IESE ANNUAL REPORT 2016-2017

01. A Memorable Year From the Dean Highlights Guest Speakers Meet IESE Global Reach

02. Learn MBA Programs PhD Executive Education Learning Innovations

03. Innovate Faculty & Research Social Impact

04. Commit Corporate Responsibility Alumni Partner Companies

01. A MEMORABLE YEAR FROM THE DEAN

The full-time MBA is a ’s flagship program. IESE’s was launched over half a century ago as Europe’s first MBA program. Since then, it has embodied the school’s commitment to its mission: to develop leaders who aspire to have a deep, positive and lasting impact on people, firms and society through professionalism, integrity, and spirit of service. During that time, change has been a constant; at present, the MBA market is in a period of slow global growth. But despite these challenging conditions, demand for the IESE MBA from highly qualified applicants is higher than ever. As a result, the program reached a new landmark in 2016-2017 with the launch of a fifth section. The student body of the 2017-2018 academic year, with two five-section cohorts on campus, will be the largest in the school’s history.

Technology plays an essential role in keeping the IESE learning experience relevant to today’s leaders, who want to be able learn from any location and match their studies to their schedule. During the academic year, the school continued to pioneer new “blended” methodologies that employ technology to maximize the impact of in-classroom time. Many of the solutions developed, including the “virtual classroom” and online courses will help IESE disseminate its message to a wider audience than ever before.

None of this would be possible without the ongoing efforts of the people who help make IESE’s mission a reality. I am honored to welcome 10 new professors, who join our dedicated faculty and staff at the school. I would like to extend special thanks to the alumni and partner companies who sponsor and support IESE’s activities. Their involvement, insights and guidance are essential as we build on the school’s legacy and strive to prepare future generations of business leaders to make a mark and change the world.

Franz Heukamp IESE Dean

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 3 01. A MEMORABLE YEAR HIGHLIGHTS

WORLD’S NO.1 FOR MBA LAUNCHES EXECUTIVE EDUCATION FIFTH SECTION The ranked IESE’s The MBA launched a new fifth section in response to high demand Executive Education Programs as from qualified applicants. As a result, the second year of five the best in the world for the third sections (2017-2018) will see the largest MBA student body on consecutive year. campus in IESE’s history.

NEW CHAIRS Three new academic chairs were created to drive research and keep IESE at the forefront of key developments: the SEAT Innovation Chair (Prof. Antonio Dávila); the Novartis Chair of Operational Excellence in Healthcare (Prof. Jaume Ribera); and the Joaquim Molins Figueras Chair of Strategic Alliances (Prof. Africa Ariño).

4 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 01. A MEMORABLE YEAR

PIONEERING RESEARCH CAMPUS DEVELOPMENT LEARNING INNOVATIONS IESE’s world-class faculty, comprising Thanks to the support of IESE’s Blended methodologies and 110 full-time professors, published Partner Companies, the school was technologies were piloted and 68 articles in refereed journals, able to extend its campus, implemented across programs, 18 books and 102 case studies investing €10 million in renovation and making them more relevant and aimed at developing actionable new buildings across a three-year plan accessible to today’s executives. ideas for better business in response to the growth in the MBA The Programa de Dirección General management. program. (PDG), a senior management program delivered in Spanish, and the Program for Management Development (PMD) incorporated new learning methodologies. Also in custom program, IESE ran experimental SPOCs – or small, private, online courses – incorporating cohort-based activities.

GLOBAL ALUMNI REUNION More than 2,000 alumni and guest speakers gathered in Barcelona NOTE: All information in this report for the 55th Global Alumni Reunion, titled "Be the Change: relates to the 2016-2017 academic year Leadership for a Positive New Era." (September 1, 2016 – August 31, 2017).

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 5 01. A MEMORABLE YEAR GUEST SPEAKERS IESE welcomed international leaders who shared their thoughts and experiences with students and alumni. Here is a small selection of those who contributed their insights.

Toni Townes-Whitley Microsoft’s Corporate Vice President of the Worldwide Public Sector

Ignacio Garralda Arthur Brooks Kees J. Storm Jorge Gallardo Narayana Murthy President of Mutua President of the American Former Chairman of the CEO of Almirall Co-founder of Infosys Madrileña Enterprise Institute Executive Board of Aegon Technologies

Paul Polman César Concepción CEO of General Manager of Novartis Spain

Janina Kugel Joaquín M. Molins Gil Carlos Torres Vila Siemens Board Member Chairman of Fundació CEO of BBVA Joaquim Molins Figueras

6 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 01. A MEMORABLE YEAR

Tom Kane Emmanuel Lagarrigue Luca de Meo Mel Martínez Jaime Caruana Former President Executive Vice President & Chairman of SEAT Former Senator and General Manager of the and CEO of CBS Chief Strategy Officer Chairman of the South East Bank for International of Schneider Electric U.S. and Latam, JP Morgan Settlements

Mark Thompson Deborah DiSanzo Valentín Fuster CEO of the New York General Manager of IBM Physician-in-chief of the Times Watson Health Mount Sinai Medical Hospital

Rebeca Grynspan Francis Okomo-Okello Marc Puig Mark Hutchinson Secretary General of Board Member of Barclays Chairman and CEO President and CEO the Ibero-American Africa Group of Puig of General Electric Europe Conference

David Mills Jordi Gual Alex Cruz CEO of Ricoh Europe Chairman of Caixabank CEO of British Airways

Andrew Lack Steve Shiffman Mario Augusto Luis Gallego Chairman of NBC News CEO of Calvin Klein da Silva Chairman of Iberia CEO of Cosan

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 7 01. A MEMORABLE YEAR

The school provides programs and international research. Today, the school’s MEET IESE courses suitable for every career stage world-class faculty includes 110 full-time to participants around the world. professors, all of whom have PhDs. Their IESE is the graduate extensive real-world experience and These diverse programs all develop and open-door teaching policy are central to business school of inspire business leaders who strive to the school’s continuing success. the University of make a deep, positive and lasting impact on the people, companies and society In 1963, IESE entered into its first Navarra. It has been they serve. IESE carries out essential international alliance, in this case with research and leads thinking on business . This led to at the forefront topics through its 25 chairs and 11 the creation of Europe’s first two-year of management research centers. MBA program. The school continues to innovate: pioneering new teaching education for nearly IESE is consistently ranked as one of methodologies, introducing new 60 years. the world’s leading business schools. It technology, reaching new audiences was founded in 1958 by entrepreneurs and striving to improve every aspect of with a global mindset. From the outset, management education in every part of its faculty members were active in the world.

8 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 01. A MEMORABLE YEAR PEOPLE + PARTNERS + PROGRAMS = PROGRESS

The school reaches its goals by harnessing the power of its educational ecosystem. Faculty, staff, sponsors, alumni and associates combine their strengths to create the IESE experience for program participants.

65% Women IESE People Participants & Companies 47 Alumni Nationalities Activity 230 Partner Companies

35% 1,335 Men Degree Program 36 Participants Chapters 110 Full-time Professors 39% 46,537 Membership Alumni

132 16% Custom 129 Women Programs Nationalities 9,143 Executive Education 84% Program Participants 496 Men Staff 13 25 Industry Chairs Meetings 22,460 Alumni Learning Program Participants 47 11 Focused Research Centers Programs 6 35 Degree General Programs 231 Management Programs Alumni Learning Program Sessions

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 9 01. A MEMORABLE YEAR GLOBAL REACH IESE is a truly international school.

