Annual Report 2018 / 2019 1 Co

Contents ntents

The 2018/2019 Our Year in Review report is developed by INSEAD Communications through a collaborative process that involves the entire school.

We thank everyone in the INSEAD community – students and participants, alumni, faculty and staff – for your contributions to the school’s success this year. It is an honour and privilege to report our accomplishments and how this community is a force for good around the world. 2 Leadership 28 Faculty & 56 Infrastructure 2 From the Chairman Research 56 Digital Infrastructure and Dean 28 Overview 57 Europe Campus 4 Board of Directors 30 Recognition & Awards 58 Asia Campus 5 Executive Committee 33 New Faculty 59 Middle East Campus 38 INSEAD Knowledge 39 A Force for Good 6 Special Features Top 10 60 Constituencies 7 Business and Society: 60 Advisory Council A Year of Impact 60 Fondation Mondiale 10 INSEAD in San Degree INSEAD Francisco 40 Programmes 60 Fondation INSEAD 13 I is for INSEAD and 61 International Council 40 Master Degree Innovation 61 National Councils Programmes 16 Thought Leaders: 42 Class Statistics Profiles in Research 43 Doctoral Programme 19 The Campaign for 44 Career Development Graduating INSEAD Centre 67 Classes 21 60 Years of 47 Employment Statistics Excellence 67 MBA Class of December 2018 70 MBA Class of Executive Finances & 48 July 2019 24 Endowment Education 72 Global Executive MBA 74 Tsinghua-INSEAD 48 Open & Customised 24 Finances Executive MBA Programmes 26 Endowment 75 Executive Master 50 Online Programmes in Consulting and Coaching for Change 52 Advancement 52 Alumni Engagement 54 Giving to INSEAD 2 3 L Over this past academic year, INSEAD’s INSEAD Thought Leaders: Profiles in Research eaders resolve has strengthened into action. We Our world-class faculty is often recognised established the Hoffmann Global Institute for

for their thought leadership and research, our h

Leadership ip Business and Society to champion prosperity case studies are international bestsellers and with positive social impact, introduced our professors sit at the top of the Thinkers a Master in Management programme to 50 list of management influencers. respond to the changing educational needs of our global society and launched the Campaign

ANNUAL REPORT 2018/2019 Innovation in Focus for INSEAD to tackle world-scale problems, We scaled up innovation through the further our ground-breaking research and LaunchPad at STATION F, the addition of reimagine the future of business. Blockchain Research Institute co-founder Don We have also made progress in several areas Tapscott to the faculty, Executive Education crucial to our mission. The long-planned on design thinking and AI, and Tech Talks on San Francisco Hub for Business Innovation the Middle East Campus. From the Chairman and Dean opens in 2020. The Europe Campus Renewal In this year’s annual report, we are pleased is moving into the design phase with support to share more about these milestones in our from the Fontainebleau community. Our Special Features section, as well as facts, Middle East Campus is growing in size and figures and highlights from around the school. This academic year has brought the powerful need for stature. Our number of resident faculty – and business as a force for good into focus. In a year defined the quality of their research – has reached an The 2018/2019 Annual Report showcases by new risks and new opportunities, INSEAD engaged all-time high. a year of achievement by our INSEAD community – faculty, students, alumni, donors, our community and leaders worldwide to gain a deeper This has been a year in which INSEAD has supporters and staff. Such accomplishments innovated, inspired and mobilised our global understanding of changes in the world. are only possible through dedication, hard community to be a force for good, now and work, talent and teamwork. We want to thank into the future. We are proud to share some of everyone who has helped write this chapter of Instability in geopolitics and the rigour and relevance in teaching the milestones from the last academic year. natural environment along with and research, closeness to the INSEAD success story. uncertainty in technology and the business and entrepreneurial The Campaign for INSEAD: A Force for Good This has been a year to bring people together economy have created a paradigm spirit. As the world became more Last October, we launched a €250 million and make INSEAD a force for good. We have shift for business leaders and the connected and business became capital campaign rooted in our distinct seized the opportunity to honour the rich institutions that educate them. In increasingly global, the pursuit of values, vision and ventures that has brought history of the institution and remain true academic year 2018/2019, INSEAD excellence, guided by these values, our community together to chart a bright to our values. With a strong and growing responded by calling for a rethink brought INSEAD to the cutting edge future for the school. community standing together, we have the of the social contract and engaging of business education. foundation in place to build a better future for leaders around the idea of business the school and for the world. as a force for good. Today, INSEAD is charting a new Hoffmann Global Institute for Business course for business education in and Society When we look back at the history the 21st century. Our curriculum The Institute opened in October and convened of INSEAD, there are striking is focused on business and a conversation on the role of business in Thank you for your similarities between the challenges society, in line with our mission meeting global challenges, inspiring INSEAD continued support. of today and the time when the to develop responsible leaders. to be smarter about aligning with the UN school was founded. Established Our research provides practical Sustainable Development Goals, or SDGs. during the uncertainty and knowledge that helps leaders instability that followed World navigate unpredictable markets San Francisco Hub for Business Innovation War II, INSEAD was instrumental in turbulent times. We engage a A dedicated team of INSEAD leaders and in bringing cultures together and broad spectrum of these leaders alumni worked to open our first facility ushering in an era of peace and to explore how business can be in North America, solidifying our global prosperity in Europe. a force for good. Our leadership Andreas Jacobs Ilian Mihov presence and bringing our business is united behind the idea that MBA’90D Dean of INSEAD insights to the world’s most innovative In the six decades that followed business must be active in Chairman of the Board business ecosystem. our founding, the values deep in overcoming the world’s most our institutional DNA shaped the pressing challenges. school. Diversity, independence, LEADERSHIP

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Board of Ex ec u ti

Directors v e Co mmittee ANNUAL REPORT 2018/2019

The Board of Directors Karien van Gennip Lucy Quist CEO ING in France Managing Director & Head of Change is composed of business Leadership, Morgan Stanley leaders from a wide range Deepak Gupta Founder & Chairman, Denita Group R. Todd Ruppert of industry sectors and of Companies Founder & CEO, Ruppert International Inc. Chairman, INSEAD Nominations nationalities. & Compensation Committee Mika Salmi Partner, Lakestar (stepped down in Alexis Habib January 2020) Chair, INSEAD Endowment Management Honorary Chairman Committee Mirjam Staub-Bisang CEO, Spinnaker Capital Managing Director, BlackRock Switzerland (stepped down in Claude Janssen Philippe Houzé January 2020) Chairman of the Executive Board, Fernando Zobel de Ayala Chairman Galeries Lafayette Group President & COO, Ayala Corporation Sadia Khan Andreas Jacobs President, INSEAD Alumni Association Member of the Board, Jacobs Holding AG CEO, Pakistan Institute of Corporate Permanent Invitees Governance Executive

Ilian Mihov Vice Chair Daniel Labrecque Committee Chairman of the International Council, Dean INSEAD (stepped down in February 2019) Professor of Economics Emma Goltz Chairman and CEO DNA Capital The Rausing Chaired Professor of Chair, INSEAD Alumni Fund Economic & Business Transformation, Daniel Lalonde INSEAD The Executive Committee provides the school with CEO & Director, SMCP - Sandro, Maje, Members Claudie Pierlot (stepped down in François Hériard Dubreuil organisational direction and operational guidance. January 2020) President, Fondation INSEAD Chairman, Orpar Jolyon Barker Christina Law Chairman, Rémy Cointreau Ilian Mihov Laurence Capron Global Leader, Clients & Industries Former Group President, Asia & Latin Dean Dean of Faculty Chairman, INSEAD Audit, Finance & America, General Mills Karel Cool Risk Committee Faculty Representative Urs Peyer Nida Januskis Frédéric Lemoine Professor of Strategic Management Dean of Degree Programmes Associate Dean of Advancement Rémy Best Former Chairman of the Executive The BP Chaired Professor of Chairman, INSEAD Campaign Board Board, Wendel Group (stepped down European Competitiveness Mark Roberts Lukas Thalhammer Chairman, Fondation Mondiale in January 2020) Associate Dean of Executive Education Chief of Staff Managing Partner, Pictet Group Anil Gaba Susan Lloyd-Hurwitz Faculty Representative Peter Zemsky Ziv Carmon Karen Fawcett Chair, INSEAD Campus Renewal INSEAD Professor of Decision Sciences Deputy Dean and Dean of Innovation Dean of Research Non-executive Director Committee The Orpar Chaired Professor of Risk CEO & Managing Director, Management INSEAD Ben M. Bensaou Katy Montgomery Patrick Firmenich Mirvac Group Ltd Dean of Executive Education Associate Dean of Degree Programmes Chairman of the Board, Firmenich SA Brigit Soccard Alexandra Papalexopoulou Staff Representative Attila Cselőtei Adam Goldstein Executive Director & Group Strategic Executive Assistant to the CCO & Chief Operating Officer Vice Chairman, Royal Caribbean Planning Director, Titan Cement Communications Department Cruises Ltd. Company SA (stepped down in January 2020) 6 7 H o Business and Society: Hoffmann Global Institute G ffmann Special Our First Year for Business and Society: l o The Hoffmann Institute looks back on our first A Year of Impact I bal year and shares how we engage for prosperity Features nstit and positive impact. ANNUAL REPORT 2018/2019 u f te

INSEAD in San o r Bu

Francisco So and siness The new San Francisco Hub for Business Innovation is our first learning space in North America. ciet I is for INSEAD… “Business is a force for good. Business is something and Innovation which can be part of the solution and not only part of the o y: A Year problem. So let us try and bring this back into the value This academic year, innovation came into sharp creation paradigm”. focus across the school. f I mpact With these words, André Hoffmann of work – learning, knowledge, MBA’90D outlined the direction engagement and walking the talk Thought Leaders: of the newest INSEAD institute at INSEAD. at the October 2018 inauguration Profiles in Research of the Hoffmann Global Institute Learning Impactful and ground-breaking research that for Business and Society. The Building on the 2017 launch of a combines academic rigour with practical applicability. Hoffmann Institute was established new MBA curriculum focused on to take INSEAD’s social impact to the business and society, the Institute next level and equip leaders to make strengthened sustainability in core decisions in ways that deliver positive MBA classes and electives. The Campaign for outcomes for business, people and our planet. Under the guidance of As a partner for Master Strategist INSEAD Executive Director Katell Le Goulven, Day (MSD), part of the Strategy the Institute focused early efforts on coursework, the Institute supported Our community is a growing force for a more convening a conversation about how collaboration with Unjani Clinics, sustainable, just and prosperous world. business can be a force for good. a not-for-profit company in South Africa that empowers nurses to From the World Economic Forum in deliver healthcare in underserved 60 Years of Excellence Davos to the INSEAD Alumni Forum, communities. This was the first in its first year the Institute heard time MSD considered non-profit The first INSEAD classes met in the Château de the need to align the school with strategy, with teams competing Fontainebleau on 12 September 1959, pioneering the globally agreed UN Sustainable to see who can deliver the best a new style of management education with a Development Goals, or SDGs. Here are strategy to scale up services to global focus. some highlights from the first year. 1,000 clinics with a sustainable funding model.

A Year of Progress The Institute supported students with a unique opportunity to travel to At the one year mark, The South Africa and put their strategy Hoffmann Institute built a strong ideas to the test in the real world. portfolio across all four pillars 8 9 H o G ffmann l o I bal nstit ANNUAL REPORT 2018/2019 u f te This Business as a Force for Good To keep faculty up to date on the students and leaders outside of o Practicum involved hands-on work latest research related to business the school, the Institute: r Bu at the Unjani Clinics, where students and society, luncheons chaired by So and siness identified knowledge gaps and our Dean and Academic Director • Sponsored the first SDG Tent trained nurses leading the clinics. Ilian Mihov were organised across in Davos alongside the WEF two campuses, with over 80 faculty • Held a webinar with Pavan The February 2019 Strategy course members attending at least one Sukhdev, WWF International presented students with the session. The Institute is also President and member of the

Almouneer case, which looks at ciet working with INSEAD Research Hoffmann Institute Advisory Board eye care clinics in Egypt working to change research reporting at to preserve the vision of diabetic • Hosted an interview with David o y: A Year publication to include relevant Walk the Talk In October 2019, the Institute Giscard d’Estaing taking action to patients and lead diabetic eye care Nabarro, special advisor to SDGs. This will strengthen the launched #SDGSMART. With the make a difference. in the MENA region. Partnering the United Nations Secretary- To show how INSEAD acts on connection between INSEAD motto ‘It’s time to be #SDGSMART’, with the Institute, future Master General on the 2030 Agenda for sustainability and aligns with thought leadership and work on the Institute is raising awareness Throughout 2020, the Institute will Strategist Days will continue to Sustainable Development the SDGs, the Institute produced f I our global goals. with on-campus outreach, social build on what has been learned over apply business strategy to social the Sustainability Report for mpact • Held a lecture with award-winning media and a resources webpage. the first year, bring together leaders enterprise in the core curriculum, Academic Year 2015/2016 through Engagement social intrapreneur, Gib Bulloch To give the SDGs more prominence to explore sustainable solutions in while providing innovative elective Academic Year 2017/2018. The on campus, the Institute is line with the SDGs and bridge the gap learning opportunities. Over its first year of operations, the • Led INSEAD efforts for the report highlights contributions organising SDG Weeks on Europe between business and policy makers. Hoffmann Institute engaged widely thirteenth year of the Cartier- towards sustainability from around and Asia Campuses featuring talks, Another new, Institute-supported to bring as many voices as possible INSEAD partnership, including the school, includes SDG mapping The foundation is in place for these panels and workshops that discuss elective that covered business and into the conversation on business pre-selection of the finalists and for these efforts and provides a efforts. Since its inauguration at issues and solutions around the society was the SDG Bootcamp. and society. coaching of finalists and laureates framework to increase action on the Force for Good Conference, the The SDG Bootcamp is an intensive sustainability moving forward. The SDGs. The first SDG Week was held Hoffmann Institute has integrated This engagement began To engage a broader audience, the two-day MBA course exploring the report received certification marks by in December 2019 and covered sustainability across INSEAD even before the Institute was Institute published stories on the web intersection of profit and purpose the Global Reporting Initiative – the four SDGs related to the Earth’s and mobilised stakeholders for inaugurated. In September that covered topics like balancing while seeking entrepreneurial world’s most widely adopted global biosphere and how a healthy maximum impact. profit and purpose, events such as the solutions to sustainable 2019, INSEAD partnered with sustainability reporting standards. planet is the foundation for healthy Technology for Good Workshop and development challenges. the ChangeNOW International growth. And in January 2020, the As champions of prosperity and Summit for Change, a summit initiatives such as the Run4Change To educate and empower INSEAD Institute goes to Davos again to positive social and environmental co-founded by INSEAD alumni that challenge, which raised funds for staff, Social Impact Brown Bag sponsor the SDG Tent, hosting Knowledge impact, the Hoffmann Institute explores action and innovation that the global Girl Rising campaign. sessions were held to facilitate sessions that echo the World will continue to engage business Leveraging the power of businesses can take to implement These stories were promoted on increased exchange between Economic Forum’s 2020 theme, leaders, our INSEAD community INSEAD academic research, solutions to urgent global issues. social media to encourage two-way faculty and staff, while increasing Stakeholders for a Cohesive and and the next generation of leaders the Hoffmann Institute created conversation online about INSEAD sustainability awareness. These Sustainable World. who come to make business as a and disseminated knowledge Then in October, the Institute was and business and society. sessions attracted over 200 staff force for good. to inform the business world by inaugurated at the Force for Good and faculty. The Institute is also partnering with funding research on sustainability. Conference, a full-day conference To engage alumni, partners and the the INSEAD Alumni Association INSEAD thanks Rosalie and This effort covers research featuring talks by Institute Advisory INSEAD community, the Institute to ramp up action with alumni-led André Hoffmann MBA’90D for the on humanitarian operations, Board Member and then-CEO of worked with Advancement to embed The Path Forward Community Impact Challenges. foundational gift that established sustainability loans and the role Unilever Paul Polman, Institute business and society topics into Alumni, students, faculty and staff the Hoffmann Global Institute for of the food industry to create patron André Hoffmann MBA’90D the Alumni Forum and other alumni After a year discussing how to deliver were first challenged to reduce or Business and Society. Through this positive change. This knowledge and Dean of INSEAD Ilian Mihov. events, with an aim to empower these value to both business and society, eliminate single-use plastic items patronage and active, continued was shared online on the Institute leaders to deliver on sustainability. the Institute is now focused on for a month. This first challenge support, INSEAD is accelerating This engagement was sustained website and social media, with aligning INSEAD with the global goals saw more than 2,000 participants alignment of business education throughout the year across a variety amplification from institutional and showcasing what that means for including INSEAD founder Olivier and global sustainability goals. and alumni communications. of platforms. To inform and inspire the future of business education. SPECIAL FEATURES

