Annual Report 2014
The Leading International Network for Management Development Message from the President 02
Message from the Director General 03
Section 1: 2014 Highlights 04
Section 2: Quality Services 06
Section 3: Network Services 10
Section 4: Development Services 24
Section 5: Publications 40
Section 6: EFMD Membership 44
Section 7: Governance 48
Section 8: EFMD Team 50
Section 9: Financial Statements 2014 54
Section 10: Auditors Report 60 Section 4: Development Services 24
Section 5: Publications 40
Section 6: EFMD Membership 44
Section 7: Governance 48
Section 8: EFMD Team 50
Section 9: Financial Statements 2014 54
Section 10: Auditors Report 60
www.efmd.org Message from THE President
Dear EFMD member, The community that supports EFMD has 2014 was another strong year for EFMD. grown into a worldwide body that EFMD The engagement of the network in is very proud to serve. We thank you for conferences, seminars, accreditations, your continued support and trust in the cases and publications is at the highest network. level we have seen and for that we are Finally, I would like to share a great very thankful for the ongoing support personal success for Eric Cornuel, as offered to EFMD by the membership. in December 2014 he was awarded I think the key word across all sectors the National Order of the Legion of in 2014 was “disruption”. What does Honour by the President of the French that mean for our businesses and Republic. The Order, which is the highest organisations and what role is “social decoration in France, recognises his media” going to play in our day-to-day eminent merits in the area of higher lives? education, research, leadership and the development of EFMD into one of Both questions are very valid but I really the most important global education do sense a changing mood in many networks. It is a fantastic honour for Eric sectors and particularly in education, and EFMD that is richly deserved. where things likes MOOCs are now seen as a valuable addition to the portfolio of I congratulate Eric Cornuel and his team services a school can offer rather than a for all their ongoing hard work and threat to our very existence. professionalism and another successful year. The same can be said for social media – yes people are now wonderfully connected but is it very “social”? I do not think it is. While the online world has a great deal to offer people, personal meetings, sharing and interaction with each other is a vital component of life and is the cornerstone of EFMD and its values. Alain Dominique Perrin President
EFMD ANNUAL REPORT 2014 : MESSAGE FROM THE PRESIDENT
2 Message from THE Director General
Dear EFMD member, EFMD and the network are well I am very pleased to report that 2014 was positioned for the years ahead. another successful year for EFMD and However, I do think our whole industry the international network. People are at needs to reflect on the purpose, value the heart of EFMD and your commitment and legitimacy of our business schools and support for the work we do is very and other institutions. I also strongly feel rewarding for all of us who have the that individually and as a community, we privilege to work for EFMD. should be more vocal about our positive impact and the enormous value for During 2014, a record number of people society that our organisations bring. (over 2,500) took part in EFMD activities and events, joined Peer Review Teams, Many of the world’s great challenges and contributed articles and cases. I are linked to a lack of leadership and always find great pleasure in attending management. Our role in helping EFMD events to see the network in to develop and inspire students, action: warm and generous hosts, great entrepreneurs, innovators, generate new speakers, the sharing of ideas, and the ideas and insights, and foster employees value of networking and making new with a sense of purpose and well-being connections. at work is as important as it has ever been. We must continue to be a voice The year saw a milestone anniversary for for the importance of management one of EFMD’s most successful projects, education and development around the the celebration of the 20th anniversary world. of the establishment of CEIBS (China Europe International Business School) in Shanghai. Thirty years ago, EFMD took its first steps in China when the European Commission approached us in 1984 to develop and implement a two-year full-time modular MBA programme. The founding of CEIBS came 10 years later. I Prof. Eric Cornuel think our society often forgets that things Director General & CEO, EFMD take time, hard work and commitment but what has been achieved at CEIBS over the last two decades is remarkable.
EFMD ANNUAL REPORT 2014 : MESSAGE FROM THE DIRECTOR GENERAL
3 01
Highlights An Engaging Place to Work – New Corporate SIG 2014 Representatives from Allianz, Alstom, Baloise, Mazars, Merck/ MSD, Pirelli, Raiffeissen Bank First EPAS Accreditations in International, Repsol, Swiss Re, UBS Indonesia and Latvia and UniCredit explored strategies surrounding building the “workplace EFMD awarded EPAS accreditations of your dreams”, at this new EFMD for the first time to programmes in Corporate Special Interest Group Indonesia and Latvia
EFMD Corporate Services EFMD Counts Record Numbers Webinars – Bridging the Gap at Events! EFMD’s successful run of webinars EFMD saw a high appreciation from dedicated to companies and the network for several of its events, Learning & Development providers evidenced by the record number of proved to be an excellent bridging participation. These events include activity the EFMD Annual Conference, EFMD Conference for Deans and Directors General as well as the EFMD Entrepreneurship Conference High Interest in QS Accreditation Seminars and Information Sessions Successful Kick-off – EFMD More than 400 participants (ESMU) Humane Winter School appreciated the in-depth guidance and insight into the different levels of EFMD Programme accreditation processes This collaboration, which was a valuable experience to participants, develops the leadership potential of senior university administrators First EQUIS Accreditation in Egypt Egypt joins the growing body of countries where EQUIS accredited schools are located
HIGHLIGHTS : 2014
4 Global Focus Edition in Spanish EFMD launched a Special Issue of EQUIS – the Gold Standard for Global Focus in Spanish titled, “La conexión correcta?¿Qué quiere el Business School Accreditation mundo empresarial de las escuelas Della Bradshaw from the Financial Times de negocio?” acknowledged that the gold standard for business school accreditation is a 5-year accreditation from EQUIS
Volume 2 – EFMD’s 40th Anniversary Book
The second Volume of EFMD’s 40th EFMD Director General & CEO Anniversary book, Promises Fulfilled and Unfulfilled in Management Receives International Recognition Education: Securing the Future of EFMD was pleased to celebrate in 2014, the Management Education Competitive recognition bestowed on Eric Cornuel for his Destruction or Constructive leadership efforts in the field of management Innovation, was published in education. He was awarded the French January National Order of the Legion of Honour as well as the John J. Fernandes Strategic Leadership Award
Record numbers for Outstanding Doctoral Research Awards The number and quality of entries 45 EFMD Projects in 52 for this award continues to improve Countries with a record 495 entries from 77 countries received By the end of 2014, EFMD has been involved in over 45 projects creating consortia with more than 280 partners from universities to associations and networks, Increased Membership Growth Outside covering 52 countries in four Europe continents. EFMD welcomed an increased number of new members from Asia, Oceania-Australia, North America, South America, Africa and MENA, which reinforces its global development strategy
HIGHLIGHTS : 2014
5 02
Quality Services INTRODUCTION
EFMD Quality Services (QS) continued its In the course of 2014, the QS team portfolio strategy during 2014, offering organised a wide range of other events, business schools the differing quality attended by over 400 participants, improvement processes – EQUIS, EPAS to bring business schools and other and EDAF. stakeholders up to date on EQUIS, EPAS The QS Annual Meeting, part of the EFMD and EDAF: Conference for Deans and Directors • Two-day EQUIS/EPAS Accreditation General in Gothenburg, Sweden, in Seminars focusing on in-depth January, detailed the current status of understanding of the processes, EQUIS, EPAS and EDAF. This included criteria and schools’ expectations updates within the EFMD accreditation – 20–21 March, hosted by EDHEC and development services such as Business School, Paris EQUIS revised policies on Multi-campus Operations, Collaborative Provision and – 14–15 October, hosted by Imperial Major Institutional Changes; inclusion College Business School, London of the Ethics, Responsibility and – 25–26 November, hosted by Sustainability (ERS) dimension in EPAS Thammasat Business School, assessment criteria; and the decoupling Bangkok, in collaboration with of the mentoring aspect from the EDAF EFMD Global Network Asia evaluation exercise. • Quality Services Information In June 2014, QS organised a Roundtable Sessions and half-day Seminars on New Technologies and Accreditation – 13–15 April, at the EFMD Conference during the EFMD Annual Conference in in the MENA Region, Marrakech, In the course of 2014, Vienna. This resulted in the establishment hosted by HEM – Institut des Hautes of a Task Force on Technology Enhanced the QS team organised Etudes de Management Learning (TEL) and the introduction of a wide range of events, TEL-related assessment criteria into the – 27–29 April, at the first EFMD attended by over 400 EQUIS and EPAS Standards and Criteria. Global Network Americas Annual Conference, Sao Paulo, hosted participants by Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas – 13–15 October, at the EFMD Conference on Undergraduate Programmes, Richmond, Virginia, hosted by Robins School of Business, University of Richmond – 3–5 November, at the joint EFMD and Global Business School Network (GBSN) Africa Conference, Barcelona, hosted by IESE Business School
QUALITY SERVICES : INTROdUCTION
6 Quality Services EQUIS
The pilot phase of the EQUIS Special Re-accreditation (SR) process concluded in 2014. A total of 13 schools went through this process and all gained a five-year EQUIS re-accreditation. This alternative path to regular re- accreditation – only available to schools that have been EQUIS-accredited for at least three consecutive periods of five years – is now permanently offered. Schools have generally welcomed and accepted SR. The focus will remain on evaluating progress on development objectives and future strategic options. Schools also have the opportunity to focus on specific areas of strategic development. Further guidance on the structure and contents of the shortened Self- Assessment Report will be provided. A final debriefing with school deans has become a formal part of the process. EQUIS organised a record number of 51 Peer Review Visits between January and The EQUIS Awarding Body (AB) granted • ESC Rennes School of Business, France December 2014, including five SR visits. initial EQUIS accreditation to 12 new • KEDGE Business School, France EQUIS Committee meetings in March, schools during four meetings in February, June and November declared 10 schools June, October and December. The • NEOMA Business School, France eligible to enter the EQUIS process. These schools are: • Frankfurt School of Finance and new schools are from Australia, Belgium, • Faculty of Economics and Business, Management, Germany Brazil, China, Germany, Nigeria, Poland, KU Leuven, Belgium • Faculty of Economics and Business, Portugal and South Africa. • EBAPE – Escola Brasileira de University of Groningen, Netherlands Administração Pública e de Empresas, • Saïd Business School, University of FGV – Fundação Getulio Vargas, Brazil Oxford, United Kingdom • Business School, University of • Krannert School of Management, International Business and Economics, Purdue University, United States China The AB also granted re-accreditation to • School of Business Administration, 44 other schools in 2014. By the end of Southwestern University of Finance 2014, there were 152 EQUIS-accredited and Economics, China schools in 40 countries. • School of Business, The American University in Cairo, Egypt
QUALITY SERVICES : EQUIS
7 Quality Services EPAS
The EPAS Team organised 32 Peer ongoing discussions at EFMD on the The Committee also discussed some Review Visits between January and introduction of the new EFMD Gateway areas of continuous development December 2014 and reviewed 42 for Accreditation Service (EGATE). This in the EPAS operations, such as the programmes, of which 12 were new. is an advisory service designed to assist interpretation of EPAS Standards and The EPAS Committee considered institutions in achieving either EQUIS or Criteria by Peer Review Teams, and new applications in January, May and EPAS accreditation. managing the EPAS Reviewers pool in September and declared 18 programmes The Committee was informed about a the long term. from 14 institutions eligible. new EFMD Task Force on Technology The EPAS Accreditation Board (AB) During a face-to-face meeting in Brussels Enhanced Learning (TEL), which was met in February, May and October and on 24 September, the Committee recently created to look into the role of considered 42 programmes from 31 received an update on EPAS and general technology in programme delivery and institutions. It granted accreditation QS developments, in particular the its impact on the quality standards of to seven new programmes from five teaching and learning. institutions as follows:
EPAS newly accredited programmes
TUM School of Management, Higher School of Finance and Technische Universität München, Management, RANEPA, Russia Germany Master of Science in Financial Bachelor of Science in Management Management and Technology Sheffield Business School, Sheffield Faculty of Business, Binus University Hallam University, United Kingdom International, Indonesia MSc International Business Bachelor of Economics in Accounting Management
RISEBA – Riga International BSc Programme set: School of Economics and Business BSc (Hons) Hospitality Business Administration, Latvia Management, BSc (Hons) International Professional BA in European Business Hotel Management, BSc (Hons) Tourism Studies Management Professional Master in International Business
QUALITY SERVICES : EPAS
8 Binus University International and Riga International School of Economics and Business Administration were the first institutions to receive EPAS accreditation in Indonesia and Latvia respectively. The AB also granted EPAS re-accreditation to 29 programmes from 23 institutions. By the end of 2014, EPAS had accredited 84 programmes from 63 institutions in 29 countries. Following the success of the first two- day EPAS Advanced Accreditation Seminar in 2013, a second edition was offered in June 2014 following the same executive education format. The seminar provided in-depth guidance on how to complete the different stages of the EPAS accreditation process. It allowed participants to gain detailed insights on how to compile a Datasheet and a Self- Assessment Report, how to organise an effective Peer Review Visit, and how to manage the post-accreditation phase including the writing of Progress Reports. Feedback on this new offering was again extremely positive and the seminar will become a standard offering.