It delivers management education around the world from its permanent campuses in Barcelona, , Munich, New York and Sao Paulo, supported by a global network of offices, associated business Harvard Business schools, partner schools and partner School was companies. supportive in IESE’s development from the very start. BY THE NUMBERS The two schools established the Harvard Business U.S. School-IESE Committee in 1963. In 2006, IESE opened its 5 permanent New Campuses York campus, which offers diverse programs for executives and companies as well as modules of the 8 MBA programs. The Offices New York campus also hosts sessions for alumni and IESE research events. 14 Associated The school has played a Business Schools key role in the foundation and development of nine associated business schools in Latin America since 1970. In 2002, IESE began to offer programs for senior executives in 200+ AMERICA LATIN Sao Paulo, eventually Partner Companies launching the Executive Around the World MBA Sao Paulo in 2012.

10 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 01. A MEMORABLE YEAR

A WORLD OF MANAGEMENT EDUCATION

EUROPE

In 1958, IESE was founded in Barcelona and the first Advanced Management Program began. IESE launched Europe’s first two-year MBA in 1964. In 1974 the first Executive Education Program started in Madrid. In 2005, the school began to offer Executive Education Programs for Germany in 2005. Further growth led to the opening of a permanent campus in Munich in 2015. IESE Munich delivers programs for executives and multinational companies that operate in Germany and Central Europe, as well as modules of the MBA program.

For more than 25 years, Asia is a high strategic IESE has supported priority for IESE’s future. the development of The school has been active business education in there for over 20 years

Africa. It works with ASIA and 26 percent of IESE’s African business schools MBA students come from AFRICA to deliver programs Asia. Expansion continues and support business through Executive communities through Education Programs and research initiatives, other program modules. expertise sharing and IESE launched the Global networking events. The CEO Program for China Africa Initiative, the with Harvard Business school’s umbrella project School and CEIBS in 2005. for its activities in the region, creates and reinforces connections across the continent.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 11 02. LEARN

Better leaders can build a better world. Since 1958, as part of the , IESE has helped executives learn the most important lesson of all: how to have a lasting, positive impact on people, companies and society as a whole.

02. LEARN THE MBA PROGRAMS 1,288 students participated in IESE’s three MBA programs – the full-time MBA, the Executive MBA and the Global Executive MBA.

THE FULL-TIME MBA GUIDANCE BY THE NUMBERS A total of 647 students were enrolled AND MENTORSHIP in the two-year, full-time MBA Program In addition to carrying out their in 2016-2017. teaching and research duties, faculty members also mentored students. INTERNATIONAL They supported and guided them at 647 FOCUS the start of the program, provided Students The international ethos of the program advice on diverse issues, including was demonstrated by the presence career decisions and shared in classrooms of students from 77 information about IESE, its history, countries. The MBA’s cross-border mission and operations. 670 and cross-cultural learning was GMAT Average reinforced through elective courses STUDENTS held in New York, Sao Paulo, Shanghai LEAD THE WAY and Nairobi. Student-led activities form an essential part of the MBA experience. FIFTH SECTION The IESE Women Leadership 28% MOVES FORWARD conference recognizes the challenges Women High demand from highly qualified and celebrates the successes of applicants led to the launch of a fifth women in the professional world. section in the school’s flagship MBA The 2017 conference was held under program. This growth challenged the banner of “Evolution: Celebrating the idea that the traditional two-year Progress and Potential.” Almost 500 77 MBA program is in decline due to participants came to Doing Good, competition from different programs Doing Well, Europe’s premier Nationalities and providers. student-run conference on responsible business, held in 15% 39% WORLD’S TOP 10 February 2017 with the theme North America Europe The program was ranked among the “Purpose Beyond Profit.” 26% Asia top ten in the world by the Financial Times, the Economist and Bloomberg Businessweek. YOUNG TALENT PATH (YTP) LEARNING FROM This program for high-performing THE REAL WORLD undergraduate students and first-year In 2016-2017, the Capstone project, in professionals is a pipeline for future which MBA teams work on real companies’ talent that builds strong connections business problems, saw its highest level with IESE. In 2016-2017, there were 10 5% of participation ever, with 353 students MBA students who had come through Middle East 15% & Africa and 10 companies involved. the YTP. Latin America

14 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 02. LEARN

• BERKELEY HAAS, U.S. • IAE UNIVERSIDAD • NANYANG, SINGAPORE • CEIBS, CHINA AUSTRAL, ARGENTINA • NYU STERN, U.S. • CHICAGO BOOTH, U.S. • IPADE, MEXICO • RECANATI, ISRAEL • COLUMBIA BUSINESS • INDIAN SCHOOL OF • ROTTERDAM SCHOOL OF SCHOOL, U.S. BUSINESS (ISB), INDIA MANAGEMENT (RSM), 29 • CORNELL UNIVERSITY • KBS, KEIO UNIVERSITY, THE NETHERLANDS Business schools in (JOHNSON), U.S. JAPAN • TUCK, U.S. the full-time MBA • DARDEN, UNIVERSITY • KELLOGG, U.S. • UNC KENAN-FLAGER, Exchange Program OF VIRGINIA, U.S. • LONDON BUSINESS U.S. • DUKE UNIVERSITY SCHOOL (LBS), U.K. • WHARTON, U.S. (FUQUA), U.S. • MELBOURNE BUSINESS • YALE SCHOOL OF • GSIMA, JAPAN SCHOOL (MBS), MANAGEMENT, U.S. • HEC, FRANCE AUSTRALIA • YONSEI SCHOOL OF • HKU, CHINA • MICHIGAN ROSS, U.S. BUSINESS (YSB), SOUTH • HKUST, CHINA • MIT SLOAN, U.S. KOREA

PLACEMENT IN THE FULL-TIME MBA, CLASS OF 2017

SECTORS 27% 83% 91% Consulting 20% E-Business 17% of full-time MBA of full-time MBA Financial Services students changed the students accepted a job location, function or section offer within three months 36% in which they work of graduation Industry 10 Top recruiting companies

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 15 02. LEARN

THE EXECUTIVE MBA BY THE NUMBERS The Executive MBA (EMBA) program was again delivered in Barcelona, Madrid and Sao Paulo. Participants developed executive capabilities and the in-depth knowledge they need to manage companies. 556 Students

A new EMBA Team Management Course was launched. It focused on maximizing learning within teams, improving the understanding of team dynamics and imparting the tools necessary for conflict resolution. Second-year EMBA students 32 welcomed access to sessions with Average Age professional career advisors, focused on helping them define their career goals.

The international modules in Shanghai, New York and Sao Paulo gave students an understanding of each of these regions 29% of the world, and were highly valued by Women students.

In the Class of 2017, a total of 279 students graduated: 125 in Barcelona, 124 in Madrid and 30 in Sao Paulo.

THE GLOBAL BY THE NUMBERS EXECUTIVE MBA The Global Executive MBA (GEMBA) program consolidated the “One Class, Two Tracks” format. Both cohorts of participants started and finished together in Barcelona. They split only during 85 Students module two and module four, reuniting in New York for module three, in Shanghai for module five and Silicon Valley for module six.