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INSEAD in S in INSEAD San Francisco Fr an ancisc ANNUAL REPORT 2018/2019 o

A Concept that Reflects By establishing the San Francisco into the American market provided Hub, INSEAD connects our global valuable insight. It was clear that INSEAD History clients and participants with the if INSEAD were to expand into the Bay Area innovation ecosystem US, it had to be with an innovative It is fitting that INSEAD open the and connects Bay Area enterprises concept centred on education San Francisco Hub for Business and executives with global thought and engagement. Innovation in the same year that leaders. This reflects the school’s the school celebrates the 60th rich history of recognising the When Dean Ilian Mihov was anniversary of the first MBA trends that will define the future appointed, the idea began to classes. When INSEAD welcomed and enabling business leaders take shape in earnest. The global our first class to the Chateau to capitalise on those trends in economy was turning to tech, a de Fontainebleau, the school ways that benefit companies trend very much in focus at the was unlike any other business and communities. Business School for the World, school at the time. International, especially in Executive Education. independent, diverse, close to Dean Mihov envisioned a centre business and propelled forward From Concept to for Executive Education to meet by entrepreneurial spirit, INSEAD the needs of our global clients. helped redefine what it meant to Construction – the Several options were explored, do business in Europe. History of the Hub but with strong support from the Bay Area’s young, energetic and Over the 60 years that followed, The San Francisco Hub itself is the diverse alumni, the decision was INSEAD has innovated at the culmination of almost 20 years of made to go there. cutting edge of global management thinking at INSEAD. Early in the 21st education, fostering globalisation, and executing on the innovative century, Dean Gabriel Hawawini In February 2017, the INSEAD The Hub’s location in downtown San Francisco solidifies encouraging emerging markets and Blue Ocean Strategy. INSEAD advocated for opening a facility in Board of Directors approved the engaging business leaders through our global presence and adds to campuses in Europe, will also hold custom executive North America. The idea makes idea of establishing a substantial knowledge creation. Today’s Asia and the Middle East. education programs for US and sense, as the US is the world’s presence in North America. Faculty world is increasingly defined by international companies in the largest economy with enterprises approval followed just after. The technology, innovation and a need school began fundraising and In February 2020, INSEAD global organisations to North San Francisco Hub. and entrepreneurs doing business for sustainability. Business leaders secured around US$4 million inaugurates the new San Francisco America. In its first year, The across the globe. The school’s innovative hub need to rapidly transform their from an engaged and influential Hub for Business Innovation, the San Francisco Hub will offer a concept is designed as a organisations and innovate new However, the time was not right for group of alumni who supported school’s first learning space in tailored selection of executive dynamic destination for making business models. INSEAD to come to America. The INSEAD leadership through this North America. This marks an development programmes new connections through an Asia Campus was in focus, as was process. This early injection important milestone in INSEAD relevant to the Americas covering As tech takes over the world, extensive calendar of events, expanding the academic offering. of capital allowed INSEAD to history, as the school brings global topics such as managing digital tech leaders need to adapt to the organised in collaboration with Dean Frank Brown took over and be more ambitious and more business insights and perspectives transformation, leading across dramatically shifting expectations corporate partners, alumni and embraced the idea as well, even impactful in selecting a location gained from decades of working borders and cultures, integrating about the impacts of their visiting faculty. going so far as to open an INSEAD and undertaking renovations. products on societies worldwide. with international executives and performance and societal progress office in New York. This first foray SPECIAL FEATURES

12 13 f I is Overcoming Challenges is vibrant, with a storied history The San Francisco Hub for Business

and new development. The San Innovation will bring the truly global o

I is for INSEAD… I and r INSEAD… to Create Connections Francisco Hub is well connected INSEAD mindset to America. The to the entire Bay Area with a nearby Hub has already strengthened As with any new venture, there were and Innovation CalTrans station and amenities INSEAD by opening the door to new challenges at almost every step. such as hotels, dining and nightlife perspectives and possibilities, new From the decision to expand to the in the area. ways of thinking and doing business. US in the first place to finding the nn ANNUAL REPORT 2018/2019 right location, the choices were not The next challenge is to grow a The school is grateful for the effort easy. Even when the decision was thriving community around the that has gone into developing the ov taken to go to the Bay Area, there Hub. Fortunately, even before the Hub. Our champions on the Board, ati

were many options for siting the facility opens, excitement is high on the faculty and staff, and in the We engage the foremost thinkers, encourage o facility. There are advantages to n in the INSEAD community in North alumni community have taken the entrepreneurship and use innovative teaching techniques finding space in Silicon Valley and America and around the world. Hub from concept to construction. the heart of San Francisco. The inauguration event features They have helped us overcome to develop tech-savvy leaders. high-profile speakers introducing challenges and build a vibrant venture The decision to site the Hub in the INSEAD to the US and the local San on the foundation of 60 years of city emerged as a clear winner due The February 2020 opening of the microfinance and natural resource Francisco community. The first excellence. With the enthusiasm and to several factors. San Francisco is INSEAD San Francisco Hub for management. Tapscott explains programmes begin soon after, with encouragement of our community, increasingly a hotbed of innovation Business Innovation, INSEAD sent that, “to fully realise blockchain’s topics that are relevant to global the San Francisco Hub for Business and entrepreneurship, with venture a clear signal – the ‘I’ in INSEAD potential, we need to make sure business and the challenges facing Innovation will be the next chapter capitalists, start-ups and a dynamic stands for innovation. Our first business leaders are educated American companies and leaders in the story of INSEAD success. new generation of tech leaders in facility in North America places about its strategic implications.” today. The Hub will host events the city. When looking for a facility, innovation at the centre of its that bring together INSEAD thought Special thanks go to Board members By May 2019, the collaboration INSEAD found a building owner programming, a reflection of how leaders and the community, Mika Salmi MBA’92D, Todd Ruppert produced an INSEAD-branded willing to work with the school, even INSEAD has embraced creative creating connections and building and Adam Goldstein MBA’88J programme on the Blockchain though the building was officially thinking, emergent technologies bridges. It will be a space for for their support and dedication Revolution. Available globally not on the market. The South of and new ideas and approaches innovative research, active learning throughout the process to open on the Coursera online learning Market, or SoMa, neighbourhood that define the digital era. and bold partnerships. the INSEAD San Francisco Hub. platform, the programme continues Educating and empowering leaders to receive rave reviews. to transform business and society is in line with our historic roots and true to our founding value of entrepreneurial spirit. Our relentless drive to break new ground and lead is seen across the school and throughout our community.

Bringing blockchain to business

At the beginning of the academic year, we were delighted to announce that leading authority on the digital age and founder of the Blockchain Research Institute, Don Tapscott, was joining INSEAD as an adjunct professor. Best known for underpinning the Bitcoin cryptocurrency, blockchain’s decentralised security model is revolutionising human transactions, with exciting new applications on the horizon in diverse areas such as “peer-to-peer insurance”, SPECIAL FEATURES

14 15 f I is o I and r INSEAD… nn ANNUAL REPORT 2018/2019 ov ati o n

Lift-offs from our Unstoppable student Cutting-edge Revolutionising designed to empower leaders to st century include: LaunchPad innovators conversations in business education excel in the 21 • The Future of AI – Seizing the July 2019 brought the much- Following in Doriot’s footsteps, our the Middle East since 1959 Opportunity (in partnership with anticipated announcement of six budding MBA entrepreneurs also Meanwhile in the Middle East, With a strong history of innovation Singularity University) new alumni start-ups joining the 16 had a busy year. The €35,000 first academic year 2018/2019 saw in teaching, this year INSEAD resident ventures at our LaunchPad prize winner in the 37th INSEAD • Design Thinking and Creativity innovative engagement with a regular became the first business school at STATION F. Located in Paris, Venture Competition in December for Business (online) programme of TechTalks. These in the world to teach case studies STATION F is the world’s largest 2018 was INSEACT, with a business talks explore new technologies and through virtual reality. Rather than • Leading Organisations in business-incubation ecosystem. plan to make insect-based fish feed their applications, as well as their just reading a case study, students Disruptive Times (online) The range of innovations among out of recycled palm oil biowaste. impact on management, business can now experience it using the new intake shows how tech is This cheaper and more sustainable • Building Digital Partnership and society. From the October 2018 VR headsets in the classroom. improving lives. feed alternative also earned MBA and Ecosystems (online) “Demystifying AI” on our campus According to Associate Professor Class of ‘19J alumni Tim van to “Enterprise Transformation of Strategy Ithai Stern, who The school also now has its first New ventures this year include an Vliet, Abe Poon, Saby Maity, Jeev with Blockchain” at the Google pioneered the immersive technique, online qualification, the INSEAD interactive story technology, an Singh and Rymax Joehana the Campus in Dubai in June 2019, the “It puts you on a whole different Online Certificate: Leading in a AI platform for real estate agents Coromandel Foundation Social events brought together business level of observing and remembering Transforming World. and a health-insurance service for Impact Award. It came as no practitioners and thinkers from – thus improving decision making members of the African diaspora surprise when influential online With innovation in sharp focus throughout the region to listen to and making you a better manager.” looking to offer the best quality of platform Poets & Quants named this year, it is worth remembering expert presentations and discuss care to their families back home. the project one of the most that INSEAD has always been a the implications of emerging and The first VR scenarios used by disruptive MBA start-ups of 2019. trailblazer in terms of teaching and During their six-month residency, existing tech. The speaker series has Professor Stern take participants to beachside businesses in Zanzibar technology. Our very first class the six start-ups have been able The INSEAD Summer Start-Up tour been a great success and continues and a boardroom torn apart by offered an IBM-piloted simulation to access all the advice and – or SSUP 3.0 as this year’s third in the current academic year. interpersonal conflict. The reaction game in their second term – almost connections of the LaunchPad iteration was known – promises Also in the Middle East, the so far has been a universal “Wow! 60 years to the day before the network, as well as the wider range further disruption in years to come. annual Global Business Leaders I’ll never forget it.” publication date of this Annual of STATION F resources. Founded by students in 2017 Conference in February 2019 took Report. Back in the 1970s, we were and supported by the Rudolf and As they grow from start-ups into as its theme “Innovation as a Force The use of VR builds on INSEAD’s among the first to create computer- Valeria Maag INSEAD Centre for scale-ups, these ventures carry for Good”. Speakers at INSEAD’s position at the cutting edge of based business simulations for Entrepreneurship, the Hoffmann on a long tradition of INSEAD- flagship regional event discussed business education. With Online use in the classroom. And we Global Institute for Business and connected entrepreneurship how digitisation opens a path to Programmes now fully integrated are pioneers in global business Society and Digital@INSEAD, SSUP that began as far back as 1946. growth that creates new market into Executive Education, teaching education, connecting campuses takes MBA students on a tour or That year, Georges Doriot co- space and increases the size of innovations are set to continue. New across the world. Long may the entrepreneurial hotspots during launched the American Research the economic pie. Executive Education programmes tradition of innovation continue! and Development Corporation their summer break. This year, four to encourage investment in teams of MBAs went on a whirlwind businesses run by ex-servicemen. expedition in Europe and Asia, Doriot earned distinction as “the visiting companies in Singapore, father of Venture Capital” even Jakarta, Beijing, Shanghai, Shenzhen, before becoming “the founder London, Amsterdam and Berlin. of INSEAD”. SPECIAL FEATURES

16 17 Erin Anderson (1955-2007) Ioana Popescu Gabriel Szulanski Professor of Marketing Professor of Decision Sciences Professor of Strategy INSEAD T INSEAD The John H. Loudon Chaired Professor The Strategy& Chaired Professor Chair of the Strategy Area INSEAD Thought of International Management of Revenue Management Professor Szulanski is recognised as

Professor Anderson’s extensive Professor Popescu is a pioneer in h Leaders: Profiles a world leading authority on inter- oug work gave practical relevance the field of pricing analytics, the firm transfer of best practice, helping to the economic theories put first to research and recognise companies realise cost savings L ht in Research forward by Nobel Prize winner the powerful impact of human

and enhance competitiveness. eade Oliver Williamson. She adapted behaviour on consumer decision- Early in his career, Szulanski’s ANNUAL REPORT 2018/2019

the theories of Transaction Cost making. Her ground-breaking research showed that the transfer r s

