2017 Celebrating INSEAD tudies

Case Studies

PIERRE CHANDON, WINNER OF THE CASE CENTRE’S 2016 AWARD FOR OUTSTANDING CONTRIBUTION TO THE CASE METHOD

At INSEAD, we not only utilise case studies in our teaching but our professors and writers are also world leaders in this form of research output.

Case Centre recognition The other standout result this year was the award of Case writing awards The Case Centre’s Human Resources Management/ Organisational Behaviour prize to Professor Horacio Last year, as usual, we were prolific publishers and Falcão, for Oxipouco: An Endangered Species Winner, 2017 Case Centre Awards, Human prize winners, with three professors in The Case Resource Negotiation (2013). It’s a dynamic role-play Resources Management/Organisational Centre’s 2017 top ten bestselling authors. based on a real-life negotiation between two pharma Behaviour Category Professors Renée Mauborgne and W. Chan Kim companies: will you collaborate or will you compete… The Case Centre placed at #8. Their latest case study, A Maestro and risk losing a potential cure for leukaemia and Horacio Falcão Without Borders: How André Rieu Created the Classical Alzheimer’s disease? Music Market for the Masses (2017), takes us into Winner, 2017 Case Centre Awards, unusual territory for business research. It shows how Marketing Category one orchestra has succeeded in competing with the Business learning The Case Centre likes of Bruce Springsteen and Justin Bieber in terms David Dubois and Katrina Bens of sales figures. Case studies are much more than classroom aids. They tell great stories, casting light on the most Second Prize in Corporate Sustainability Just behind, at #10, is Pierre Chandon (who previously topical business issues for the general reader. The oikos Case Writing Competition 2017 won The Case Centre’s 2016 award for Outstanding accompanying teaching notes reveal even deeper Craig Smith and Erin McCormick Contribution to the Case Method). His latest work is learning about business successes (and sometimes also highly innovative and particularly relevant to this failures). For members of the INSEAD community, Finalist, Prix du meilleur cas AFM-CCMP Annual Report. Who’s #1: INSEAD, Harvard, Wharton, collaborating with faculty on a bestselling case study is Association Française du Marketing LBS? Designing Research to Measure the Strength of an opportunity to give back to the school. And for our David Dubois, Inyoung Chae, Joerg Niessing Business Schools’ Brands (2017) asks students to professors, case writing brings them even closer to and Jean Wee identify the most important attributes of an MBA business. Perhaps most important of all, INSEAD case programme and design a survey accordingly. studies take our brand out into the world – and even into the classrooms of our competitors. 16 17 N John Fernald ew F aculty USA Professor of Economics and Political Science Europe Campus

John, who joins us from the Federal Reserve

ANNUAL REPORT 2016/2017 New Faculty Bank of San Francisco, has a PhD in macroeconomics from Harvard University. The Economist has described him as “the foremost authority on American productivity figures” andThe Wall Street Journal as “the Fed’s point man on productivity”.

In 2016/2017, we recruited 11 new faculty representing six nationalities and an extraordinary range of disciplines and experiences. They are now installed across our campuses.

Guillaume Roels Hami Amiraslani Belgium UK Associate Professor of Technology and Assistant Professor of Accounting and Control Operations Management Europe Campus Europe Campus

Before completing his PhD at the London Previously teaching at UCLA, Guillaume earned School of Economics, Hami worked as a his PhD from MIT. He has won numerous consultant in the area of syndicated loans and teaching and research awards, and in 2015 was Ko Kuwabara project finance. His research analyses how named one of the Poets & Quants ‘Best 40 Japan corporate governance reforms, capital market Business School Professors under 40’. His regulation and corporate law affect financial research is about traffic flow modelling and Associate Professor of contracting and account choice. contracting for collaborative services. Organisational Behaviour Asia Campus

Ko joins us from Columbia Business School. He gained his PhD from Cornell University. His research investigates the Elizabeth Baily Wolf motivational psychology of networking and has also explored the question of UK and USA trust in cross-cultural interactions and Assistant Professor of online markets. Organisational Behaviour Europe Campus

Elizabeth’s research focuses on how emotion, non-verbal behaviour, gender and national culture affect the way people assess their own and others’ performance. She aims to make organisations more effective through more accurate evaluation, which was the inspiration for her PhD at Harvard Business School. 18 19

Daniel Simonovich N Melanie Milovac Germany ew F aculty Germany Affiliate Professor of Strategy Assistant Professor of Entrepreneurship Europe Campus and Family Enterprise Daniel was one of Germany’s youngest ever deans at Asia Campus ESB Business School, but he had an illustrious Melanie gained a PhD from the University of Cambridge. career even before that, at Booz & Company and an ANNUAL REPORT 2016/2017 Her research deals with the psychological aspects of MIT spinoff. He has a PhD from EBS University and entrepreneurship. One of her recent projects explored an MBA from INSEAD, and his current research how entrepreneurs’ moods influence the success of interests lie in strategy execution. their pitches – insights that she is passing on through the New Business Ventures MBA course.

Michael Freeman UK Assistant Professor of Technology and Operations Management Asia Campus Alexandra Roulet Michael’s research focuses on healthcare France management and hospital operations, applying Assistant Professor of Economics advanced empirical methods and machine and Political Science Daniel Walters learning to ensure effective – and cost- Europe Campus USA effective treatment for patients. He gained his PhD from the Judge Business School, A labour-market and public-service Assistant Professor of Marketing Cambridge, and holds an honorary appointment economist, Alexandra had already co- Europe Campus with Cambridge University Hospitals. authored a book – Repenser l’Etat – about Spencer Harrison Daniel gained his PhD and MBA from the rethinking the French state before doing her USA UCLA Anderson School of Management, PhD at Harvard. She researches the effect of before which he worked in investment Associate Professor of job loss and unemployment on health, and is banking and oversaw a portfolio of $200 Organisational Behaviour working on a number of hands-on projects million. Today, his highly applied research Europe Campus with French government agencies. is concerned with decision-making – and particularly with how a lack of information Spencer researches the management can lead to overconfidence. of creativity; collaboration in business (and beyond); and emotional connection with organisations. He has conducted projects with Google, NASA and Black Diamond, and is currently studying T-shirt designers, dancers and Grammy-winning bands. He has a PhD from Arizona State University. 20 21 D octoral P rogramme

ANNUAL REPORT 2016/2017 Doctoral Programme

INSEAD’s highly selective PhD programme remains one of the world’s best in terms of student intake, research output and the quality of schools where our graduates are ultimately placed.

Indeed, our eleven graduates in 2016/2017 not only Achieving gender balance brought our total number of alumni to just under 200 but also went on to join truly top universities, including Another cause for celebration is our 50% female Columbia, Carnegie Mellon and Tsinghua. There, they intake in September 2016 and continued strong will continue to fly the flag for INSEAD’s unique global recruitment of women for September 2017. As well as approach to business research and boost our affirming INSEAD’s commitment to gender equality reputation throughout the world. and adding to diversity on campus, this marks our contribution to increasing the proportion of women in Our diverse community the profession of business academia. One further highlight of the year is the launch of our In June 2016, we welcomed over 60 of the 198 alumni new online brochure, which brings this outstanding back to the Europe Campus for a one-day celebration programme to life through videos, images and stories. and conference. They came together from all corners of the globe to discuss the triumphs and challenges of transitioning from PhD student to fully-fledged professor with current students and faculty.

For 2016/2017: 82 28 45% 198 43 students nationalities women alumni countries 22 23 INSEAD K INSEAD The best of Knowledge 2017 INSEAD Knowledge

This year, we saw a thirst for new ideas on nowledge digitisation, the ever-present interest in stories of corporate decline, and how best to navigate leadership and innovate. INSEAD was also at the forefront of breakthrough research on how women 100,000 and men are judged differently at work and what unique monthly website visitors, ANNUAL REPORT 2016/2017 INSEAD Knowledge managers can do about it.

The editor’s pick: Chris Howells’ 3m top five articles of 2017 page views annually,

11 Leadership Guidelines for the Digital Age Liri Andersson, INSEAD Guest Lecturer, founder of this fluid 80,000 world, and Ludo Van der Heyden, Chaired Professor of Corporate followers across social media, and Governance & Professor of Technology and Operations Management at INSEAD The old ways of running a company won’t cut it in a digital world. Digital platform INSEAD Knowledge showcases the latest business 106,000 thinking and opinion from our award-winning faculty and worldwide The Strategic Decisions That Knowledge app downloads since its launch in 2015. contributors to a growing global public audience. Caused Nokia’s Failure Yves Doz, INSEAD Emeritus Professor of Strategic Management

In 2016/2017, Knowledge continued to expand its The moves that led to Nokia’s decline paint a readership and its reach across the school and beyond. cautionary tale for successful firms. This year saw a 20% increase in overall traffic compared Knowledge content is divided to last year. More specifically, our social media channels The Three Altitudes of Leadership continue to attract new followers (up 15% on last year), between nine topic areas: Ian C. Woodward, INSEAD Professor of Management Practice who then click through to Knowledge. (We now have 235,000 social media clickthroughs to the Knowledge Leaders must cultivate the seamless ability to mix forward-vision thinking, tactical execution and self- website annually.) We reach many additional readers awareness – across the altitudes of leadership. through our syndication to media partners worldwide. Leadership & Career Organisations New channels and outreach The World’s Most Innovative Countries 2017 Also this year, Knowledge added several new channels to Bruno Lanvin, Executive Director for Global Indices at INSEAD Strategy its suite of offerings. In addition to our smartphone and and co-editor of the Global Innovation Index report Economics tablet app, the team launched specialist newsletters for Innovation in agriculture is vital. One key to feeding the & Finance participants in online programmes. Every three months, world is releasing pressure on the use of scarce more than 15,000 members of INSEAD’s National Alumni natural resources through innovation. Marketing Associations now receive content that is not available anywhere else through the INSEAD Knowledge Alumni Responsibility Exclusive Quarterly. Why “Believe in Yourself” is Bad Advice for Women INSEAD Knowledge Arabia was redesigned in 2016/2017 Entrepreneurship Natalia Karelaia, INSEAD Associate Professor of Decision Sciences to harmonise the site with the English edition. It now provides even more effective outreach and brand- In the workplace, women can capitalise on Operations awareness for INSEAD in the Middle East, as well as self-confidence only when they exhibit influencing business practice throughout the region. ‘feminine’ behaviours as well. CHRIS HOWELLS, EDITOR OF INSEAD KNOWLEDGE Family Business 24 25 M aster 2017 was a memorable D year for INSEAD in the #1 egree MBA Programme in the World

international rankings. We P

(for the second year in a row) rogrammes topped some of the most Financial Times

ANNUAL REPORT 2016/2017 Master Degree Programmes prestigious tables, including: #1 Best International MBA Bloomberg Businessweek #1 MBA Programme in Europe by Number of Founders Produced Pitchbook 2016/2017 was another great year for INSEAD Degree Programmes, with our second #1 global MBA ranking from the Financial Times and revenues exceeding €100 million for the first time in the school’s history. #2 Highest Return on Investment of any MBA programme In July 2017, we held our second grand summer MBA Programme in the World graduation ceremony at the Château de Fontainebleau. Forbes Magazine It was every bit as successful as the first, especially the Although we paused briefly to celebrate our second live streaming for those unable to attend. Equally time at the top of the FT rankings in January, much of impressive was the December 2016 graduation the academic year was taken up with preparations for ceremony, held in the iconic Marina Bay Sands in the launch of the new MBA curriculum in September Singapore. Our largest ever graduation in Asia was 2017. In fact, the students recruited as ‘curriculum made even more moving by a procession of alumni from pioneers’ to the MBA Class of 2018J turned out to have the pioneer Singapore MBA class of December 2000. the highest GMAT scores in INSEAD’s history. Along We are particularly pleased that applications to chord with a wide range of talented participants from all with the previous intake (MBA’17D), they also have the TIEMBA remained buoyant in 2016/2017, despite the ages and backgrounds. highest ever percentage of women, including our first introduction of stringent new admission requirements female students from the Democratic Republic of the Executive degree programmes by the Chinese government. Similarly, applications for Congo, and Madagascar. The Global Executive MBA (GEMBA) continues to the Executive Master in Finance exceeded our Department restructuring However, as we enter our 50th anniversary year of grow in popularity with every year. In 2016/2017, we expectations. This unique post-experience, two- accepting female students at INSEAD, we realise enhanced the well-known Leadership Development campus, modular programme for working finance To build on our position of strength and respond to an we have more to do and hope that the iW50 Programme (LDP), a feature shared with the Tsinghua- professionals originally grew out of a collaboration with increasingly competitive global market, the management celebrations will result in even more women INSEAD MBA (TIEMBA). The two programmes, which Macquarie Bank. Following a relaunch and rebranding of Degree Programmes has been reorganised. In addition joining future MBA classes. come together for elective sessions in Fontainebleau in 2016/2017, it is taking off in terms of popularity and to two programme-specific teams for MBA and Executive every summer, also had their first joint graduation recognition throughout the finance industry. Degrees, we now have a single cross-programme, global Rollout of the new curriculum continues, with the ceremony, at the National University of Singapore in marketing team with specialist expertise in this online ‘P0’ (Period 0) due to supplement the already- December 2016. Just two months earlier, INSEAD was Meanwhile the Executive Master in Consulting and increasingly technical function, and a world class introduced new content and leadership coaching. the only business school in the world to have two Coaching for Change (EMCCC) continues to go from multi-campus Career Development Centre (see page 28). Executive MBA programmes ranked in the Financial strength to strength. Its distinctive application of The new marketing structure is designed to respond Times’ global top five. psychodynamic methods to business practice strikes a more effectively to the needs of potential applicants. 26 27 M aster D egree P rogrammes