By the end of 2014, EPAS had accredited 84 programmes from 63 institutions in 29 countries
QUALITY SERVICES : EPAS
9 03
Network Services Corporate Services
Despite a rather difficult business climate Corporate Learning during 2014, EFMD Corporate Services Improvement Process successfully refreshed existing offers and continued its innovation drive with (CLIP) and Sharing Best an entirely new offer – the Strategic Practice (SBP) Workshops Learning Review (SLR). Core CLIP Community – the extended Based on the success of the Excellence CLIP Steering Committee in Practice scheme and Executive Development Conference, increasing In 2014, Mazars and Repsol joined the synergies are emerging between CLIP Steering Committee. Corporate Services and the executive development arms of business schools, CLIP Steering Committee which could pave the way for more joint meeting / 20 March initiatives in future. Hosted by UniCredit, Torino, Italy As a key milestone in the documentation Roundtable session on the “Evolution of of good and best practices, the third the Executive Development Eco-system: CLIP research report demonstrated the Exploring Opportunities for Corporate unique expertise of EFMD in the field of Learning Departments”. corporate learning and development. With the Special Interest Group focusing The third CLIP research Sharing Best Practice CLIP on employee engagement, EFMD report demonstrated Workshop / 21 March continued its drive to understand not Hosted by UniCredit, Torino, Italy only current best practices but to identify the unique expertise emerging “next practices”. Theme: “Aligning the Three E’s for of EFMD in the field of Maximum Learning Impact: Experience, corporate learning and Exposure and Education”. development The host introduced an innovative open design for the workshop, with key internal stakeholders of the learning eco- system sharing their experiences on how informal learning has had a measurable impact on the company’s performance. Panellists included senior HR and CLOs from CISCO and Bank of Austria.
NETWORK SERVICES : CORPORATE SERVICES
10 CLIP Steering Committee Meeting Renewal of CLIP Quality Assurance CLIP Research Report / 16 October Committee The third edition of the CLIP Report, Hosted by CapGemini, Paris Les Following a review of the nomination Quality Improvement in Corporate Fontaines, France process, the committee was renewed in Learning Organisations was published Roundtable on “Next Generation March 2014 and is currently composed of and distributed to EFMD corporate Learning – Learning Trends and Booster” the CLOs from ArcelorMittal, Capgemini, members. This document shows how by experts from Capgemini Next EDF and Novartis. the CLIP-accredited companies have Generation Learning Lab. successfully been approaching learning CLIP Accreditation and and development challenges. Re-accreditation Sharing Best Practice CLIP The 70 examples are organised under Workshop / 17 October Capgemini Corporate University was five main headings: Contributing Hosted by CapGemini, Paris Les granted CLIP re-accreditation in June. Strategically; Integrating People Fontaines, France Mazars went through CLIP accreditation Processes; Positioning the Learning Organisation; Designing Learning Theme: “Capability of the Corporate in December and was granted five-year accreditation. Services; and Sequencing Learning Learning Function to address Major Initiatives. Business Issues”. CLIP Quality Standards and Criteria This theme was illustrated by Capgemini 2014 www.efmd.org and the collaboration it has between its A Task Force – composed of CLOs from university and consulting practice on ArcelorMittal, EDF, PSA and UniCredit Digital Transformation. In addition to a – reviewed the CLIP quality standards deep dive into the Capgemini case, CLOs in order to bring them in line with new from Salesforce.com, Santander and developments in the profession and to Siemens shared their experiences. integrate the key findings generated from different EFMD Special Interest Groups. The final 2014 version of CLIP Quality Standards and Criteria was distributed during the CLIP Steering Committee in October 2014.
2014 CLIP Report Quality Improvement in Corporate Learning Organisations
NETWORK SERVICES : CORPORATE SERVICES
11 Network Services Corporate Services
Strategic Learning Review Special Interest Group (SIG)
(SLR) ‘An Engaging Place to Work’ With its wide experience in the area This new SIG started in the autumn, of quality assurance for both business with 11 leading companies exploring schools and corporate learning strategies to build the “workplace of organisations through the EQUIS and your dreams”. The goal is to advance the CLIP accreditation systems, EFMD is critical field of employee engagement drawing on this experience to offer a by creating a menu of “best practices” “six-point check-up” diagnostic service and jointly developing innovative “next that allows a Corporate Learning practices”. Organisation to take stock of the strategic The SIG group is composed of effectiveness of its operations and hence representatives from Allianz, Alstom, of its impact within the company. Baloise, Mazars, Merck/MSD, Pirelli, Combining a rapid self-assessment Raiffeissen Bank International, Repsol, methodology and a one-day on-site Swiss Re, UBS and UniCredit. Following visit by an EFMD team, the resulting a round of individual interviews with all evaluation will highlight areas where members over the summer, the group the Corporate Learning Organisation met at UBS (Zurich, Switzerland) on 3–4 is performing effectively and areas November. where fundamental problems may need to be addressed. The process is designed to provide a roadmap for future development.
NETWORK SERVICES : CORPORATE SERVICES
12 Corporate Events in Future Series Webinars
Singapore During the first half of the year, three “Future Series” webinars were delivered EFMD and CLIP Special Session at to share the key outcomes of the EuroCham HR Committee “Leadership Development 2.0” SIG with On 19 September, 35 representatives the larger community. from global companies, major business Capgemini Consulting also delivered two schools, executive education centres and webinars in July and September on the consultancies attended the EuroCham topic of “Emerging Trends in Social and event. Digital Transformation and their Impact Eric Cornuel, EFMD Director General & on the People Agenda”. CEO spoke on “EFMD Trends and Issues The Excellence in Practice Award 2014 of Management Education in a Changing winners (gold and silver) presented their World”. L&D impactful initiatives through seven Siemens’ Global Talent and Sourcing webinars organised from November 2014 Director shared the learning experience to January 2015. that the company acquired through the CLIP process. Companies at EFMD CLO Roundtable Executive Development A special EFMD briefing session took Conference place on 17 December at the CLO The EFMD Executive Development Roundtable hosted by AXA in Singapore. Conference hosted by the University of Nine CLOs from major global companies St Gallen, Switzerland, on 1–3 October attended the session. attracted a diversity of participants, not only business schools but also alternative providers and company L&D representatives. The EFMD Excellence in Practice Award (EiP) winning cases were presented during the conference through an open space format. Further details on this EiP Award can be found on page 22.
NETWORK SERVICES : CORPORATE SERVICES
13 Network Services Business School Services
EFMD Business School Services broadened its focus in 2014 to offer a wider range of events worldwide, enrich content material and provide greater opportunities for networking. Nearly all events registered an increase not only in the number of participants but also in the variety of countries represented. Examples include the EFMD Entrepreneurship Education Conference (Babson College, Boston, USA), the EFMD Conference on Undergraduate Programmes (Richmond, USA), the first module of the 7th International Deans’ Programme (Hong Kong) and the EFMD MENA Conference (Marrakech, Morocco). As in previous years, the EFMD Annual Conference and the EFMD Conference for Deans and Directors General were very successful with a record number of participants, the highest numbers of all EFMD events.
Catering for an additional target group within the EFMD network, the EFMD (ESMU) – HUMANE Winter School is a new activity that aims to develop the leadership potential of senior administrators by making them fully aware of the importance of integrating academic matters with finance, human resources and ICT in the elaboration of a university strategy as well as the meaning of strategic management in a European context.