Economics to real-life challenges studies examined the effect of knowledge was not a single : Pro and introduced behavioural of emotions such as loyalty, act of communication, as widely factors such as trust, mutuality, anticipation and regret and perceived, but an intricate process. Resea in files and intrinsic motivation. Many introduced the idea that consumers innovative measures she developed are prone to human decision-making He embarked on an in-depth, inter- to gauge environmental uncertainty, biases and cognitive limitations. disciplinary study of more than 120 Research is one of the pillars that makes INSEAD Luk Van Wassenhove complexity and customer loyalty These ideas spread and opened up best practice transfers across eight an academic institution par excellence. Emeritus Professor of Technology are still used today. Anderson also the field of behavioural operations. companies, creating a huge database r and Operations Management used transaction cost analysis to and uncovering never-before-seen ch Popescu is recognised for evidence of factors impeding firms By creating new management The Henry Ford Chaired Professor develop strategies for entering new V. “Paddy” of Manufacturing integrating the fields of pricing from sharing and transferring knowledge, the school attracts and and foreign markets. and revenue management knowledge. In addition to shedding inspires faculty, students, alumni, Padmanabhan Director of the INSEAD Humanitarian Throughout her career, Anderson and developing tools to better light on a challenge that confounded executive learners and partners to Professor of Marketing Research Group encouraged and supported women understand demand, calculate firms in multiple sectors, Szulanski challenge conventional thinking The Unilever Chaired Professor Professor Van Wassenhove was in academia. Her efforts have optimal prices and allocate introduced a new methodological and positively impact business of Marketing among the leaders in sustainable been recognised by the American capacity. Her findings expanded angle to strategy research, and society. Academic Director of the INSEAD innovation and opened new areas Marketing Association with the pricing analytics in hospitality, combining a quantitative big data Emerging Markets Institute This strengthens our teaching of Operations Management. launch of the Erin Anderson Award retail and manufacturing. Popescu approach with case study analysis. Renowned as a pioneer of reverse for emerging female marketing also designed the first MBA and brings us closer to business. Professor Padmanabhan was logistics, his business models for scholars and mentors. elective on Dynamic Pricing and INSEAD Research reflects instrumental in identifying ways Closed-Loop Supply Chains played Revenue Management, now also our founding value of rigor to mitigate the ‘Bullwhip Effect’, a a central role in the EU Waste taught by Columbia and Stanford and relevance, and builds on distribution channel phenomenon Electrical and Electronic Equipment business schools. our entrepreneurial spirit. By that distorts vital information along Directive (WEEE Directive) and developing a deeper understanding supply chains. The effect was underpin concepts at the heart of of global challenges and solutions, costing industry billions of dollars a the Circular Economy. our research asserts INSEAD as the year until Padmanabhan – working Business School for the World and with Operations, Information and Van Wassenhove is recognised for makes us a force for good. Technology Professors Hau L. single-handedly professionalising Lee and Seungjin Whang from In this edition of the INSEAD Annual the humanitarian sector. His Stanford University – showed Report, we are pleased to share a research, performed in collaboration how to alleviate the effect with few of our leading researchers and with top aid agencies such as collaboration and information- the impact of their work. the International Federation of sharing strategies. Red Cross and Red Crescent Societies, emphasised the critical Their paper was named one of role of logistics and supply chain the ten most influential papers in management in humanitarian the first 50 years of Management response. From improving Science, influencing development environmental and social impact in of emerging information systems, relief supply chains to identifying enterprise resource planning, how to deliver medicine into the internet of things and the countries like Afghanistan and blockchain movement. Sudan, his studies have changed the focus of relief work and generated interest by commercial partners. SPECIAL FEATURES

18 19 Th

Henrich R. Greve Atalay Atasu Atasu currently serves as president e C of the Manufacturing and Service Professor of Entrepreneurship Visiting Professor of Technology The Campaign for f ampaign Operations Management Society. The Rudolf and Valeria Maag Chaired and Operations Management Professor in Entrepreneurship The Bianca and James Pitt Chair in INSEAD Research will continue INSEAD – 2018/2019 Environmental Sustainability to support our professors as they Professor Greve’s counter-intuitive o strive to produce research with high – 2018/2019 r INSEAD approach to studying managerial Professor Atasu has significantly academic and real-world impact. challenges led to his discovery advanced Circular Economy research ANNUAL REPORT 2018/2019 By fostering a vibrant intellectual that firms do not change because by bridging the gap between theory community, we encourage of their performance alone, but and practice – asking pragmatic innovation and strengthen our because of aspirations as well. questions and building models reputation for excellence. This was a milestone year as we publicly launched This upended prevailing thought based on empirical evidence. in organisational change. His His work follows two streams: The Campaign for INSEAD: A Force for Good. work in this area is now standard • Closed-loop Supply Chain (CLSC) reference for scholars studying As befits a global school with and Ventures highlight areas projects including the recycling, how organisations learn, innovate campuses on three continents, where donors can make an impact remanufacturing and remarketing and change. our launch events were rolled out – from diversity scholarships of components and products; and on three continents early in the and academic excellence to new Described as “one of the most • Extended Producer Responsibility academic year – at the Château facilities for future learning. remarkable organisational (EPR), a policy approach to de Fontainebleau in France on 5 theorists of his generation”, sustainability where producers bear October 2018, at the Gardens by the The Campaign’s goal has Greve is recognised for rigorous financial or physical responsibility Bay in Singapore on 10 November inspired votes of confidence from and precise research and his for disposal of waste. 2018 and at the Jumeirah Beach thousands of alumni as well as innovative approach to studying Hotel in Dubai on 24 February 2019. corporations, foundations and organisational challenges. His Atasu was among the first to Celebrating our global community’s friends. Their generous support ground-breaking research has examine CLSCs through the engagement in the Campaign and since the inception of the Campaign highlighted the role networks prism of real-life challenges such the transformative impact of our in 2013 has had a tremendous play in the search for competitive as competition and consumer donors, these events drew hundreds impact on INSEAD and, through it, advantage. He introduced new behaviour. He demonstrated how of alumni and friends. Each event the wider world. ideas studying entrepreneurship, an operational perspective can was paired with conferences, forgoing the trend of examining help companies use CLSCs as a We are extremely grateful to all reunions and forums that brought personalities to look closely at strategic tool. His work with Bosch donors and the volunteers who together a community of thought the influence of social processes, Tools showed how remanufacturing have shaped the Campaign’s leaders, business practitioners and community structures and helps companies maximise profits success story thus far. The school government representatives. mechanisms. His research crosses in a competitive market and is particularly thankful to the now sectors and geographies with depth benefit from competition. Atasu’s The surge of support for the 39-strong Campaign Board chaired and rigour that allows him to draw EPR research and modelling were Campaign has raised the collected by Rémy Best MBA’93D and the broad inferences. instrumental in passing workable amount to 74% of the total goal of INSEAD Alumni Fund Board chaired amendments to the EU WEEE €250 million. The number of donors by Emma Goltz MBA’98J. Greve is the current editor of Directive and implementing EPR has swelled to more than 13,500 Administrative Science Quarterly, a legislation in the US. and continues to rise even as this top peer-reviewed business journal. Report goes to publication.

An inspiring mission

The INSEAD founding mission of developing leaders who transform business and society is the source of this Campaign’s inspiration. It sets out to elevate our capacities and empower INSEAD to be a force for change in a world of unprecedented business, social and environmental challenges. The three themes of Values, Vision 20 21 o Years 60 60 Years of

Excellence f Ex cellence ANNUAL REPORT 2018/2019

Transforming is a special landmark in the helped INSEAD strengthen our development of the school and scholarship offering both in number the school our ambition to be a true force for of students receiving the awards good. At a time when businesses and amounts awarded. The average The end of academic year are seeking new models and scholarship amount rose from 2018/2019 and the threshold of insights to incorporate social €12,400 in 2013 to €18,800 in 2019 a new decade, provides a great needs into their business goals, the and the number of scholarship vantage point to get a glimpse of Hoffmann Institute is supporting recipients rose from 233 in 2013 to what the Campaign has achieved the school’s response by catalysing 306 in 2019. in the six years from its nascent studies in subjects such as beginnings. sustainable operations, strategies, Donor generosity has been vital in opening the INSEAD San Francisco It is impressive to see how donors social impact, healthcare, inequality Hub for Business Innovation. A have helped to transform entire and ethics. The Institute supports first for the school, this Hub will be areas of the school. We are proud new curriculum elements and a landmark in our journey as The to share just a few examples of research, while ensuring that the Business School for the World. where their support has made a school is a model for engaging on This premier facility will open a great change. key topics and walking the talk. The Institute is at the forefront new world of opportunities for Donor generosity has raised our of aligning INSEAD with the UN our community to collaborate and endowment, INSEAD’s financial Sustainable Development Goals. engage with a dynamic ecosystem foundation, from €174 million in of innovators, entrepreneurs and 2013/2014 to €255 million this year. The generosity of James and leaders. Cathleen Stone, long-time friends Leadership gifts to academic of the school, led to the creation Increasing support for the Dean’s excellence – of the highest value of The James M. and Cathleen D. Fund/Greatest Need has helped A decade after World War II, Georges Doriot realised an extraordinary to the school – have enabled Stone Centre for the Study of Wealth the school to remain agile and vision. Doriot, a Harvard Business School professor and founder of the seven new chairs and six Inequality and the Chair in Wealth seize new opportunities. Gifts to world’s first publicly traded venture capital fund, opened a business school professorships and fellowships in Inequality. These developments the Fund have been instrumental a range of subjects. Establishing have been instrumental in advancing to our innovating in research, in Europe. With a select circle of young, bold pioneers, he founded INSEAD these positions of distinction are strengthening scholarships and research and teaching on income and brought management education by the case method to a continent extremely important to recognise and wealth inequality issues, developing facilities. and encourage our faculty. poised for rapid growth. recognised as one of the most Alongside these tangible critical challenges of our day. Thanks to the generosity developments, the Campaign is At the time, it was almost unheard of for history. Anniversaries at INSEAD are moments of a key patron, the area of playing another huge role. It is Leadership gifts from donors have a business school to be international, to celebrate, share major milestones and shine Entrepreneurship received a bringing together and galvanising established research funds that independent, diverse, close to business a light on the personalities that propelled powerful boost. The creation of our remarkable community to are allowing our faculty to advance and propelled forward by entrepreneurial INSEAD into the upper echelon of business a Chair, Professorship, Postdoc support and partner with the school studies in Decision Making and Risk spirit. These were the principles INSEAD schools. This celebration kicked off on Global Fellowship and PhD scholarships in building a powerful force for Analysis, Entrepreneurship, Gender was founded on and remain the values that INSEAD Day, held every 12 September to is greatly enhancing our academic good in the world. Balance and Business and Society. guide the institution to this day. commemorate the meeting of the first MBA excellence in the area. We thank everyone who has class, and will go through September 2020. Scholarships not only change In academic year 2018/2019, INSEAD A milestone gift from Rosalie supported The Campaign for individual lives, they are vital to prepared to celebrate the anniversary by As part of this celebration, we are pleased to and Andre Hoffmann MBA’90D INSEAD: A Force for Good and the school’s competitive strength focusing on our founding values and seeking share our founding values, the story of the to establish the Hoffmann Global look forward to engaging with by attracting top talents and its ways to connect the current generation of man who had the vision and how we honour Institute for Business and Society our community into the future. diversity. Alumni and friends have students and participants with our storied his legacy today and into the future. SPECIAL FEATURES

22 23 o Years 60 Founding values

INSEAD has always been a values-driven organisation. From f Ex the beginning, Georges Doriot Rigour and Relevance – Impactful

envisioned management education teaching and rigorous research cellence ‘from a moral perspective.’ that address the world’s greatest Today, this moral perspective is challenges ANNUAL REPORT 2018/2019 fundamental to who we are and Originally, INSEAD had a singular, represented in our values and our compelling idea championed mission to develop responsible by remarkable founders. Early leaders who transform business participants and faculty believed and society. in the vision, and knew academic Over the years there have been excellence was the key to achieve challenges, but our commitment to those goals. Those transformed by the INSEAD experience commend Georges Doriot: as director of military planning on campus along with highlights our values has never wavered. These and deputy director of research of milestone moments to give values are rooted deeply in our DNA. the excellence of an INSEAD Visionary and pioneer education and hold an enduring and development, solving complex students a strong sense of the logistic problems and making sure INSEAD identity. We engaged our sense of community. The founders of INSEAD envisioned the troops had supplies needed to community to provide pictures and an institution that would promote meet the challenges they faced. stories from their time at INSEAD. peace and prosperity. As a place By the end of the war, Doriot had And we published a history book where people study together and attained the rank of Brigadier General and website to ensure that the Diversity – Harnessing diversity to build business, the school offered and the nickname The General. INSEAD story is captured now fire up innovation and creativity an international perspective that Entrepreneurial Spirit – Bold, and into the future. INSEAD has held a core principle of stimulated economic growth and By the mid-1950s, Doriot had innovative and ready to take risks no dominant culture since the first cooperation in Europe. INSEAD was pitched his idea of a business It is a story of 60 years of classes met in 1959. The first class A seminal choice at INSEAD was built on the belief that business can school in France to the Paris excellence. We encourage everyone graduated with 52 students from 14 to finance operations through be a force for good. Chamber of Commerce and they to go to 60.insead.edu to learn business, reflecting founder Georges agreed to the school in principle. more about the history of the countries, a blueprint for diversity The architect of this vision was Doriot’s intention that “the school The vision was clear – a one-year school and how we have fostered over the years. Today’s classes Georges Doriot, a brilliant business remain a bastion of defence for free programme, pan-European student an unparalleled community of feature around 1,000 students mind. Admitted to Harvard enterprise.” INSEAD has a history of recruitment, multilingual teaching business leaders. representing over 90 nationalities, Business School, or HBS, in 1920, the most diverse MBA programme innovation that supports this goal. and business education ‘from a Doriot was the first Frenchman to While a lot has changed in the 60 in the world by far. Today, the spirit of entrepreneurship moral point of view’. is seen in our ventures and our attend and later became an HBS years since INSEAD opened its teaching and research. professor. He quickly realised that In July 1957, the Paris Chamber doors on 12 September 1959, we Europe, and his home country of of Commerce formally voted have always upheld our founding France, lacked business schools of to provide five years of seed vision. We continue to honour the comparable stature to HBS. funding for L’Institut Européen legacy of Georges Doriot. d'Administration des Affaires. This Establishing INSEAD began with established INSEAD and brought As the world becomes more Independence – Agile, daring and a partnership between Doriot and Closeness to Business – Empowering the Doriot vision to life. The school connected, this vision and the responsive to global change the Paris Chamber of Commerce leaders globally for a better tomorrow would profoundly influence the values that guide the school and our Freedom from financial, in 1930. With the support of HBS, community are proving to be durable Early on, participants paid tuition at shape and structure of European philosophical or intellectual they opened a programme based and delivering better outcomes for a time when fee-based education business in the critical decades influence was essential in on the case teaching method business and society. Together, we was virtually unheard of in Europe after the war. establishing INSEAD as the world’s targeted at working executives. are a force for good. It’s in our DNA. first pan-European business school. and the school received critical It was a success. sponsorships from European and Educational independence allowed Sharing our history As we celebrate 60 years of us to open the Asia Campus in American companies. The results In the years that followed, Doriot excellence, we recognize everyone of being close to business for six grew into a consummate academic Singapore in 2000 and the Middle In advance of the Global INSEAD who contributed to our success decades are clear – we deliver and one of the most memorable East Campus in Abu Dhabi in 2010. Day that kicked off our 60th over the years. Special thanks go relevant research, partner to develop professors at HBS. And then in Current expansion into North anniversary year, different groups to founders Claude Janssen and award-winning cases and educate 1942, the US entered World War America is the latest expression of across the school prepared to Olivier Giscard d’Estaing, both of thousands of executives each year. II and Doriot joined the army. He our independence. celebrate the occasion. Our whom remain an inspiration for contributed to the war by serving founding values were displayed the school. 24 25 F Financial indicators inances In €’000 2019 2018 2017 INSEAD is a not-for-profit Total Income 279,626 261,350 245,414 Finances & institution with entities in various Operating Cash Flow 10,707 18,295 16,422 countries. Therefore we are not Cash Flow from Endowment required to publish consolidated 10,594 8,885 8,187 accounts, but all our statutory (transfer to operations) Endowment accounts are audited. We maintain Net cash flow from Financing (15,454) (1,927) (2,852) ANNUAL REPORT 2018/2019 a governance structure that Net cash flow used in Investing (12,675) (16,585) (10,436) includes several committees of Interest paid (1,092) (1,458) (1,574) the Board of Directors responsible Changes in working Capital for Auditing, Finance and Risk, 5,636 15,429 5,254 & exchange losses/gains Endowment Management and Remuneration. These financial Cash Flow (2,284) 9,157 14,932 indicators are directly extracted Cash at year end 89,434 91,718 82,561 Finances from audited combined accounts Endowment at beginning of the year 238,907 212,544 185,976 based on IFRS accounting standards. Please note that Donations received, net 15,010 17,120 16,426 financial indicators from previous Gains and losses from investment activities 11,607 18,128 18,329 Rising revenues enable investment in INSEAD’s future. we continued to make significant years may change. Transfer to operations (10,594) (8,885) (8,187) investments in scholarships and Endowment at year end 254,931 238,907 212,544 other strategic moves, such as digital As an independent, non-profit towards the ambitious target of Endowment performance rate 4.8% 8.4% 9.5% transformation, the San Francisco institution, INSEAD must forge its €250 million. By the end of August Spending rate 4.5% 4.2% 4.2% Hub for Business Innovation and own future by generating income 2019, less than 12 months into this Europe Campus Renewal. from tuition and other sources, public phase of the Campaign, we including donations and return on had received €175 million in gifts The good news is that INSEAD endowed funds. and pledges. returned to surplus after last year, when two French tax rulings went In many ways our participants and Meanwhile, overall revenues against us. In academic year supporters have always been our continued to rise to an all-time high 2018/2019, we will post an end-of- “shareholders”. By choosing INSEAD, of €279.6 million – up by 7% on the year surplus totalling €2.2 million. they make a vital investment not previous year. It was a particularly just in their own careers but in the outstanding year for Executive Finally, the finance department itself €279.6M success of the school. Education, with 17% growth became more streamlined and agile, in revenues from Customised evolving from local teams overseen Total revenue in 2018/2019 Now, more than ever before, our Programmes in Europe a highlight by local managers and a global investors are also stakeholders in of more than 10% revenue growth CFO to a fully global team spread the creation of a better world. This Other Facilities, IT and support functions across all regions. across Europe, Asia and the Middle fact was underlined in academic East. Restructuring designed in year 2018/2019 by the launch of the Thanks to increased revenue Gifts and academic year 2018/2019 is nearing Degree Faculty Campaign for INSEAD: A Force for INSEAD has been able to increase endowment programmes and research completion, as is the move to a new Good. The Campaign reaffirmed the spending on strategic priorities – yield procurement and invoicing system. 7% school’s commitment to business exceptional faculty recruitment and 7% These changes promise further cost as a driver of sustainability and investment in new programmes, savings and better customer service 29% societal benefit. Over the course both of which promise great returns tomorrow. of the year, we advanced steadily over the years to come. In addition, Revenue 43% Expenditure 41%