ANNUAL REPORT 2016/2017 Class Statistics

MBA’17D and ’18J MBA 1,033 29 36% 709 Designed for early- to mid-career professionals, Participants Average age Women Average and featuring an accelerated 10-month curriculum, GMAT score our MBA programme develops successful leaders and entrepreneurs. 96 6 Nationalities Average years of work experience

GEMBA’18 Global Executive MBA 235 38 25% Our Global Executive MBA programme is tailored Participants Average age Women for experienced professionals who wish to develop their leadership skills while they continue to 59 13 advance their current careers. Nationalities Average years of work experience

TIEMBA’19 Tsinghua-INSEAD Executive MBA 38 36 26% This dual degree combines INSEAD’s global Participants Average age Women perspective and Tsinghua University’s in-depth expertise of business in China to produce highly 20 12 successful business leaders and entrepreneurs. Nationalities Average years of work experience

EMCCC’17 Executive Master in Consulting and 108 44 47% Coaching for Change Participants Average age Women The INSEAD Executive Master in Consulting and Coaching for Change takes participants deep into the 36 19 basic drivers of human behaviour and the hidden Nationalities Average years of work experience dynamics of organisations.

MFin’18D Master in Finance 38 31 34% Blending cutting-edge theory and best practice, Participants Average age Women the programme is for professionals with work experience in finance-related roles. 16 7 Nationalities Average years of work experience 28 29 C

In the past year, we have hosted areer D 310 evelopment recruiters across INSEAD’s C

three campuses. In addition, entre ANNUAL REPORT 2016/2017 Career Development Centre we arranged for off-campus company interactions through treks and company visits with 202 companies.

With its new leadership and expanded staff, the Career Development Centre has achieved a great deal in a very short time.

Our cross-programme, global team in the Career Other trends of note among the MBA’16D and ’17J Development Centre saw a change of leadership in graduates include the continued enthusiasm for 2016/2017. Katy Montgomery – previously Associate everything digital. The Technology, Media and Dean at Carey Business School, Johns Hopkins Telecommunications sector represents a major University – assumed responsibility for developing and destination for our graduates: we are seeing Fintech rolling out the Careers Core of the new MBA curriculum. emerge as a major source of jobs within the industry.

Parts of the new Careers Core curriculum were In addition, more and more start-ups and mid-size delivered to the September 2017 MBA intake even companies are participating in recruitment at INSEAD before they arrived on campus – in the form of digital and a growing number of MBAs are moving into start webinars – and it continues to be taught face-to- companies that embody the INSEAD value of business face by Katy and her team. The expanded specialist as a force for good. careers team includes individual career coaches for every student. This new curriculum marks the first time that careers has truly been integrated into the programme at INSEAD.

Recruitment

The larger team has reinvigorated support for Executive Degree Programme participants and revamped online resources for all. We are confident that the results will be visible in the form of more recruiting partners, more global destinations for our graduates and even more recruitment from top employers. Already in 2016/2017, we were pleased to note improved penetration of the US market, which has traditionally been a less high-yielding area for our students’ job-hunting than Europe, Asia and the Middle East. 30 31 W Employers of MBA’16D and MBA’17J graduates T of orld alent 130 8 5

ANNUAL REPORT 2016/2017 World of Talent 86 8 5

71 7 4

56 7 4

36 7 4 Our global team at the Career Development Centre offers students comprehensive support for their career journey. The 36 full-time staff located across INSEAD’s three campuses include personal career 18 6 4 coaches, employer engagement specialists and operations team members who organise 80 workshops and nearly 4,000 on-campus 9 6 4 interviews throughout the year. 9 5 4

MBA’16D and ’17J in numbers Our unrivalled network Employment transformations Employment sectors

We now have 90% 54% changed sector 49% Consulting Employed within 3 months, 54,794 and working in alumni in 62% changed functions 20% Tech/Media/Telecomms 64 17 0 53% changed country 12% Financial Services countries. countries, with an average base salary of CDC has strong employer relations with 29% changed all three dimensions 19% Other corporate sectors €94,700 600 79% changed at least one dimension companies. 32 33

This year saw us welcome over Ex We have been at the ecutive vanguard of Executive E

Education for 50 years and ducation are continually looking to 10,000 develop our offering to stay participants from more than

ANNUAL REPORT 2016/2017 Executive Education ahead of the game. 2,000 companies. Over 12 0 nationalities attended This year was outstanding for Executive Education. Despite a a programme this year. challenging and increasingly competitive market, we achieved revenues of over €100 million for the first time in INSEAD’s history, representing an unprecedented annual growth of 13.9%. Our faculty now number

Much of this success can be attributed to our In 2016/2017, we successfully launched three responsiveness to the needs of the market. In fully online programmes: Strategy in the Age of 14 9 2016/2017, we delivered programmes that provided Disruption, Driving Value Through Business transformative learning and drew on research that Acumen, and Emerging Leaders in a Digital Age. and they led over was not only excellent academically but was also These programmes enabled over 700 participants highly relevant to business. to have the INSEAD experience around the world.

In addition, we built on the previous year’s We also launched two new face-to-face achievements by creating online and hybrid programmes: Innovation by Design, and Leading 40 programmes that cascade throughout organisations Digital Marketing Strategy. open programmes on our with extraordinary speed and scale. In short, we have created a very strong digital niche for INSEAD Executive Education. Customised programmes

This year also was exceptional for Customised 3 Open programmes Programmes, particularly in Asia Pacific, thanks to campuses. the talent and dedication of the Singapore sales Our performance this year was robust across our team and our faculty. entire portfolio, but we experienced particularly high levels of interest in our new Digital Transformation Japan and Malaysia were our strongest markets, but and Innovation family of programmes, including two our portfolio of North American clients continued to delivered entirely online. There was also strong demand develop, while Europe and the Middle East remained for our flagship General Management Programmes relatively stable, compared to earlier years. and our wide offering of Leadership courses. In March 2017, we welcomed 40 C-Suite and senior In partnership with the INSEAD Corporate Governance learning and development executives from around Centre, we have established the school as a world the globe to Fontainebleau for a two-day summit on leader in Director Education. Our flagship International digital transformation and online learning. The Directors Programme, delivering to five cohorts each event deepened relationships and triggered new year, continues to go from strength to strength. business opportunities. 34 35 Ex

Since 1967, more than ecutive E 172,000 ducation participants have attended an INSEAD Executive Education ANNUAL REPORT 2016/2017 programme and over 2,000 organisations partner with us every year.

PROFESSOR NATHAN FURR RECORDING AN ONLINE PROGRAMME IN STUDIO This year, we developed customised programmes for 90 new clients globally.

Since 2014, we have educated over Online activities We also pursued an internal collaboration with our MBA colleagues by developing a pre-programme, online ‘P0’ module for the incoming MBA Class of December 2018. Building on the remarkable momentum of the previous Our work with alumni will continue in the coming year as year, our online offering once again almost doubled in we pioneer online programmes in traditionally ‘high- 18,000 terms of revenue, margin and total number of touch’ areas, such as leadership and creativity. These online participants. participants in 2016/2017. New Customised Online collaborations demonstrate all that we can achieve when Programmes, the launching of new Open Online working together as a global community. Programmes, and strong performance of existing offerings all fuelled the sustained growth trajectory.

New clients included Schneider Electric, who decided Award-winning impact to undertake their digital journey with our school through a hybrid programme. This offering was Adding to the previous year’s ten awards for our delivered in person and/or online to three levels of partnerships with Microsoft and Accenture, this year leaders in the company, reaching more than 500 we have won four new medals for our work with Telenor: participants in more than 55 countries – with typically one gold from the European Foundation for Management high completion and satisfaction rates. Development; one gold from Chief Learning Officer magazine; and two silvers from Brandon Hall Group for In addition, we piloted a new course with alumni this Human Capital Management Excellence. year: Innovation in the Age of Disruption. Many members of the INSEAD community came together to develop this Microsoft, Accenture and Telenor decided to continue successful learning venture, that included new features their partnerships with INSEAD, enabling us to see the such as specialist online learning coaches and action transformative impact of our online programmes in learning projects. action. Microsoft has in fact added a new INSEAD programme on Value Negotiations. 36 37 A dvancement Giving in 2016/2017 Increasing trust and commitment from our community (annual €33.6m donations in € millions)

ANNUAL REPORT 2016/2017 Advancement raised in gifts and pledges, representing a 41% €11.1m €14.2m €23.8m €33.6m increase in giving results over Philanthropy is increasingly important to INSEAD’s success. the last year. More than And our alumni and friends are generously responding to this priority.

As a leading business school, INSEAD is continually Gifts and pledges to scholarships surpassed €7.3 million. 3,768 investing in research, teaching innovation and These helped to significantly expand opportunities for donors contributed to this scholarships to attract the best talent from around the top candidates and strengthen the diversity that makes achievement, and world. The strong support from our alumni and friends, INSEAD programmes unique. The scholarships boosted and from corporations, is enabling us to make strategic representation of women in our MBA classes as well as investments that are key to advancing our mission. that of students from Africa, the Americas, Asia, Europe and the Middle East. 1, 0 5 8 An engaged donor community Leadership gifts led to the establishment of several 2013/2014 2014/2015 2015/2016 2016/2017 donors gave to the Dean’s Annual Fund. named scholarships including the Henriette and Norbert Collective commitments in 2016/2017 reached a Albin Endowed MBA Scholarship, the Dr. Samith Darwazah record €33.6 million, elevating INSEAD’s ability to Endowed Scholarship, the Christoph Rubeli MBA’92D respond to new opportunities. Endowed Scholarship, the Michael and Susan Pragnell It was a year of leadership giving by our alumni, marked Endowed Scholarship, the Wolfgang Schaefer Scholarship, by the school’s first eight-figure gift from an alumnus, as the Piet and Wina Van Waeyenberge Endowed Scholarship well as other significant investments. Equally, the and the Pot Family Foundation Scholarship. Dean's Annual Fund and Corporate Associate Programme number of alumni donors rose by 300 over last year, Some classes chose to honour their classmates through unrestricted endowment and Taxe d'Apprentissage continuing the trend of increasing alumni support. Not to establishing INSEAD scholarships in their names. Alumni €1,829,175 €587,394 be outdone, more than 70% of students from the classes also gathered around special scholarship projects. A key of MBA’17J and MBA’17D gave to the Robin Hood success was the establishment of the endowed merit- Facilities campaign, a tradition of fundraising led and managed by based scholarships for Swiss MBA candidates. students. And corporations, many of whom are close €3,047,4 63 partners of the school, renewed their support of More and more donors are supporting Dean Ilian Mihov’s scholarships and programmes. vision for INSEAD through unrestricted gifts to the Dean’s Annual Fund. The number of donors to this fund Impact highlights grew by 60% over the previous year. The Fund supports a wide range of initiatives from curriculum review to seed funding for new research projects. As an example, the It was an oustanding year of support to our faculty and Where did donors Fund enabled three MBA’17D students to participate in research. Gifts to these areas amounted to €20.8 million direct their gifts? the 2017 MBA Impact Investing Network & Training € 3 3,5 9 7, 2 9 0 of which €12.5 million was directed to Entrepreneurship. competition at Wharton School. Competing against 25 Among the highlights were the establishments of The teams from the world’s best business schools, the Rudolf and Valeria Maag Chair in Entrepreneurship, The INSEAD team took home the top prize for their solution Rudolf and Valeria Maag Professor in Entrepreneurship, Faculty and research to improve medical education in India. The Sauvage Family Endowed Chair for Academic Scholarships Excellence, and The James M. and Cathleen D. Stone and financial aid €20,784,556 Centre for the Study of Wealth Inequality (see page 10). € 7,34 8,702 38 39