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
14 Membership feedback shows that participants appreciate the networking and the opportunity to interact with peers from different cultural backgrounds. EFMD takes this into account during the design of conference programmes by developing interactive session formats that stimulate exchange and discussion. In addition, the use of social media, particularly Twitter, is encouraged to take the discussion beyond the conference room. The Case Writing Competition once again attracted record numbers across the 15 categories. The category winners of the 2013 Competition were announced in early March and the winner of the “Best of the Best” Category was announced in the first week of May. The winners received their awards at the EFMD Annual Conference in June. More information on the Case Writing Competition can be found on page 23. EFMD’s involvement in the European Quality Link (EQUAL) continued during 2014. The update of the EQUAL MBA Guidelines was finalised. The EFMD-led project on “Women in European Business Schools: Changing Roles and Institutional Impact” was co-financed by EQUAL and an interim report was submitted to the EQUAL members. Meetings took place on 18 February (Brussels, hosted by EFMD), 28 May (Montreal, hosted by the Canadian Federation of Business School Deans) and on 14 October (Warsaw, hosted by FORUM). The EFMD (ESMU) – HUMANE Winter School is a new activity that aims to develop the leadership potential of senior administrators
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
15 Network Services Business School Services
Events 2014 EFMD Conference for 2014 EFMD Doctoral Programmes International, External and Conference 2014 EFMD Conference for Deans and Corporate Relations, Marketing, 8–9 May. Hosted by Lappeenranta Directors General PR, Communication and Alumni University of Technology School of Professionals 30–31 January. Hosted by the University Business, Lappeenranta, Finland of Gothenburg, Sweden 25–27 March. Hosted by MIP Politecnico Theme: “New Perspectives on Doctoral di Milano, Milan, Italy 2014 EFMD Entrepreneurship Education” Conference Theme: “Connecting for Growth – Strategy and Tools” 2014 EFMD Annual Conference 23–25 February. Hosted by Babson 15–17 June. Hosted by WU – Vienna College, Boston, USA 2014 EFMD Conference in the MENA University of Economics and Business, Region Theme: “Entrepreneurship Education and Vienna, Austria
Training for an Entrepreneurial Mindset” 13–15 April. Hosted by HEM Business Theme: “The Art of Teaching and School, Marrakech, Morocco 2014 EFMD MBA Conference Learning” Theme: “Impact and Role of Business 16–18 March. Hosted by ESMT Berlin, Schools in Society” 2014 EFMD Executive Development Germany Conference Theme: “Leading the MBA: From Personal 1–3 October. Hosted by the University of Coach to Programme Innovator” St Gallen, Switzerland Theme: “(EI)2 Exploiting/Improving and Exploring/Innovating”
2014 EFMD Conference on Undergraduate Programmes 13–14 October. Hosted by the Robins School of Business, University of Richmond, United States
Theme: “Undergraduate Management Education – Preparing our Students for The Journey”
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
16 2014 EFMD Africa Conference in partnership with the Global Business School Network (GBSN) 4–5 November. Hosted by IESE Business School, Barcelona, Spain Theme: “Quality in Context: Management Education for The Developing World”
2014 EFMD Career Services Conference 19–21 November, Hosted by Porto Business School, Portugal Theme: “Empower Your Career Services”
2014 EFMD Conference on Master Programmes 3–5 December. Hosted by Grenoble Ecole de Management, France Theme: “Master Programmes: Going Global”
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
17 Network Services Business School Services
Leadership and International Deans’ Programme (IDP) Dutch organisation for international Development Programmes in partnership with the Association of co-operation in higher education Business Schools (ABS) (NUFFIC). Through the Higher Education 2014 EFMD (ESMU) – HUMANE Winter Module 1: 16–18 September. Hosted Strategy Centre in Addis Ababa (HESC), School by Hong Kong Polytechnic University, 13 new public universities are being provided with training by an international 2–7 March. Hosted by Polytechnic Hong Kong University of Science and consortium. University of Valencia, Valencia, Spain Technology and City University Hong Kong Two one-week leadership and The Winter School is a major management development programmes international leadership development The IDP is an inspiring programme for were delivered by a team of EFMD programme in higher education newly appointed deans that stimulates experts in Ethiopia on 17–21 March management. Participants are supported discussion around the role of a dean: and 12–16 May for senior leaders and by their heads of administration or heads the challenges faced and the possible managers of the new public universities of school and are selected by the EFMD- solutions as well as the opportunities. recently created by the government. HUMANE Steering Committee. Participants learn from institutions and their deans as well as from fellow Measuring the impact of these leadership The aim is to develop the leadership participants within the international programmes in terms of the tangible potential of fast-track administrators and community. The programme enables results on individuals and on the make them fully aware of the importance deans to reflect on their own role and institutions themselves has been a of integrating academic matters with strategies and at the same time build a critical part of the exercise. A report of financial, human resources and quality network of counterparts and create new the key findings will be presented at assurance issues. It also emphasises the strategic alliances. the final conference mid-2015 in Addis importance of strategic management in Ababa. European and global contexts. NICHE project: Strengthening Senior managers from different contexts, Leadership and Strategic Management Joint Research Leadership Programme institutions, positions and management in Higher Education in Ethiopia with the European Academy of styles are challenged by a case to Module 2: 17–21 March Management (EURAM) – Cycle 5 co-operate and propose a strategy Module 1: 11–12 December. Hosted by to merge a large university with a Module 3: 12–16 May EFMD, Brussels, Belgium large research centre, examining the Hosted by the Higher Education Strategy implications for staff management, Centre, Addis Ababa, Ethiopia Theme: The Long View – Strategy finances, properties and communication. The NICHE project is a capacity- In order to strengthen their members’ building programme geared towards capability to develop high quality strengthening the higher education research, EFMD and EURAM have sector in Ethiopia. It is funded by the joined efforts for the fifth time to offer a professional development programme “ As a new Dean I was keen to get insights from for recently appointed directors of research. In the first module, participants other Deans about the challenges they were facing gained an overview of research strategy in different institutional and cultural contexts and and research identity in different how they dealt with them. I have benefited from the contexts. Experts provided input on topics such as faculty development, wisdom of those Deans and other senior officials performance measurement, appropriate who have been refreshingly frank in reflecting on research structures, etc. Moreover, their careers and it has been a special pleasure to the programme enables participants to discuss a wide range of issues and meet and to build friendships with my IDP offers a great networking opportunity to colleagues.” collaborate internationally. Prof. Greg Whitwell, Dean, The University of Sydney Business School, Australia
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
18 The Joint Research Leadership Programme enables participants to discuss a wide range of issues and offers a great networking opportunity to collaborate
NETWORK SERVICES : BUSINESS SCHOOL SERVICES
19 Network Services Research & Surveys
Events Projects the Research and Development Steering Committee), RSU launched a survey in Third EFMD Higher Education Research EFMD-GMAC co-operation with the UK on “The Impact of the Impact Conference Corporate Recruiters Survey 2014 Agenda on Business Schools”. The third “EFMD Higher Education With responses from nearly 600 Risk management in business schools Research Conference” was held on 15–16 employers in 44 countries, the 2014 May at the Stockholm Business School, Corporate Recruiters Survey Report was After extensive research into risk Stockholm University, Sweden. published, along with a feature article in management practices in business schools, RSU is exploring the possibilities The event was positioned as a traditional the third issue of Global Focus and a blog of developing a “Good Practice Guide” scientific conference to link researchers entry on the EFMD website. with volunteers from the EFMD network. emphasising business school issues Women in European business schools The guide structure was agreed and a with those focusing on general higher working group was appointed. education. This research project aims to discover to what extent and in what ways European The main theme of the conference Socially responsible research business schools address the gender was “Research on Higher Education composition of their faculties. The objective of this 24-month project is Management, Management Education to flag up socially irresponsible research and Business Schools: Developments and A new team of researchers led by practices in business schools such as Discoveries”. Dr Lynn Roseberry (Copenhagen irrelevance and lack of social value in Business School) and Dr Robyn Remke Through this conference, EFMD brought research, data collection and analysis (Copenhagen Business School and together academics from management, practices, and fraudulent behaviour. It IEDC-Bled School of Management) higher education and other fields to also aims at characterising an alternative was appointed and a research contract facilitate research and dialogue on topics approach and how to operationalise it. was established. The researchers have related to HEIs and business schools in The assembly of research members has produced a literature review and a survey transition. been appointed and a paper with general to be addressed to European business ideas on the topic written by a team schools. EFMD Research Steering Committee member has been published in the first meetings Impact of business schools issue of Global Focus, 2015. The Research Steering Committee had The Research and Surveys Unit (RSU) its first meeting of 2014 in January and Technological change participated in the European Association the second one in May, immediately RSU is developing a project aimed at for International Research (EAIR) preceding the third EFMD Higher studying the impact of technological Annual Conference in Essen, Germany, Education Research Conference in change in different delivery contexts in August. They also organised a Stockholm, Sweden. The third meeting (online delivery and mass provision symposium at the British Academy of took place in October in Brussels to such as MOOCS, blended learning Management (BAM) in Belfast, Northern discuss various research projects and the and other hybrid delivery models), the Ireland, in September and took part in 2015 EFMD Higher Education Research interaction with external stakeholders the Association of Business Schools Conference. (corporates, alumni) and the implications (ABS) Annual Conference in London in for accreditation standards. The expected November. duration of the project is three to five Efforts were made to build a small years. consortium for the study of business schools’ impact, along with the Other developments preparation of the fourth EFMD Higher RSU supported Carrington Crisp in the Education Research Conference in June development of a survey titled “See 2015. In collaboration with ABS and the Future”. The survey gathered 402 Professor Kenneth Starkey (member of responses (in 63 countries), of which 343 were from business schools.
Network serviceS : research & surveys
20 The Women in European Business Schools project aims to discover to what extent and in what ways European business schools address the gender composition of their faculties
Network serviceS : research & surveys
21 EFMD Awards 2014
Outstanding Doctoral Research Awards 2013/14
The Annual Outstanding Doctoral “ The Emerald/EFMD Outstanding Doctoral Research Research Awards were once again a great Award provides a great opportunity for a broad success for both EFMD and Emerald. range of excellent research submissions focusing The winners of the 11th issue were announced In February. The Awards are on innovation and actual contribution not only to made in 12 management-related subject theory, but also to practical relevance. It is therefore areas – each sponsored by a leading one of the most truly international prizes, highly journal from the Emerald portfolio. The number of entries and their quality has acknowledged, and judged by an international panel continually improved and in 2014, EFMD comprising American as well as European experts.” received a record 495 entries from 77 Dr. André Kreie, BVL Campus, HIWL, Hochschule für Internationale countries. Winners were announced in early 2015. Wirtschaft und Logistik
Excellence in Practice Award
The Excellence in Practice Award (EiP) attracted 34 entries in March 2014 from prestigious organisations within and outside the EFMD network. In a survey addressed to all participants in April, 95% confirmed that this submission brought positive return by strengthening the partnership between the provider(s) and client and increased internal recognition within their organisations. The 2014 gold winners presented their cases during the EFMD Executive Development Conference hosted by the University of St Gallen, Switzerland, on 1–3 October. The conference involved a large diversity of participants, not only business schools but also alternative providers (executive development centres, consultants and company L&D departments). Finally, the EiP Award winning cases (silver and gold) were featured in a Global Focus Special Issue in the autumn and presented through seven webinars organised from November 2014 to January 2015.
EFMD AWARDS : 2014
22 Case Writing
EFMD Case Competition
Since its inception 30 years ago, the EFMD Case Competition Award has created wide interest by its support and encouragement of new and innovative case material. Each year, the competition exceeds its previous record in the number and quality of submissions received, and 2014 was no exception. The winners of the 15 regular categories of the 2013 EFMD Case Writing Competition were announced in early March and the winner of the “Best of the Best” Category was announced in the first week of May. EFMD was pleased to present the award in this category to Donald A. Marchand, Anna Moncef and Patricia Santos from IMD, Switzerland.