Curriculum innovations were introduced to improve the learning experience for 38 participants in what is one of IESE’s most Average Age blended programs. For the first time, participants were offered six electives: three organized by IESE (Munich, Sao Paulo and New York) and three organized by CEIBS (South East Asia, India and Africa-Ghana). 84% International In the Class of 2017, 45 students graduated in Barcelona in June 2017.

16 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 02. LEARN

PhD

The PhD program prepares participants for a world-class career in BY THE NUMBERS academia. Students receive rigorous training in qualitative and quantitative research, led and supported by IESE’s outstanding faculty. 10 47 papers were published Participants in PhD IESE PhD programs are 100 percent by PhD students or MRM (Masters in Research funded, including a fee waiver Management) programs and stipend, so participants can focus on what matters: preparing for a career at the forefront of business scholarship. Students and alumni from the IESE 6 93% PhD program published papers theses were accepted and the International and had encouraging feedback authors accepted academic positions from the journals to which they at top business schools submitted their work.

INTERNATIONAL FACULTY PROGRAM

The International Faculty Program (IFP) Europe and Latin America. They now transforming students develops the teaching and leadership teach and conduct research in over 200 through teaching and learning skills of business school professors. leading institutions. methodologies (such as the ), developing students’ The first official edition of the IFP took In 26th edition of the IFP, 24 academic careers, and developing place in 1992. Since then the program participants from 14 countries institutions through mentoring, has educated more than 500 professors studied for three weeks on IESE’s institutional management and from over 70 countries in Africa, Asia, Barcelona campus. They focused on coaching.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 17 02. LEARN

GENERAL MANAGEMENT CUSTOM PROGRAMS EXECUTIVE PROGRAMS In 2016-2017, 132 custom programs Programs for general managers were were delivered across Europe, North EDUCATION delivered to 1,145 participants in America, South America and Asia. Of 15 cities in Europe, North America, the 70 clients with whom IESE worked Five continents, Asia and Latin America. Emphasis during the year, 21 were new, including was placed on further improving the Swire and JSF. Michelin is currently people from countless learning experience of participants IESE’s largest client, followed by BBVA, backgrounds and and the impact of the programs. Enterprise Ireland, Nissan and Oracle. IESE retained and strengthened its one shared goal: to international alliances with top business schools including Harvard Business develop key leadership School, Wharton and CEIBS. competencies and a global mindset.

18 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 02. LEARN

BY THE NUMBERS 9,143 Total Participants

INDUSTRY MEETINGS FOCUSED PROGRAMS LEADERSHIP IESE Industry Meetings spark ideas IESE delivered 47 Focused Programs PROGRAMS FOR PUBLIC and catalyze action among academics, in 2016-2017 to 1,186 participants SECTOR MANAGEMENT executives and institutions. In 2016- in Barcelona, Madrid, New York IESE’s Center for Public Leadership 2017, they drew 282 speakers and and Munich. Each was a short, and Government (CPLG) continued chairpersons and 1,670 participants intensive experience that tackled a to provide programs in alliances to Barcelona, Madrid and Mexico specific issue facing companies and with Harvard Kennedy School. These City, covering industries including industries. The school extended its programs for the public sector are automotive, banking, energy, alliance agreements with two leading aimed at educating government healthcare and food and beverages. international institutions, Harvard officials in best-of-class management Business School and the Michigan techniques, in order to contribute . to economic growth. More than 100 people took part.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 19 02. LEARN

INTERNATIONAL ACCELERATION

Activity in the U.S. and Germany increased. Twenty-one programs were delivered to almost 1,000 participants on the New York campus and nine programs were delivered to close to 300 participants on the Munich campus, including two new Focused Programs.

NEW YORK CAMPUS, U.S. GENERAL MANAGEMENT PROGRAMS: • Senior Executive Program, New York-Miami MUNICH CAMPUS, GERMANY • Advanced Management Program GENERAL MANAGEMENT PROGRAMS: in Media and Entertainment, • Advanced Management Program New York-Los Angeles (AMP Munich) • Program for Leadership • Program for Management Development Development, New York-Miami (PMD Munich) • PADLA (Programa de Alta Dirección para Líderes de las Américas) FOCUSED PROGRAMS: • Global CEO Program: Shanghai- • Digital Mindset Industry 4.0 Philadelphia-Barcelona CUSTOM PROGRAMS: FOCUSED PROGRAMS: BMW, Boehringer Ingelheim, • Digital Mindset: How to Lead and Manage Carlsberg, Erste Bank Group and in an Ever-Changing Environment Henkel • Making It Work • Doing Business Globally • Developing Leadership Competencies

CUSTOM PROGRAMS: Avanade, BMW, Eurovision, Faurecia, IMEC, Lixil, Michelin, Oracle, UPS, ESPN, Blackrock, and more. ASIA GENERAL MANAGEMENT PROGRAMS: • Global CEO Program LATAM, BRAZIL • Global CEO Program for China GENERAL MANAGEMENT PROGRAMS: CUSTOM PROGRAMS: • Advanced Management Program Faurecia, Michelin, Oracle, Swire (AMP Sao Paulo) and JSF • Program for Management Development (PMD Sao Paulo) • PADLA (Programa de Alta Dirección para AFRICA Líderes de las Américas) Pan-African AMP CUSTOM PROGRAMS: Abertis, Amadeus, Helm, Michelin and Lantero Embalaje

20 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 02. LEARN

FIRST FULLY BLENDED PROGRAM FOR MANAGERS

Learning new competencies and developing professionally are essential to thriving in an ever- changing world. But with this non-stop pace, finding the time to learn is a challenge. For the first time, the newly remodeled Program for Management Development (PMD) Barcelona offers participants four self-paced online modules and three residential modules over the course of six IESE’s Executive Education Programs were ranked months, to fit their scheduling needs. as the best in the world for the third consecutive This combination takes participants year by the Financial Times. on a General Management Journey and a subsequent Leadership Journey to help them transition into senior IESE’s Custom Programs, which are tailor-made leadership positions with greater courses for organizations, were also ranked impact. number-one for the third consecutive year. The programs earned high praise across all areas, with clients particularly valuing the diversity of IESE’s “Thanks to its blended faculty and the range of new skills acquired. format, the PMD Open Programs earned the second spot worldwide enables participants to for the second year in a row. Participants valued learn at their own pace the school’s follow-up, including networking with other participants; its international locations; and and from any place. its strong alliances with top business schools such We believe flexibility as Harvard, Wharton and CEIBS. is key for executives and also cultivates a IESE believes that developing managers should involve a combination of elements: a high lifelong learning habit.” degree of personalization that incorporates the latest technological and academic innovations; the knowledge and research of a faculty highly Sebastian Reiche involved in the learning of participants and PMD’s Academic Director companies; and a truly global experience.

The school’s programs provide an intense learning The online modules allow participants environment – both face-to-face and virtually – for to access classes and video managers and companies to interact and grow, all conferences through IESE’s state- combined with a profound belief in contributing to of-the-art virtual campus, work with building a better world. self-assessment tools, consult the digital library and participate in online discussions.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 21 02. LEARN LEARNING INNOVATIONS

To be more mobile, more flexible and more personalized, IESE continues to innovate in new learning methodologies.