We are incredibly proud A dvancement of and grateful to our amazing alumni network. We now boast: ANNUAL REPORT 2016/2017

New giving initiatives teenagers, primarily children of alumni, to Fontainebleau New leadership for two weeks of intensive business education, team- building and careers coaching. These bright students The Salamander Challenge that began in January 2017 Nida Januskis has been appointed as impressed our faculty with their ability to keep pace with culminated in the inaugural INSEAD Giving Day on 21 Associate Dean of Advancement. Ms. Januskis 54,794 challenging courses. February. Widely featured on social media, the joined INSEAD in 2016 as Executive Director of alumni, over Salamander Challenge was represented by mascots or Development, bringing extensive experience ‘global ambassadors’ who travelled the world, advocating and expertise from her work at Harvard our shared beliefs in diversity and tolerance. This Alumni events and awards Business School. initiative was a truly global collaboration between the The single largest annual gathering of INSEAD alumni is INSEAD Alumni Association, the INSEAD Alumni Fund Global INSEAD Day, which took place for the fifth time in and the school. It raised gifts from over 700 donors 3,000 September 2017 in 59 cities. This year’s events honoured across 56 countries, building fundraising momentum volunteers, the 50th anniversary of women joining our MBA and raising awareness about the importance of investing programme, which will be celebrated throughout the in INSEAD. course of the coming year. A second new initiative, the Tomorrow’s Leaders In partnership with the INSEAD Alumni Association, Programme has been introduced to engage younger INSEAD has launched a new initiative to expand NIDA JANUSKIS, 55 alumni with the school. Alumni who graduated up to 15 recognition of alumni achievements through the creation ASSOCIATE DEAN OF ADVANCEMENT years ago now have the opportunity to name National Alumni Associations of a series of awards. Robert Keane MBA’94D, Founder scholarships at attractive gift levels. and Global Clubs, and and CEO of Cimpress, was the inaugural recipient of the Alumni Global Entrepreneurship Award. Other awards Connecting the community include the Alumni Force for Good Award and Alumni Volunteer Leader Award. We continue to create new lifelong learning In 2016/2017, our Alumni Forums took place in 7, 659 opportunities for alumni, ranging from online Singapore, Montreal and Paris. The Singapore Forum alumni participants at reunions programmes to career-focused webinars tailored to focused on the Future of Business; in Montreal, the executives. A large number of alumni participated in topic was Innovation and Entrepreneurship; and in and events in 2016/2017. these opportunities and benefited from the exclusive Paris, we examined Digital Transformation. These discounts offered to IAA and NAA members. highly successful occasions brought together alumni with some of the best business minds and most As part of our ongoing efforts to drive engagement and innovative entrepreneurs to engage in thought- promote INSEAD alumni on social media, we launched provoking debate and generate new ideas. the INSEAD Alumni Facebook page and an ‘alumni business’ page on the INSEAD website. By the end of The year’s four alumni weekends were among the most 2017, more than 120 alumni had listed their products well attended in our history, and the Alumni Relations and services, demonstrating the breadth and depth of team also worked together with local National Alumni entrepreneurship in the INSEAD network. Associations to present more than 120 other events worldwide, featuring INSEAD faculty speakers and The highly successful Summer@INSEAD programme, further strengthening the bond between the school and introduced in 2015, continues to engage alumni and their our alumni community. families. This year, INSEAD welcomed 80 talented 40 41 Th e I Ex of nfrastructure

ANNUAL REPORT 2016/2017 The Infrastructure cellence of Excellence

A truly world-class school requires truly world-class SCREENS REPLACE PAPER IN MORE AREAS ACROSS THE SCHOOL: STREAMLINING INFORMATION- infrastructure. And during 2016/2017 INSEAD facilities SHARING AND ADDING NEW PEDAGOGICAL OPPORTUNITIES TO THE LEARNING PROCESS – both physical and virtual – reached new heights. Whether through moves, renovations, planning or day-to-day upkeep, our campuses are in a constant state of improvement.

Campus development The IT transformation

A new era began for our Middle East Campus in residence. Its 145 well-appointed rooms across three Across all three campuses, a major story of usability perspective, the look and feel of the portal is August 2017 with the move to Abu Dhabi’s gleaming buildings, along with the recent renovation of the 2016/2017 was the quantum improvement in our IT aligned to that of the INSEAD website, and just like the new financial centre, ADGM Square. Cercle fine-dining restaurant, will significantly enhance services. Under the leadership of Attila Cselőtei, Study@INSEAD platform, it is fully mobile-friendly. the experience of Executive Education participants. Chief Information Officer, student satisfaction with IT The state-of-the-art building is of similar total area has reached an all-time high. The IT department has The IT team also enabled major efficiency gains in to our previous site, but distributed much more For once, there is no new construction in Singapore emerged as a proactive, outward-facing team that school administration. The MBA Admissions process is conveniently over only two floors and designed to report. However, we retain the option to develop anticipates the needs of all INSEAD stakeholders. now fully paper-free, enabling INSEAD to provide a fast around spaces that foster collaboration. All this – a piece of land adjacent to the campus, once and high-quality Admissions service to applicants. and the vastly superior location – will transform the developments at our other locations are completed. During the year, there were many innovations. The learning experience for participants in Degree new Study@INSEAD Executive Education platform Over the year, we adopted some of the best practices Programmes and Executive Education alike, as well now combines all course reading into a single and technology of e-commerce to make paying as boosting our research output. e-binder, eliminating the need to print hundreds of programme fees and giving to INSEAD much easier, pages. The platform integrates interactive material, even on mobile devices. In addition, we prided ourselves Meanwhile in Fontainebleau, the preparations for the supporting the pedagogical process of developing on our excellent IT security record, due to the forthcoming Europe Campus renovation continue. ever more important leadership soft skills. deployment of technologies, the enhancement and Over the summer of 2017, workshops were held to enforcement of processes and the increasing vigilance consult staff, students and faculty on their precise Similarly, the MyINSEAD student and alumni platform of staff, students and faculty. requirements, and the environmental and technical was redesigned to offer a seamless user experience aspects of the project were fully assessed. The along the entire life cycle of our key stakeholders. A In 2016/2017, INSEAD also made several major findings have now been translated into detailed plans, recently-added functionality has enabled our alumni to investments in physical equipment, renewing the which will serve as the basis for a competition download relevant parts of the alumni directory as a audio-visual facilities in several amphitheatres and basic between four highly acclaimed architectural practices. PDF file, allowing INSEAD to forgo the increasingly infrastructure in open spaces across the school. The results will be announced at around the same unsustainable print directory. In recognition of the strategic importance of technology time as this report is published. The MyINSEAD streamlining process extends to to the future of the school – and many achievements of We are also pleased to announce the completion of the functionalities for current students, where grades and the team to date – the school’s Executive Committee multi-phase renovation of the Ermitage campus transcripts are now easily accessed online. From a has been expanded to include the CIO role. MIDDLE EAST CAMPUS IN ABU DHABI 42 43 F Financial indicators inances

INSEAD is a not-for-profit institution with entities in various countries. Therefore we are not required to publish consolidated accounts, but all our statutory accounts are audited. We implement a governance structure which includes several committees of the Board of Directors responsible for Auditing, Finance and Risk, Endowment Management and Remuneration. The financial indicators below are directly extracted from audited combined accounts based on IFRS accounting standards.

ANNUAL REPORT 2016/2017 Finances In €’000 2017 2016 2015 Total Income 245,414 219,895 210,465 Operating Cash Flow 16,422 5,505 9,733 Cash Flow from Endowment (transfer to operations) 8,187 8,057 6,606 Net cash flow from Financing (2,852) (2,775) (1,448) Net cash flow used in Investing (10,506) (1,261) (17,223) Interest paid (1,574) (1,816) (2,347) Changes in working Capital & exchange losses/gains 5,254 7,044 (814) Cash Flow 14,932 14,754 -5,493 2016/2017 was not just an outstanding academic year for INSEAD. Cash at year end 82,561 67,629 52,875 It was also an exceptional financial year, with double-digit growth in Endowment at beginning of the year 185,976 189,660 174,164 revenues and a record-breaking contribution from donors (see page 36). Donations received, net 16,426 4,700 3,585 Gains and losses from investment activities 18,329 (327) 18,517 Transfer to operations (8,187) (8,057) (6,606) In keeping with our long-term strategy of balancing Endowment at year end 212,544 185,976 189,660 revenues from Degree Programmes and Executive Education, it was particularly exciting to see both Endowment performance rate 9.5% -0.2% 10.6% departments crossing the €100 million threshold Spending rate 4.2% 4.5% 4.0% in tandem.

As an independent, not-for-profit, international institution, INSEAD must generate its own income in order to sustain continued excellence. The main source of revenues is fees, but we also rely on Total revenue in 2016/2017 philanthropy, the return on investment from previous €245m donations (see pages 43 and 45) and a small number of other activities, such as commissioned research. Gifts and Unlike many of our competitors, we do not receive any endowment Degree and executive money from a parent university and cannot count on Other yield education programmes regular government funding. It is therefore a significant Degree Faculty and achievement that, with revenues of €245 million, programmes research INSEAD is one of the world’s largest business schools In fact, this year’s surplus is particularly timely, as we 7 in budgetary terms. This performance is all the more go into a major renovation of our Europe Campus, an 7 impressive, given ongoing economic uncertainty investment that we hope will lead to an even better 32 – particularly in Europe – and the continued squeeze INSEAD experience for all our community in future on the MBA market. 44 41 years. This is the beauty of our independent, not-for- INSEAD’s revenue growth is not only due to our stellar profit status: in the years when we do generate a Revenue Expenditure performance in the business school rankings; it is also surplus, it becomes an engine for greater excellence the result of previous years’ decisions to invest in areas and long-term growth. such as online education, fundraising, communications, 42 Executive Education sales, the Leadership Development Centre in Singapore and the transformation of the Eric Ponsonnet 27 MBA curriculum. Director General of Administration

Executive education Facilities, IT and programmes support functions 44 45

INSEAD endowment and investment portfolio E ndowment performance - academic year performance (August 2002 – August 2017)

Cumulative Annualised (Mar 07 (Mar 07 Academic Year1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 - Aug 17) - Aug 17)

INSEAD Investment +2.4% -3.0% -11.8% +6.6% +5.4% +8.7% +7.4% -11.5% +10.9% -0.5% +9.6% +55.0% +4.3% Portfolio return2 ANNUAL REPORT 2016/2017 Endowment INSEAD +2.2% -1.9% -11.2% +5.7% +4.7% +7.8% +7.0% +10.8% +10.6% -0.2% +9.5% +52.2% +4.1% Endowment Return3

INSEAD Composite +1.8% -2.0% -13.6% +4.0% +8.3% +6.4% +9.1% +12.0% -0.3% +5.3% +9.0% +44.5% +3.6% Benchmark4 INSEAD’s endowment supports the school’s mission and provides a source of funds to build its competitive advantage, based on a long-term annual spending rate of 4.2%. 5 Total assets of the endowment portfolio 1 The academic year starts on 1 September (August 2002 – August 2017) and finishes on 31 August. This is reflected in the table above. For example, the year labelled 2017 reflects performance from 1 The endowment, which allows the school to plan, The portfolio has a 23% allocation to private market September 2016 to 31 August 2017. The sustain and invest in faculty chairs, research projects, strategies, which includes private equity, real estate and €220m year labelled 2007 includes only 1 March 2007 to 31 August 2007. programmes, scholarships and facilities, has had an private debt. This percentage has increased over the last €200m 2 INSEAD Investment Portfolio €180m 212.5 excellent year. Thanks to both the generosity of donors three years based on our belief that it will continue to consists of the portfolio managed by Partners Capital. €160m 189.7

and the performance of our investment strategy, its total generate an illiquidity premium of around 3-5% 186.0 3 value increased by €26.5 million to €212.5 million during compared to public markets. The private markets €140m 174.2 The INSEAD Endowment consists of the 161.0 portfolio managed by Partners Capital 2016/2017. During this period, the INSEAD investment portfolio is well diversified, ranging from loans to €120m 151.5 and all other assets including direct 142.3 portfolio returned 9.6% in Euro terms (and 12.9% small-cap European firms, venture capital investments in €100m 135.6 property, cash and other assets. excluding currency hedging effects), which represents a early stage technology companies and private equity €80m 4 The INSEAD Composite Benchmark is a 105.9 105.1 97.2 custom benchmark comprised of asset significant outperformance versus the benchmark. investments in middle-market US firms. €60m class indices (e.g. MSCI World NR 100% 75.4 Hedged to EUR for the equity allocation or €40m 64.9