The winners were invited to receive their awards at the EFMD Annual Conference in June.
“ To receive this award is immensely encouraging for FrieslandCampina. Since we stated our ambition to be the most successful, professional and attractive dairy company we have worked really hard to unleash talent in the company and make talent management an integral part of our business strategy. The leadership mindset created in the programme is working well, and we are currently bringing it alive in the whole company.” Willem der Lee, Corporate Director of Talent, FrieslandCampina
EFMD AWARDS : 2014
23 04
Development Services EU COOPERATION: EU STUDIES AND SURVEYS
Multiannual Framework (HE) sectors. Four other studies were organisations in eight selected countries Service Contracts commissioned at the same time by the (Belgium, Denmark, Finland, France, European Centre for the Development Ireland, Malta, Latvia, Sweden). A range In 2014, EFMD continued to respond to of Vocational Training (CEDEFOP). These of interviews were also organised with requests for services from the European covered common European tools and relevant European stakeholders (Business Commission under three framework learning outcomes, EU tools to reach Europe, European Association for Quality contracts for services in all areas of European citizens, the role of credit Assurance in Higher Education, European education and training in co-operation systems in opening access, admission, Students Union, Education International with a range of consortia partners exemption between VET and HE, and EU and European Trade Union Committee (Ecorys consultancy, CHEPS and the tools and the labour market. for Education). Bertelsmann Foundation). The studies were meant to contribute to The study was carried out by a team of policy debate in the context of the new 10 experts under the leadership of EFMD. Study on the role of quality assurance initiative of the European Commission A final report with a feasibility study on in building trust between VET and HE to launch a European Area for Skills and concrete approaches to bring the two EFMD carried out a study on the role Qualifications (EASQ). sectors closer together was submitted to of quality assurance in building trust The study involved extensive review of CEDEFOP in early October 2014. between the Vocational Education and the literature, desk research, interviews Training (VET) and Higher Education with relevant national stakeholders’
DEVELOPMENT SERVICES : EU COOPERATION: EU STUDIES AND SURVEYS
24 Pilot quality review system of current Erasmus Mundus Master courses This assignment began in the second half of 2013 and was continued in the first half of 2014. It was carried out by Ecorys UK and EFMD. An online training session was organised on 22 January for 25 experts on procedures for the pilot quality review. The experts evaluated 43 Erasmus Mundus Courses in the period from February to April on criteria related to attractiveness, relevance, sustainability and integration. Study on the Educational Other EU Calls for Tenders A smaller expert panel met on 12 May Activities of the for Studies and Services to finalise the master courses that were Knowledge and Innovation The EFECTIV consortium recommended for continued funding. Communities (KICs) of The EFECTIV consortium is led by Ecorys Ecorys UK and EFMD produced the final the European Institute of UK in partnership with EFMD, the Centre report of the assignment, which was Innovation and Technology for Strategy and Evaluation Services submitted to the European Commission (CSES) and the European Institute for in July 2014. The report reviewed the (EIT) Education and Social Policies (EIESP). It experience with the overall approach to The study, produced by EFMD and Ecorys submitted a successful bid to the EU in design and test the tool. It also made a UK, was made publicly available by the response to its Call for Tenders for a large number of recommendations for future European Commission (DG Education multi-annual framework contract for developments. and Culture) in spring 2014. evaluation and impact assessment of all The report reviewed the approaches to areas of work in education and training the educational activities (masters, PhD by DG EAC and the EIT. EFMD continued to training and executive education) in the Three other consortia were also selected respond to requests three KICs of the EIT: Climate KIC, EIT by DG EAC. Every forthcoming request for services from the ICT-Lab and KIC InnoEnergy. for an evaluation or impact assessment European Commission The KICs act as disruptive innovation, exercise will be subject to a re-tendering leading to new approaches to teaching process. This evaluation framework under three framework and learning and the acquisition of contract is for an initial 24 month period. contracts for services business and entrepreneurship skills, one in all areas of education of the key dimensions of a KIC education delivered in partnership with private- and training sector organisations. EFMD was invited to present the study findings at a national conference in London in June 2014 organised by the Department of Business, Innovation and Skills.
DEVELOPMENT SERVICES : EU COOPERATION: EU STUDIES AND SURVEYS
25 Development Services Globally Responsible Leadership Initiative (GRLI)
The Globally Responsible Leadership The 10 Year Anniversary In 2013, representatives from GRLI Initiative (GRLI) seeks to stimulate the partner organisations formed themselves It is 10 years since a group of 35 development of globally responsible into a “Council of Partners”. While the individuals, representing 21 companies leadership and practice in organisations Board of the GRLI Foundation retains and business schools, met for the first and societies around the world. Its fiduciary and legal responsibility for gathering of what was later to become collaborative network engages, innovates the operations of the GRLI as a formal the GRLI. and acts at the interfaces of business, organisation, the Council of Partners is education and society through its impact The first GRLI report, Globally the “beating heart” of the GRLI as a global projects, peer-based and shared learning, Responsible Leadership – A Call for community of thought leadership and and collective advocacy for global Engagement, identified the need for deep action. responsibility in management education change in business and recognised that Historically, GRLI has been built around and business. this change needed to take place at the a core activity of two partner meetings a personal, organisational and systemic The GRLI was initiated by the Board of year. Starting in 2014 and taking full effect levels. This timely message, reinforced Directors of EFMD in 2003 and in the in 2015, GRLI has revised its engagement by a number of subsequent publications same year, the United Nations Global model to have one formal GRLI partner and projects, took root to the extent Compact (UNGC) signed a co-operation meeting per year (Council of Partners that calls for such leadership to become agreement leading to the founding of Annual General Meeting (AGM)) and the aspirational “new normal” became GRLI in 2004. several project and external outreach central to the global discourse on events annually, linked to existing Today, the GRLI consists of a global ensuring sustainable human progress. network of business schools, companies conferences or events hosted by other and independent associates working organisations. in strategic partnership with EFMD, A Revised Engagement and AACSB International and the UNGC. Operating Model An innovative Board and Council structure governs the GRLI and a small During 2014, the GRLI’s global co-ordinating centre provides the community set a shared direction for enabling platform and support. It serves the second decade of its work in the as an incubator for innovation and new form of a living document and process practice in business schools and for entitled, Towards 2024. The proposed collaboration with business in ethics, way forward builds on its core strengths responsibility and sustainability. of initiating and growing communities of responsible action, formed around key issues or aspects of global responsibility, again while delivering outcomes at personal, organisational and systemic levels.
DEVELOPMENT SERVICES : Globally Responsible Leadership Initiative (GRLI)
26 Key Events during 2014 than 500 participants from business • Workshop on GRLI and the GRID at the and academia joined GRLI associates in International Leadership Association’s The GRLI’s 15th General assembly took exploring how innovators and forward- 2014 Conference, 30 October to 2 place on 25–27 March. The event was thinking leaders are moving beyond November, San Diego, USA hosted by the Oulu Business School, traditional notions of social responsibility • The third International Conference Martti Ahtisaari Institute, Finland. It and sustainability. on Responsible Leadership, 5–6 was an important milestone in the Other notable events during the year November at University of Pretoria. development of Towards 2024, leading included: Hosted by The Albert Luthuli Centre to the formulation of a revised GRLI for Responsible Leadership, University engagement framework that now • 50+20 Renewing Business Education in of Pretoria, South Africa, GRLI and includes, in addition to the original Asia Conference, 17 July. Hosted by the international conference partners – partnership, the option of organisational Faculty of Business of the Hong Kong Griffith University Business School, and individual membership. Polytechnic University Australia, Business School Lausanne, The GRLI’s 16th and last General • Seven-week open online course, Switzerland, Tongji SEM, China, and Assembly on 14 October and third Global “Leadership for Global Responsibility”, Babson College, US. The theme of Forum for Business as an Agent of World during March and April. Hosted by the conference was “The Role of Benefit on 15–17 October took place at GRLI in collaboration with GIZ’s Responsible Leadership in Creating the the Weatherhead School of Management, Academy for International Cooperation Necessary Transition to a Sustainable Case Western University, Cleveland, Ohio, and other international organisations Global Economy”. USA. This week also signified the first • Online forum on “Fostering Ethical GRLI Council of Partners AGM meeting. Leadership” as part of the large- Following the AGM, partners and scale, collaborative online Business associates participated in the third Global Education Jam event. Hosted by Forum for Business as an Agent of World Boston University, USA, and powered Benefit. The Forum was a dynamic by IBM’s innovative jam technology two-and-a-half day summit where more
It is 10 years since a group of 35 individuals, representing 21 companies and business schools, met for the first gathering of what was later to become the GRLI
DEVELOPMENT SERVICES : Globally Responsible Leadership Initiative (GRLI)
27 Development Services Globally Responsible Leadership Initiative (GRLI)
The Pioneering Innovation This “Management Education Innovation learning as a stimulus through which to Cohort Cohort” consisted of 18 individuals globally source rich, vibrant ideas about representing 16 institutions, and how universities are bringing ERS to life. developed three hands-on projects In November 2013, a group of deans Their larger purpose is to generate aimed at transforming management and directors of business schools and dialogue about the inclusion of ERS education in the service of society. corporate learning and development standards in various accreditation specialists, building on insights The Values in Action initiative examined requirements and to share learning developed through the 50+20 vision, ethics, responsibility and sustainability across peer institutions about how “Management Education for the World”, (ERS) practices and collected ideas based ERS can be advanced whether or not formed a GRLI Innovation Cohort of on experiences in eight universities in institutions are seeking accreditation. peers to pilot and test responsible change Canada, France, Ireland, Italy, Spain, The Virtual-Peer Learning initiative in education and business. Sweden, Switzerland, and the US. The consisted of a cross-institutional group group’s aim was to share their own peer (business and management education),
DEVELOPMENT SERVICES : Globally Responsible Leadership Initiative (GRLI)
28 which engaged in testing a new form of Professor Philippe de Woot’s web-based collaborative learning. A small book Rethinking the Enterprise group representing business, business Competitiveness, Technology and Society schools and other learning institutions, was published in collaboration with change consultancies and business EFMD and released in June 2014. practitioners tested a prototype. The Collaboratory: A Co-creative The Faculty Engagement and Motivation Stakeholder Engagement Process for initiative consisted of a working group Solving Complex Problems was published within the cohort that asked what by Greenleaf Publishing in collaboration can be done to support and motivate with GRLI in the second half of July. The instructors, professors and other book is about empowering ordinary members of a university faculty to people to make a difference in the include ERS in their teaching. Based on world. It explores the transformation their investigation and shared learning, that emerges when groups around the the group is developing a framework that world working on similar issues discover change agents in business schools and synchronicities, often cross-pollenating, business programmes can use in their and collaborate rather than compete. own context. The book builds on the 50+20 vision and is designed as a practical handbook for A Global Sustainability those active in transformation change in society, in organisations of all kinds Literacy Test for Higher and in the field of education. The book The GRLI Innovation Education includes contributions from numerous Cohort developed three authors including an entire chapter on GRLI continued to support the launch hands-on projects GRLI as a meta-collaboratory written by of a major UN-originated initiative to John North and Anders Aspling. aimed at transforming expand sustainability literacy across tertiary education worldwide. The pilot Other publications included the 10th management education test went online on 30 March 2014 and and 11th edition of the magazine Global in the service of society has been developed under the leadership Responsibility and an article in Global of GRLI Partner institute, Kedge Business Focus about the Innovation Cohort. School, France. Currently the Regional / National Expert Committee (RNEC) comprises networks of regional/ Leadership Transition national higher education institutions In August 2014, Mark Drewell announced across 24 countries/regions with over his decision to step down as CEO. John 200 volunteers contributing to date. North was announced as operational head of the support centre and assumed Books and Articles the position of Managing Director on 1 October 2014. The translation of the 50+20 book Management Education for the World into basic Mandarin was launched at the 2014 IACMR Conference while the 50+20 Agenda was translated into French and Spanish.