IESE’s programs constantly evolve to meet the requirements of today’s executive lifestyle: more mobile, more flexible, more personalized. They are increasingly “blended,” combining online and in-classroom learning and different methodologies such as case discussion, coaching and project work. Blended programs are a step toward the goal of true “omnilearning.”

“Omnilearning is a concept that suggests that learning happens across various physical and situational contexts contexts: classroom, LEARNING TO LEARN WITH THE BEST home, workplace and One of the main challenges for more than 2,500 registered posed by globalization and participants. Participants followed customer site.” digitalization is overhauling the the conversation live online and way that managers learn. What is were able to submit questions. the best way to learn? And what Speakers included Josh Bersin, are the latest developments in founder of Bersin by Deloitte; Evgeny Káganer the field of adult education? IESE Edward D. Hess, professor at the has been at the center of this Darden School UVA; Annemie IESE professor debate with the launch of the Ress, founder of PurpleBeach; Expert Series. The series features David Blake, CEO and co-founder online conversations among IESE of Degreed; and Nick Shackleton- professors and renowned world Jones, director of Learning & Omnilearning builds on IESE’s unique experts who share their view of Performance Innovation at PA discussion-based approach, and education’s present and future. Consulting Group. leverages state-of-the-art solutions During the 2016-2017 academic to improve the impact of learning year, five webinars were held http://awaytolearn.iese.edu experiences.

22 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 02. LEARN

COACHING and Spanish. It targets university LAUNCH OF ONLINE ALUMNI AND MENTORING graduates with no prior experience LEARNING PROGRAM DEVELOPMENT OF A aiming to acquire essential business COURSE VIRTUAL COACHING concepts, or early-career professionals The MOOC-like “Developing a Digital PLATFORM who lack a business background. Mindset” course was offered to IESE’s This includes a 360º assessment tool, It increases the visibility of IESE alumni community. A pilot of a mobile conferencing tools between learner and to potential candidates of its MBA app “learning bites” solution was also coach, and journaling functionality. programs. run with alumni.

MENTORING SOLUTION FOR BLENDED LEARNING DEVELOPMENT OF THE ALUMNI COMMUNITY EXPERIENCES ACROSS VIRTUAL CLASSROOM The service will pair mentors with PROGRAMS This is designed to reproduce IESE’s mentees for general career advice, case-study method in a digital sharing of sector-specific insights and Custom Programs environment. It allows 80 international briefing on roles. IESE ran experimental SPOCs – or participants to log-in and join real-time small, private, online courses – sessions with IESE faculty, who will teach incorporating cohort-based activities from a studio located in Barcelona. ACTION AND (such as assignments and live faculty- EXPERIENTIAL LEARNING led sessions) with PepsiCo, Oracle and VIRTUAL PROJECT-WORK Henkel. The school continued to deliver SIMULATION-BASED PLATFORM blended custom programs and, for LEARNING This cloud-based system creates a central the first time, a program was delivered INTRODUCTION OF repository where faculty, staff, students almost completely online. TWO NEW BUSINESS and industry partners can manage their SIMULATIONS business-to-classroom projects. Focused Programs Both were in the field of change Three Focused Programs were management: “ExperienceChange” redesigned to follow a blended learning and “ExperienceInnovation.” ONLINE approach. Several more blended courses AND BLENDED LEARNING are planned for 2017-18. “FOUNDATIONS DIGITAL OF MANAGEMENT” GEMBA INFRASTRUCTURE SPECIALIZATION ON The increased use of live e-sessions, DEVELOPMENT OF COURSERA including in pre- and post-residential TEACHING TOOLS This series of massive open online modules, enabled more focus on These tools were available for polls/ courses (MOOCs) was expanded to discussion-based learning during quizzes, online discussions and video five courses, offered in both English classroom time. production.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 23 03. INNOVATE

The future will grow from the seeds of ideas planted today. Through its pioneering research and focused activities, IESE seeks new solutions to today’s social and business issues and sets the agenda for the opportunities of tomorrow.

03. INNOVATE FACULTY & RESEARCH In 2016-2017, IESE’s faculty comprised 110 full-time professors from 21 different countries. Ten new faculty members joined the school in September 2016 and six visiting professors from various universities spent their sabbatical leave at IESE. IESE faculty members wrote 68 articles in refereed journals, 18 books and 102 case studies.

FACULTY AWARDS AND HONORS

Almandoz, J., 2016 IESE Research & the Natural Environment Competition, and Top Management Excellence Award, awarded by Division (ONE) of the Academy of Incentives,” co-authored with M. the IESE Alumni Association for Management for his book Green Lies: Antón, F. Ederer, and M. Schmalz. his article “When Experts Become How Greenwashing Can Destroy a Liabilities: Domain Experts on Boards Company. Gregory, R., 2016 AIS Early Career and Organizational Failure,” co- Award awarded by the Association for authored with A.Tilcsik, published in Berrone, P., Academy of Management Information Systems for his promising Academy of Management Journal, Vol. Best Paper Proceedings 2017 for work examining novel I.T. phenomena. 49, No 4, 2016, pp1124-1149. the paper titled “Creating Value for Others: The Role of Nonprofits in Maoret, M., recognized for Antón, M., 2017 Oliver E Williamson Improving Community Environmental extraordinary service to the editorial Best Conference Award awarded Performance,” co-authored with H. Board of Organization Science in by the Society for Institutional Rousseau, submitted for the 2017 2016-2017. & Organizational Economics for Academy of Management Meeting the paper “Common Ownership, taking place August 4-8 in Atlanta, Nueno, J.L., Member of the Royal Competition, and Top Management U.S.A. Academy of Doctors in recognition of Incentives,” co-authored with F. his work in academia and business. Ederer, M. Giné, and M. Schmalz. Ferraro, F., 2017 Roland Calori Prize awarded biannually for the best article Nueno, P., Lifetime Achievement Antón, M., ranked as one of the 2017 published in the journal Organization Award, awarded by the China Club Top 40 under 40 Business Professors Studies over the previous two Spain, 2016. by the popular business-school years. He received the prize for the website Poets & Quants. article “Tackling Grand Challenges Reiche, S., Academy of Management Pragmatically: Robust Action Best Paper Proceedings 2017 for the Berrone, P., ARCS 2017 Emerging Revisited,” co-authored with D. Etzion paper titled “Affective, Cognitive Sustainability Scholar Award awarded and J. Gehman. and Behavioral Trajectories of by the Alliance for Research on Change Recipients in Global Corporate Sustainability for the depth Giné, M., 2017 Oliver E Williamson Organizations” (with T. Neeley & N. and impact of his research agenda. Best Conference Award awarded Overmeyer), submitted for the 2017 by the Society for Institutional Academy of Management Meeting Berrone, P., 2017 Outstanding Book & Organizational Economics for taking place August 4-8 in Atlanta, Award awarded by the Organizations the paper “Common Ownership, U.S.A.