Today, INSEAD’s endowment consists of a The portfolio has a 37% allocation to public equities, 55.7 State Street Private Equity Index for the €20m 49.7 €202 million investment portfolio and a further which forms one of its key return-generating asset 42.5 private equity allocation) and weighted to 0 reflect the long-term strategic asset €10.5 million investment in directly held property, cash classes. The public equity portfolio consists of a allocation adopted by the committee. and other assets. While the Endowment Management combination of actively managed mandates, which 5 Total endowment portfolio assets include donations. Aug 11 Aug 15 Aug 12 Aug 13 Aug 16 Aug 17 Aug 14 Aug 10 Aug 07 Aug 05 Aug 06 Aug 08 Aug 02 Aug 03 Aug 09 Committee takes overall responsibility for the invest in stocks based on deep fundamental analysis of Aug 04 endowment, experts from Partners Capital, who the underlying companies and passive index trackers to have advised us since 2007, manage the investment express tactical geographical positioning. The portfolio portfolio on our behalf. is currently weighted towards European and Japanese equities at the expense of US stocks for a number of reasons, most notably the relatively attractive valuations. Investment strategy The academic year’s strong performance was driven by and performance the outperformance of the underlying managers, most notably the equity managers. The strongest-performing I have been serving on the Endowment Management The investment strategy has several objectives: to managers were generally those with a greater focus Committee since 2011 and became its chair in 2016. manage the portfolio to deliver long-term absolute on technology companies. returns; diversify the portfolio across multiple asset It is a great honour for me to serve the school and its classes; select the most skilled asset managers within stakeholders in this role. each asset class; and take into account ethical, social Overview I thank all donors for their kind contributions, which and governance issues. have been pivotal to the growth of the endowment. From March 2007 to the end of August 2017, the The endowment remains broadly diversified across This, in turn, is of paramount importance to the future investment portfolio returned +55.0% (cumulatively) traditional and alternative asset classes, including success of INSEAD. after deduction of fees and expenses. This represents equities, corporate credit, hedge funds and private a +10.5% cumulative outperformance versus the INSEAD market strategies. Composite Benchmark, a custom benchmark adopted Mirjam Staub-Bisang by the Endowment Management Committee. Endowment Management Committee Chair 46 47 O

Members Chairman Yutaka Nakamae Shoichiro Toyoda ur

Christine Blondel Daniel Labrecque Legal Representative and Honorary Chairman, C Adjunct Professor of Family Founder and CEO, Vice-President, Transatlantic Member of the Board, onstituencies Business, INSEAD DNA Capital Reinsurance Co Toyota Motor Corporation