DEVELOPMENT SERVICES : Globally Responsible Leadership Initiative (GRLI)
29 Development Services Principles for Responsible Management Education (PRME)
Principles for Responsible Management In 2014, PRME focused on supporting the • 19 November: PRME Chapter Meeting Education (PRME) is a United Nations recent growth of PRME Chapters through Brazil in Curitiba, Brazil, hosted by Global Compact initiative to inspire and 12 PRME Regional Meetings: ISAE/FGV champion responsible management • 19 February: PRME Chapter Meeting in There are now 12 regional PRME education, research and thought Curitiba, Brazil, hosted by ISAE/FGV Chapters: leadership globally. • 20–21 February: 1st PRME Regional • Six Established (Brazil, DACH (German- Higher education institutions become Meeting DACH in Innsbruck, Austria, speaking Europe), Latin America and signatory to the Six Principles of PRME, hosted by MCI – Management Center Caribbean (LAC), MENA (Middle East which are inspired by internationally Innsbruck and North Africa), Nordic, UK and accepted values and provide an Ireland) engagement structure for academic • 8–9 April: 2nd PRME Chapter Forum UK institutions to advance social and Ireland in Winchester, UK, hosted • Six Emerging (Australia/New Zealand, responsibility through the incorporation by Winchester Business School Iberian (Portugal and Spain), North America (Canada and USA), ASEAN+, of universal values into curricula and • 21 May: PRME Chapter Meeting in research. São Paulo, Brazil, hosted by Business East Asia, and South Asia) PRME seeks to establish a process School São Paulo The PRME Champions leadership group of continuous improvement among • 17–18 June: 3rd PRME Regional met in New York in July for a two-day institutions of management education Meeting Latin America and the working meeting, which included lunch in order to develop a new generation of Caribbean in Mexico City, Mexico, at the United Nations headquarters with business leaders capable of managing hosted by EGADE Business School Secretary-General Ban Ki-moon and the complex challenges faced by ambassadors from 30 governments, the • 10 July: 1st PRME Regional Meeting business and society in the 21st century. UN Global Compact Board, the Principles Spain and Portugal in Madrid, Spain, In 2014, nearly 600 institutions from 80 for Responsible Investment (PRI) hosted by ESADE Business School countries engaged with the initiative. Advisory Council, and Global Compact PRME’s Steering Committee is comprised • 20 August: PRME Chapter Meeting in LEAD. of global and specialised associations, Nova Lima, Brazil, hosted by Fundação Outcomes of the initial two-year pilot including EFMD. Dom Cabral (FDC) phase will be presented at the upcoming In 2014, PRME continued to see steady • 10–11 October: 1st PRME Regional PRME Global Forum (23–25 June 2015 in growth (with 69 new signatories and Meeting North America in Seattle, New York). 196 Sharing Information on Progress Washington, USA, hosted by University Issue-specific PRME Working Groups and (SIP) reports in the year). However, the of Washington Bothell School of work streams (anti-corruption, poverty, initiative is unlikely to reach the goal Business gender equality, business for peace, of 1,000 signatories by 2015. Rather, as • 29–30 October: 2nd PRME Regional etc.) continue to actively produce and PRME has grown over the past seven Meeting DACH & Responsible promote resources as well as to support years, increasing focus has been placed Management Education Research and incentivise thematic research. on the quality of engagement and Conference in Chur, Switzerland, A redesign of the PRME website ownership of the initiative by signatories. hosted by University of Applied (www.unprme.org) was launched Sciences HTW Chur to a positive reception; the monthly • 10–11 November: 4th PRME MENA newsletter has good uptake In 2014, nearly 600 Regional Forum in Casablanca, (approximately 1,600 recipients); the institutions from 80 Morocco, hosted by ESCA School of PRiMEtime blog is seeing increased Management readership and contributions by PRME countries engaged with signatories, including 61 posts in 2014; • 13–14 November: 5th PRME Asia Forum the PRME Secretariat increasingly the initiative in Kuala Lumpur, Malaysia, hosted by engages with the community through Universiti Utara Malaysia social media.
DEVELOPMENT SERVICES : Principles for Responsible Management Education (PRME)
30 DEVELOPMENT SERVICES : Principles for Responsible Management Education (PRME)
31 Development Services PROJECTS
ICT for Learning and The Pathway software is also available Teaching as an open source code. This means that the software can be freely used, changed, and shared (in modified or PROVIP: Promoting and supporting unmodified form) by anyone who wants virtual internships to develop a customised version of the The project involves fifteen partners tool or who wishes to integrate it in an already existing system. working together to make international internships available to any student EFMD promotes the platform, and regardless of country of studies, financial identifies new disciplines and economic or logistic constraints. The result of this sectors that would benefit most. three-year cooperation is an innovative tool for telework placements. The Pathway online platform supports internships at-a-distance from start to finish. It allows higher education institutions to INNOVATION offer companies: • Access to qualified students, coached by academic mentors CAPACITY • Cost-effective channels to new BUILDING knowledge, new markets and native ICT language speakers FOR LEARNING • Possibilities to further explore the trend & TEACHING of teleworking. Pathway also provides: • Best practices to follow for the organisation of virtual internships • Tools to match students with internship offers • Internship organisational model MODERNISATION among students, schools and ENTREPRENEURSHIP companies including communication, tasks, deliverables and deadlines • Follow-up and evaluation system for interns from a distance EFMD Projects unit coordinates or participates in EU-funded and international projects, currently managing a wide portfolio of projects in five domains: entrepreneurship, ICT for teaching and learning, innovation, modernisation of higher education and capacity building
DEVELOPMENT SERVICES : PROJECTS
32 Global Marketing Competition: 2014 attention to the Asian region. The final of Of those, 23 cases have been selected as edition the 2014 Global Marketing Competition the most representative. They range from The Global Marketing Competition is took place in October in Madrid, Spain. school education to higher education, to a computer simulation of a real-life informal and corporate learning. These VISIR: Innovative use(s) of ICT in business environment. It is run by ESIC findings were discussed and improved education: from micro-innovation to Business and Marketing School with through eight Knowledge Exchange large-scale adoption the support of EFMD, The Economist Seminars and mainstreaming events, and Banco Santander. The game EFMD and six other European networks reaching more than 500 participants and requires players to make decisions in worked together to foster understanding engaging a wide range of stakeholders all the areas of managing a company and networking around ICT and from policy makers to researchers and from production and logistics through innovation in European education and grassroots innovators. research, investment and finance to training. More than 120 micro-innovation advertising, promotion and distribution. practices were identified, typically small- The competition is open to teams from scale cases of high impact and bottom- across the world and participation is free up nature with innovative applications of to students of any EFMD member school. ICT for teaching and learning. The 2014 edition was launched in April. EFMD actively promoted it through all its communication channels, with particular
PRO VIP
DEVELOPMENT SERVICES : PROJECTS
33 Development Services PROJECTS
Innovation
MIRRIS: Mobilising institutional reforms for better research and innovation systems / institutions in Europe The new European member states are under-represented in terms of participation in FP7 (EU Framework Programme for Research and Innovation) and do not fully exploit EU funding opportunities. The MIRRIS project researches the causes of this gap and the concrete barriers faced by these countries. It provides recommendations to the 13 new member states for more efficient participation in the EU research initiatives. EFMD participates in annual policy dialogues involving decision makers, OI-Net: European academic network implementation institutions and other for open innovation relevant bodies in the target countries. Open innovation is gaining recognition as a full teaching discipline. The project defines a framework for MIRRIS provides curricula on open innovation, tests recommendations to courses at European level and establishes the 13 new member a European community of practice. The project is supported by a network of 52 states for more efficient higher education organisations from 35 participation in the EU European countries. research initiatives EFMD assures the quality of the project and its results.
The project is supported by a network of 52 higher education organisations from 35 European countries
DEVELOPMENT SERVICES : PROJECTS
34 D-THINK: Design thinking applied to education and training Design thinking is a process to develop innovative solutions for the design of products, services and businesses. Design thinking deals with the ability to take an abstract idea and make it concrete. The main objective of this project is to promote the inclusion of design thinking as an innovative learning approach to European education. The project conducts research on its application in education and training to develop a toolkit on teaching design thinking. EFMD is involved in the quality assurance, dissemination and collection of data for the research.