43% 30%

Executive education programmes Degree and executive education programmes FINANCES & ENDOWMENT

26 27 E nd Our investment INSEAD endowment and investment portfolio o Endowment strategy performance by academic year wment September 2009 – August 2019 The endowment’s investment strategy focuses on high long-term returns, while striving to follow best 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cumulative Annualised market principles in environmental, Academic Year1 -2010 -2011 -2012 -2013 -2014 -2015 -2016 -2017 -2018 -2019 (Sep ‘09 - Aug ‘19) (Sep ‘09 - Aug ‘19)

ANNUAL REPORT 2018/2019 social and governance, or ESG, issues: INSEAD Investment +6.6% +5.4% +8.7% +7.4% +11.5% -10.9% -0.5% +9.6% +9.6% +4.3% 102.3% 7.3% Portfolio return2 • We take relatively high levels of equity exposure, as we have a INSEAD 3 +5.7% +4.7% +7.8% +7.0% +10.8% +10.6% -0.2% +9.5% +8.4% +4.8% 94.2% 6.9% long-term time horizon Endowment Return INSEAD Composite • We are diversified across +4.0% +8.3% +6.4% +9.1% +12.0% -0.3% +5.3% +9.0% +7.9% +4.1 88.2% 6.5% Benchmark4 multiple asset classes, including a meaningful allocation to private markets, where we believe that the potential for outperformance 5 1 The academic year starts on 1 Total Assets of endowment portfolio September and finishes on 31 August. is greatest This is reflected in the table above. For (August 2003 – August 2019) example, the year labelled 2019 reflects • We select the most skilled asset performance from 1 September 2018 to 31 August 2019. managers within each asset class €250 2 The INSEAD investment portfolio • We invest sustainably, by applying consists of the portfolio managed by Partners Capital. ESG principles in our decision- 255.0 3 The INSEAD endowment consists of 239.0 making process. €200 the portfolio managed by Partners Capital and all other assets including 212.5 The portfolio has a 33% allocation direct property, cash and other assets. 189.7

to private markets, including private 186.0 A vital source of support and stability in a changing world €150 4 The INSEAD Composite Benchmark is a equity, real estate and private debt. 174.2 custom benchmark comprised of asset

161.0 class indices (e.g. MSCI World NR 100% This allocation has increased over the 151.5 Hedged to EUR for the equity allocation

In academic year 2018/2019, the To those ends, we have further 142.3 last five years in order to capture the €100 135.6 or State Street Private Equity Index for INSEAD endowment saw another strengthened the Endowment the private equity allocation) and illiquidity premium of around 3% to 5% weighted to reflect the long-term 105.9 105.1

strong performance, despite a Management Committee this 97.2 that private markets offer. The private- strategic asset allocation adopted by period of higher market volatility. year by adding new members to the committee. markets portfolio is well diversified, €50 75.4 our experienced team of financial- 64.9 5 Total endowment portfolio assets

including venture capital investments 55.7 I was asked to chair the Endowment sector experts and by creating include donations. in early-stage technology companies, Management Committee in January a sub-committee to develop European real estate investments, €0 2019, succeeding Mirjam Staub- and continuously upgrade our private equity investments in lower Bisang MBA’99J who did a superb ESG integration led by Professor Aug ‘11 Aug ‘15 Aug ‘12 Aug ‘19 Aug ‘13 Aug ‘16 Aug ‘17 Aug ‘14 Aug ‘18 Aug ‘10 Aug ‘07 Aug ‘05 Aug ‘06 Aug ‘08 Aug ‘09

middle-market businesses and Aug ‘04 job at steering the endowment Lucie Tepla. for three years and served on the bilaterally negotiated senior loans committee for over seven years. I would like to thank the members to privately owned businesses. I cannot thank Mirjam enough for of the Endowment Management There is a further 47% allocation to her leadership and her many critical Committee for their dedication. public equities, which, along with the contributions to the endowment. Above all, I would like to thank all private-market portfolio, represents our donors for their trust in our our core long-term, return-generating As the Endowment Management work. It is thanks to their amazing asset class. The public equity The remaining 20% of the adopted by the Endowment Committee looks ahead, we support that the endowment Ten-year performance portfolio consists of a combination portfolio is predominantly Management Committee. recognise today’s challenges. The plays such a pivotal role in of long-only and long-short actively invested in a diversified suite From September 2009 to the end world is going through a period of INSEAD’s achievements as the While the Endowment Management managed funds as well as passive of absolute-return hedge fund of August 2019, the investment heightened uncertainty, ranging Business School for the World Committee is directly responsible index trackers, in order to capture both strategies, which aim to generate portfolio returned +102.3% from global social unrest to trade and continuing quest to be a for the endowment, experts from bottom-up fundamental investment returns with minimal correlation cumulatively after deduction tensions, as well as historically low global force for good. Partners Capital – our advisers since opportunities and tactical allocations. to traditional asset classes, and of all fees and expenses. or even negative interest rates. In 2007 – manage the investment This year, our long-short equity portfolio inflation-linked government bonds This represents a +14.1% addition, in our mission to grow the portfolio on our behalf. We want Alexis Habib performed well, generating a +2.2% and gold, protecting the fund from cumulative outperformance endowment we acknowledge the to thank Partners Capital for their MBA’81 return compared to +0.8% for global unexpected rises in inflation. of the INSEAD Composite critical importance of doing so in a support in ensuring the long-term Endowment Management Committee Chair public equity markets. Benchmark, a custom measure sustainable manner. growth of the INSEAD endowment. 28 29 Spotlight on and technologies. In addition, women leaders. In September 2018 HRG co-organised the Health it worked with the Women’s Forum sustainability and and Humanitarian Logistics in Singapore to provide training O v humanitarian research conference in Kigali, Rwanda, which and mentoring for female business er v

brought together more than 200 founders. As well as carrying out iew Faculty & In 2019, we were particularly representatives from governments, research, this large centre also delighted to welcome back NGOs, foundations, businesses and supports student initiatives, such Professor Atalay Atasu PhD’07 as academia, all seeking to achieve as the regular Venture Competition. the holder of the new Bianca and greater impact. This year’s winner was INSEACT, a Research James Pitt Chair in Environmental business producing insect-based ANNUAL REPORT 2018/2019 Sustainability, a first in its field. fish feed to help provide a safer, Created thanks to a generous Centres, initiatives and healthier, cheaper and greener donation from James Pitt MBA’94D institutes – leading as source of nutrition. and his wife Bianca, the post will enable Professor Atasu to pursue a force for good The sixth edition of the Global his highly regarded research in Talent Competitive Index, devoted Other research highlights from sustainable operations and support to the theme of Entrepreneurial academic year 2018/2019 that Overview INSEAD’s commitment to address Talent, successfully launched in reflect INSEAD as a force for critical environmental issues facing Davos in January 2019. The 1,055 good are two projects supported business and society. media articles shared around by INSEAD’s Emerging Markets the globe on cutting edge GTCI In academic year 2018/2019 Institute, or EMI, the first on the research led by INSEAD and the Luk Van Wassenhove gained strategic challenges faced by launch event in Davos on the eve more plaudits for his work on a social enterprise working on of the World Economic Forum gave humanitarian operations and blindness prevention in Egypt and the school great visibility and led to Our faculty and their research power our programmes sustainable supply chains. the second on the impacts of food increased digital engagement. Professor Van Wassenhove delivery services in Indonesia. and our reputation with innovation, diversity and is now the first in the world These represent just a small academic excellence at the fore to be recognised by all five sample from the EMI’s research World-class libraries major academic organisations and teaching to advance social and in technology and operations economic progress. Like the PhD programme and INSEAD is leveraging our position The lists of publications and management. our multidisciplinary centres, our as a top academic institution to awards on the following pages Our Gender Initiative built on campus libraries demonstrate our develop leaders who transform provide ample evidence of our The Humanitarian Research Group, the success of last year’s iW50 commitment to produce quality business and society. We also stature as a research institution or HRG, led by Professor Van celebration of the graduation of our research and cultivate the best lead by example. to rival the very best in the world. Wassenhove has recently been first women MBA students by co- faculty. In May 2019 the Tanoto involved in a number of important hosting the first Academic Diversity, Library in Singapore was proud to Over the course of academic year The quantity and quality of our projects, including a detailed and Equity and Inclusion Conference host the 18th annual conference of 2018/2019, INSEAD recruited yet faculty and their output clearly large-scale evaluation of fleet at Columbia Business School in the Asia-Pacific Business School another outstanding new intake reflect the strength of our new management practices for the New York. The DEI Conference is Librarians’ Group, an organisation of faculty, all with PhDs and strategies for both Faculty and United Nations High Commissioner a collaboration between some of that INSEAD helped to found back experience from top institutions. Research under the leadership of for Refugees (UNHCR). The work the world’s top business schools in 2002. Inspired by the Campaign The 11 new professors welcomed Professors Laurence Capron and included extensive field research to share the best pedagogical for INSEAD: A Force for Good, the in September 2019, along with three Ziv Carmon respectively. That in Chad, Ethiopia and Uganda. practices, with a focus on diversity theme was “Libraries Collaborate: more due to arrive in 2020, will take we are able to compete with the The Group has also embarked among leaders of the future. Catalysts for Impactful and our number of resident faculty to an business schools of the world’s on new research to improve the Responsible Research”. Speakers all-time high of 167 as of January great universities testifies to the The Rudolf and Valeria efficiency and reach of healthcare included our own Dean of Research, 2020. We are particularly pleased power of our focus on academic Maag INSEAD Centre for delivery such as family planning Ziv Carmon, who is responsible for too that we have more female excellence and allows us to explore Entrepreneurship was similarly services using novel data sets all INSEAD libraries. faculty than ever before, 34 in total. business as a force for good. involved in initiatives to support

Small wonder, therefore, that the Another factor in our success is quality of INSEAD scholarship has undoubtedly the PhD programme, reached exceptional levels. Our which this year celebrated its 30th current #5 position in the UTD Top anniversary. Managed jointly by the 100 Business School Research Faculty and Research departments, Rankings™ makes us the only its founding in 1989 marked school outside North America in INSEAD’s arrival as a research the top 20 and the only standalone institution with a great future. business school in the top 40. FACULTY & RESEARCH

30 31 R Faculty & Best paper awards 2019 Best Paper Award ec o

Recognition Academy of Management gniti Research “Resource Competition, Amplification, 2018 Best Paper Award and the Evolution of Performance o

& Awards n & A We currently have European Financial Management Differences” Association Conference Phebo Wibbens wards “On the Time-Varying Stock- Bond Correlation: Deciphering ANNUAL REPORT 2018/2019 Heterogeneous Expectations” SIX Best Paper Award 2019 Swiss Society for Financial 167 Jintao Du Market Research SGF Conference faculty representing “Agency Frictions Dealer Funding Best Paper Award in Finance and Market Liquidity” CAF ISB Summer Research Conference Max Bruche, John Kuong “Feedback Effect and Investor Information Acquisition: Implications Our faculty open new frontiers of business research as 42 for Agency Problems” Best Paper Award Annual Meeting of the Academy leading knowledge creators and are recognised for their Naveen Gondhi and Jesse Davis nationalities, including of Management Conference 2019 academic contributions. "Microfinance and Entrepreneurship Best Paper Award in at the Base of the Pyramid" Innovation Management The INSEAD faculty continues • Assistant Professor of Marketing Jasjit Singh and Pushan Dutt to assert itself as a cadre of Abhishek Borah was named the 14 Society for Information Technology leading management thinkers, Marketing Science Institute Young and Teacher Education 2018 new faculty this year. Best Paper Proceedings strengthening our reputation for Scholar of 2019. “Idea Rejected, Tie Formed: Annual Meeting of the Academy research and teaching excellence. Organizations’ Feedback on • The influential website Poets & Crowdsourced Ideas” of Management 2019 Quants listed Assistant Professor “Improving Creativity Over time: Goal This year, our faculty received Henning Piezunka, Linus Dahlander recognition for their work from their of Entrepreneurship and Family This year, they published Orientation and Procedural Justice Enterprise Henning Piezunka Impact Creative Endurance” peers in academia and practitioners Best Proposal Award in the among the best 40 professors working in the field on critical issues. Globalization and Emerging Ella Miron-Spektor, Dana Vashdi under 40 of 2019. and Hadas Gopher Two of our longstanding faculty Markets Track In the force for good space, members added to their lists Strategic Management Society 9 Best Conference Paper Award Assistant Professor of Technology of awards. Dean of Faculty, 2018 India Conference and Operations Management, books and wrote Society for Business Ethics Professor Laurence Capron, was “Vulnerability of Base-of-Pyramid Andre Calmon, and adjunct Annual Conference 2019 made a Fellow of the Strategic Business to Policy Shocks: Impact of colleague, Jackie Stenson, received Management Society at the Demonetization on Microfinance in India” "Why Investors Are Not, and Should the Page Prize for Excellence in Not Be, Morally Responsible” organisation’s conference, and Jasjit Singh, Arzi Adbi Sustainable Business Education Professor Luk Van Wassenhove 122 David Ronnegard for their innovative approach in received a Certificate of Best Proposal Award in the two MBA courses – Business journal articles, Recognition for “longstanding Corporate Social Responsibility Sustainability and the SDG dedication to, and support of, the and Sustainability Track Bootcamp, which focuses on aid and development sector” during solutions that contribute to the UN Strategic Management Society the Fleet Forum Conference. Sustainable Development Goals. 2018 India Conference 51 “Categorical Cognition and Outcome Recent additions to our faculty working papers, Efficiency in Impact Investing Decisions” have received significant recognition, pointing to a bright Matthew Lee, Arzi Adbi future for the school: and Jasjit Singh • Professor Atalay Atasu 65 PhD’07 recently received the Manufacturing and Service case studies and Operations Management Society’s award for responsible research and was elected president of the same organisation. 23 chapters. 32 33 N ew