26 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 03. INNOVATE

FACULTY BY THE NUMBERS NEW FACULTY 110 21 10 Full-Time Nationalities New Full-Time Inés Alegre José Azar Professors Professors Managerial Decision Economics, PhD Sciences, PhD IESE Princeton University

Kate Barasz Pietro Bonetti Marketing, Accounting and Reiche, S., Finalist for the 2016 Samila, S., Academy of Management PhD Harvard Control, PhD Business School University of Padua. International HR Scholarly Research Best Entrepreneurship Paper 2017 Award, Academy of Management, (OMT division) for his papers for the paper “The Bridging Role “Community and Capital in of Expatriates and Inpatriates Entrepreneurship and Economic in Knowledge Transfer in Growth,” co-authored with O. Multinational Corporations” Sorenson. (with A.-W. Harzing & M. Pudelko), published in Human Resource Segarra, J. A., Member of the Royal Isabelle Engeler Igor Kadach Management. Academy of Doctors in recognition Marketing, PhD Accounting and Control, of his work in academia and University of St. Gallen. PhD Leonard N. Stern School of Business Reiche, S., Best Reviewer Award business. 2016 for the Journal of World Business. Weber, E., 2016 IESE Research Excellence Award, awarded by the Reiche, S., Selection of article for IESE Alumni Association for his MBA reprint. His article “Why and How course “Management and Control Does Shared Language Affect Systems.” Subsidiary Knowledge Inflows? A Harris Kyriakou Stefano Sacchetto Social Identity Perspective” Vives, X., 2016 IESE Research Information Systems, Financial Management, (with A.-W. Harzing & M. Pudelko), Excellence Award, awarded by the PhD Stevens Institute PhD London Business of Technology School published in the Journal of IESE Alumni Association for his International Business Studies book “Competition and Stability in 2015, has been selected as one in Banking: The Role of Regulation of nine articles to reprint from a and Competition Policy,” total of 61 published between 1976 published by Princeton University and 2016. Press, 2016.

Reutskaja, E., ranked as one of the Professor Pankaj Ghemawat was Ricardo Calleja Weiming Zhu 2017 Top 40 under 40 Business listed amongst the world’s top Business Ethics, Production, Technology Professors by the popular business- management thinkers in the latest PhD Universidad and Operations Complutense Management, PhD Robert H. school website Poets & Quants. Thinkers50 ranking. Smith School of Business

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 27 03. INNOVATE

RESEARCH BY THE NUMBERS

The school organized 26 academic events and 52 events geared toward practitioners, with 5,119 participants in total.

Twenty-six new competitive projects started. Four new research projects were funded by the Spanish Ministerio de Economía y Competitividad, with Profs. Fernando Peñalva, Antonino Vaccaro and Joan E. Ricart as main researchers. A research grant within the Young Researchers Program of the Spanish Ministry was awarded to Prof. Giovanni Valentini. A Beatriu de Pinós Grant funded by the Catalan Government was given to Prof. José Azar. The CRIHM-EIT Health Initiative Cases obtained four research grants and started ten campus projects. 102 The Center for Research on Health Innovation Management (CRHIM) continued its close relationship with the healthcare industry. In collaboration with Abbvie, it led two projects that 68 38 addressed the role of health-technology Articles in Articles in non-refereed assessment in decision-making on pharmaceutical policy and improving refereed journals journals and magazines the management of chronic disease. It also led a project with Sanofi, on innovative models for public procurement of medicines.

The IESE Women in Leadership (I-WIL) initiative, in partnership with Ordessa, published a report titled “Motherhood and Career Path,” looking at the barriers 18 46 Books Teaching notes that hinder women’s progress in their family and professional environments. and technical notes

28 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 03. INNOVATE

The PPP for Cities, under the umbrella of the Public-Private Sector Research Center, published its first case study CHAIRS AND RESEARCH CENTER about the waste water plant in New Cairo, Egypt. It was included in the IESE has 11 research centers and 11 RESEARCH CENTERS United Nations Economic Commission 25 chairs linked to an internationally for Europe (UNECE) list of PPP case recognized professor. Three new chairs studies. were created this year: Center for Business in Society

JOAQUIM MOLINS Center for Globalization IESE PUBLISHING FIGUERAS CHAIR OF and Strategy

IESE Publishing distributes more than STRATEGIC ALLIANCE 40,000 business case studies in Center for Innovation Marketing The Joaquim Molins Figueras Chair of and Strategy Spanish – the largest collection in the Strategic Alliances under the direction world. It also distributes many titles in of Prof. Africa Ariño. The chair was Center for International Finance English and some in Portuguese. created with a view to becoming a

center of international relevance in the area of strategic alliances. Center for Public Leadership IESE INSIGHT and Government

IESE disseminates its research SEAT Center for Research in Healthcare through global publications INNOVATION CHAIR Innovation Management and through IESE Insight, the The SEAT Innovation Chair, under the school’s knowledge portal and direction of Prof. Antonio Dávila. Its Entrepreneurship Innovation Center quarterly magazine. Over 16,000 mission is to advance the frontiers managers and scholars receive of both research and management Institute for Media the online edition. The IESE Insight education in the area of innovation, and Entertainment portal has 23,851 subscribers with a focus on practical application. and has published more than International Center 3,000 articles. NOVARTIS CHAIR OF for Logistics Research OPERATIONAL EXCELLENCE IN HEALTHCARE International Center for Work THE IESE LIBRARY The Novartis Chair of Operational and Family The “Library Strategic Plan 2017- Excellence in Healthcare, under the 2020: Advancing IESE Knowledge,” direction of Prof. Jaume Ribera. The Public-Private Sector was implemented, which will result in main aim of the chair is to promote Research Center a new concept of the library. Library excellence in operation management usage grew considerably as a result within the health sector. of the MBA program’s new fifth Two chairs were extended: the section. Students, faculty and alumni Caixabank Chair and Corporate can currently access 43,929 volumes, Social Responsibility (Prof. Antonio 31,518 paper books, 231,302 electronic Argandoña) and the Credit Andorra books, 68 paper journals and 41,397 Chair of Markets, Organizations and electronic journals. Humanism (Prof. Josep M. Rosanas).

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 29 03. INNOVATE

25 CHAIRS

Abertis Chair of Regulation, Chair of Business Ethics José Felipe Bertrán Chair of Competition and Public Policy PROF. DOMÈNEC MELÉ Governance and Leadership in Public PROF. XAVIER VIVES Administration Chair of Family-Owned Business PROF. JOSÉ R. PIN Alcatel-Lucent Chair PROF. JOSEP TÀPIES of Technology Management Nissan Chair for Corporate Strategy PROF. ANTONIO DÁVILA Crèdit Andorrà Chair of Markets, and International Competitiveness Organizations and Humanism PROF. BRUNO CASSIMAN Anselmo Rubiralta Chair PROF. JOSEP M. ROSANAS of Strategy and Globalization Novartis Chair on Operational PROF. PANKAJ GHEMAWAT Eurest Chair of Excellence in Services Excellence in the Health Sector PROF. PHILIP MOSCOSO PROF. JAUME RIBERA Banco Sabadell Chair of Emerging Markets Fuel Freedom Chair for Energy and PricewaterhouseCoopers Chair of PROF. ALFREDO PASTOR Social Development Corporate Finance PROF. AHMAD RAHNEMA PROF. PABLO FERNÁNDEZ Bertrán Foundation Chair of Entrepreneurship Grupo Santander Chair of Financial Puig Chair of Global Leadership PROF. M. JÚLIA PRATS Institutions and Corporate Development Governance PROF. MARTA ELVIRA CaixaBank Chair (new chair for appointment) of Corporate Social Responsibility Schneider Electric Sustainability and PROF. ANTONIO ARGANDOÑA Indra Chair of Digital Strategy Business Strategy Chair PROF. JOSEP VALOR PROF. PASCUAL BERRONE Carl Schroeder Chair in Strategic Management Jaime Grego Chair in Healthcare SEAT Chair of Innovation PROF. JOAN E. RICART Management PROF. ANTONIO DÁVILA PROF. NÚRIA MAS CELSA Chair of Competitiveness SEAT Chair of Labor Relations in Manufacturing Joaquim Molins Figueras Chair of PROF. CARLOS J. SÁNCHEZ-RUNDE PROF. FREDERIC SABRIÀ Strategic Alliances PROF. AFRICA ARIÑO

30 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 03. INNOVATE SOCIAL IMPACT IESE directly addresses some of the challenges facing society today through its programs and research, guided by its mission to be a lasting source of positive change.