Gérard Despinoy Members Jacques Nasser Michael Ullmann Managing Partner, Maurice Amiel Managing Director, One Equity Stradéfi Conseils Partners LLC; Chairman, Tony van Kralingen in Jeremy J.G. Brown Pan-African Capital Holding Managing Director, South Hubert Gatignon 2016/2017 ANNUAL REPORT 2016/2017 Our Constituencies in 2016/2017 Director, Matheson & Co Ltd Pty Ltd African Breweries Ltd Emeritus Professor of Marketing, INSEAD; The Claude Michael A. Butt Alfredo Novoa-Peña Daniel L. Vasella Janssen Chaired Professor Chairman, Chairman, EcoEnergias del Chairman and CEO, Novartis of Business Administration, Axis Capital Holdings Ltd Peru SAC International AG 40 Emeritus, INSEAD John Cutts Lubna S. Olayan Philippe Vindry Maria Guadalupe Chief Executive, CEO, Olayan Financing Co LLC Associate Professor of Pall Mall Capital Ltd Christian Vulliez Economics and Political Jonathan Oppenheimer Consultant, CHV Conseils Science, INSEAD; Academic Jean-Pierre Garnier Managing Director, De Beers Director of the INSEAD CEO, Pierre Fabre SA Consolidated Mines Ltd Guy Wais Edward Mork Members Executive Committee Advisory Council Randomised Control Trials President, Excel Contact SA Former Executive VP, H.E. Dr Ali Rashid Al Noaimi Bernard-Philippe Giroud Alix de Poix (RCT) Laboratory, INSEAD Dean Chairman Royal Ahold Director General, Abu-Dhabi Advisor, LVMH Founder and President, Philip Yeo Ilian Mihov Sir Andrew Large Department of Education and Benoît Habert Apexes SA Chairman, Agency for Science Cees J.A. van Lede Ian Goldin Former Deputy Governor, Knowledge (ADEK) Deputy CEO, Dassault Group Technology & Research Board Director, Philipps and Deputy Dean; Bank of England President, J. Martin 21st Michael Pragnell Air France-KLM Patrick Firmenich Dean of Innovation Lilia Jolibois Century School Founder CEO, Syngenta AG Jürgen Zech Vice-Chairman of the Board of Peter Zemsky Members Member of the Board, Theolia SA Chairman, Denkwerk Permanent Invitees Rolf Abdon Directors, Firmenich SA Claire Gouzouli Willem J. Prinselaar Ilian Mihov Partner, First Consulting Ltd Managing Partner, Privast Dean of Faculty Chief Executive, Abdon Mills Jean-Marc Le Roux Dean, INSEAD; Professor Ilian Mihov Capital Partners SA Timothy Van Zandt Partner, Bain & Company National Jean-Pierre Berghmans of Economics, INSEAD; The Dean, INSEAD; Professor of Koichi Hashida Councils Chairman, Lhoist Group Rausing Chaired Professor Economics, INSEAD; The Timothy van Zandt Managing Director, Michael Prym Dean of Research of Economic and Business Rausing Chaired Professor Dean of Faculty, INSEAD; Kyushu Electric Power Co Inc Consultant, Prym Consulting Ziv Carmon Michael A. Butt Transformation, INSEAD of Economic and Business Professor of Economics, Franz B. Humer M. Cyril Ramaphosa Chairman, Axis Capital Transformation, INSEAD INSEAD; The Schroders Australasia Dean of Degree Programmes Olivier Giscard d’Estaing Chairman, Diageo Plc; Former Chairman, Shanduka Group Holdings Ltd Chaired Professor of President Urs Peyer Honorary Chairman, Eric Ponsonnet Chairman, Roche Holding Ltd European Competitiveness Claude Rameau Susan Lloyd-Hurwitz John Clarkeson INSEAD Fondation Director General of and Reform, INSEAD Sven Kado Vice-Chairman, INSEAD; CEO and Managing Director, Associate Dean of Chairman Emeritus, Administration, INSEAD Non-Executive Chairman, Professor Emeritus, INSEAD; Mirvac Ltd Advancement and The Boston Consulting Group Andreas Jacobs Government Representatives Alumni Relations Chairman, INSEAD; Member Mirjam Staub-Bisang Marsh & McLennan Germany Former Dean, INSEAD French Home Office Members Nida Januskis Paul Desmarais Jr of the Board, Jacobs Chair, Endowment French Ministry of Finance Stephen Koseff Michael S. Roskothen Erich Fraunschiel Chairman and Co-CEO, Holding AG Management Committee, and Industry CEO, Investec Ltd Managing Partner, Atlantic Director, WorleyParsons Ltd Associate Dean of Power Corporation of Canada INSEAD; President, INSEAD French Ministry of Foreign Claude Rameau Century Innovation Network Executive Education Switzerland Council; CEO and and European Affairs Barbara Kux Todd Hannigan Claude Janssen Vice-Chairman, INSEAD; Mark Roberts Co- Founder, Independent (Foreign Office) Board Member, Firmenich, Florian Schilling Director, T2 Resources Honorary Chairman, INSEAD Professor Emeritus, INSEAD; Capital Group AG Henkel, Total and Umicore Partner, Board Consultants Associate Dean of Degree Former Dean, INSEAD Bernadette Inglis Baron Daniel Janssen Permanent Invitee International Programmes Group General Manager, Honorary Chairman, Solvay SA Claude Janssen Concetta Lanciaux Graham Hastie Fondation INSEAD Honorary Chairman, INSEAD Advisor to the Chairman, Ronaldo Schmitz Westpac Banking Sven Kado Fondation Mondiale LVMH; Executive Vice- Former Member of the Corporation Ltd Honorary President Director General Non-Executive Chairman, INSEAD President Synergies, LVMH Managing Board, Deutsche Olivier Giscard d’Estaing of Administration Bank AG Mark Johnson Marsh & McLennan Germany President International Council Eric Ponsonnet Igor Landau Senior Advisor, Rémy Best Barbara Kux President Honorary Chairmen Jorge Stecher Navarra Gresham Partners Chairman, INSEAD Campaign François Hériard Dubreuil Chief Information Officer Board Member, Firmenich, Claude Janssen Saki J. Macozoma Member of the Board, Board; Managing Partner, Chairman, Orpar; Chairman, Graham Kraehe Attila CselŐtei Henkel, Total and Umicore Honorary Chairman, INSEAD Chairman, Stanlib bancopopular-e.com Pictet & Cie Rémy Cointreau Chairman, Ernest-Antoine Seillière Sir David Scholey CBE Rick P. Menell Hideya Taida CBE BlueScope Steel Ltd Vice-President Honorary Chairman, Wendel Vice-Président Senior Advisor, Chairman, Executive Vice-President, Claude Janssen Lionel Sauvage UBS Investment Bank The Carrick Foundation The Japan Foundation Leon Michael L’Huillier Charles Mackay Honorary Chairman, INSEAD Président, AFHI-ART (Amis du Non-Executive Director, Chairman, Opera Holland Park Festival de l’Histoire de l’Art) Didier Kling Norberto Morita Gloria Tomatoe Serobe Woolworths Ltd President, Paris Île-de-France Chairman, Founder and Executive Regional Chamber of Southern Cross Group Director, Wiphold John Lydon Commerce and Industry Director, McKinsey & Co Inc 48 49 O David Mair Bert De Graeve Alexandre Hohagen Charles Sirois France Benoît Potier Greece Shyam Bhartia ur Managing Director, Chairman, NV Bekaert SA Vice-President of Sales, Chairman and President, Chairman and CEO, Chairman and Managing C onstituencies Republic Consulting Facebook Latin America Telesystem Ltd President Air Liquide SA President Director, Jubilant Organosys Ltd Bernard Delvaux Philippe Houzé Ulysses A. Kyriacopoulos Paul O’Sullivan CEO, SONACA SA Gustavo Marin Guthrie Stewart Arthur Sadoun Dinesh Dayal Executive Chairman, Galeries Chairman, S&B Industrial Chief Executive, President, Banco Citibank SA Senior VP and Global Head Chairman & CEO, Publicis COO, L’Oreal India Pvt Ltd Lafayette Group Minerals SingTel Optus Pty Ltd Roland D’Ieteren of Private Investments, PSP Groupe Chairman, SA D’Ieteren NV Maurizio Mauro Adi Godrej Investments Members Members John Pollaers Managing Partner, TTLM Bernardo Sanchez Incera Chairman, Godrej Group in Antoine Arnault Yiannis Akkas CEO, Pacific Brands Holdings Baron Daniel Janssen Alexandra von Schroeter Deputy CEO, Société Générale 2016/2017 ANNUAL REPORT 2016/2017 President, Berluti Managing Director, Hellenic Pty Ltd Honorary Chairman, Solvay SA Bernard Mencier Head of Strategic New Ashwini Kakkar Fabrics SA Pascale Witz Executive Vice-Chairman, Business and Client Portfolio Thomas Bittner Heather Ridout Christophe Hamal Ulrich Otto Non-Executive Director and Mercury Travels Ltd Management, Cumberland President, INSEAD Alumni Takis Arapoglou Independent, Non-Executive CEO, Buy Way Personal Finance CEO, Otto Holding International Board Member, Perkin Elmer Private Wealth Management Inc Association France Director, Australian Securities Instruments LLC Kiran Mazumdar-Shaw Thomas Leysen Spyros Capralos Exchange Ltd Paolo Picchi Chairman and Managing François Bouriez President, Hellenic Olympic Chairman, KBC Group NV President Latin America, Director, Biocon India Ltd Denmark Co-CEO, Louis Delhaize Committee Patrick Snowball McCain Foods Dirk Luyten Company Germany CEO, Suncorp Group Ltd Aman Mehta President George David Managing Director, Marcio Andrade Schettini President Director, Tata Consultancy Niels B. Christiansen Thierry Breton Chairman, Leventis Group Juliana Warner Levante Capital Management Executive Vice-President, Services President and CEO, Danfoss A/S Chairman and CEO, Atos Ines Kolmsee Partner, Freehills Itau-Unibanco SA COO and CTO, EWE AG Dakis Joannou Martine Reynaers Hital Meswani Members Grégoire Chertok Chairman, Joannou & Managing Director, Claudio Szajman Members Executive Director, Morten Eldrup Jorgensen Managing Partner, Paraskevaides (Overseas) Ltd Reynaers Aluminium NV Chairman, Grupo VR Vale Reliance Industries Ltd Austria Partner, Nielsen Norager Rothschild & Cie Dominik Asam Refeição Ltda Law Firm LPP CFO and Member of the Leonidas Los President Michèle Sioen Sunil Bharti Mittal Jean-Frédéric de Leusse Managing Board, Infineon Shipbroker, Trimarine Cornelius Grupp CEO, Sioen Industries NV Waldemar Verdi Chairman and Managing Christoffer Galbo President, UBS France Technologies AG Shipping Company CEO, CAG Holding GmbH Chairman and CEO, Director, Bharti Airtel Ltd Jean-Christophe Tellier Partner, Copenhagen Counsel Grupo Rodobens Marc de Leyritz Markus Conrad Anastasios Manos Members CEO, UCB SA Deepak Parekh Peer Kolendorf Partner, Egon Zehnder CEO, Tchibo GmbH Logistics, Shipping, Matthias Calice Chairman, HDFC Ltd Alexandre van Damme President and CEO, Comitel International SA Exports & Terminals Manager, CEO, Gampen Sarl Canada Holding A/S Lutz Goebel Administrateur, InBev NV Lafarge SA Raja Parthasarathy Olivier Giscard d’Estaing Managing Director & Sebastian Heinzel President Managing Director, Morgan Honorary President, Shareholder, Henkelhausen Nicholas Nanopoulos Chief Strategy Officer, Jean-François Sauvé Stanley India Co Ltd Finland Fondation INSEAD GmbH & Co KG CEO, Eurobank Ergasias SA Wilfried Heinzel AG Brazil & Latin America Managing Partner, Malvinder Mohan Singh President Cheverny Capital Inc Members Roger Godino Franz Haniel Calypso Nomikos Georg Kapsch Chairman, Fortis Healthcare Sergio Franco Averbach Eero Heliövaara President, Holding International Chairman of the Supervisory President, AM Nomikos CEO, Kapsch-Group Members (India) Ltd President, South America and de Développement Board, Franz Haniel & Cie Transworld Maritime Beteiligungs GmbH Paul Desmarais Jr Senior Client Partner, Korn/ Arto Hiltunen GmbH Agencies SA Chairman and Co-CEO, CIO and Vice-President, IT Jean-Jacques Guilbaud Rudolf Knuenz Ferry International Power Corporation of Canada Management, Kesko Oy Secretary General, Total SA Immanuel Hermreck Doucas-Paul Paleologos Italy CEO, Unternehmens Invest AG Executive Vice-President Members President Andrew Hanff Markku Komsi Benoît Habert Human Resources, Peter Mitterbauer Gustavo Abelenda Dimitris Papalexopoulos Roger Abravanel Partner, Roland Berger Montréal Design for Excellence Process Deputy CEO, Dassault Group Bertelsmann SE and Co KGaA CEO and Chairman, MIBA AG President, Latin America, Managing Director, Titan Director Emeritus, Manager, Nokia Solutions & Mondelez International Inc Kamal Hassan François Hériard Dubreuil Cement Company SA McKinsey & Co Networks Ralph Heuwing Florian Niedersuess Founder and CEO, IncMind President, Fondation INSEAD; Emerson de Almeida CFO and Director, Duerr Minas Tanes CEO, EWW AG Chairman, Orpar; Chairman, Members Dean, Fundação Dom Cabral Mikko Kosonen Aktiengesellschaft Chairman of the Board, Peter Kruyt Rémy Cointreau Nerio Alessandri Wolfram Senger-Weiss President, Sitra Athenian Brewery SA Vice-President, Carl Pfeffer President and Founder, Managing Director, Nestor Casado Power Corporation of Canada Mikael Lilius Claude Janssen CEO, Aluminium-Werke Technogym Group SpA Gebrueder Weiss GmbH CEO, Capital Invest Takis Theocarakis Chairman, Huhtamaki Oyj Honorary Chairman, INSEAD Wutöschingen AG & Co KG Daniel Labrecque Deputy Managing Director, Michele Appendino Carlos Cavalcante NIC.J.Theocarakis Chairman, INSEAD Patrick Kron Michael Phillips Chairman and CEO, A.M.E. Superintendente, IEL Nacional Juha Ilari Rantanen SANissan Greece Belgium International Council; Founder Advisor, IK Investment Partners President, Truffle Capital MD, Castik Capital Sarl. Ventures Ana Maria Diniz and CEO, DNA Capital President Bruno Lafont Barbara Giulia Belloni Board Member, Companhia Kari Stadigh Sebastian Reschke Jean Vandemoortele Brett Miller Co-Chairman, India Managing Director, Russell Brasileira de Distribuição Group CEO and President, Owner, Reschke Advisory Chairman, Vandemoortele NV President, Jones Lang LaSalle LafargeHolcim Services Reynolds Associates Inc Sampo Oyj President Members David Feffer Narayana Murthy Alain Miquelon Mitti Storckovius Frédéric Lemoine Wolfgang Schaefer Diana Bracco Jean-Pierre Berghmans Chairman and CEO, Chairman and Chief Mentor, President and CEO, Bourse de Head of Global Business Former Chairman of the Member of the Executive Chairman and CEO, Bracco Chairman, Lhoist SA Suzano Group Infosys Technologies Ltd Montréal Inc Operations of Mobile Phone, Executive Board, Wendel Group Board & CFO, Continental AG Imaging SpA CEO, Ackermans & Luiz Fernando Furlan Microsoft 42 Members Van Haaren NV Loudon Owen Francis Morel Peter Schuh Massimo Capuano Co-Chairman of the Board, Anu Aga Managing Partner, Maarit Toivanen-Koivisto CEO, Les Echos Group Partner, Stratfields Managing Director, Nicolas Boël BRF Brasil Foods SA Director, Thermax Ltd McLean Watson Capital Inc President of the Board, Centrobanca SpA Chairman, Solvay SA José Carlos Grubisich Filho Onvest Oy 50 51 O Luigi Consiglio Yasuhisa Fujita Dirk-Jan van Ommeren Kan Trakulhoon Manuel Ferreira de Oliveira Members Spain Jonas Berglund ur President, GEA SpA President, Toyota Finance Executive Director, President and CEO, Siam President of the Executive Yoon Chiang Boon IT Procurement Manager, C onstituencies Corporation Oranje-Nassau Groep BV Cement Public Company Ltd Commission, GALP Energia SA Chairman and Managing Members TeliaSonera AB Luca D’Agnese Director, Jardine Matheson Eduardo Berastegui Ichiro Miyake Diederik van Rappard Luis Gravito Stefano Dell’Orto (Singapore) Ltd CEO, Comunicare Online Carlo De Benedetti President and CEO, Allianz Owner, Capitalize BV Senior Partner, The Boston Senior Manager, Vattenfall AB Norway Marketing President, CIR Compagnie Life Japan Consulting Group Inc Cintia Travella D.P.M. Verbeek Claes Dinkelspiel Industriali Riunite SpA President President, INSEAD Alumni José Bogas Hiroshi Nonomiya Vice-Chairman Emeritus, Miguel Horta e Costa Chairman, E. Öhman J:or in Birger Magnus Association, Singapore Managing Director, Endesa SA John Elkann Partner, Crosspoint Advisors Inc Aon Group Netherlands Vice-Chairman of the Board, Fondkommission AB 2016/2017 ANNUAL REPORT 2016/2017 Founder and Owner, Birger Chairman, Fiat SpA Magnus R&I Banco Espírito Santo Jamaludin Ibrahim Jaime Carvajal Urquijo Ryoichi August Ueda Merel van Vroonhoven Boerje Ekholm Managing Director, President President, Advent International Guido Frisiani Member of the Board, Chairman of the Executive Members Antonio Horta Osorio and CEO, Axiata Group Berhad President and CEO, Investor AB Director, McKinsey & Co Senior Executive VP & CFO, Board, Autoriteit Financiele Christian Berg Group Chief Executive, Lloyds Leopoldo del Pino Joakim Olsson Mitsubishi Corporation Markten Senior Partner, Hitec Vision AS Banking Group Plc Khun Chatchaval Jiaravanon President, Gabriele Galateri di Genola CEO, SAG Group GmbH Member of the Board, True Estacionamientos Iberpark Chairman, Eugenie van Wiechen Egil Hogna Belmiro Mendes de Azevedo Corporation Public Company Ltd Assicurazioni Generali SpA Netherlands Managing Director, President and CEO, Sapa Group Chairman of the Board, Sonae Carlos Dexeus Sanpere FD Mediagroep SGPS SA Christina Law Partner, Altex Partners Switzerland Luca Garavoglia Presidents Siri Hatlen Group President, Asian & Latin Chairman, Wiet HM Pot Joop Wijn CEO, Oslo University Hospital Luis Nazaré America, General Mills Jorge Gallardo President Davide Campari-Milano SpA CEO, IMC Int Marketmakers Managing Board, ABN Chairman & CEO, CTT President, Almirall SA Mirjam Staub-Bisang Combin BV AMRO Holding NV Jens P. Heyerdahl d.y. Carl Correios de Portugal SA Colin Low Chair, Endowment Vittorio Giaroli Otto Loevenskiold President and CEO, Singapore Christian Gut Revoredo Management Committee, Managing Director, Neil McArthur Jan Zijderveld President, Loevenskiold- Joaquim Paiva Chaves Investment Development CEO and Managing Director, INSEAD; CEO and Co-Founder, Value Partners Management Former CEO, Arcadis NV President, Unilever Europe, Vaekeroe A/S CEO, MALO Clinic Group, Corporation (SIDC) Prosegur Compañía de Independent Capital Group Consulting Unilever NV SGPS SA Seguridad SA Members Helge Lund Azman bin Hj. Mokhtar Members Luigi Gubitosi Dirk Benschop Group Chief Executive, Fernando Pinto Managing Director, Khazanah Pedro Larrea Paguaga John Atkin General Manager, RAI President, Shell Netherlands BV North-East Asia BG Group Plc CEO, Transportes Aereos Nasional Berhad CEO, Ferroatlantica SL Member of the Board, Radiotelevisione Italiana SpA Portugueses SA Syngenta Foundation Koenraad Jacob De Heus President Dag Opedal Shanti Poesposoetjipto Juan Ramon Llorente Perez Paolo Guidelli Guidi CEO, Koninklijke De Heus Sir David K. P. Li Francisco Pinto Balsemão Senior Business Advisor, PT General Manager, Educamigos Anat Bar-Gera Chairman, Quadra Chairman and Chief Executive, Silvija Seres President, Impresa SGPS Praweda Ciptakarsa Informatika Chair, Cyverse AG Management Consulting Charles Kotting The Bank of East Asia Ltd Managing Director, Marta Malo Investment Director, TechnoRocks Pedro Queiroz Pereira H.R.H. Abdul Qawi CEO, Grupo Epelsa SL Rémy Best Francesco Loredan Gilde Equity Management Members Chairman and CEO, Semapa - Director, Supremo Management President, Fondation Mondiale Managing Partner, BC Partners (GEM) Benelux Mao-Song Chang Kristin Skogen Lund Sociedade de Investimento e Services Sdn Bhd José Oliú Creus INSEAD; Chairman, Campaign BU Director, Roche Products Ltd Director General, NHO - Gestao SGPS Chairman and CEO, Board INSEAD; Managing Paolo Merloni Carla Mahieu Confederation of Norwegian Doris Susan Sohmen-Pao Banco de Sabadell SA Partner, Pictet & Cie CEO, Ariston Thermo Group SpA Global Head Human Christopher Cheng Enterprise Carlos Jorge Ramalho dos Executive Vice-President of Resources, Aegon NV Chairman, Wing Tai Santos Ferreira Administration, YALE-NUS Fernando Ruiz Richard Bissonnet Carlo Montenovesi Corporation Ltd Jon Erling Tenvik Chairman of the Executive College President, Deloitte Senior Advisor, Quarton Chairman, Cross Border SRL Anton Rutten Board of Directors, Millennium International José Sainz Armada COO Wholesale, Rural & Retail, Kim Jung-Tai Oyvind Torpp BCP Pramukti Surjaudaja Nicola Pianon CFO, Iberdrola SA Rabobank Chairman and CEO, Senior Partner & Managing Chairman, PT Bank Georges Burki Senior Partner and Managing Hana Financial Group Director, The Boston José Maria Ricciardi OCBCNISP Tbk Private Investor Director, The Boston Feike Sijbesma Miguel Sanz Consulting Group Inc Chairman of the Executive Consulting Group Inc CEO and Chairman of the Ben Keswick Committee, Banco Espírito Sukanto Tanoto Director, SUSI Partners Veit de Maddalena Managing Board, Royal DSM NV Chairman and Managing Santo Founder and Chairman, RGE Executive Vice Chairman, Gian Luca Rana Antonio Viana Baptista Director, Jardine Matheson Ltd Pte Ltd Rothschild Bank AG Amministratore Delegato, Jacques van den Broek Portugal Alexandre Soares CEO, Credit Suisse (Espana) SA Pastificio Rana SPA CEO and Chairman of the Siu-Chuen Lau Members Oliver Tonby Patrick Firmenich Executive Board, Randstad Deputy Chairman and CEO, Dos Santos Managing Partner, McKinsey Vice-Chairman of the Board, Corrado Sciolla Américo Amorim Sweden Holding NV Hysan Development Co Ltd Chairman and CEO, Amorim Chairman of the Board, South-East Asia Firmenich SA Holding II Jeronimo Martins AD. President Francesco Starace Joost van Heijningen Michael Leung Francis Sock Ping Yeoh André Hoffmann Finn Rausing President, Enel Green Power SpA Executive Chairman, Onwel Fernando Ulrich Managing Director, YTL Non-Executive Vice-Chairman Álvaro Barreto Director, Tetra Laval Group Jan Derck van Karnebeek Group of Companies Administrator, Grupo Portucel President of the Executive Corporation Bhd of the Board, Roche Holding President CEE Region & Chief Ltd; Non-Executive Vice- Soporcel Commission, Banco BPI SA Members Japan Sales Officer, Heineken Vincent Lo Fernando Zobel de Ayala President, Givaudan SA Rolf Abdon Chairman, Shui On Group Ltd João Carvalho Talone President and COO, Ayala Members Chief Executive, Abdon Mills Cees J. A. van Lede General Partner, South-East Asia Corporation Andreas Jacobs Susumu Fujimoto Board Director, Firdaus A. Siddik Chairman, INSEAD; Member of Magnum Capital Mikael Ahlström Vice-President, MS&AD Philips and Air France-KLM Owner, PT. Jafra Mexindo President the Board, Jacobs Holding AG Founding Partner, Procuritas AB Insurance Group Holdings Inc Vasco de Mello Hsien Yang Lee John R. Slosar Annemarie Johanna van Neck Chairman of the Board, Special Advisor, General Chairman, Swire Pacific Ltd Country Manager Jose de Mello SGPS SA Atlantic LLC Netherlands, Coloplast 52 53 G Carolina Müller-Möhl USA raduating President, Müller-Möhl Group Members Eric Tveter Thomas C. Barry CEO and Co-Founder, President and CEO, C