New faculty fac u lt y ANNUAL REPORT 2018/2019

INSEAD welcomed 14 new faculty members from all over the world – accomplished academics able to take our research and teaching excellence to the next level Amit Bhattacharjee USA Marketing Europe Campus

Corporate Social Responsibility Amit holds a PhD from Wharton and joins INSEAD Case study awards from the Rotterdam School of Management. "Tata Motors (A): A History of Service His research lies at the intersection of moral and rankings in a New Era of Corporate Social judgement, economic reasoning, cultural beliefs Responsibility–Tata Motors (B): and consumer well-being. He uses experimental The Case Centre’s top More from Less for More" methods to investigate how consumers navigate 40 bestselling authors N. Craig Smith, Erin McCormick the moral and social backdrop of the marketplace. All of the INSEAD professors achieved higher places this year MENA Business Cases than last and 13 INSEAD case “Fashion Forward Dubai (FFWD): Digitally studies were official bestsellers. Transforming the Fashion Industry?” Bestselling case authors include: Felipe Monteiro, Katia Kachan #6 Professors Chan Kim and Renée Mauborgne Responsible Leadership "Google and Project Maven–(A) Big Tech, #10 Professor Pierre Chandon Government and the AI Arms Race–(B) An Eventful Week in June" #15 Professor Wolfgang Ulaga Gianpiero Petriglieri, Jaimie Stettin Atalay Atasu PhD’07 USA/Turkey #29 Professor David Dubois Technology and Operations Management Entrepreneurship Europe Campus EFMD Case Writing Competition "Credit Suisse: Building an Impact Five category awards were given Investing Business in Asia" Atalay joins INSEAD from Georgia Tech to continue his award-winning research on socially to INSEAD faculty in April during Jasjit Singh, Joost Bilkes the 2018 European Foundation for and environmentally responsible operations Boris Babic Canada management, with particular interests that Management Development (EFMD) Decision Sciences include topics related to a sustainable future Case Writing Competition. INSEAD Case Centre Awards such as the circular economy, extended producer Asia Campus was the biggest overall winner of and Competitions responsibility and environmental regulation. the competition, as our professors Boris joins INSEAD after a postdoctoral position at received the largest number of Professor N. Craig Smith was Caltech, a PhD from the University of Michigan, Ann awards for a single business school recognized with a third win in the Arbor and a JD from Harvard Law School. Before this year. The winners are: Ethics and Social Responsibility that, he was a lawyer in Los Angeles, representing category for “Uber and the Ethics major companies and entertainment studios, as well Entrepreneurship of Sharing: Exploring the Societal as investors in complex securities litigation following the 2008 financial crisis. His research interests "The Carrot Rewards Wellness App: Promises and Responsibilities of include the ethics of decision-making via artificial Innovating in the Behaviour Change Market" the Sharing Economy” intelligence and the regulatory architecture for Pierre Chandon, Shilaan Alzahawi medical machine-learning systems. FACULTY & RESEARCH

34 35 N So Yeon Chun South Korea Marc Le Menestrel PhD’99 France ew fac Technology and Operations Management Decision Sciences u

Europe Campus Asia Campus lt y So Yeon joins us from Georgetown University. Her Marc teaches and coaches senior executives and data-driven research focuses on customer loyalty board directors on high-level performance, leadership reward programmes, revenue management and and the exercise of wise power in governance, risk management in a range of sectors. In addition sustainability, anti-corruption and risk management. ANNUAL REPORT 2018/2019 to a PhD from Georgia Institute of Technology, she As a decision scientist, his research focuses on the holds several industry patents for demand analysis theory of choice; rational thinking and ethical values and decision support systems. in decision making; and use of mathematical theories to articulate human behaviour. Marc holds a PhD in Decision Sciences from INSEAD. Nadav Klein Israel Organisational Behaviour Dan Iancu Romania/USA Europe Campus Technology and Operations Management Nadav’s widely published research deals with the Europe Campus basic processes of judgement by which people Dan’s research lies at the interface of operations, make decisions, process information and evaluate finance and risk management. A recent area both others and themselves. He explores issues of focus is the design of better procurement, such as the surprising reputational benefits of payment and financing solutions in global supply being a little bit nice, the ability of groups to detect chains that impact the environment and the lives lies and people's overestimation of how much of millions of people. He holds degrees from Yale information they use to make decisions. A former and Harvard Universities, a PhD from MIT and has consultant, he joins INSEAD after a PhD and post- taught at Wharton and Stanford. doctoral post at the University of Chicago.

Dylan Glover UK/USA China Economics and Political Science Lin Shen Finance Europe Campus Europe Campus Dylan’s most recent projects have involved studying the effects of discrimination, the impacts Lin’s research addresses coordination problems of changing organisational recruiting and the and policy-relevant issues in banking, corporate relationship between geographical mobility and finance and political economy. Her most recent unemployment. He is also investigating how the financial system research investigates the impact rich perceive wealth inequality and questions of of capital flows on the credit supply to the real redistribution. No stranger to INSEAD, he was economy and the design of government intervention previously an INSEAD postdoctoral researcher policies to resolve panic-based bank runs and other following his PhD from Sciences Po. coordination failures. Before joining INSEAD, she obtained a PhD in Finance from Wharton. Michael Y. Lee USA Winnie Jiang USA Organisational Behaviour Organisational Behaviour Europe Campus

Asia Campus Michael studies innovative approaches to building organisations and teams using ethnographic Winnie seeks to answer pressing questions with methods, experiments and surveys. His research research. How do people find, pursue and sustain explores the dynamics of radically decentralised meaning through their work in complex and systems and how organisations can facilitate rapidly changing social systems? How does the greater self-management without sacrificing individual quest for meaning in work influence coordination. He also investigates how teams organisations? How can organisations cultivate can foster positive relational dynamics. Before meaningful work experiences and career growth gaining a PhD at Harvard, he was a management that also benefit themselves and society? Winnie consultant working on issues such as social recently completed a PhD at Yale University. impact. He has a special interest in meditation. 36 37 N Prashant Yadav USA/India ew fac Technology and Operations Management u

Europe Campus lt y Prashant joins INSEAD from the Bill & Melinda Gates Foundation. He serves on the boards of several multinational organisations and social enterprises, and has acted as an expert witness ANNUAL REPORT 2018/2019 on medical supply chains for the US Congress and legislative bodies in other countries. His award-winning research has been featured in peer-reviewed journals and global media. He holds a PhD from the University of Alabama and lectures at Harvard Medical School.

Anthony Vashevko USA Organisational Behaviour Asia Campus

Anthony’s research centres on the effects of uncertainty and innovation in markets. Organisations tend to react to uncertainty by pursuing risky innovations, which complicates the environment for their competitors, changes the market landscape and even creates whole new markets. He holds a PhD in Organisational Behavior from Stanford University and degrees in Mathematics and Economics from the University of Chicago.

Junyuan Zou China Finance Europe Campus

Junyuan’s research interests lie broadly in market microstructure, corporate finance and financial fragility. More specifically, his recent work investigates the relationship between information acquisition and market liquidity in over-the-counter markets. He joins INSEAD following a PhD in Economics at the University of Pennsylvania and degrees in Economics, Mathematics and Physics from Tsinghua University. FACULTY & RESEARCH

38 39 INSEAD K INSEAD INSEAD A Force for Good Top 10 Academic year 2018/2019 articles from INSEAD n Knowledge 10 0K+ Knowledge, ranked by page views o wledge Unique Monthly Visitors 1. Sustainability and the Five Archetypes 6. Viewing Healthcare Through the Lens

ANNUAL REPORT 2018/2019 of Boardroom Behaviour of Economics There is growing evidence that sustainability Brain scans, the gig economy and even hospital 3.5M is getting more attention in the boardroom, but queues are all part of the expanding and Showcasing our research on a digital platform that gives Page Views Annually what exactly is discussed – and how and why? fascinating domain of health economics. voice to our leading researchers and presents innovative ideas from our network. 2. What’s Stopping Boards From Taking 7. How the Volkswagen Scandal Turned 8M Action on Sustainability ‘Made in Germany’ Into a Liability With more than 100,000 unique this team’s outreach, enhance the Social Media Impressions Why is there such a gap between companies’ Companies that leverage a collective reputation visitors in every month of academic school’s reputation for excellence sustainability aspirations and what they deliver? for marketing purposes should never lose sight of year 2018/2019 – accounting for in research and teaching and Boards need to look past the low-hanging fruit the fact that one bad apple can spoil the barrel. 3.5 million annual page views – increase visibility in the media. and start making tough decisions. this was another great year for INSEAD Knowledge is now part of INSEAD Knowledge. the new Research Communications 8. What Firms Can Learn From NGOs and Media Relations team. The 75K 3. Which Healthy Eating Nudges in Africa Our global team of in-house editors team engages the global media to Knowledge App Users. Work Best? Exchanges of knowledge between corporations and are responsible for presenting highlight groundbreaking research Seven tricks that are proven to work – responsible non-profits can help both sectors to serve their INSEAD research in a reader- and news from around the school, food marketers and policy makers take note. stakeholders more effectively. friendly format across a wide while performing the editorial work to range of media from the briefest publish INSEAD Knowledge content. of tweets to in-depth articles and 4. Finance as a Force for Good 9. How PE and VC Are Closing the Gender video interviews. Thanks to their This reorganisation is already bearing expertise, the mobile app had more fruit. INSEAD has seen an uptick Sustainable investing has evolved from a niche Gap in Emerging Markets than 75,000 active users between of news coverage in key markets specialisation to a broad philosophy that permeates Gender-balanced investment teams report September 2018 and August 2019 and research content produced by all kinds of financial products and funds. significantly higher returns, an insight that could and the platform’s official accounts Knowledge has been extensively play a major role in the economic development of garnered some 8 million social positioned in some of the most 5. How Blockchain Can Win the War emerging markets. media impressions. impactful management publications, including HBR, HBR France, HBR Against Plastic Waste It was also a busy year internally for 10. Lessons in Women’s Empowerment China, The Conversation, Les Echos Start-ups are beginning to use blockchain as a the team, which was restructured (France), China Daily, Forbes France driver of real change that could one day help to from India’s Female Village Leaders as part of INSEAD Communications and Forbes India. solve the world’s biggest challenges. to leverage the effectiveness of Women presidents of village councils have made significant contributions to India’s socioeconomic development. What makes them so effective? 40 41 M MBA Although each programme The combined GEMBA, TIEMBA aster still begins in Fontainebleau or and EMFin elective session, held

This year, we continued to evolve Singapore, our MBA is increasingly every summer in Fontainebleau, D

Degree the highly successful new MBA egree becoming a three-campus broke records for attendance curriculum, with additional content experience as more and more with more than 400 participants

added to the introductory digital students are interested in spending and 135 alumni joining. The P r

Period 0, or P0, as well as earlier time on the Middle East Campus. Our more participants, the better the o Programmes and more intensive engagement grammes MBA’19J cohort featured 47 MBAs in networking – and the greater the ANNUAL REPORT 2018/2019 with incoming students. Once on Abu Dhabi, our largest number ever. choice of courses on offer. This campus, students joined the new year, for example, we were able to Launch Week, which includes an In 2019, the Financial Times ranked address business as a force for Inclusive Manager session in game the INSEAD MBA #3 in the world, good in electives with components format that focuses on issues such behind only Stanford and Harvard. on social entrepreneurship and as cultural variation and gender. Our reputation as a truly top building impact ventures. programme was further enhanced Master Degree Incoming students in academic by intense social media coverage year 2018/2019 also completed – from the new-format Launch Master in Management Programmes four teambuilding projects that Week to the spectacular graduation benefit our local communities, led ceremonies. From first impressions Although the first students will not by UK-based organisation SPLASH to emotional farewells, academic arrive until September 2020, this Projects. In January 2019, students year 2018/2019 was another year was a vital year for the Master in As we set our sights on new horizons with the Master in Singapore built a fantasy-themed of which to be proud. Management, as we geared up for in Management, we strengthen our MBA and Executive bike track to help children with our first applications in September learning difficulties develop their 2019. The official launch was very Degree Programmes to meet the needs of a changing world. coordination and strength, while their Executive Master successful, with positive feedback classmates in Europe constructed Degree Programmes from alumni, wide press coverage, This was a particularly busy than ever. In a very short time, the a town-themed play fence for a a front-page ad in the Financial twelve months for INSEAD Degree new team has achieved a great similar Fontainebleau charity. We INSEAD’s suite of Executive Master Times and 400 brochure downloads Programmes, with several external deal. For example, the team created have calculated that our 12-year programmes thrived this year. The in the first few days alone. We reaccreditations confirmed for new MBA student representatives partnership with SPLASH Projects, newly renamed Executive Master in have an experienced programme the next five years. The French for diversity and inclusion and which includes some Executive Change, or EMC, is receiving rave director, Thibault Séguret MBA’12J, government officially recognised integrated Executive Master Degree Education activities, has created reviews. Similarly, the Executive leading the team, which is focused the MBA and Global Executive MBA participants into student clubs. value of about €4 million in terms of Master in Finance, or EMFin, on curriculum design and delivery, (GEMBA) once again – along with saved labour and materials costs for garnered great feedback from including a business and society Meanwhile, the marketing team the Tsinghua-INSEAD Executive MBA more than 30 community groups. graduates – the first to have the core course. Marketing and student has been more dynamic than ever. (TIEMBA) for the first time. The new ‘Executive’ title on their degree recruitment is going extremely well In academic year 2018/2019, the As the year progressed, our two department also played a key role in the certificates – and is getting even – indeed, we are ahead of where we team launched the new In the classes had further opportunities renewal of the school’s international higher ratings from current students. expected to be at this stage. AACSB and EQUIS accreditations, Know website, featuring articles, to apply INSEAD’s philosophy of both of which singled out the recently podcasts, videos and slideshows building a better world, including Turning to the Executive MBA The year ahead will be even more reengineered MBA curriculum for tailored to existing and prospective an intensive, weekend-long SDG programmes, the new Just Like important, as we make offers of particular review and praise. learners at every stage of their Bootcamp and a Force for Good You peer referral mechanism places and prepare to welcome career journeys. This major Practicum in South Africa, which is working very well. The latest the first students to what will be Over the course of the year, the undertaking complemented a allowed students the opportunity to GEMBA intake, starting with those INSEAD’s first completely new degree administration was reorganised whirlwind of activity – 555 global work with the non-profit clinic chain, who joined in Singapore in August programme in more than a decade. by function rather than separate events reaching 12,590 prospective Unjani. The students were able to 2019, will be the first to graduate degree programmes, which allows candidates and 32,730 more online. hit the ground running in South in January rather than December, for greater efficiency and improved Africa, as Unjani was the subject of which means that there will be no On the operations side, the customer service. The restructure their core Strategy course Master GEMBA’20 class. The new schedule smooth rollout of the new Learning established a new, cross- Strategist Day in November 2018, allows more time to be devoted Management System announced programme Student Life team that where the class addressed the to the Leadership Development last year continued, enabling is leading our concerted efforts to question of scaling up a model for Programme and includes an professors to become even more make the INSEAD experience better delivering affordable healthcare to additional coaching session. creative with their MBA teaching. underserved communities. .. DEGREE PROGRAMMES