JOB SUSTAINABLE FIRMS CORPORATE CREATION At IESE, sustainability is intimately tied RESPONSIBILITY & ETHICS IESE’s SEAT Chair of Labor Relations to business ethics. IESE’s Fuel Freedom IESE’s mission places ethics and integrity and professors in the economics Chair for Energy and Social Development, at the heart of doing business. The school department lead industry discussions and Schneider Electric Sustainability and promotes responsible business through and generate ideas about job creation. Business Strategy Chair lead research initiatives led by its Chair of Business The school’s Family Offices into policies and practices that can Ethics, its CaixaBank Chair of Corporate and Business Angels Network support improve sustainability and reframe it as a Social Responsibility, and its Center businesses and start-ups that business advantage. for Business in Society. IESE also hosts create jobs. IESE also works to symposiums and courses on business promote vocational training ethics, and places strong emphasis on to governments, unions, the subject in its program curriculums. companies and other employers, with a special emphasis on reducing youth unemployment. WOMEN IN MANAGEMENT IESE currently has an academic chair, a research center, several Focused Programs and many initiatives, such as MBA clubs, focused on developing AFRICA Under the umbrella of its Africa Initiative, better practices in organizations to which coordinates all related activities, increase the number of women in IESE has helped found four business ENTREPRENEURSHIP leadership positions, and on promoting schools in Africa and plays an active role IESE has constructed an talented women in IESE’s programs. entrepreneurial ecosystem over in developing African business leadership almost 60 years. This includes and education. The school offers an the Bertrán Foundation Chair MBA overseas module in Africa, and of Entrepreneurship, the Innovation participants in associated schools’ Pan- and Entrepreneurship Research African AMP & EMBA programs study a Center, the Finaves venture capital module on IESE’s Barcelona campus. fund, the Business Angels Network, CORPORATE GOVERNANCE Search Fund Center, the Social IESE believes that good corporate gov- Entrepreneurship and the ernance is inseparable from business Social Innovation Platform. ethics. The school focuses specifically on Developing an entrepreneurial governance through its Grupo Santander mindset is an essential part of the Chair of Financial Institutions and Corpo- MBA program, which includes rate Governance, which will develop busi- PUBLIC LEADERSHIP an entrepreneurship curriculum, ness cases and direct research as well as IESE delivers programs in Madrid aimed summer experience participating in relevant conferences and at improving public leadership, some in and career treks, including seminars. Corporate governance best association with the Harvard Kennedy one to Silicon Valley. practices are directly addressed in spe- School. In terms of academic research, cific programs, including one run in part- IESE has two chairs and three research nership with Harvard Business School. centers dedicated to public leadership.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 31 04. COMMIT

IESE isn’t just a school of business; it’s a school of people. Our shared values bring us together and our diversity makes us stronger. We commit ourselves to great goals and make great efforts to achieve them, adapting to new challenges but always guided by our lasting values.

04. COMMIT CORPORATE RESPONSIBILITY IESE is committed to promoting sustainable practices and making a positive contribution to society.

It is guided by its mission: basing their actions on the highest The school is an initiative of Opus to develop leaders who aspire to standards of professionalism and Dei, a Personal Prelature of the have a deep, positive and lasting accountability; and to educate Roman Catholic Church. It draws impact on people, firms and society; leaders to whom we can confidently together business ethics, corporate to inspire leaders to work with entrust the future of business and responsibility and sustainability in a spirit of service and integrity, society. the following ways:

ENVIRONMENT PEOPLE

CARING FOR THE ENVIRONMENT MAKING A WELCOMING WORKPLACE The school has reduced its carbon IESE strives to attract, develop and retain footprint by more than 30 percent over talented people who share its values. To the last five years by reducing energy that end, it focuses on making the school consumption and replacing equipment a welcoming place where staff and faculty across its four campuses. It has also are proud to work. reduced the emissions generated by ENT P M EO N P travel related to its activities. O L IR E V N E

G

O

V

S

E T

R

N

N

E

I

A L

N

C

C CLIENTS E GOVERNANCE

SHARING POSITIVE VALUES SOCIETY ENSURING CORPORATE ACCOUNTABILITY When working with students or with IESE is led by a diverse senior management clients in in-company programs, IESE team. It comprises members of varied has an opportunity to share and foster nationalities, genders and professional the importance of corporate social backgrounds who work together to seek responsibility and social impact. the most effective ways of guiding the SOCIETY school. Its combined knowledge is further ATTRACTING DRIVERS OF CHANGE enriched through the advice of two boards IESE emphasizes a human and ethical and two committees. view of management, and supports initiatives that foster social development and progress. This often attracts students who are driven to making a positive contribution to society.

34 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 04. COMMIT

PEOPLE ENVIRONMENT Businesses don’t create value: people do.

IESE pursues and reaches its carry out its mission. IESE is committed to: goals by empowering its team Over 670 people of 47 nationalities • Saving natural resources, members to reach their potential. It work at IESE in teaching and non- and controlling pollution supports personal and professional teaching roles. Staff members throughout its environment development and fosters a spirit represent 70 percent of the total and of service. And it does so in an work in 11 different locations. Among • Identifying and evaluating environment of integrity that helps IESE directors, 51 percent hold MBAs the environmental effects all employees to feel proud of and 32 percent have completed an of its activities working at IESE and motivated to executive education program. • Promoting energy efficiency in its activities and facilities OUR CHALLENGES • Using the best available products and technologies to generate environmental improvements

IESE’s environmental impact comes mainly from office energy use and travel. The school is optimizing the footprint of its To find To innovate facilities. It is also managing travel and retain top talent in a complex environment more efficiently and substituting Investing in the personal Being an agile organization with some face-to-face meetings with and professional development of capacity for rapid change is essential videoconferencing or similar. As employees helps the school better to meet the needs of employees, a result, emissions generated by serve its clients and partners. clients and partners. travel fell eight percent in 2016- 2017 alone.

Due to a significant reduction in consumption and the replacement The school has developed a range of internal policies, learning plans and of equipment, the school’s carbon initiatives to meet these challenges. It offers competitive compensation footprint has been reduced by 30 packages and incentives plus career-progression potential. The “one IESE” percent in the last five years – and community that spans all its offices and campuses reflects the school’s ten percent during the last year. values and sense of social awareness.