UPC Cablecom lasses Zephyr Management, L.P. Alexander Wyss Frank Brown Partner, Baker McKenzie Zurich Managing Director and COO,

ANNUAL REPORT 2016/2017 General Atlantic LLC Graduating Classes

UK Roberto Buaron Chairman and CEO, First President Atlantic Capital Ltd John B. Singer Managing Director, Claude R. Charles Advent International President, Azur Capital Ltd

Members John Clarkeson Jack Boyer Chairman Emeritus, The MBA Class of Katherine Atherton Carlos Delrieu Daniele Francescon Chairman of the Board, Ilika Plc Boston Consulting Group Inc C December 2016 Justin Au Vincent Demassiet Mark Christopher Francis Sophie Cahen Paulo Cartucho Pereira Vivien Godfrey Alesya Averchenkova Sanyukta Bhaskar Desai Elena Fuetsch Maria Florencia Partner, Perella Weinberg CEO, MilkPEP Foad Azima Tarun Dhawan James Furnival Castagnino A Vij Dhayan Partners Frederick M. Goltz Lukas Cerno B Danielle Dias Coutinho G Vivienne Cox Founder, Hattington Capital Ali Abbas Floriane Chabert Chairman and Non- Executive Mark Christian Neil Dimal Punya Abbhi Tural Bakhshaliyev Aleksandr Chaikun Alexander Galimberti Director, Vallourec John W. Jackson Yijie Dong Lukas Patrick Abegg George Stewart Baldwin Kok Ding Chan Ciaran Galvin Chairman, Diogo Duarte Philip R. Hampton The Liana Foundation Simisola Abere Olubusola Yejide Banjo Melly Chandra Stefano Gambaro Alysson Duffles de Brito Non-Executive Director, GSK Chaitanya Adabala Viswa Olena Banna Hsing-Yu Chen Kaushik Gangiredla Tim Kingston Doga Ademoglu Mayank Mayur Bansal Nawei Chen Francisco Garnel Andrew Large Managing Director, E Francesca Admetller Shikha Bansal Jouke Gerrit Abraham Chairman, INSEAD Advisory Goldman Sachs & Co Jingchi Chen Garretsen Council; Former Deputy Navarro Andrii Bantser Yulia Chernyy Jeff Will Jan Eeckhout Alexandre Gattaz Governor, Bank of England Victor Menezes Paridhi Agrawal Madhur Bapat Xavier Cheval Peta Egan Senior Advisor, Dayana Aguillar Michel Barakat Rodrigo Eimori Marco Gazzola Charles Mackay Romain Chevrillon New Silk Route Partners, LLC Deniz Akdemir Michel Gebrael Khoury Chairman, Opera Holland Park Maxime Barbier Lam-Chi Gigi Chik Fabrice Karim El Gohary Dmitriy Gendzel Michael A. Neal Adekunle Aladewolu Ekaterina Baybus Jeongsoo Choi Marie-Thérèse El Hoyek Charles Manby Mohamed Ghanem Former Vice-Chairman, Hadi Alaghehband Tarek Bechwati Chi Tang Chow Fahd El Moujahid Advisory Director, Goldman GE Commercial Finance Abdulelah Alaskar Emmanuele Benatti Mostafa Eltaweel Nour Gharios Sachs International Ltd Hong-Lin Chu Sarah Anna Al-Bashtali Rohit Ghosalkar Julio Pekarovic Olivier Bennett Guillem Clemente Damien Engelhardt John Phizackerley CFO, Dataminr Abdullah AlRugaib Anne Benveniste Grabalosa Carlos Eduardo H Estrella Kushal Ghuwalewala Co-COO, Nomura Bank Casilda Alvarez Bernardo Betley Constance Hélène Denise Pavel Glukhov International Plc Kevin Ryan Clisson Aditya Amonkar Nandini Bhardwaj F Anchal Goel Chairman and CEO, AlleyCorp Stéphane Colle James Pike Jin An Anjali Bhide Radhika Goel John Collins Khaled Farid Senior Independent Director, John A. Thain Jesper Juul Andersen Hitesh Bhuraria Varun Goel Mahamadou Coulibaly Syed Hassan Farooq Spirax Sarco Engineering Plc Chairman and CEO, CIT Tobias Hjelm Andersen Ohad Biron Guilherme Gondo Shahrzad Farshi Tamer Antabi Arina Bobrova Shengli Gong Lord Simon of Highbury G. Richard Thoman Leonardo Fascione Former Advisor to the UK Managing Partner, Fernanda Gemir Antunes Thomas Alexander D Nicolas Gonzalez Marina Fashchilina Bossart Aleksandra Goulioutina Cabinet Office Corporate Perspectives Raquel Araujo Almeida Rayan Dawud Raphaël Felenbok Alvaro Botella Andrew Gray Priscille Arbour Rishabh Dayani Paul Skipworth Tommaso Trion Oskar Feng Benoît Bousquie Kangying Gu Piero Daniel Ardito Austin DCosta Partner, L Capital Management CEO, Monsoon Commerce Inc Tian Tian Feng Ynouye Douglas Bove Marcos Guerra Aigline de Ginestous Begona Fernandez Caso Mark Spelman David Weinstein Deniz Arik Birgit Braun Pavani Gulati Romain de Ipanema Future of the Internet, Emeritus Professor of Carla Fernandez de William Armstrong Owen Brewer Moreira Felicia Gunadi World Economic Forum Marketing, INSEAD Henestrosa Jose Arnau Lopez-Leiton Robert Brinckman Jose De La Fuente Jie Guo Pablo Fernandez Elviro Sharad Arora Pedro Brito da Cruz Hederick de Vries Siddhant Gupta Judith Finegold Tanay Arora Marie-Alix Bur Nico Dehnert Neel Gupta Xiang Jie Cyrus Foo Senthooran Arumugam Matthew Burke Karin del Rey Puech Eric Gutzwiller Xiu Ping Laura Foo Byron Ascott-Evans Samuel Burrell 54 55 G H Naoto Kawabe Chi Nga Lo Arif Nasibov R Rohan Sethi U Saqib Yasin Evgeniya Armstrong Sushant Chalipat raduating Akiko Kawamura Hanmeng Long Mohamad Nasreddine Roman Shaekhov Qi Ye Julian Artope Chantal Chalouhi Natasha Haddad Samuel Kaye Edgar López Möller Giovanni Nati Stéphane Racowski Kanira Shah Nneamaka Ubah Wenshan Yeo Vladimira Artope Carol Chan Matiar Hadimahmoodi Christos Kehagias Jacobo López Silva Ram Chaitanya Nellore Annika Rahm Ahmed Raaidh Shareef Daniel Urrutia Aik Yeoh Tan Rahul Arya Emile Chaptini Yutaka Hamano Dinackar Ravinder Jeremy Ussel C Julia Anne Kennedy Johannes Gottfried Jada Neumann Shiv Sharma Seung Hun Yoo Nikita Asthana Michail Chartoularis lasses Chittoor Ziyang Han Ian Kershaw Losbichler Rodrigo Neves Ashwin Shetty Stacey Yue Nuri Atay Maya Chdid Akanksha Rawat Sean Hanlon Rahul Kewalramani Victor Lu Ganga Nirmalkumar Lanre Shonoiki V Inci Atrek Marc Chebbo Gilbert Harrap Dunhui Luo Inês Relvas Omar Khalid Yaakov Nissan Geri Azriel Siddik Amirali Valliani Z Luiz Otavio Avelar Marisa Chen ANNUAL REPORT 2016/2017 Nicholas Rew Hamish Harten Farhad Khalid Rafique Thi Thu Ha Luong Ulf Nore Pedro Miguel Silva Ron Aviv William Chen Winnie Van Giacomo Zaninetta Camilla Emilie Haastrup- Trung Luong Hasan Riaz Varun Khanna Pedro Noronha Sanches Kunwar Singh Stephanie van Eetvelde Yonatan Avivi Yu Chen Nielsen Jad Rida Brian Zehr Arra Khararjian Tala Noueihed Hanuth Singh Isabelle Vandenbroucke Ligia Valentim Azevedo James Cheng Thomas Fitzgerald Heck Casper Roex Xieyi Zhang Michelle Khong M Diego Nouet Delgado Khushboo Singhal Marina-Laura Vasile Kai Jian Cheong Stephan Friedrich Heinz Manuel Alfonso Roman Yaohua Zhang Jia Chen Khoo Alykhan Madhavji Christopher Smith Francisco Vaz Garcia B Danilo Chiang Sebastian Heitz Jason Rosasco Ye Zhang Vikram Khosla Prateek Maheshwari O Harry Smith Julio César Vázquez Leyre Chinchilla Pecina Kay Patrick Helfenberger Jean Rouault De Coligny Yu Zhao Yong Min Bae Waleed Khoury Siwei Mai Yulia Snedkova Ayala Jeong Sik Choi Ville Heikki Filemon Chukwuedozie Okeleke Jan Rozenbaum Xiaoying Zhou Hariher Balasubramanian Hyena Kim Igor Makar Lovro Soldo Sashidhar Vemuri Rodrigue Tamga Jonathan Herlin Miyo Okuda Carmen Ruiz Pozuelo Xin Zhou Aloki Balibanu Michael Kingfield Tatiana Sologub Francisco Ventura Coelho Compaore Iban Herrerias Munduate Eevaleena Maki-Uuro Anton-Moritz Oliver Youssef Zikri Yoav Banai Thomas Rushby Vieira Alves Flavia Conrad Paul Kleinknecht Haider Malik Tiago Sommacal Markus Hetze Clémence Ollivier Andrei Ryan Julie Ziskind Patricia Bandeira Vieira Clémence Yseult Knaébel Kouame Joel Henri Sonan Amparo Villen Samuel Cooper Carlo Hohmann Andrew Manugian Solveig Oma Martino Zizioli Adwoa Nyeekua Banful Emily Ko Denis Sop Fernando Villoslada Poole Rita Corte-Real Garcia Da Xavier How-Choong Tommaso Marchese Mauro Ometto Ana Maria Zuniga Joao Baptista S Yulia Vizho Costa Pranith Kodakandla Adam Marek Eduardo Martins Spina Hailey Hu Onur Önk Giuliano Baptistella Joao Pedro Costa Pavel Kondrashev Rebeca Sa Couto Vatsal Srivastava Yijia Hu Pierre-Axel Margulies Alexander Ostanko MBA Class of Nadim Barakat Michelazzo Roza Philippa Korai Sarvesh Sah Eduard Stein W Martin Huarte Dionysios Maroulis Kacper Ostrowski July 2017 Pedro Barbosa Franco Amélie Cottin Vasilios Kottas Bonel Namir Sahyoun Andreas Guenter King Hoi Raphael Hung Luiz Martins Brittany Walcutt Cecilia Barella Beatrice Odessa Romig Strangfeld Saurav Kripalu Juan Salas Crosti Elmir Huseynov Apoorv Mathur Maximilian Waldron Pierre William Bartholin P Tyler Strombom Arjun Krishnan Martim Salgado Eduardo Cruz Alessandro Mazzarini Naheema Walji A Richard Bassil Joseph Thomas Pacilio Hemamalini Sukumar Tomas Kubis Benjamin McCabe Jose Vicente Sanchez Di Wang I Hicham Aber Emilien Louis Batouche Elena Paduraru Gavito Eric Sullivan Parikshit Kumar Phillip McIntosh Runyu Wang Youssef Abouseif Marton Bekes D Hidekazu Idonuma Arun Pai Jonathan Sanders Chang Sun Aroop Kumar Alexandre Mehrdad Tao Wang Pat Achakulwisut Julien Belliato Sophie Diane Béatrice Muhammad Usman Tiago Paixão Nirav Sanghvi Trisha Suri Karandev Kunjur Nishesh Mehta Xiaofan Wang Iftikhar Petrine Addae Cristian Benavides D Herbomez Chung-Kai Kuo Owain David Palmer Anaïs Sanglier Clara Sussmann Varun Mehta Ying Wang Scott Berdahl Clarisse da Silva Monteiro Omer Inam Arne Sanne Tatiana Sviridova Pinar Ademoglu Yulia Kuzmicheva Tal Panigel Liguori Mael Mertad Yingying Wang João Paulo Bessa Ferreira Wei Bo Iu Antonius Santoso Pawel Szerling Alperen Adikti Abhishek Pansari Rahul Dabas Dimitri Merza Yuanchen Wang Felipe Hernan Bezamat Miguel Angel Sanz Narendra Adoe Ricardo Papayanopulos Ying Dai L Emil Minzat Robin Wei Serhat Birbilen J Gomez Ortigoza Shashwat Sapre Armine Afeyan Anuj Mishra T Andre 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Othmane Boujemaoui Ravi Jose Thomas Schlingensiepen Tiago Winter Henry de Boysson Tomas Lev Samer Moubarak Minghua Nicholas Tay