42 43

Class Statistics PhD PhD pr o programme gramme ANNUAL REPORT 2018/2019

30 years of academic excellence and counting Celebrating MBA’19D and ’20J achievements MBA 1,029 29 34% 710 The year 2019 marked a milestone conference, which lays the for the INSEAD doctoral programme, foundations for future success in Strategy Designed for early- to mid-career professionals, Students Average age Women Average which celebrates three decades of as professional researchers. The and featuring an accelerated 10-month curriculum, In addition to the anniversary, GMAT score outstanding scholarship. conference also gives our senior PhD our MBA programme develops successful leaders there was particular cause for and entrepreneurs. 87 6 students the opportunity to showcase celebration in 2019. Julien Clement, Alumni, including the very first their work and for our doctoral Nationalities Average years of experience a recent PhD graduate, now a intake of 1989, returned to candidates to learn about topics Fontainebleau in July to celebrate professor at Stanford, received outside their own field of research. the prize for the best dissertation GEMBA’21 the anniversary and present their latest ideas. The 30th Anniversary in Strategy from the Academy of Management. This is the fourth Global Executive MBA 230 38 31% Conference covered themes such Research as a as research and social impact; such award received by INSEAD Our Global Executive MBA programme is tailored Students Average age Women management research in the age of force for good PhD students from the Strategy for experienced professionals who wish to develop artificial intelligence; and leveraging area in the last 15 years, an their leadership skills while they continue to 63 14 Among the papers presented at the new sources of data. achievement that no other business advance their current careers. kick-off conference was research Nationalities Average years of experience school in the world has matched. What began 30 years ago to position on road safety by PhD Candidate INSEAD among world-leading in Technology and Operations TIEMBA’21 research institutions has produced Management Vivek Choudhary. 221 alumni working at top schools Working with researchers at other Tsinghua-INSEAD Executive MBA 31 37 36% throughout the world. Our most schools and industry partners, he conducted a field experiment This dual degree combines INSEAD’s global recent graduates have secured Students Average age Women with nearly 1,100 drivers using We currently have perspective and Tsinghua University’s in-depth academic posts at the University of telematics technology. The cost- expertise of business in China to produce highly 12 12 Michigan’s Ross School of Business; successful business leaders and entrepreneurs. free ‘nudges’ trialled by the team Nationalities Average years of experience the Foster School of Business at the University of Washington; Vanderbilt could help reduce traffic accidents University’s Owen Graduate in cities across the world. EMC (Waves 29, 30 & 31) School of Management; the Indian Arzi Adbi, PhD Candidate in 78 School of Business; HEC Paris and Strategy, also presented a students with Executive Master in Change 106 44 53% University College Dublin. paper on financial sustainability The INSEAD Executive Master in Change takes Students Average age Women of for-profit versus non-profit participants deep into the basic drivers of human organisations based on evidence behaviour and the hidden dynamics of organisations. 35 19 Welcome to our from the microfinance industry. Nationalities Average years of experience diverse new class Other students working in the field of social impact include PhD 21 We are particularly proud to Candidate in Technology and nationalities and EMFin’20 announce that the 2019 intake Operations Management Varun of 18 new students is 61% female Karamshetty who is working with Executive Master in Finance 34 33 24% – the result of our concerted effort co-authors at INSEAD and the over the past years to achieve Blending cutting-edge theory and best practice, University of Nairobi on topics Students Average age Women not just geographic diversity, but the programme is for professionals with work ranging from healthcare facilities in gender diversity as well. 40% experience in finance-related roles. 19 10 low-income, urban neighbourhoods are women Nationalities Average years of experience This exceptional group of minds in Kenya to electronic monitoring of was welcomed with a PhD mini- food waste in commercial kitchens. DEGREE PROGRAMMES

44 45 C

Technology was a major theme Executive Master areer throughout the year. Most of our 50+ Career career treks, which involved more than participants D

500 students, focused on the way e

Our engagement with the Executive v

Development technology is transforming a wide el Master programmes grows range of markets. These treks went to o with each intake. In academic pment Centre developed and developing economies, year 2018/2019, our number of including China, Germany, Hong touchpoints was up 44% on the C ANNUAL REPORT 2018/2019 Kong, Indonesia, the Netherlands,

previous year. Highlights include: entre the Philippines, Singapore, Vietnam, the UK and the US. • 1,321 executives engaging in coaching sessions We strengthened our partnerships with key players in tech and • 632 participants in 13 career entrepreneurship networks. A workshops notable event was the Scale-up Fair • 223 attendees at 4 events with in Paris, organised in partnership executive search firms with France Digitale and our colleagues from Digital@INSEAD. • 965 people at 12 skill- Our experts engage with the world’s leading enterprises When the MBA Class of 2018/2019 development webinars graduates submitted career data, to empower INSEAD community members to lead in the Our workshops were particularly it came as no surprise that there MBA’18D & 19’J rapidly shifting global workforce. highly rated, scoring 4.2 out of 5, was an increase in numbers joining and were attended by 64% of the in numbers start-ups in the Technology, Media Executive Degree population, while An INSEAD education is the start schedule than for previous intakes. and Telecoms sector, up 9% from 75% of students accessed the of a transformative journey during And now that the MBA’18D and the previous year. INSEAD career portal with its 500+ which our Career Development MBA’19J classes have graduated, senior-level job postings. Centre supports students, we will share the news of their We also boosted our online resources, including a library of participants and alumni as they look career destinations in a new World Just as for the MBA classes, podcasts, videos and newsletters 92% to make their mark on the world. of Talent (https://intheknow. digital transformation was a major that tell inspiring alumni career insead.edu/employment-statistics) focus. More content and activities of MBA students The Career Development Centre, stories. This is part of our effort interactive report available from moved online during the course were employed within or CDC, does not just serve current to engage across the school to January 2020. of the year, with annual webinar students, but the global INSEAD amplify efforts, create connections 3 months, in attendance increasing fourfold community. While on campus, we Highlights of that news include a and provide resources that benefit and generating extremely high help students and participants record 92% who received job offers the community. satisfaction rates, averaging 4.4 leverage the worldwide alumni within three months of graduation. out of 5. In addition, around 72% of ecosystem’s wealth of career This rising figure reflects not students participated in our digital experiences. And when they leave only the positive impact of the ‘networking maps’, allowing them to 61 as INSEAD graduates, they go on careers education and coaching create peer-to-peer networks that countries, with an to enrich that wealth of experience programme, but also the dedication span the globe. average base salary of yet further – knowing that they have of the employer engagement the continued support of the CDC, team, who this year worked with whenever they choose to make a more than 1,200 organisations career move. throughout the world.

Over the year, these organisations $105K MBA students were invited to several events where they could meet students face to US dollars In academic year 2018/2019, face. Three talent and networking we engaged early with our MBA forums were held in Dubai, Paris students – even before they arrived and Singapore, respectively. There at INSEAD. On their arrival, the were also smaller specialist fairs new MBA Learning Management showcasing start-ups, scale-ups System enabled us to more and other ventures. Among them, successfully integrate our careers the events attracted 175 recruiting curriculum with the academic organisations and over 1,000 students. DEGREE PROGRAMMES

46 47 Employers of MBA’18D and MBA’19J graduates C Alumni participation Career development areer

Reflecting our strategic as a force for good 131 7 4 D e

commitment to lifelong career v

In 2018/2019, we were particularly el support, alumni services

proud of the way students used o

represented our biggest growth area pment their career exploration to become 96 7 4 of 2018/2019. The number of annual a force for good in the world. touchpoints rose by a remarkable C ANNUAL REPORT 2018/2019 With our support, the Energy Club

65%. Highlights included: entre installed solar panels at a school 77 7 4 • 358 career-coaching sessions for underprivileged children in the Philippines as part of the inaugural • 777 alumni attending 6 career events Shine On project. The third Start- 24 7 4 • 893 participants in 9 skill- up Summer Tour featured visits development webinars with several profit-with-purpose businesses for MBA students 23 7 4 In addition, our efforts to touring entrepreneurial hot-spots raise awareness of our alumni around Europe and Asia while on services resulted in a 129% summer break. increase in attendance of career- 22 7 4 development events at Alumni In collaboration with the Hoffmann Forums and Reunions. Global Institute for Business and Society, we now provide financial 14 6 4 As for our MBA and Executive support for MBA students who Degree clients, we enhanced our pursue summer internships with digital portfolio of alumni career organisations with a social or 11 6 4 resources. We now offer access to: environmental purpose. Among the recipients were students who • A digital CV database, accessible interned at an alumni-led venture by INSEAD recruiters, and 9 6 4 that provides housing for female featuring on average 156 alumni industrial workers at the base profiles every quarter of the economic pyramid. This • The Alumni Extra webinar library, award-winning business model was 8 5 4 which was visited by around 300 developed during the INSEAD MBA new alumni this year programme, uses MBA students for • A YouTube Channel with over interns and will be further boosted 55 alumni experience videos by student support as part of the and increased presence on the second Shine On project. The Alumni LinkedIn community school’s force for good spirit is truly Employment transformations Employment sectors turning into a virtuous career circle. Moving forward, we plan to strengthen our relationship with National Alumni Associations changed sector Consulting further and to launch a new 51% 51% peer-to-peer mentoring service. 62% changed function 18% Tech/Media/Telecomms

50% changed country 12% Financial Services

26% changed all three dimensions 19% other corporate sectors

79% changed at least one dimension 48 49

11,000+ 12 5 + & Cu Open

Executive participants in 2018/2019 participant nationalities st o P mised

Education r ANNUAL REPORT 2018/2019 o 70 55+ grammes new customised programmes open programmes Open & Customised 2,700+ 195,000+ Programmes customised programmes clients executives trained since 1967

Engaging today’s business leaders for strong growth and this field, we launched theAdvanced across all geographies. Hybrid Programme in Coaching Groups, delivery is proving particularly global impact – on our campuses and around the world building on INSEAD’s pioneering work popular with clients, who find the on coaching. We have also rebranded mixture of online and face-to-face As pioneers of global management Open Programmes our coaching activities – both learning very impactful – whether education, INSEAD delivers Executive coaching and training of coaches – the digital element is offered to all Education to support our clients and With 12 new programmes (four as INSEAD Executive Coaching. participants as an integral part of their organisations as they pursue online) running for the first time the programme or used to cascade their business development goals in academic year 2018/2019 and We are delighted to report that learning across the company. Many and look to align with global trends. launching eight more (three online), our Open Programmes are large client organisations report it was an extremely busy year. The making a strong social impact. they have leveraged our online Academic year 2018/2019 was the third portfolio is thriving, particularly The new online Gender Diversity content to achieve their global year in a row of outstanding growth the Leadership and Corporate Programme ran for the first time transformation objectives. for Executive Education. Across Governance offering with new this year with over 100 participants, Open and Customised programmes – programmes being launched 20% of them male. The content is The innovative, multi-level Schneider online, on campus or a hybrid of both. including Aspiring Directors now being integrated into the Global programme, for example, is worthy Total revenues rose from €108 million Programme and Strategic Executive MBA curriculum. We are of special mention. Tailored to last year to €119.8 million and has Decision Making for Leaders. We also busy preparing to launch the every management level of this increased 35% in just four years. also finalised a partnership with new Strategic Leadership in Africa complex global organisation, Singularity University to launch a programme, in partnership with the Transforming Schneider Leadership Having now trained some 195,000 new programme on The Future of ALU School of Business in Rwanda. won several plaudits in 2019 – executives since 1967 and 30,000 AI: Seizing the Opportunity. gaining awards from Brandon executives online, we have much to Hall, the European Foundation for celebrate. The global market remains Another highlight this year was the Customised Management Development and buoyant and we are preparing for our recently introduced INSEAD Coaching Programmes Chief Learning Officer. next adventure in the new INSEAD Certificate, which has attracted a San Francisco Hub for Business great deal of interest and leads to an Customised Programmes Innovation, where we will run eight already recognised qualification. In continued to flourish with growth of our flagship programmes. addition to existing programmes in EXECUTIVE EDUCATION

50 51 Online Online P r o

Programmes grammes ANNUAL REPORT 2018/2019

Flexible learning solutions that meet the needs of leaders seeking to navigate the 21st century business landscape

With online integrated to an between digital and face-to-face unprecedented degree, INSEAD learning, as well as continued is leveraging the power of new interest in hybrid programmes technology to deliver Executive across all markets. Indeed, online Education that meets the needs of learning is gradually becoming a our clients and their organisations. part of our most long-established programmes. For example, Demand for our digital Transition to General Management transformation programmes is now includes an optional five weeks soaring, as is the desire for online of online learning, to complement solutions that allow for flexible and strengthen the four weeks of learning. To meet this demand, we in-person learning. launched new online programmes covering topics related to doing Our growing selection of online business in the digital age, open programmes is also bringing including Design Thinking and a whole new audience to INSEAD. Creativity for Business, Leading In recognition of this fact, we Organisations in Disruptive Times have launched our first fully online and Building Digital Partnerships qualification. TheLeading in a and Ecosystems. Transforming World Certificate is awarded for completing three This year, the Online Programmes online programmes over two years team was integrated into Executive around the theme of innovation Education administration. This and disruption. reinforces the seamless link 52 53 A l 2018 Alumni INSEAD Alumni Achievement Award u António Horta-Osório MBA’91J mni

Award Recipients E ngagement Advancement Executive Director & Group Chief Executive, Lloyds Banking Group INSEAD Alumni Force for Good Award Yu Helen Hai TIEMBA’11J INSEAD Young Alumni Goodwill Ambassador for Achievement Award ANNUAL REPORT 2018/2019 Industrialization in Africa, United Daniel Layug MBA'17D Nations Industrial Development Founder, PeoplePods Organization (UNIDO)

INSEAD Alumni Volunteer Young INSEAD Alumni Global Leader Award Entrepreneurship Award Dirk Luyten MBA’89J Frédéric Mazzella MBA’07D Alumni IDP-C, Managing Director, Founder and President, BlaBlaCar Levante Capital Management Engagement Nicolas Brusson MBA’07D Bruno Berthon MBA’91D Co-Founder and CEO, BlaBlaCar Senior Managing Director, Europe and Utilities, Accenture Strategy INSEAD Alumni Emerging Entrepreneur Award Bettina Langenberg IEP’97Oct Nakul Sharma MBA’11J Retired Managing Director and Head of Global Banking Founder and CEO, Hostmaker Switzerland, Deutsche Bank AG Harnessing the power of alumni to make our school and community a force for good in the world

Today, we can truly say that Lifelong learning Perhaps most exciting of all, our graduation from INSEAD is the regular Alumni Forums have been beginning of an educational journey opportunities refocused around lifelong learning, that lasts a lifetime. starting with the sold-out event in Lifelong learning was clearly one of Geneva in June 2019. The Alumni the most successful initiatives of Working in 175 countries and Forums have become a central part academic year 2018/2019. Under representing 166 nationalities, of the school’s lifelong learning the guidance of Peter Zemsky, our alumni are undoubtedly strategy. These increasingly popular Deputy Dean; Anne-Ev Enzmann the most diverse and globally events combine the latest, cutting- MBA’01J, Director of Lifelong connected alumni community of edge research of INSEAD faculty Learning; and David Mair MBA’96J, any graduate business school in with the insights of leading business Secretary-General of the INSEAD the world. As leaders of companies practitioners and thought leaders. Alumni Association, we refreshed and communities, CEOs and This is in addition to the learning lifelong learning with a rich rolling entrepreneurs, they are redefining opportunities we have always offered programme of opportunities what it means to do business through the INSEAD Knowledge available exclusively to our own in the digital age. Through their platform and the 30% alumni graduates. Options range from one- actions, they are contributing to discount for Open Programmes hour online webinars to two-day a more peaceful, prosperous and from Executive Education. sustainable world. In partnership on-campus pop-up programmes. with the INSEAD Alumni Association, Online events are also available as INSEAD annually honours alumni recordings and several National who are exceptional leaders and Alumni Associations now offer exemplify the values of INSEAD. We INSEAD-run Entrepreneurship are proud to showcase the lifelong Bootcamps. Career development, learning opportunities opened this social impact and new technologies year and the honour roll of recipients are some of the major themes. of the 2018 Alumni Awards. ADVANCEMENT

54 55 A l Giving to INSEAD u mni

The support of our donors is shaping the future of E ngagement the school and the world in powerful ways.