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 35 04. COMMIT

GOVERNANCE IESE’s governing senior IESE SENIOR IESE INTERNATIONAL management team is MANAGEMENT TEAM ADVISORY BOARD advised by its International Advisory Board (IAB), the DEAN Isak Andic Liz Mohn U.S. Advisory Council, and Franz Heukamp Mango, Spain Bertelsmann, Germany the Alumni Association ASSOCIATE DEAN Ibukun Awosika Stanley Motta Executive Committee. Eric Weber The Chair Centre Group, Motta Internacional, Panama Nigeria The Harvard Business SECRETARY GENERAL N. R. Narayana Murthy School-IESE Committee Jaime Alonso Hans-Jacob Bonnier Infosys Technologies, India Bonnier AB, Sweden also plays an important GENERAL ADMINISTRATOR Takeshi Niinami advisory role. Jaume Vidal Michel Camdessus Suntory, Japan Banque de France, France Rafael del Pino ASSOCIATE DEAN: The senior management Jordi Canals , Spain RESEARCH IESE, Spain team sets and oversees the AND PHD PROGRAM Paul Polman execution of the school’s Marta Elvira Andrea Christenson Unilever, U.K. Käthe Kruse Puppen GMBH, strategy. The dean reports ASSOCIATE DEAN: Germany Mariano Puig to the president of the EXECUTIVE EDUCATION Corporación Exea, Spain Mireia Rius Bruno Di Leo University of Navarra, IBM, U.S. Maria del Mar Raventós the Alumni Association’s ASSOCIATE DEAN: Codorníu, Spain FACULTY Brian Duperreault Executive Committee and AIG, U.S. Helena Revoredo Javier Quintanilla Prosegur, Spain the International Advisory Óscar Fanjul Board. DIRECTOR Omega Capital, Spain Franck Riboud OF MADRID CAMPUS Groupe , France Francisco Iniesta Benita Ferrero-Waldner Munich RE, Austria Roberto Servitje DIRECTOR Bimbo, Mexico OF PEOPLE DIVISION Patricia Francis Jamaican government, Jamaica Marta Castán WPP Group, U.K. Victor K. Fung Li & Fung Group, China Kees J. Storm Aegon, Netherlands Franz Haniel The Haniel Group, Germany Francesco Vanni D‘Archirafi Franz Heukamp Citi, U.S. IESE, Germany Eric Weber Denise Kingsmill IESE, Canada IAG, U.K. George Yeo Janina Kugel Kerry Group, China Siemens AG, Germany Ermenegildo Zegna Hans Ulrich Maerki Ermenegildo Zegna, Italy Mettler-Toledo International, Switzerland Klaus Mangold TUI AG, Germany Janne Haaland Matláry University of Oslo and Norwegian government, Norway

36 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 04. COMMIT

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

William F. Baker HBS PRESIDENT Javier Muñoz Parrondo WNET Srikant Datar Jorge Manuel Sendagorta (MBA ’03), IESE Arthur Lowes Dickinson (PADE ’90), SENER Gerry Byrne Professor of Business Mª del Pino Velázquez PMC (Penske Media Administration and Senior VICE-PRESIDENTS (MBA ’91), Unísono Corporation) Associate Dean for University Tomás García Madrid Business Solutions (MBA ’88), Grupo Villar Mir Tom Castro Affairs Kristoff Puelinckx El Dorado Capital W. Carl Kester Joan Molins (MBA ’96), Delta Partners (PDG ’71), Cementos Molins Carmen Di Rienzo George Fisher Baker Jr. María del Mar Raventós DiRienzo Consulting Professor of Business MEMBERS (PADE ’01), Codorníu Administration Salvador Alemany Fritz Folts Das Narayandas (PDD ’74), Abertis Infraestructuras Julio Rodríguez Izquierdo 3Edge Asset Management Edsel Bryant Ford Professor (PDG ’97), Cementos Molins of Business Administration Juan Asúa Alan Glazen (MBA ’89), BBVA José Luis de Rojas Glazen Urban and Senior Associate Dean (MBA ’88), Zertem for HBS Publishing and Senior Alejandro Beltrán Communication Group Francis J. Hager Associate Dean for External (MBA ’98), McKinsey&Company Opp CAP Group Relations Rafael Villaseca José Felipe Bertrán (MBA ’76), Gas Natural Fenosa Franz Heukamp Richard H.K. Vietor (PADE ’65), Fundación Bertrán IESE Baker Foundation Professor, Paul Whiton Cherington Núria Cabutí Claire Huang Professor of Business (MBA ’92), Penguin Random Scottrade Financial, Foster Farms Administration, Emeritus House Grupo Editorial Fisherman Foundation Aurora Catá Jay Ireland IESE (MBA ’89), Seeliger y Conde GE Africa Franz Heukamp Professor of Managerial Carlos Costa Tom Kane (MBA ’86), Mango CBS Decision Sciences and Dean José L. Nueno Antoni Esteve Kate O’Sullivan Professor of Marketing (PDD ’87 & GCP ’13), Laboratorios Microsoft Corporation Esteve Joan E. Ricart Carlos Padula Professor of Economics and Joaquín Faura Stelac Advisory Services, LLC Strategic Management (MBA ’78), Telefónica Juan Pujadas Eric Weber Antonio González-Adalid PwC Professor of Accounting and (MBA ’75), Cartera Edward T. Reilly Control and Associate Dean Industrial Rea American Management Assn. Helena Herrero International (PADE ’02), Hewlett Packard Tom Rogers Franz Heukamp TRget Media IESE John Schmitz Luis Maroto Prime Transatlantic (MBA ’89), Amadeus Christopher Vollmer Marta Martínez PwC Strategy& (PADE ’05), IBM Eric Weber Amparo Moraleda IESE (PDG ’95), Airbus Group Kathryn Wylde Partnership for New York City

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 37 04. COMMIT ALUMNI The IESE Alumni Association was established in 1959 by a group of forward-looking graduates, in partnership with the school. Its main goals are:

LEARNING CAREER BY THE NUMBERS To keep IESE alumni up to date with MANAGEMENT the most relevant ideas in leadership To accompany and support alumni and management, and cultivate a throughout their professional dynamic forum for learning. careers, and provide training and research activities to help alumni in every phase of any 46,537 NETWORKING entrepreneurial journey. Total Alumni To enable alumni to maintain and enrich their connections to the school, faculty members and fellow SUPPORT graduates. Barcelona hosted the IESE 55th Global Alumni Reunion in To give graduates around the 129 November 2016. Entitled “Be the world opportunities to connect Alumni Nationalities Change: Leadership for a Positive and collaborate with the school New Era,“ this reunion was a unique as it grows. opportunity to understand how to drive positive evolution. 39% Affiliation Rate

In 2016-2017, the Alumni Association introduced major innovations to its Alumni Learning Program, launched the new 36 Alumni app, and boosted its career-support activities. Chapters

To help keep the alumni community for articles and e-conferences, engaged and informed, the Alumni and videos on demand. Association launched a new mobile app and website this year. The content is also available NEW through the association’s new ALUMNI The app for Android and iOS offers website, which also offers a instant networking, personalized personalized, customizable TECHNOLOGY events notifications, a search facility homepage.