The main objective of this project is to promote the inclusion of design thinking as an innovative learning approach to European education
DEVELOPMENT SERVICES : PROJECTS
35 Development Services PROJECTS: Modernisation of Higher Education and Capacity Building
FORGEC: Strengthening Programmes of consolidation Capacity Building in Quality Assurance managerial capabilities in These programmes aim at consolidating This project created six Methodological Cuba the network and updating the knowledge Cabinets located in six Cuban universities: of more than 550 alumni of earlier Universidad de Oriente (Santiago de This project aims to improve the training programmes implemented Cuba), Universidad Central de Las Villas efficiency of Cuban companies by between 1996 and 2005. (Santa Clara), Universidad de Camagüey, providing long-term cooperation in the Universidad de Holguin, Universidad field of management education between The Euro-Cuban Programme in Agraria de La Habana and Universidad Cuba and Europe, mainly by updating the Management Education de La Habana. They are co-ordinated by knowledge and methodologies of Cuban This is a training programme for the Centre for Management Studies of professors of management. the Cuban Ministry of Higher Education. executives and management professors. The main responsibilities of the Cabinets The project is implemented under the Each of the eight editions is taught are centralisation and dissemination of leadership of EFMD, which is responsible over six months and consists of seven academic materials, development of for overall management supervision modules of two-and-a-half days each. methodological projects, design and and co-ordination in co-operation implementation of a quality assurance with ESADE Business School as a “ The study tour has provided programme, and organisation of study consortium partner and with the Cuban a favourable environment tours and seminars. Ministry of Higher Education. This for the exchange of ideas 42-month project has been made with international managers The project was effectively launched in possible by a grant from the European and for the exchange with 2014 with the following activities now in Commission. Cuban colleagues to develop operation: common work strategies.” • The first edition of the consolidation programme was organised together Study Tour in Europe for Senior with the project inauguration in March University Managers and • Four Euro-Cuban programmes in Administrators management education have started in Havana (University of Havana and UNAH), Camagüey and Santiago • The Methodological Cabinets were created and launched the mentoring schemes for improving their quality assurance systems. European experts visited the first two universities in November • Training seminars on accreditation and quality assurance took place in June and on project management in October and November
DEVELOPMENT SERVICES : PROJECTS: Modernisation of Higher Education and Capacity Building
36 “ Participating in EFMD events has given us the opportunity to get to know other executive training methods and establish links that will enable cooperation with major European institutions.” Seminar on Quality Assurance
“The FORGEC project covers 8 Cuban universities which are responsible for the preparation and improvement of all managers in the country. It also contributes to the training of a group of leading actors of the local development in different territories. These trainings provide new methods and tools for the continuous improvement of the quality of the programmes offered in management, as well as their accreditation. In addition, the Methodological Cabinets that are created in the framework of FORGEC give an outstanding contribution to raising the quality of training processes in management in Cuban universities.” Mariela Columbié Santana, Cuban Director, FORGEC Project
DEVELOPMENT SERVICES : PROJECTS: Modernisation of Higher Education and Capacity Building
37 Development Services PROJECTS
Modernisation of Higher Israeli and European institutions. One Education and Capacity of the main project activities has been the development of strategic plans for Building internationalisation, which form the basis for the creation of international ETP: Executive Training Programme departments in the participating The Executive Training Programme (ETP) institutions. provides European companies with The IRIS international conference will business, language and cultural training be organised in parallel with the EFMD necessary for success in the Japanese Annual Conference in June 2015. and Korean markets. The programme consists of a three-week intensive TNE_QA: Promoting quality and training course on Japanese or Korean recognition of transnational education culture, history and civil society taking in Armenia and Georgia place in the United Kingdom, 30 weeks Transnational education involves the of business and language training in delivery of higher education programmes Japan or South Korea and finally a 12- in a country different from the one where week internship in a Japanese or Korean the degree-awarding institution is based. company. Students can study towards a foreign ETP is managed and financed by the qualification without having to leave European Commission. Deloitte Belgium their country of residence. However, it is in charge of the administrative is essential to ensure the quality of the management of ETP. EFMD is responsible educational programmes, as they are not for raising awareness about the training always under the control of the national programme among its network. The authorities in charge of higher education. application procedure for the 2014–2015 This project will propose internal and cycle was closed on 15 May 2014. external quality assurance mechanisms In 2014, ETP celebrated 35 years of in transnational education in Armenia existence since its creation in 1979. In and Georgia in line with the OECD / that time, ETP has trained more than UNESCO guidelines. The focal point of 1,100 European managers from more the project is the creation of a quality than 800 companies to succeed in assurance system comprising standards, business with Japan and Korea. procedures, indicators and benchmarks for external quality assurance as well as a IRIS: Promoting international and handbook for internal quality assurance intercultural policies in Israeli procedures for higher education academic colleges institutions. The project brings together 19 Israeli and EFMD co-ordinates the internal and European partners, mainly academic external quality assurance standards and institutions, with the main goal of procedures for providers of transnational encouraging international academic education. activities and creating a network of
DEVELOPMENT SERVICES : PROJECTS
38 Entrepreneurship their ideas while minimising risks and LEAD: e-leadership skills for small Education maximising opportunities. and medium-sized enterprises The eCourse is available in English, LEAD is a service contract for the SLIM: Stimulating learning for Croatian and Polish and covers four main European Commission. It promotes Ideas-to-Market topics: the development of e-leadership skills The Ideas-to-Market eCourse is designed • Innovation and intellectual property and qualifications for entrepreneurs, to guide entrepreneurs and SMEs, and management managers, SMEs and start-ups. to support the development of business • New venture business plan The project analysed the state-of-play of ideas and innovation while protecting e-leadership skills in Europe taking into • Financing and valuation of intellectual their knowledge. Developing and account four technological trends: cloud property protecting an idea can be complicated, computing, mobile, social technology and confusing and often leads to expensive • Marketing and strategy of new product big data. It proposes a dissemination plan mistakes. development for the promotion of e-leadership and A consortium of academic institutions, contributes to the development of training associations and companies joined programmes in e-leadership for SMEs. forces, to create an eCourse providing EFMD promotes the initiative among its SMEs with knowledge on how to develop members and partners and engages them in the project’s activities.
LEADERSHIP
DEVELOPMENT SERVICES : PROJECTS
39 05
EFMD Publications 2014
Global Focus • Intended Learning Outcomes: friend or foe? Three issues of Global Focus (in English Intended Learning Outcomes are a key and Chinese) were published in 2014 aspect of programme accreditation to coincide with the EFMD Conference yet they seem to cause many schools for Deans and Directors General in and programme directors considerable Gothenburg, Sweden, the EFMD Annual difficulty or even resistance. Chris Conference in Vienna, Austria, and Greensted and Ulrich Hommel, EFMD the EFMD Executive Development examine the issues Conference in St. Gallen, Switzerland. • Globalisation: unfinished business There was also a Special Supplement for business schools profiling the gold and silver winners of Business schools have reacted loudly the Excellence in Practice Awards. to the challenges of globalisation. But EFMD produced a special Issue of Global has their reaction been effective or Focus in Spanish to coincide with the first appropriate? Hellmut Schutte, China EFMD Americas Conference in Brazil in Europe International Business School April “La conexión correcta?¿Qué quiere (CEIBS) is not so sure el mundo empresarial de las escuelas de negocio?” The issue pulled together some of the best content from Global Focus over the last two years.
Issue one highlights: • Dynamic capabilities and the 26 www.efmd.org/globalfocus business school of the future Business schools need to focus more clearly on their dynamic capabilities in order to re-invigorate and re- develop themselves and their students. By Howard Thomas, Singapore Management University, Peter Lorange, Lorange Institute of Business Zurich and Jagdish Sheth, Emory University • Rethinking corporate universities Thomas Sattelberger argues that corporate universities must evolve from socialisation and knowledge transfer machines to helping their parent companies undertake effective
Business schools have reacted loudly to the challenges transformation of globalisation. But has their reaction been effective or appropriate? hellmut Schütte is not so sure
EFMD PUBLICATIONS : 2014
40 Issue two highlights: • The great transformation Richard Straub, EFMD, on why, with gigantic changes in society, managers will be of pivotal importance for shaping the future • Uncertainty and the ‘entrepreneurial mindset’ How do you teach students to become entrepreneurs? Rickie Moore, EMLYON Business School, shares some ideas • Rethinking enterprise Philippe de Woot, UCL – Université Catholique de Louvain, in an article based on his latest book, argues that economic actions based on ethical and political dimensions are increasingly essential • Quality Street: the sweet side of accreditation Gaining accreditation (and maintaining it) is a tough business. But Julie Perrin- Halot, Grenoble Ecole de Management and Rachael Weiss, University of Sheffield argue that it provides its own long-term rewards
EFMD PUBLICATIONS : 2014
41 EFMD Publications 2014
Issue three highlights: • The challenges facing business school accreditation Business schools have been among the most successful higher education institutions of the last 50 years. Yet now they face many serious challenges that, as Michael Osbaldeston, EFMD, explains, have deep implications for accreditation bodies • Embedding values Mark Moody-Stuart, Foundation for the Global Compact examines the difficulties of ensuring that the right values are agreed, understood and truly embedded in a large multicultural business organisation • The Jazz Age Social intrapreneurs are rarely individual heroes but more like jazz musicians jamming in a group. But sometimes, say David Grayson, Melody McLaren and Heiko Spitzeck, Cranfield School of Management, they need even bigger groups – a fully orchestrated ‘big band’ • Enhancing talent development and talent acquisition Amber Wigmore Alvarez and Boris Nowalski, IE Business School describe current changes to the way companies and business schools manage talent • How being embedded in your region helps growth Thomas Bieger, University of St. Gallen explains how the University of St Gallen used the new Business School Impact Survey to consolidate and build on its local roots
EFMD PUBLICATIONS : 2014
42 The Sustainable Business: Resource-life Extension
Available as a free download for businesses and business schools, this latest volume of application exercises is the second workbook in the series and is designed to walk participants through the beginning stages of resource-life extension, the foundation on which circular economics, cradle-back-to the-cradle, closed-loop production and similar resource-recapture concepts are based. EFMD offers this workbook in conjunction with The Sustainable Business and The Sustainable Business Workbook: Waste Elimination. These books are now being used as workplace training guides in a number of businesses and they can be easily put to use as a post-graduate business school elective that blends theory with application. All three books have been translated into Simplified Chinese, Mandarin and Arabic.
EFMD and CarringtonCrisp
In March, the Tomorrow’s MBA 2014 study with CarringtonCrisp was published. Prospective MBA students set out their views on what they think of the MBA qualification, what they expect from the business school experience and what they want to study. Most strikingly, the Tomorrow’s MBA report notes the continuing decline of full-time study. Five years ago, just over half of all respondents preferred full-time study, today that has fallen to just over 40%. Increasingly, students are choosing a hybrid approach, taking advantage of new technology and continuing to work while studying, embracing the concept of lifestyle learning. In December, EFMD conducted a new See the Future study with CarringtonCrisp and the Association of Chartered Certified Accountants (ACCA), which gathered views from Deans or Directors of business schools and also employers – CEOs and chairman – from 63 countries.