Marc Al-Helou Shai Bracha Tomas Petovsky Christian Friedhelm Eloisa de Castro Satomi Jujo Anirudh Mukkavilli Anna Teplan David Woo Jonathan Lexa Schoenherr Ahmad Ali Adib Alexandre Breton Teodor Peytchev Peter-Paul de Leeuw Rohan Juneja Tinashe Mukogo Rajesh Tever Guoding WU Han Li Astrid Frederike Schrader Feras Aljishi Roxanne Alicia Busschers Maria Francisca Pinho Jean Pablo De Mello Michael Selwyn Mullins Sebastião Thomaz Richard Wyborn Shang Li Christina Schramke Abdulaziz Altubayyeb Maciej Piotrowicz Alessandro Della Nina K Zeid Munir Kartik Tikku Shenggang Li Petr Sedunov Marvin Amberg Alexandra-Roxana Popa C Diana Denke John Munson Ing Zun Timothy Tiong X Katsiaryna Kachan Tao Li Yuan Segretier Kobina Amoo Gabriel Pozzer Kuhleis Weixian Cai Samiksha Dewan Tinatini Murgulia Arjun Tomar Tahsin Kadry Xinyu Li Roudy Semaan Chalhoub Wenyin Xu Manuel José Amor Livia Pozzi Stefania Calabretta Udit Dhawan Giuseppe Muroni Qinjie Tong Loureda Archanaa Kailasam Yehua Li Mitrabina Sen Khare Yang Xu Aditya Prasad Jose Cantante Viana Tommaso di Robilant Tanya Toumadj Suruchi Anand Elias Karam Crystal Ning Ai Liang Marion Senant Baptista Diego Dias Bergheim Toby Truscott Jaime Andaluz Ashwath Karpe Kathy Liang N Anaisa Seneda Y Q Javier Carinena Serban Costin Dick Vasily Tsvetkov Alexander Appel Majid Karzai Ling Lin Elena Sergeeva Tyll Naber Can Yagli Juan Pablo Castanon Dushyant Dogra Shuaul Qamar Tien-Wei Tu Andres Areitio Thomas Victor Kasper Pamela Liu Mini Nair Eduardo Serzedelo de Menendez Alexander Yanakiev Basil Ariss Luca Dotti Tavleen Kaur Catherine Lo Almeida Devesh Tyagi Chiara Cavagnino Ramesh Gopal Nair Ye Yang Nikita Dresswala 56 57 G Joshua Dreyfuss He Guo Azam Karamat Fran Loranca Barrachina Taha Naseem R Sagar Shah Vaibhav Toshniwal Marc Xu Alexander Bregman raduating Jinglu Du Zhenru Guo Stanislaw Karcz Jingwei Lou Ron Nevis Youhee Shin Erietta Tosidou Yanmei Xu Adrian Brown Simone Dutto Ashima Gupta Marc Kassatly Zhenfu Ng Chloe Raby-Roussel Noriko Shindo Maxime Toth Claudio Caballero Nikhil Gupta Nathaniel Kenninger M Yanping Ni Kathleen May Rademan Nakul Shinghal Thomas Tran Ngoc My Y Jennifer Calubad Dy Hamza Raees C Raghav Gupta Leila Khalil Jimmy Nicolas Omri Shoshan Mihai Alexandru Trisca Robin Card lasses E Ahmad Maarouf Kentaro Yanashima Luis Guzman Timur Khamitov George Nodder Mohammad Masudur Shu Shu Rusu Robert John Cazers David Eberle Ross MacDonald Rahman Shengjunjie Yang Sabeena Khan Marta Nogueira Leite Atul Shukla Svetlana Tsarichenko Muhammad Addaem Dominik Egger Laura Macedo Ammu Rajendran Sahitya Yarlagadda H Apoorve Khandelwal Pereira Bento Harkanwal Singh Sidhu Kate Tsunoda Chandran ANNUAL REPORT 2016/2017 Dahlia El Assi Philip Mader Sid Ram Emmanuel Ye Pavel Kharlamov Blaise Nothern Artur Sienczewski Antoine Chazelle Rami El Hakim Christopher Habib Tarik Madi Vishal Ramakrishnan Batu Yigit Inna Khlon Hugo Silva V Yung Chai Chew Rami El Mir Alice Hahn Andreas Maertl Phyllis Yip Deepak Ramamurthy Anton Chilton Kunlanan Khunwong O Quint Simon Dimitri Vaharis Hassan Eldesouky Tatsiana Haidzinskaya Kiana Maggiolo Rachana Ramchand Joe Younes Andre James Klaus Isha Singh Kee Min Chin Sami Ergin Tomasz Hajduk Dimitri Magiakos Erik Obermayer Naveed Vakil Muzi Yu Shaan Rauniyar Aditya Chitharanjan Maria Klimko Hiroko Okamura Siddharth Singhal Sravya Vallabhaneni Michael Eskander Bassel Hakoura Archis Mahajan Roshni Reddy Igor Kljujic Wanpiya Sinthuvanich Hyunwook Cho Xu Han Chaya Maheshwari Rodrigo Olaechea Rob van der Meer Jaime Rego Cavero Z Sarah Cooper Vladimir Klimov Jorge Luis Ordonez Prithvi Sisodia Pieter-Jan Van Haute William Handjaja Naman Maheshwari Ofer Reish F Hussein Zaazou Sonny Wilkens Dahl Tomasz Radoslaw Ido Oren Bilal Skaf-Halaby Laurens van Hees Shuai Hao Swapnil Maheshwari Gregoire Pierre Marie Nicolas Faber Kluczek Gerasimos Skaltsas Aric Zhang Grace David Laura Heely Nicholas Manske Robert Orr Wencesla Renard Lindsay Van Landeghem Gregory Faitas Mehmet Kocak Stepan Smirnov Di Zhang Florent de Salaberry Philipp Hein Natalia Maslicov Hazal Osken Siobhan Richards Samuel Vandewaeter Abdul-Rahman Fakhouri Olivier Leon Konig André Gil Soares Campos Yuxi Zhang Nathalie Donne Sammy Hejazi Jay Mason Stanislaw Ostoja- Julio Rizk Jacquelyn VanOs Rong Fan Rutger Koning Starzewski Karsten Bernholm Marc Zhuang Isabelle Dresco Thomas Hiriart Helena Mateu Christopher Robbins Aksel Vansten Sharon Hsin-Wen Fan Gabriela Kosasih Sorensen Juliana Zibilianu Konstantin Drozhdin Stuart Hoddinott Louis Mather Robert Rode Archi Varma Tony Feghali Kenneth Kou Anna Spyrzynska Eliza Malgorzata Zisopulu Matthew Dugaro George Howe Ivana Matuskova P Colin Rodrigues Ivaylo Vassilev Christopher Feliciano Thouk Koukoulios Iana Stantieru Mario Zotes Jean Durand-Ruel Yee Huang Filippo Mazzetto Andrey Pak Mathieu Romary Divya Vasudeva Fabrizio Ferraro Lada Kravcenko Celine Stein Sherif Elgemei Freda Hubert Alexander McClarty Marina Palermo Franco Alexis Roque Martin Vera Edoardo Frangi Linda Kunecova Savvas Stergiou Global Wissam El Massih Ellen Hutsebaut Margareta McConnell Jackson Pan Francisco Roque do Vale Caroline Veys Wai Kwun Kung Shira Stites Hannes Engelstaedter Maxime Freyss Alves da Silva Executive MBA Johnson Hwang Keri McDermott Spiros Panagiotatos Christian Vezjak Lucas Stoops Stephane Espagnet Kei Furukawa Daniela Rosa Class of 2017 Jonathan Medalsy Matthew Paone Amogh Vidwans Artem Strokov Jonathan Fancher L Angela Rouse Ketan Mehta Kunali Parikh Roshan Vijayakumar I Petrus Johannes Strydom Adib Abou Jaoude Arndt Fauser G Jean-Jacques Lafon Maria Therese Boniface Lorenzo Villa Kemal Arcan Menguturk JaeBum Park Damilola Adeola Adisa Zehra Ijaz Roxas Syed Sadaf Sultan Pascal Ferrari Ben Lai Kaushik Sriram Esenam Gakpo Henri Menier Roy Park Andreas Aepli Stephen Isaacs Vinay Suri David Peter Forman Ishita Lamba Viswanadha Mikey Gallant Amine Menouni Vladimir Parkov Samir Afalli Alina Islam Vladimir Svintsov Jessica Fracassi Gyozo Lantos S Joshua Von Fange Aditya Ganesh Daniela Mesalles Priyam Patel Amol Aggarwal Berrezaie Justyna Swiatkowska Panita Vongkusolkit Sonum Garg Alex Michael Lawrence Matt Michel Shilen Patel Filippo Sabbion Daniel Szabo Sébastien Alanon Benjamin Gajkowski J Alexandre Le Cann Oleksiy Garmash Laurent Michiels Manu Pathak Luís Sacadura Saleem Alblooshi Julia Galina Kuok Howe Lee W Oreste Gasparro Elise Jacques Jan Mier-Jedrzejowicz Pratyush Patil Raza Said Georges Adjibola Ale Saskia Gentil Nathan Tze Hong Lee T Igor Gavrilovic Arnav Jain Benjamin Mikkelson Nicholas Patocki Abhinandan Saini Willard Walker Raed Al Nazer Amol Ghattargi SahngJoon Lee Kamal Tak Lukasz Gaweda Nicolai Jakobsen Yerlan Minavar Kelsey Pegden Timothy Salak Alex Wang Amro Al Qubaisi Miriam Yamina Ghomchi Zachary Lee Maurizio Talarico Egor Gazarov Joao Jalles Sharjeel Ejaz Minhas Aishwarya Pendurti Jad Saleh Hong Fei Wang Rizwana Altaf Assma Ghsaibat Amelie Lefebvre An Tan Lina Gedvilaite Damian Jastrzebski Yu Mizushima Giampiero Pesenti Pedro Salema Garcao Mengxiao Wang Benjamin Anderegg Alicia Sofia Gomez Hao Lei Castro Henriques Chen Tang Efstathios-Paris Shreyans Jha Juan Mateus Moitinho Paul Peyrucq Peng Wang Olivier André Puternicki Georgoudis Cheng Yuen Leong de Almeida Aymeric Salley Xiaoxiao Tang Alice Bochao Ji Pierre Pharaon Victor Weisberg Pascale Anglade Gonzalo Gonzalez Vlad Gheorghiu Ivan Li Jose Moreira Marcelo Santiso Martinez Pongpunt Tantijunyakul Hwansoo Joo Ee Hui Phoa Yimin Weng Alexandre Arnon Markus Graeber Maria Georges Ghostine Ning Li Julien Moretton Sagar Sarbhai Hélène Marie Anne Tarissi Jordi Jurnet Sastre Hien Thi Thu Jenny Phung Thomas Whitelaw Sakeenat Bakare Michel Grebenikof Artem Gimadiev Pan Li Miguel Moura Dmitriy Savchenko Giovanni Tassini Balakrishna Pillai Willemijn Witteveen Fernando Barata Russo Edouard Griveaud Elena Giusti Xu Li Kazi Mofrad Muntasir Philip Karl Fredrik Saven Paul-Frederick Taylor K Arseniy Prishchepa Anson Wong Mikel Beitia Larranaga Faiz Akbar Habib Marijn Goemans Saad Sayeed Yi Hsuen Li Damu Murti Anukriti Puri Thomas Teixeira da Mota Jia Wong Cynthia Haddad Abou Mariam Kaan Georges Bejjani Borja González Alexander Schachner Khater Yilong Li Ahmad Fazril Mustapa Adrian Pusz Lukas Thalhammer Mateusz Wozniak Dmitry Kalachev Karim Benaissa Jonas Gossler Omer Schloss Nordine Hadi Agnes Lie Meena Muthuraman Leopold Thomassin Edie Wu Kirill Kalinkin Brice Berrard Noah Grade Kailing See Julien Haure Jacinta Lim Andre Tibyrica Jeff Wu Claudia Franziska Kampel Q Mykola Bezkrovnyy Christian Grosse Kareen Lim Vanessa Seip Constantin Tillmann Annabelle Helps N James Wyse Nitin Bhargava Wonho Kang Angelo Qiu Patrick Gruenewald Andrew LIN Maksim Semenkov Eser Tireli Matthias Max Hess Askold Birin Pranjal Kanwar Marwan Nadda Shuyan Qu Tong Gu Yi Liu Ji Eun Seo Ovidiu Tisler Christian Hill Lucia Blanco Vaibhav Kapoor Tatsuya Nagata Alessandro Quintarelli X Linda Guemne Jouonang Yiwei Liu Pawel Seweryn Daniel Toledano Shiau Chuen Hng Tom Blyweert Rohan Kapur Paulo Nakamura Shihui Xiang Pierre Guerin Giulio Longoni Hila Shabtai Leilei Meng Xin Tong Wilbur Ho Denizcan Karadadas Hisham Naseem Milena Bowman Zohaib Gulzar Chaitanya Rajiv Shah Gang Xu Philippe Hoeblich 58 59 G Christina-Sibylle Hoferdt Nirmal Mull Seth Townsend Lin Xu Naomi Sedney Alliances and Partnerships raduating Jonathan Howard Abdur-Raheem Mungrue Marcelo Trimboli Wen Zhang Violetta Shatilova Xing Hu Anand Sethumadhavan Jean-Emmanuel Turquois Guanghua Zhou Rainer Sichert Sung Ho Hyun Nair Sophie Van Dijk Alice Sieger