38 IESE BUSINESS SCHOOL ANNUAL REPORT 2016/2017 04. COMMIT PARTNER COMPANIES More than 230 partner companies support IESE. In 2016-2017, the school welcomed 16 new partners.

• ABERTIS • BARCLAYS • ENGEL & VÖLKERS • GRUPO CATALANA • MAGEBA INTERNATIONAL • SANOFI AVENTIS • ABBOTT LABORATORIES • BASF • EPSON IBERICA OCCIDENTE • MAHOU-SAN MIGUEL • SAP ESPAÑA • ACCENTURE • BBDO • ERICSSON • GRUPO BANCO POPULAR • MANGO • SCHIBSTED • ACCESO GROUP • BBK • ERMENEGILDO ZEGNA • GRUPO BARCELÓ • MAT INVESTMENT HOLDING • SCHNEIDER ELECTRIC • ADECCO TT • BBVA • ESTABLIMENTS VIENA • GRUPO CELSA • MECALUX • SDL-TRIDION • ADVANCE MEDICAL • BCNONWOVENS • EUREST • GRUPO CODORNÍU • MERCK SHARP & DOHME • SEAT • AEGON • BLUETAB SOLUTIONS • EUROFRAGANCE RAVENTÓS • MERCURY CAPITAL • SEIDOR • AENA GROUP • EURO-FUNDING • GRUPO COFARES • META4 • SENER INGENIERÍA Y • AF STEELCASE • BP ADVISORY GROUP • GRUPO DAMM • MICRO-BLANC SISTEMAS • AGBAR • CAIXABANK • EUROSTAR MEDIAGROUP • GRUPO ELOSA • MICROSOFT IBÉRICA • SEUR • AGROLIMEN • CAJA RURAL CASTILLA-LA • EVERIS • GRUPO ENDESA • MIRABAUD • SIEMENS • AGRUPACIÓN ESPAÑOLA MANCHA • EY • GRUPO ESTEVE • MIQUEL Y COSTAS & • SIEVERT PARTNERS DE CONCESIONARIOS • CALIDAD PASCUAL • FERRERO • GRUPO GESTESA MIQUEL • SIGRUN PARTNERS RENAULT- ANCR • CAMBRA DE BARCELONA • FERROVIAL • GRUPO LOGISTA • MUTUA MADRILEÑA • SOCIAL TRENDS • AIRBUS MILITARY • CAPRABO • FICOSA-PANASONIC • GRUPO MOBILITY • NATIXIS INSTITUTE • AIR EUROPA • CARREFOUR • FLUIDRA • GRUPO PARERA • NEGOCENTER • SOCIÉTÉ GÉNÉRALE • AIR LIQUIDE MEDICINAL • CASER • FMC FORET • GRUPO PUIG • NESTLÉ • SOLVAY • ALCATEL LUCENT • CELLNEX • FRITZ HENKEL STIFTUNG • GRUPO SANTANDER • NEXTRET • SONY • ALLIANZ • CEMENTOS MOLINS • FUEL FREEDOM • GRUPO TELEFÓNICA • NISSAN • STAIG GRUPO • ALPHABET • CHIESI FOUNDATION • GRUPO VILLAR MIR • NOVARTIS INMOBILIARIO • ALTAIR MANAGEMENT • CISCO • FUNDACIÓN BERTRÁN • GUINEU INVERSIÓ • ORDESA • SWAROVSKI CONSULTANTS • CITIBANK • FUNDACIÓN GLOBALCAJA • HENKEL IBÉRICA • OTSUKA • SYNTHESIA • ALTAMIRA ASSET • CLEAR CHANNEL HXXII • HEWLETT-PACKARD • PALEX MEDICAL • TALDE MANAGEMENT • COALIMENT GRANOLLERS • FUNDACIÓN JOAQUIM • IBERDROLA • PANRICO • TANDBERG • AMEC FOSTER WHEELER • COFACE MOLINS FIGUERAS • IBM • PENTEO ICT ANALYST • TECHNO TRENDS • AMERICAN EXPRESS DE • COMSA CORPORACIÓN • FUNDACION M. • ICL • PEOPLEMATTERS • TETRA PAK ESPAÑA • CORPORACIÓN ASESORA FRANCISCA DE • IDOM • PEPSICO • TEXSA • ANFABRA • COVAP ROVIRALTA • IMS HEALTH • PLÁSTICOS TA-TAY • THE ROYAL BANK OF • ARDANUY INGENIERIA • CREA BAGES • FUNDACIÓN RAFAEL DEL • INDERHABS INVESTMENTS • PORT DE BARCELONA SCOTLAND • AREAS • CRÈDIT ANDORRÀ PINO • INDRA • PRONOVIAS • THOMSON REUTERS • ARTEOLIVA • CUATRECASAS • FUNDACIÓN RAMÓN • INTERMAS NETS • PROSEGUR • TOUS • ASCENSORES ERSCE • DANONE ARECES • IN2 • PWC • TÜV RHEINLAND • ASEPEYO • DELOITTE • GAES • ISS FACILITY SERVICES • QUIMIDROGA • URALITA • A.T. KEARNEY • DEUTSCHE BANK • GARRIDO ABOGADOS • JOHN DEERE • RANDSTAD • VALINSA • ATREVIA • DIAGEO • GARRIGUES • JOHNSON CONTROLS • RED ELÉCTRICA DE • VESTAS • ATRIAN • DISANO • GAS NATURAL FENOSA • KPMG ESPAÑA • VIDACAIXA • AYESA ENGINEERING • DKV (PREVIASA) • GENERAL CABLE • LABORATORIOS LETI • REDUR • WAVIP • BACARDI • DOW CHEMICAL • GENERAL ÓPTICA • LEAR CORPORATION • • WERFENLIFE • BANC SABADELL • EL CONSORCI DE LA • GERMANS BOADA • LENER • RICOH • WILLIS • BANCO ESPIRITO SANTO ZONA FRANCA DE • GFT IT CONSULTING • LIDL • ROCA • WÜRTH INVESTMENT BARCELONA • GONVARRI HOLDING • LIFERAY • ROCHE • XEROX • BANCO MEDIOLANUM • ELECTROSTEEL EUROPE • GORDILLO • LINEA DIRECTA • ROLAND BERGER • ZANINI AUTO GRUP • BANKIA • ENAGÁS PROCURADORES ASEGURADORA • SABA INFRAESTRUCTURAS • ZARDOYA OTIS • BANKINTER • ENCOFRADOS J. ALSINA • GRUP TBA • LUCTA • SANITAS • ZURICH

ANNUAL REPORT 2016/2017 IESE BUSINESS SCHOOL 39 www.iese.edu

IESE Business School iesebschool IESE Business School iese

Barcelona Madrid New York Munich Sao Paulo Av. Pearson, 21 Camino del Cerro 165 W. 57th Street Maria-Theresia-Straße 15 Rua Martiniano de Carvalho, 08034 Barcelona, del Águila, 3 New York, 81675 Munich, Germany 573 Bela Vista Spain 28023 Madrid, Spain NY 10019-2201 USA (+49) 89 24 20 97 90 01321001 Sao Paulo, Brazil (+ 34) 93 253 42 00 (+34) 91 211 30 00 (+1) 646 346 8850 (+55) 11 3177 8221