EFMD PUBLICATIONS : 2014
43 06
EFMD Membership New members
The following members were ratified in New Full Members Pan-Atlantic University, Vienna in June 2014 at the EFMD Annual Lagos Business School General Assembly. Academic Nigeria Ajou University, Saint Mary’s University, School of Business Sobey School of Business Republic of Korea Canada Anadolu University Swansea University, Turkey School of Management Bond University, United Kingdom Faculty of Business University of Worcester, Australia Worcester Business School Centre Africain d’Etudes Supérieures United Kingdom en Gestion (CESAG) Vilnius Gediminas Technical University, Senegal Faculty of Business Management CIFFOP, Lithuania Université Panthéon Assas-Paris 2 Wroclaw University of Economics France Faculty of Management, College of Charleston, Computer Science and Finance School of Business Poland United States ESDES School of Management, Université Catholique de Lyon New Full Members France Hamdan Bin Mohammed Smart Corporate University, Assicurazioni Generali School of Business and Quality Italy Management Carrefour Group United Arab Emirates France IAE de Nice, OHIM - Office for Harmonization Ecole Universitaire de Management in the Internal Market France Spain IAE Savoie Mont-Blanc, Pon Holdings BV Université Savoie Mont Blanc Netherlands France Mountbatten Institute United Kingdom National Institute of Development Administration (NIDA), NIDA Business School Thailand
EFMD MEMBERSHIP : NEW MEMBERS
44 New Affiliated Members Universiti Putra Malaysia, New Associate Member Faculty of Economics and Management Academic Malaysia Corporate Bryant University, University of Regina, HEADway Advisory College of Business Faculty of Business Administration France United States Canada Federation University of Australia, Zhejiang Gongshang University, New Associate Member Faculty of Business MBA School Australia China Executive development centre FIA – Fundação Instituto de Administração, Institut Futura21 Faculdade FIA de Administração e New Affiliated Member Switzerland Negócios Brazil Executive development Groupe ESC Dakar centre New Honorary Members (Groupe Sup de Co Dakar) Zhejiang Zhongke Institute of Business Senegal Chris Greensted, Senior Advisor, China Quality Services, EFMD IBS – SP International Business School of São Paulo Jean-Louis Scaringella, former Deputy Brazil Director General, in charge of Studies, New Associate Members Public Affairs and Policy, Chambre de Institute of Higher Studies Tunis Commerce et d’Industrie de Paris Tunisia Academic Ile-de-France Laurentian University, European College of Economics and France Faculty of Management Management (ECEM) Canada Bulgaria Northwestern Polytechnical University, Indian Institute of Management Raipur School of Management India China KIMEP University, Strathmore Business School Bang College of Business Kenya Republic of Kazakhstan Universidad Adolfo Ibañez, Nazarbayev University, School of Business Graduate School of Business Chile Republic of Kazakhstan Universidad de la Sabana, At the end of 2014, EFMD had 840 members International School of Economic and Administrative Sciences Colombia Universidad ICESI, School of Business and Economic Studies Colombia 840
EFMD MEMBERSHIP : NEW MEMBERS
45 EFMD Membership New members to be ratified
The following new members are to be New Full Members New Affiliated Members approved by the Board of Trustees and ratified in Brussels in June 2015 at the Academic Academic EFMD Annual General Assembly. Amsterdam University of Applied Indian Institute of Management Sciences, Calcutta (IIMC) International Business School India Netherlands Lehigh University, BEM Management School, College of Business and Economics BEM Dakar United States Senegal Saint Paul Escola de Negócios, Helsinki Metropolia University of Faculdade Saint Paul Applied Sciences, Brazil Metropolia Business School Shri Dharmasthala Manjunatheshwara Finland Institute for Management Development IAE de Grenoble, (SDMIMD), Université Pierre Mendès France Business School France India National Taiwan University of Science The University of the West Indies, and Technology, Arthur Lok Jack Graduate School of School of Management Business Chinese Taipei Trinidad and Tobago Ryerson University, Umm Al-Qura University, Ted Rogers School of Management Faculty of Business Administration Canada Saudi Arabia University of Stavanger, Universidad de Lima, UoS Business School School of Business Norway Peru Universidade Positivo Brazil New Full Members Universidad Panamericana, Campus Guadalajara, Corporate College of Economics and Business Amcor Flexibles Administration Switzerland Mexico CISCO Systems University of the Fraser Valley, Belgium School of Business Canada OCP S.A. Morocco
EFMD MEMBERSHIP : NEW MEMBERS TO BE RATIFIED
46 New Associate Members New Reciprocal Members New Honorary Member
Academic AdjunctFinder.com John Fernandes, former President Australia and Chief Executive Officer, AACSB BML Munjal University, International - The Association to School of Management CarringtonCrisp Advance Collegiate Schools of Business India United Kingdom United States Fundación San Pablo Andalucía CEU, HUMANE – Heads of University Postgraduate Institute and Executive Management and Administration Education Department Network in Europe Spain Belgium Zeppelin University, ILA – International Leadership ZU Professional School Association Germany United States
EFMD MEMBERSHIP : NEW MEMBERS TO BE RATIFIED
47 07
EFMD Governance As of December 2014
(1) President Board of Trustees (11) Fernando d’Alessio, Director Alain Dominique Perrin, Director, General, CENTRUM Católica, Pontificia Compagnie Financière Richemont, (5) Laurent Batsch, President, Université Universidad Católica del Peru, Peru Co-chairman of Richemont Strategic Paris-Dauphine, France (12) Wafa El Garah, Dean, School of Committee (6) Witold Bielecki, Rector, Kozminski Business Administration, Al Akhawayn (2) Honorary President University, Poland University in Ifrane, Morocco
Gerard van Schaik, former EFMD (7) Eugenia Bieto, Director General, (13) Alberto Grando, Vice Rector for President; former Chairman of the ESADE Foundation, Spain Development, SDA Bocconi School of Executive, Board of Heineken NV, Management, Italy Netherlands (8) Jordi Canals, Dean, IESE Business School, University of Navarra, Spain (14) Agnes Hofmeister, Dean Emeritus, (3) Vice President Faculty of Business Administration, (9) Laurent Choain, Chief People and Susan Cox, Dean, Lancaster University Corvinus University of Budapest, Communication Officer, Mazars, France Management School, United Kingdom Hungary (10) François-Xavier Cornu, Deputy (4) Director General & CEO Director General Education, Research and Eric Cornuel Training, CCIP – Chambre de Commerce EFMD et d’Industrie de Paris /Paris Chamber of Commerce and Industry, France
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8 9 10 11 12 13 14
EFMD GOVERNANCE : AS OF DECEMBER 2014
48 (15) Valery Katkalo, Dean, Sberbank (20) Anthony Salcito, Vice-President, (24) Harry van Dorenmalen, Chairman, Corporate University, Sberbank of Russia World Wide Education, Microsoft IBM Europe, France Corporation, United States (16) Peter Little, Deputy Vice Chancellor, (25) Baback Yazdani, Dean, Nottingham Queensland University of Technology (21) Rebecca Taylor, Dean, The Open Business School, Nottingham Trent (QUT), Australia University Business School, United University, United Kingdom Kingdom (17) Peter Lorange, President & (26) Zhihong Yi, Vice President, Renmin Chairman, Lorange Institute of Business (22) Howard Thomas, Dean Emeritus University of China, China Zurich, Switzerland and LKCSB Distinguished Professor of Strategic Management, Lee Kong (27) Nicole Coopman, Managing (18) Michael Page, Provost and Vice Chian School of Business, Singapore Director, European Institute for Advanced President for Academic Affairs, Bentley Management University, Singapore Studies in Management (EIASM), Belgium University, United States (observer) (23) Dominique Turpin, President, IMD, (19) Michel Patry, Director General, Nestlé Professor, Switzerland HEC-Montréal, Canada
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EFMD GOVERNANCE : AS OF DECEMBER 2014
49 08
EFMD Team 2014
(1) Eric Cornuel Business School Services Corporate Services Director General & CEO (5) Nadine Burquel, Director (12) Richard Straub, Director & CLIP (2) Helke Carvalho Hernandes Programme Director Deputy Director General (6) Diana Grote, Manager (13) Shanshan Ge, Senior Manager (3) Matthew Wood (7) Robin Hartley, Manager Director, Operations (14) Florence Grégoire, Membership (8) Delphine Hauspy, Manager Manager (4) Joelle Normand Assistant to the Management Team (9) Virginie Heredia Rosa, Manager (15) Caroline Malvaux, Coordinator
(10) Eline Loux, Coordinator
(11) Caroline Taylor, Coordinator
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9 10 11 12 13 14 15
EFMD Team : 2014
50 Research & Surveys Quality Services (23) Isabel Ramos, Manager
(24) Veronique Roumans, Manager (16) Ulrich Hommel, Director (18) Michael Osbaldeston, Director (25) Catarina Botelho, Coordinator (17) Christophe Lejeune, Research (19) David Asch, Senior Advisor Advisor (26) Joyce del Rosario, Coordinator (20) Christian Delporte, Senior Advisor (27) Aurélie Harmand, Coordinator (16) Ulrich Hommel, Senior Advisor (28) Simonne Mac Donald, Coordinator (21) Martin Schader, Senior Advisor (29) Marielle Van Renterghem, (22) Gordon Shenton, Senior Advisor Coordinator
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24 25 26 27 28 29
EFMD Team : 2014
51 EFMD Team 2014
European Cooperation Projects Marketing, Communications & IT (5) Nadine Burquel, Director (33) Christophe Terrasse, Director (3) Matthew Wood, Director, Operations (30) Elysse Vincze, Special Advisor (34) Boriana Marinova, Senior Project Manager (36) Martine Plompen, Associate Director, Marketing & Communications Membership Services (35) Pavlina Blazkova, Coordinator (37) Magdalena Wanot, Manager, (31) Liliane Gaspari, Manager Communications
(32) Mayen Enodien, Project Manager (38) Muriel Ebrahime, Manager, Marketing
(32) Mayen Enodien, Project Manager, Marketing & Governance
(39) Nick Pergoot, Manager, IT
(40) Patsy Van Autreve, Manager
30 31 32 33 34 35 36 37
38 39 40
EFMD TEAM : 2014
52 Finance Special Advisors (49) Ivana Marinkovic, Associate Director, Central and Eastern Europe (41) André Fizaine, Director (46) Jan Ginneberge, Strategic Advisor, Corporate Services (50) Liliana Petrella, Special Advisor, (42) Benoît de Grand Ry, Senior Manager, Responsible Management Education Finance & HR (47) Chris Greensted, Senior Advisor, Quality Services (51) Julio Urgel, Senior Advisor & Director (43) Angela Rojas, Manager of Development Projects in Cuba (48) Griet Houbrechts, Senior Advisor, (44) Isabelle De Greef, Assistant Business School Services
Support Services
(45) Claude Loux, Coordinator, Office & Reception
41 42 43 44 45 46 47 48
49 50 51
EFMD TEAM : 2014
53 09
Financial Statements 2014 Balance sheets: assets