The response to The Campaign Increasing in popularity year on for INSEAD: A Force for Good has year, the Dean’s Fund/Greatest ANNUAL REPORT 2018/2019 been overwhelming and inspiring – Impact received €2.2 million in a testament to the strength of our gifts and pledges in academic alumni community and their support. year 2018/2019, the highest yet. A total of 1,615 donors chose to The Campaign launch celebrations support the school this way, a 16% in 2018 and early 2019, featured increase over last year. As donors at the beginning of this report, set to the Fund give the Dean the the tone for an inspirational year. freedom to decide on the use of Alumni, friends, corporations and their gifts, the school could invest foundations gave a total of €27.8 quickly in strategic priorities and million in gifts and pledges. Donor catalyse innovation. Their gifts numbers rose to 4,676, an increase of played a crucial role in supporting 17% compared to the previous year. the INSEAD San Francisco Hub as The rising tide of support and the they did in providing seed money Reunion giving New initiatives for research and innovative projects funds raised had a huge effect in Over 3,800 alumni and friends Annual support is crucial to the led by our faculty. advancing the school. To begin returned to campus to celebrate school’s agility in moving forward. with, leadership gifts from six Alumni have always played their milestone anniversaries The recently launched INSEAD Fund alumni donors who supported the a key role in expanding and during seven reunion weekends. A harnesses the power of annual school with gifts of €1 million and strengthening INSEAD’s capacity hallmark of the reunion experience support and collective giving. All above, and more than 30 individual to offer scholarships. Their support is the class gift campaign, and annual gifts, including Giving Day donors who gave €100,000 or enabled us to award scholarships reunion alumni gave more than €6.6 contributions and Reunion gifts, more, transformed entire areas of to 306 MBA students in 2019. million. Several classes set new are counted as part of the INSEAD the school. These large individual Individually, in groups or as a records for their support, including Fund. Donors have the choice of gifts enhanced our capacities in class, alumni boosted existing the young alumni of MBA’14J making unrestricted gifts, or giving faculty and research, supported scholarships and created 22 new who set a new bar for the 5-year to any of the school’s priorities: the Europe campus renewal and ones, greatly helping our flagship reunion, the class of MBA’03J for Dean’s Fund/Greatest Needs, the newly opened San Francisco MBA programme’s diversity and the 15-year reunion, the class of Scholarships, Faculty and Research, Hub for Business Innovation talent retention. MBA’69 for the 50-year reunion and the Hoffmann Global Institute for and further strengthened our the pioneering EMBA’04 for the Business and Society, Digital@ scholarship offerings. Knowledge inaugural 15-year EMBA reunion. Of INSEAD and Campus Renewal. creation through the Hoffmann special note, the class of MBA’94D Global Institute for Business and raised nearly €2.7 million to support The Founders Pledge, established Society remained a focal point of the Dean’s Fund and several core in the year, is a new way for donor support, as did the impact campaign priorities. investors and entrepreneurs to of new technology, particularly give to the school. They can do so by dedicating a percentage blockchain and AI. Giving Day of future proceeds to INSEAD. In The third annual INSEAD Giving its inaugural year, the initiative Day held on 12 March 2019 also received pledges from several reached new heights, raising over alumni, establishing a solid start. €1.2 million from 2,273 donors in 79 countries. The numbers display The strong vote of confidence increasing support year on year. from donors and volunteers across classes and geographies made 2018/2019 another inspiring year. Thank you, as ever, to all who engaged with the school and supported it so generously. 56 57 Eu r o pe C

Infrastructure amp u s ANNUAL REPORT 2018/2019

Digital Infrastructure Europe Campus

Transformation that improves the INSEAD experience and This year we took a step forward towards renewal for enables the school to lead into the future. our historic home with an eye on leading in the era of sustainability. We achieved significant milestones TimeEdit, a new scheduling in academic year 2018/2019, platform, was also implemented For more than five decades, reaping the benefits of the work harnessing new business for Executive Education in October the enduring design of our carried out over the past five years. capabilities through new digital 2019. It marks the first step towards Europe Campus has created an We now have capacity to host 75% platforms and tools. our long-term digital-campus vision. unparalleled learning environment. of our Executive Education clients Improving efficiency in allocating It is time to update the experience on campus. Although we are selling Building on last year’s Digital teaching spaces and scheduling Transformation 2023 roadmap, we for the 21st century. our stake in the town-centre Aigle courses was a major focus Noir hotel, we have committed to a began to realise the benefits of the throughout the year. The main infrastructure story Application Integration Platform. certain number of room bookings in the coming years will be the there over the next three years. This has enabled us to implement Another innovation completed in ambitious Europe Campus our strategy of promoting reusable the autumn of 2019 is the INSEAD Renewal project, which promises Our roots remain in the forest, but modules, which in turns accelerates GO-LIVE teaching space. This is a to transform INSEAD’s first campus our Europe Campus has two small the rollout of new innovations. A synchronous online teaching facility on the edge of the Forest of branches that extend all the way to case in point was the speed with that enables participants to connect Fontainebleau. The planning stages Paris. In June 2019, we welcomed which we extended our Canvas with each other and their instructor are rapidly reaching completion and six new start-ups to our LaunchPad learning management system from multiple locations anywhere groundbreaking is scheduled for at STATION F, the world’s largest to all degree programmes in a in the world, using a range of digital 2021. We will expand the campus, start-up campus. Many of these relatively short time. tools to exchange information, share which involves purchasing new alumni-led ventures seek to use ideas and collaborate. Thanks to hard work throughout land, and construct some entirely business as a force for good. For academic year 2018/2019, Technology now plays a pivotal new buildings. When complete, example, the LaunchPad is hosting we launched a new Customer role in the school and is set to we will have one of the most Susu, a digitally enhanced full- Relationship Management platform become even more important in impressive and business school service healthcare solution for for Executive Education in November the future. The journey towards our campuses in the world. members of the African diaspora 2019. The new Salesforce system visionary Digital Transformation who are looking to offer the best Renovation of the historic Euro- quality of care to their families back significantly enhances our sales 2023 continues, as we progress Asia Centre building is already and marketing capability and will be through the transformation of all home. Across town, we conducted underway, while refurbishment of 73 studies in the INSEAD-Sorbonne deployed in other departments to internal processes and improve Amphi Dean Berry, Amphi MBA’90 raise performance across the school experiences for our learners and Université Behavioural Lab, and the Rotonde dining room in the which this year welcomed 12,822 and make the application process our community across all INSEAD Plessis Mornay Learning Space is easier for candidates. campuses and facilities. volunteers and resulted in 16 peer- complete. Meanwhile, our Hotels reviewed articles. Ermitage and Clos St Merry are INFRASTRUCTURE

58 59 M Middle East Campus E iddle C ast amp INSEAD is asserting itself as the top business school in the u

Middle East and strengthening our position as the Business s ANNUAL REPORT 2018/2019 School for the World.

This year, our Middle East Campus Several improvements were garnered praise from the record implemented on the Middle East number of students and participants Campus, including installation of white and was recognised as a boards, acoustic panels and lighting sustainability leader. in selected classrooms, meeting rooms and offices. In addition, one In Abu Dhabi, the focus on of the flatrooms was transformed sustainability enhancements into a relaxation space, complete achieved LEED Platinum with colourful beanbags to allow for certification from the US a moment of peaceful repose. Green Building Council for high environmental standards and In academic year 2018/2019, operational practices under the the campus hosted nearly 200 Operations and Maintenance degree students, including the rating system. LEED is short largest Middle East cohort of MBA for Leadership in Energy and students to date, and 480 Executive Asia Campus Environmental Design, and the Education participants. certification established by the US Green Building Council is one of the most credible and recognised green building rating systems worldwide. The Asia Campus is a place to learn to lead in an economy that is increasingly global and interconnected.

Regular renovations were made Degree Programmes office space to improve comfort and the on- was also renovated, as were other campus experience of those who offices around campus. Our new logo study with us in Singapore. was installed at the main entrance, as was a moss wall that brings the Whilst academic year 2018/2019 interior of the building to life. was not a time of major construction for INSEAD in The campus now has a dedicated Singapore, many upgrades and mindfulness room and relaxation improvements were carried out to area to ensure space for our keep the campus experience fresh, students and participants to relax modern and efficient. This year, we and recharge when they need a invested S$1.7 million on renovating moment away from the rigorous the Asia Campus in Singapore. academic programme. The Green Mark Platinum campus continues Learning and collaboration space to embrace a force for good by renovations include upgrades to completely removing single-use teaching spaces and break-out plastic water bottles from all on- rooms on the second and third campus hotel rooms, bars and floors. The PhD programme saw restaurants by August 2019, among renovations to teaching spaces many other sustainability initiatives. and all PhD offices. 60 61 nstit Co Benoît Habert Members Jacques Nasser Michael Ullmann Deputy Managing Director, Maurice Amiel Managing Director, One Equity Dassault Group Partners LLC; Chairman, Pan- Tony van Kralingen Jeremy J.G. Brown African Capital Holding Pty Ltd Managing Director, South u Constituencies encies Lilia Jolibois Director, Matheson & Co Ltd African Breweries Ltd Board Director, Futuren (EDF Alfredo Novoa-Peña Renewables) France Michael A. Butt Chairman, EcoEnergias del Daniel L. Vasella Chairman, Axis Capital Peru SAC Chairman and CEO, Novartis Vincent Lapras Holdings Ltd International AG 40

ANNUAL REPORT 2018/2019 Owner & Founder, COVILA Lubna S. Olayan (Real estate investment) John Cutts CEO, Olayan Financing Co LLC Philippe Vindry Chief Executive, Pall Mall Jean-Marc Le Roux Capital Ltd Jonathan Oppenheimer Christian Vulliez Partner, Bain & Company Managing Director, De Beers Consultant, CHV Conseils Jean-Pierre Garnier Consolidated Mines Ltd Laurence Capron CEO, Pierre Fabre SA Guy Wais Dean of Faculty; Professor of Alix de Poix President, Excel Contact SA Bernard-Philippe Giroud Daniel Labrecque Strategy; The Paul Desmarais Founder and President, Advisory Council Fondation Mondiale Fondation INSEAD Advisor, LVMH Chairman and CEO, INSEAD Chaired Professor of Partnership Apexes SA Philip Yeo DNA Capital and Active Ownership, INSEAD Chairman, Agency for Science Ian Goldin The council is composed The Fondation funds Michael Pragnell Technology & Research President, J. Martin 21st of experienced business Charles Mackay The Fondation Mondiale research programmes, Government Representatives Founder & CEO, Syngenta AG Century School executives, entrepreneurs Chairman, Opera Holland mobilises resources grants scholarships and French Home Office Jürgen Zech Willem J. Prinselaar Chairman, Denkwerk and social sector leaders Park Trust for scholarships, disseminates research French Ministry of Finance Claire Gouzouli Managing Partner, who provide guidance professorships, campus findings to advance the and Industry Partner, First Consulting Ltd Edward Mork Privast Capital Partners SA and support. infrastructure and INSEAD mission Former Executive VP, French Ministry of Foreign National Koichi Hashida Michael Prym Royal Ahold events with a focus and European Affairs Chairman Honorary President Managing Director, Kyushu Councils on innovation. (Foreign Office) Consultant, Prym Consulting Electric Power Co Inc Sir Andrew Large Michael Pragnell Olivier Giscard d’Estaing M. Cyril Ramaphosa National Councils Former Deputy Governor, Founder Chief Executive President Permanent Invitee, INSEAD Franz B. Humer President, Republic of Bank of England Officer, Syngenta AG Rémy Best Advisory Council International Council connect top business Former Chairman, Diageo Plc Chairman, INSEAD Campaign South Africa executives with INSEAD Members President Former Chairman, Roche Claude Rameau Board; Managing Partner, The International Council in key countries and Rolf Abdon François Hériard Dubreuil Holding Ltd Claude Rameau Professor Emeritus, INSEAD Pictet Group advises on strategic Professor Emeritus; Former growing markets Chief Executive, Abdon Mills Former Dean, INSEAD Chairman, Orpar direction, promotes Sven Kado Vice-President Chairman, Rémy Cointreau Dean, INSEAD throughout the world Baron Jean-Pierre Berghmans Non-Executive Chairman, Ernest-Antoine Seillière Claude Janssen inclusive learning and Chairman of the Executive Vice-President Marsh and Mercer Michael S. Roskothen Honorary Chairman, Wendel Honorary Chairman, INSEAD sustains relationships Managing Partner, Atlantic Board, Lhoist Group (stepped down in January 2020) Lionel Sauvage Stephen Koseff Australasia Members President, AFHI-ART (Amis du Honorary Chairmen Century Innovation Network Michael A. Butt CEO, Investec Ltd Cees J.A. van Lede H.E. Sara Musallam Festival de l’Histoire de l’Art) Claude Janssen Chairman, Axis Capital Florian Schilling President Board Director, Philipps and Chairman, Abu Dhabi Honorary Chairman, INSEAD Holdings Ltd. Members Barbara Kux Partner, Board Consultants Susan Lloyd-Hurwitz Air France- KLM (stepped down Department of Education and Christine Blondel Didier Kling Board Member, Firmenich, International CEO and Managing Director, in January 2020) Knowledge (ADEK) Paul Desmarais Jr. Adjunct Professor of President, Paris Île-de- Henkel, Total and Umicore Mirvac Ltd; Chair, INSEAD Chairman and Co-CEO, Power Ronaldo Schmitz Campus Renewal Committee Permanent Invitees Patrick Firmenich Family Business and France Regional Chamber of Corporation of Canada Concetta Lanciaux Former Member of the Ilian Mihov Chairman of the Board of Family Governance, Commerce and Industry Advisor to the Chairman, Managing Board, Deutsche Members Dean; Professor of Economics; Directors, Firmenich SA INSEAD (stepped down Claude Janssen LVMH; Executive Vice- Bank AG Erich Fraunschiel The Rausing Chaired Professor in December 2018) Sir David Scholey Honorary Chairman, INSEAD President Synergies, LVMH Director, WorleyParsons Ltd of Economic and Business Christine Hirzel CBE Senior Advisor, UBS Jorge Stecher Navarra Transformation, INSEAD Global Head of Boards and Valérie Coscas Investment Bank Baron Daniel Janssen Igor Landau Member of the Board, Todd Hannigan External Relations, INSEAD Head of Strategy, Amazon Honorary Chairman of the bancopopular-e.com Director, T2 Resources Olivier Giscard d’Estaing Web Services Chairman Board of Directors, Solvay SA Andreas Jacobs Saki J. Macozoma Honorary Chairman, Ilian Mihov Bernadette Inglis (stepped down in January 2020) Hubert Gatignon Chairman, INSEAD (by interim Chairman, Stanlib Hideya Taida CBE INSEAD Fondation Dean Group General Manager, Westpac Emeritus Professor of since February 2019) Executive Vice-President, Sven Kado (stepped down in January 2020) Professor of Economics Rick P. Menell Banking Corporation Ltd Marketing; The Claude Member of the Board, The Japan Foundation Non-Executive Chairman, The Rausing Chaired Professor Chairman, The Carrick Andreas Jacobs Janssen Chaired Professor Jacobs Holding AG Marsh and Mercer of Economic and Business Foundation Gloria Tomatoe Serobe Mark Johnson Chairman, INSEAD; Member of Transformation, INSEAD of Business Administration, Senior Advisor, Daniel Labrecque Founder and Executive Barbara Kux the Board, Jacobs Holding AG Emeritus, INSEAD Norberto Morita Gresham Partners (stepped down in Director, Wiphold Board Member, Firmenich, Mirjam Staub-Bisang Chairman, Southern Maria Guadalupe February 2019) Henkel, Total and Umicore President, INSEAD National Cross Group Shoichiro Toyoda Graham Kraehe Professor of Economics and Chairman and CEO, Council Switzerland Honorary Chairman, Member Chairman, BlueScope Steel Ltd Political Science; Academic DNA Capital Managing Director, Yutaka Nakamae of the Board, Toyota Motor Director of the INSEAD BlackRock Switzerland Legal Representative and Corporation Randomized Control Trials Vice-President, Transatlantic (RCT) Laboratory, INSEAD Reinsurance Co 62 63 nstit Co Leon Michael L’Huillier Belgium Nestor Casado Kamal Hassan Markku Komsi Olivier Giscard d’Estaing Markus Conrad Anastasios Manos Non-Executive Director, CEO, Capital Invest Founder and CEO, IncMind Design for Excellence Process Honorary President, CEO, Tchibo GmbH Logistics, Shipping, Exports & Woolworths Ltd President Manager, Nokia Solutions & Fondation INSEAD Terminals Manager, Lafarge SA Carlos Cavalcante Peter Kruyt Networks Lutz Goebel u Jean Vandemoortele encies John Lydon Superintendente, IEL Nacional Vice-President, Power Benoît Habert Managing Director & Shareholder, Nicholas Nanopoulos Chairman, Vandemoortele NV Director, McKinsey & Co Inc Corporation of Canada Mikko Kosonen Deputy Managing Director, Henkelhausen GmbH & Co KG CEO, Eurobank Ergasias SA Ana Maria Diniz Members President, Sitra Dassault Group David Mair Board Member, Companhia Daniel Labrecque Franz Haniel Calypso Nomikos Baron Jean-Pierre Berghmans Managing Director, Brasileira de Distribuição Chairman and CEO, Mikael Lilius François Hériard Dubreuil Chairman of the Supervisory President, AM Nomikos Chairman of the Executive