The Wharton School of the University of Pennsylvania C Mario Neves Imoh Alfred Idem Nicoline van Leersum Executive Master Ulli Silaba in Philadelphia and San Francisco, CA, USA lasses Sebastien Jacquet Kok Seng Adam Ng Rogier Theodoor Van in Consulting Kok Sing Song MBA exchange programme Paul Janssen Lars Oestergaard Nielsen Willigen and Coaching Afke-Anne Slager – launched in 2001 Nicolas Jarrosson Vladyslav Oliinyk Kartik Varma for Change Snjezana Spaijic ANNUAL REPORT 2016/2017 Hady Jerdak Andrea Orlando Sivakumar Viswanathan Class of 2017 Bjorn Victor Svensson Tsinghua University School of Economics and Management, Boby Johnson Adrian Ow Daniel Weber Iffet Türken Riho Alas Damon Johnson Shubhojit Pal Sook Lin Wong Wouter van Essenberg Beijing, China Saud Alsulaiman Joshva Martto Joseph Padmini Pandya Hong Xiao Tim Veil Dual Executive MBA programme Ibtisam Al Riyami Jeyabalan Bingxin Pang Umit Yaldiz Geert Vercaeren – launched in 2006 Rafael Altavini Dorejd Kastrati Alejandra Pardo Najlaa Yassine Arpana Vidyarthi Beatrice Bähler Zensen Hirokazu Kato David Perez de Albeniz Jerome Wee Hong Yeo Maria Constance Vieco Sorbonne Université, Paris France Violaine Beix Ginzburg Roohi Khan Emmanuel Pillai Yasar Yilmaz Anna Viegener INSEAD is a founding partner in the multi-disciplinary Una Blumberga Moustafa Khater Sören Plaugmann Yu Zheng Bala Vissa Sorbonne Université Regina Brand Elena Khisamova Oleksii Pogorelov Mikhail Zotov Defne von Krogh – launched in 2012 Janine Chamberlin Patrick Koller Marie Bernard Poulin Marc André Wanderer Nancy Chen Tadatsugu Konoike Anup Rajan Tsinghua-INSEAD Shuhong Wang Fundação Dom Cabral, Brazil Chye Hou Ching Alexey Kononov Reshmi Rajendran Executive MBA Christiane Wenckheim Rafael D’Andrea Executive Education programmes Denis Kurganskiy Mohana Radha Rajoo Class of 2017 Andrea Wilke Johanna Daunan – launched in 1990 Johan Woo Kvandal Prashant Rampal Quan Yuan Stefano Adami Sarah Egan Peter Georg Laube Hanzala Rangwala Dennis Martin Zamora Wai Man Cheng Poh Seng Lee Brock Reynolds Orly Eitan Johns Hopkins School of Advanced International Studies Virak Chhuor Marco André Ferreira (SAIS), Washington, D.C., USA Eric le Forestier Racha Sahly Master in Wencui Du Jean-Christophe Le Guen Gaurav Sanan da Silva Finance Dual Degree MA and MBA Wei-sheng Duan Nathalie Flandre Mel Licker Leonard Sands Class of 2017 – launched in 2011 Fei Gao Benjamin Toh Onn Ling Romain Sarrut Lionel Frankfort Miguel Garcia Represa Linda Loh Raphael Nicolas Schmid Luc Haegemans John Paul Antico Teachers College at Columbia University, Lai Gu Alex Loucks Vantroost Peter Harold Bevis Chen New York City, USA Giancarlos Serafini Tommy Hong Felicia Henderson Kazuko Michael Lowe Joan Chen Dual Degree MA and MBA Yogesh Seth Yousef Hussein Hirata Nadiya Lubnina Shameem Eshragi – launched in 2014 Xufeng Jiang Sirpa Ikola Tarun Mago Salman Mustafa Shah Emre Goltepe Shu Jie Edwin Lim Gang Ji Ans Mahmood Sachin Sharma Zach Gostout Meng Liu Cecilia Juhlin Kellogg School of Management at Northwestern University, Luidi Maia Madan Siva Prabhu Jaewoo Jung Jacobus Jan Martinus Pinar Kalay Illinois, USA Fritz Maier Randolph Xiyun Song Dokyun Kim Maasland Himanshu Karla MBA exchange programme Dmytro Makarenko Puneet Sood Keith Kim Yann Christian Paul Julius Koh – launched in 2010 Boris Spassky David Lam Ferry Malvinas Marvin Florian Kraft Boleslaw Stawicki Ethan Lim Jens Mani Louise Poh Welmoed Kronemeijer Miljana Stojanovic Jing Lin China Europe International Business School (CEIBS), Julien Martel Riana Ramahandridona Rohit Kumar Thejas Sudhir Raymond Liu Shanghai, China Marco Mauri Patrick Reijnders Tessa Lehman Wei Sun Cameron Mclean Gerard McHugh Renaud Semin MBA exchange programme Yuen Liang Lee Lalit Suryawanshi Aslanbek Nachoev – launched in 2013 Sophie McMurray Lingyun Cathy Shao Evelyn MacLean Steffen Syvertsen Leif Nilsson Emma Lucila Michahelles Danny Soh Adam Markus Barreno Kaewta Tachamahachai James Oberholzer Kai Strohbecke Global Network for Advanced Management Mette Matthiesen Devika Guillaume Millereux Han Wee Tan Maxim Ogarenko Sabrinna Tang Mohanty One of 29 members to the Yale School of Management-founded alliance Steven Mintey Kenneth Tan Murat Oztop Bianca Teti Hilton Nathanson – launched in 2012 Boris Mirkin Yaw Tan Saloni Prasad Levenza Sui Chien Toh Miguel Noguerol Martinez Kim Moelholm Devan Raja Sekhar Merilyn Tassell Emmanuel Triomphe Tatavarthy Cathalijne Oudijk Daniel Monnet Adam Watson Christophe Van Ngoc Ty Colin Hoe Kiat Tay Kerstin Press David Pierre Francis Songjie Yeo Edward Wang Montillet Davis Thekkath Jon-Paul Pritchard Yuri Yoshioka Wang Hou Joseph Barbora Moring Jo Thompson Fabio Rosé Sean Zhang Andrew Wei Desire Mouanga-Biayenda Mykhaylo Timonin David Sancho Daniel Chi Yan Wong Hendrik Schwartz 60 ANNUAL REPORT 2016/2017

Project Director Axel Tagliavini

Editor Maureen Murray

Writer Elin Williams

Project Manager Robert Loxham

Creative Agency Perfect Day perfectdaylondon.com

Principal Photography Richard Davies

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