All amounts are in Euros Codes 31/12/2014 31/12/2013 Fixed Assets 20/28 2,170,102 2,242,961 I. Constitution expenses 20 II. Intangible assets 21 1,276 7,551 Ill. Tangible assets 22/27 2,089,475 2,164,340 A.1. Land and buildings (in freehold) 22/91 1,806,425 1,846,039 B.1. Plant, machinery and equipment (in freehold) 231 127,069 148,290 C.1. Furniture and vehicles (in freehold) 241 155,981 170,011 D. Leasing and other similar rights 25 E.1. Other tangible assets (in freehold) 261 F. Assets under construction and advance payments 27 IV. Financial assets 28 79,351 71,070 A. Affiliated entities 280/1 1. Participating interest in affiliated companies 280 2. Amounts receivable 281 B. Other companies linked by participating interests 282/3 1. Participating interests 282 2. Amounts receivable 283 C. Other financial assets 284/8 79,351 71,070 1. Shares 284 2. Amounts receivable and cash guarantees 285/8 79,351 71,070 Current Assets 29/58 4,331,659 4,268,966 V. Amounts receivable after more than one year 29 A. Trade debtors 290 B. Other amounts receivable 291 VI. Stocks and contracts in progress 3 A. Stocks 30/36 1. Raw materials and consumables 30/31 2. Work in progress 32 3. Finished goods 33 4. Goods purchased for resale 34 5. Immovable property acquired or constructed for resale 35 6. Advance payments 36 B. Contracts in progress 37 VII. Amounts receivable within one year 40/41 988,628 880,995 A. Trade debtors 40 696,553 597,284 B. Other amounts receivable 41 292,075 283,711 VIII. Investments 50/53 3,262,307 3,311,041 A. Own shares 50 B. Other investments and deposits 51/53 3,262,307 3,311,041 IX. Cash at bank and in hand 54/58 5,445 5,148 X. Deferred expenses and accrued revenue 490/1 75,279 71,782 Total Assets 20/58 6,501,761 6,511,927
FINANCIAL STATEMENTS 2014 : BALANCE SHEETS: ASSETS
54 Financial Statements 2014 Balance sheets: liabilities
All amounts are in Euros Codes 31/12/2014 31/12/2013 Social Funds 10/15 4,185,267 4,045,446 I. Associative funds 10 A. Initial patrimony 100 B. Permanent means 101 Ill. Revaluation surplus 12 IV. Allocated funds 13 V. Profit carried forward 140 4,185,267 4,045,446 Loss carried forward 141 VI. Investment grants 15 Provisions 16 VII. A. Provisions for liabilities and charges 160/5 1. Pensions and similar obligations 160 2. Taxation 161 3. Major repairs and maintenance 162 4. Other liabilities and charges 163/5 B. Provisions for donations and legacies with right of recovery 168 Creditors 17/49 2,316,494 2,466,481 VIII. Amounts payable after more than one year 17 434,798 468,506 A. Financial debts 170/4 434,798 468,506 1. Subordinated loans 170 2. Unsubordinated debentures 171 3. Leasing and other similar obligations 172 4. Credit institutions 173 434,798 468,506 5. Other loans 174 B. Trade debts 175 1. Suppliers 1750 2. Bills of exchange payable 1751 C. Advances received on contracts in progress 176 D. Other amounts payable 179 1. Interest-bearing 1790 2. Non-productive of interest or with an abnormally low interest 1791 3. Securities received in cash 1792 IX. Amounts payable within one year 42/48 1,382,038 1,256,793 A. Current portion of amounts payable after more than one year 42 33,708 32,554 B. Financial debts 43 1. Credit institutions 430/8 2. Other loans 439 C. Trade debts 44 628,112 764,414 1. Suppliers 440/4 628,112 764,414 2. Bills of exchange payable 441 D. Advances received on contracts in progress 46 450,130 173,086 E. Taxes, remuneration and social security 45 262,454 286,739 1. Taxes 450/3 26,562 48,330 2. Remuneration and social security 454/9 235,892 238,409 F. Other amounts payable 48 7,634 1. Bonds, dividends and securities received in cash 480/8 2. Other various debts producing interest 4890 3. Other various debts non-productive of interest or with an abnormally low interest 4891 7,634 X. Accrued expenses and deferred revenue 492/3 499,658 741,182 Total Liabilities 10/49 6,501,761 6,511,927
55 Financial Statements 2014 INCOME STATEMENT: EXPENSES
All amounts are in Euros Codes 1/1/2014- 1/1/2013- 31/12/2014 31/12/2013 II. Operating expenses 60/64 7,171,809 7,234,753 A. Raw materials, consumables and goods for resale 60 270,621 1. Purchases 600/8 270,621 2. Increase (-); Decrease (+) in stocks 609 B. Services and other goods 61 4,461,611 4,677,922 C. Remuneration, social security costs and pensions 62 2,371,851 2,092,571 D. Depreciation of and other amounts written off constitution expenses, 630 161,497 156,321 intangible and tangible fixed assets E. Increase (+); Decrease (-) in amounts written off stocks, 631/4 56,774 114,503 contracts in progress and trade debtors F. Increase (+); Decrease (-) in provisions for liabilities and expenses 635/7 (178,000) G. Other operating expenses 640/8 120,076 100,815 H. Operating expenses capitalised as reorganisation costs 649 V. Financial expenses 65 43,994 42,337 A. Interest and other debt expenses 650 17,702 18,020 B. Increase (+); Decrease (-) in amounts written off 651 current assets other than mentioned under II.E. C. Other financial expenses 652/9 26,292 24,317 VIII. Extraordinary expenses 66 A. Extraordinary depreciation of and extraordinary amounts written off 660 constitution expenses, intangible and tangible fixed assets B. Amounts written off financial fixed assets 661 C. Provisions for extraordinary liabilities and expenses (increase +, decrease -) 662 D. Loss on disposal of fixed assets 663 E. Other extraordinary expenses 664/8 F. Extraordinary expenses capitalised as reorganisation costs 669 Xl. Profit for the period (transferred to profit carried forward) 70/67 139,821 173,987 Total 60/67 7,355,624 7,451,077
Financial Statements 2014 : INCOME STATEMENT: EXPENSES
56 Financial Statements 2014 INCOME STATEMENT: REVENUES
All amounts are in Euros Codes 1/1/2014- 1/1/2013- 31/12/2014 31/12/2013 I. Operating revenue 70/74 7,317,488 7,430,057 A. Turnover 70 3,972,490 4,015,502 B. Increase (+); Decrease (-) in stocks of finished goods, work and contracts in progress 71 C. Own construction capitalised 72 D. Membership fees, donations, legacies and subsidies 73 2,843,044 2,914,961 E. Other operating revenue 74 501,954 499,594
IV. Financial revenue 75 18,136 21,020 A. Revenue from financial fixed assets 750 6 B. Revenue from current assets 751 14,855 18,601 C. Other financial revenue 752/9 3,281 2,413 VII. Extraordinary revenue 76 20,000 A. Adjustments to depreciation of and to other amounts 760 written off intangible and tangible fixed assets B. Adjustments to amounts written off financial fixed assets 761 C. Adjustments to provisions for extraordinary liabilities and expenses 762 D. Gain on disposal of fixed assets 763 E. Other extraordinary revenue 764/9 20,000 XI Loss for the period 67/70 Total 70/77 7,355,624 7,451,077
Business schools (31%)
Corporate (6%)
Conferences (18%)
Quality services (35%)
Contracts & Projects (4%)
Other (6%)
Financial Statements 2014 : INCOME STATEMENT: REVENUES
57 Financial Statements 2014 FORECAST 2015
(EUR 000s) OPERATING REVENUE 7,605 DIRECT EXPENSES (1,658) OVERHEADS Personnel (incl. regular consultants & interim personnel) (4,294) Rent & Maintenance (170) Office Equipment (85) Administrative expenses (95) Printing materials (45) Travel & related expenses (290) Fees (external consultants & miscellaneous services) (435) Telecommunication expenses (25) Other overhead expenses (150) Depreciation on fixed assets (1) (170) Amounts written down on debts (2) (50) Financial & Exceptional results (16)
TOTAL OVERHEADS (5,825) NET RESULT (3) 122 CASH FLOW (3) + (1) + (2) 342
Financial Statements 2014 : FORECAST 2015
58 Financial Statements 2014 COMMENTS
Comments on the Balance The amounts payable within one year The net result in 2014 is €139,821 and the Sheet 2014 (€1,382,038) include: cash flow amounted to €358,092. Overall, • Annuities on loans for 2015 totalling EFMD is again in the comfortable position At year-end 2014, the social funds €33,708 (code 42), in 2015 of being able to fund strategic amounted to €4,185,267 while the investments and strengthen current • Invoices to be received and ordinary long-term debt equaled €434,798. activities with projected surpluses. debts to suppliers equal to €628,112 Long-term resources represented a total (code 440/4), of €4,620,065 and were partly used to Comments on the Forecast finance the fixed assets amounting to • Advances received on European €2,170,102. EFMD’s cash position was contracts (€450,130), which directly 2015 positive at €3,267,752. increased the cash position, The operating revenue should be Intangible assets (code 21) cover IT • Social security liabilities, essentially slightly higher than in 2014 (+4%) due software and website development, some tax liabilities and various to an increase in turnover of EFMD while the tangible assets encompass the creditors amounting to €270,088. conferences and the invoicing of project EFMD office premises (Rue Gachard 88, activities which will end in 2015. 4th and 5th floor) (code 22/91), which Comments on the Income Direct expenses will increase moderately are depreciated over a 50-year period. Statement 2014 while personnel expenses will remain Non moveable assets (code 231) are stable and other overheads will decrease. depreciated over a 10-year period and EFMD’s operating revenue (€7,317,488) The net result is projected to be in the moveable assets (code 241) over a 3-year saw a slight decrease of 1.5% range of €122,000 and the cash flow at or 5-year period. The financial assets compared to 2013. Membership dues €342,000. These figures are in the range (code 285/8) represent mainly cash and conference activities decreased of last year’s results (€139,821/358,092). advances for social security. by 2.5%, while the Quality Services Given that the annuities of the loan The trade debtor account (code 40) activities increased by 2%. Nominal on the real estate represent only amounts to €988,628. business school membership has indeed decreased as schools now also belong €33,708, EFMD will continue to self- • These amounts represent mainly to EFMD Global Network (EFMD GN). The finance investments in a number of invoices for EQUIS, EPAS or Projects increase in Quality Services activities is key development areas such as the due at the end of the year (€460,827), mostly due to an ever-increasing number development of new activities, the invoices to be issued (€166,612) and of schools and programmes accredited implementation of the strategy vis-à-vis advances to suppliers (€43,179). or re-accredited. Revenues from corporate members and the continuation • Invoices pre-dating 2014 have been contracts & projects have decreased as of EFMD’s internationalisation. totally written off. They represent few projects ended in 2014. All these above-mentioned items are about 1.5% of the total invoicing. Operating expenses (€7,171,809) already integrated into the forecasts for • Other amounts receivable (code 41) decreased by 1% compared to 2014 2015. (€292,075) represent various debtors (€7,234,753), mostly due to the decrease including a loan towards the Asia office of direct expenses linked to these (€250,000). activities.
Financial Statements 2014 : COMMENTS
59 10
Auditor’s Report 2014
AUDITOR’S REPORT : 2014
60 AUDITOR’S REPORT : 2014
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