ANNUAL REPORT 2018/2019 Republic Consulting DNA Capital Chairman, Huhtamaki Oyj President, Fondation INSEAD; Board, Franz Haniel & Cie Transworld Maritime Agencies Board, Lhoist Group David Feffer Chairman, Orpar; Chairman, GmbH SA Paul O’Sullivan Chairman and CEO, Suzano Brett Miller Juha Ilari Rantanen Nicolas Boël Rémy Cointreau Chief Executive, SingTel Optus Group President, Jones Lang LaSalle Advisor, IK Investment Partners Immanuel Hermreck Doucas-Paul Paleologos Chairman, Solvay SA Pty Ltd Félicité Herzog Executive Vice-President Luiz Fernando Furlan Alain Miquelon Kari Stadigh Bert De Graeve Consultant & Writer Human Resources, Dimitris Papalexopoulos John Pollaers Co-Chairman of the Board, President and CEO, Bourse de Group CEO and President, Chairman, NV Bekaert SA Bertelsmann SE and Co KGaA Managing Director, Titan CEO, Pacific Brands Holdings BRF Brasil Foods SA Montréal Inc Sampo Oyj Claude Janssen Cement Company SA Pty Ltd Bernard Delvaux Honorary Chairman, INSEAD Ralph Heuwing José Carlos Grubisich Filho Loudon Owen Mitti Storckovius CEO, SONACA SA CFO and Director, Duerr Minas Tanes Heather Ridout Managing Partner, Head of Global Business Eric Labaye Aktiengesellschaft Chairman of the Board, Independent, Non-Executive Roland D’Ieteren Alexandre Hohagen McLean Watson Capital Inc Operations of Mobile Phone, President, Ecole Polytechnique Athenian Brewery SA Director, Australian Securities Chairman, SA D’Ieteren NV Vice-President of Sales, Microsoft 42 Carl Pfeffer Exchange Ltd Facebook Latin America Charles Sirois Daniel Lalonde CEO, Aluminium-Werke Takis Theocarakis Baron Daniel Janssen Chairman and President, Maarit Toivanen-Koivisto CEO & Director, SMCP Wutöschingen AG & Co KG Deputy Managing Director, NIC.J. Patrick Snowball Honorary Chairman of the Gustavo Marin Telesystem Ltd President of the Board, Onvest Oy (Sandro, Maje, Claudie Pierlot) Theocarakis SA Nissan Greece CEO, Suncorp Group Ltd Board of Directors, Solvay SA President, Banco Citibank SA Michael Phillips Guthrie Stewart Frédéric Lemoine MD, Castik Capital Sarl. Juliana Warner Christophe Hamal Maurizio Mauro Senior VP and Global Head Former Chairman of the France India Partner, Freehills CEO, Buy Way Personal Finance Managing Partner, TTLM of Private Investments, PSP Executive Board, Wendel Group Sebastian Reschke Investments Owner, Reschke Advisory President Thomas Leysen Bernard Mencier Jean-Marc Liduena Services President Alexandra von Schroeter Philippe Houzé Senior Partner & CEO, Austria Chairman, KBC Group NV Narayana Murthy Ulrich Otto Head of Strategic New Chairman of the Executive Board, Board Counsellor, KPMG Wolfgang Schaefer Chairman and Chief Mentor, Dirk Luyten CEO, Otto Holding International Business and Client Portfolio Galeries Lafayette Group Member of the Executive Infosys Technologies Ltd President Managing Director, Levante Management, Cumberland Sébastien Missoffe Board & CFO, Continental AG Cornelius Grupp Members Capital Management Paolo Picchi Private Wealth Management Inc CEO, Google France Members CEO, CAG Holding GmbH President Latin America, Bruno Berthon Peter Schuh Anu Aga Arthur Sadoun Martine Reynaers McCain Foods Senior Managing Director, Partner, Stratfields Director, Thermax Ltd Members Managing Director, Reynaers Accenture Strategy, Europe, Chairman Publicis Groupe Matthias Calice Denmark Aluminium NV Marcio Andrade Schettini Utilities, Digital Lead Shyam Bhartia Bernardo Sanchez Incera CEO, Gampen Sarl Executive Vice-President, Chairman and Managing Board Member Greece Michèle Sioen Itau-Unibanco SA President Thomas Bittner Director, Jubilant Organosys Ltd Sebastian Heinzel CEO, Sioen Industries NV Niels B. Christiansen President, INSEAD Alumni Philippe Schaus Chief Strategy Officer, Wilfried Claudio Szajman President and CEO, Danfoss A/S Association France President Dinesh Dayal CEO Moet Hennessy Heinzel AG Jean-Christophe Tellier Chairman, Grupo VR Vale Ulysses A. Kyriacopoulos COO, L’Oreal India Pvt Ltd CEO, UCB SA Refeição Ltda Members François Bouriez Chairman, S&B Industrial Julie Walbaum Georg Kapsch Morten Eldrup Jorgensen Co-CEO, Louis Delhaize Company Minerals Adi Godrej CEO, La Maison du Monde CEO, Kapsch-Group Alexandre van Damme Waldemar Verdi Partner, Nielsen Norager Law Chairman, Godrej Group Beteiligungs GmbH Administrateur, InBev NV Chairman and CEO, Firm LPP Thierry Breton Members Pascale Witz Grupo Rodobens Chairman and CEO, Atos Yiannis Akkas Ashwini Kakkar Non-Executive Director and Rudolf Knuenz Christoffer Galbo Managing Director, Hellenic Executive Vice-Chairman, Board Member, Perkin Elmer CEO, Unternehmens Invest AG Partner, Copenhagen Counsel Grégoire Chertok Fabrics SA Mercury Travels Ltd Brazil & Latin America Managing Partner, Instruments LLC Peter Mitterbauer Canada Peer Kolendorf Rothschild & Cie Takis Arapoglou Kiran Mazumdar-Shaw CEO and Chairman, MIBA AG President President and CEO, Comitel Chairman and Managing Sergio Franco Averbach President Holding A/S Geoffroy de La Bourdonnaye Spyros Capralos Director, Biocon India Ltd Florian Niedersuess Germany President, South America and Jean-François Sauvé CEO, Chloe President, Hellenic Olympic CEO, EWW AG Senior Client Partner, Korn/ Managing Partner, Cheverny Aman Mehta President Committee Ferry International Capital Inc Jean-Frédéric de Leusse Director, Tata Consultancy Wolfram Senger-Weiss Ines Kolmsee Finland President, UBS France George David Services Managing Director, Gebrueder COO and CTO, EWE AG Members Members Chairman, Leventis Group Weiss GmbH Gustavo Abelenda Paul Desmarais Jr Members Olivier Duha Hital Meswani Members President, Latin America, Chairman and Co-CEO, Eero Heliövaara Co-Founder/CEO, Dakis Joannou Executive Director, Reliance Dominik Asam Mondelez International Inc Power Corporation of Canada WebHelp Group Chairman, Joannou & Industries Ltd CFO and Member of the Arto Hiltunen Paraskevaides (Overseas) Ltd Ian Gallienne Managing Board, Infineon Emerson de Almeida Andrew Hanff CIO and Vice-President, IT Sunil Bharti Mittal CEO, Groupe Bruxelles Technologies AG Dean, Fundação Dom Cabral Partner, Roland Berger Montréal Management, Kesko Oy Leonidas Los Chairman and Managing Lambert Shipbroker, Trimarine Shipping Director, Bharti Airtel Ltd Company 64 65 nstit Co Deepak Parekh Luigi Gubitosi Members Members Jens P. Heyerdahl Luis Nazaré Colin Low Christian Gut Revoredo Chairman, HDFC Ltd General Manager, RAI Bart Blommers Ben Chan d.y. Carl Otto Loevenskiold Chairman & CEO, CTT Correios President and CEO, Singapore CEO and Managing Director, Radiotelevisione Italiana SpA Partner and Consultant, Egon President, INSEAD Alumni President, Loevenskiold- de Portugal SA Investment Development Prosegur Compañía de Raja Parthasarathy Zehnder International BV Association HK Vaekeroe A/S Corporation (SIDC) Seguridad SA u encies Managing Director, Morgan Paolo Guidelli Guidi Head of Talent Development, Joaquim Paiva Chaves Stanley India Co Ltd Chairman, Quadra Allard Creyghton Sun Hung Kai Properties Helge Lund CEO, MALO Clinic Group, Azman bin Hj. Mokhtar Pedro Larrea Paguaga Management Consulting Senior Partner and Managing Group Chief Executive, BG SGPS SA Managing Director, CEO, Ferroatlantica SL Malvinder Mohan Singh Director, The Boston Vanessa Gao Group Plc Khazanah Nasional Berhad Chairman, Fortis Healthcare Francesco Loredan Consulting Group CEO and co-founder, Fernando Pinto Juan Ramon Llorente Perez

ANNUAL REPORT 2018/2019 (India) Ltd Managing Partner, BC Partners The Jiangmen Dag Opedal CEO, Transportes Aereos Shanti Poesposoetjipto General Manager, Educamigos Sven Cobben Portugueses SA Senior Business Advisor, PT Paolo Merloni President of the NL Alumni Justin Jun Chen Silvija Seres Praweda Ciptakarsa Informatika Marta Malo Italy CEO, Ariston Thermo Group SpA Association Vice President, Alibaba Managing Director, TechnoRocks Francisco Pinto Balsemão CEO, Grupo Epelsa SL Group Holding President, Impresa SGPS H.R.H. Abdul Qawi President Carlo Montenovesi Koenraad Jacob De Heus Kristin Skogen Lund Director, Supremo Management José Oliú Creus Roger Abravanel Chairman, Cross Border SRL CEO, Koninklijke De Heus Thibaut Mongon Director General, NHO - Pedro Queiroz Pereira Services Sdn Bhd Chairman and CEO, Director Emeritus, McKinsey & Co Company Group Chairman, Confederation of Norwegian Chairman and CEO, Semapa - Banco de Sabadell SA Nicola Pianon Carla Mahieu Johnson & Johnson Consumer Enterprise Sociedade de Investimento e Doris Susan Sohmen-Pao Senior Partner and Managing Fernando Ruiz Members Global Head Human Asia-Pacific Gestao SGPS Executive Vice-President of Nerio Alessandri Director, The Boston Resources, Aegon NV Jon Erling Tenvik Administration, YALE-NUS President, Deloitte President and Founder, Consulting Group Inc Charlie Nunn Carlos Jorge Ramalho dos College José Sainz Armada Technogym Group SpA Anton Rutten CEO Retail Banking and Wealth Oyvind Torpp Santos Ferreira Gian Luca Rana CFO, Iberdrola SA COO Wholesale, Rural & Retail, Management, HSBC Senior Partner & Managing Chairman of the Executive Board Pramukti Surjaudaja Michele Appendino Amministratore Delegato, Rabobank of Directors, Millennium BCP Chairman, PT Bank OCBCNISP Director, The Boston Miguel Sanz Chairman and CEO, A.M.E. Pastificio Rana SPA Neil Raymond Tbk Consulting Group Inc Director, SUSI Partners Ventures Feike Sijbesma Founder & CEO, Pacific Prime José Maria Ricciardi Corrado Sciolla CEO and Chairman of the Chairman of the Executive Sukanto Tanoto Antonio Viana Baptista Barbara Giulia Belloni Managing Board, Royal DSM NV Yan Sun Committee, Banco Espírito Santo Founder and Chairman, RGE CEO, Credit Suisse (Espana) SA Managing Director, Russell Francesco Starace Managing Director, Korn Ferry Portugal Pte Ltd Reynolds Associates Inc President, Enel Green Power SpA Jacques van den Broek Beijing Alexandre Soares Dos Santos CEO and Chairman of the Members Chairman of the Board, Oliver Tonby Diana Bracco Executive Board, Randstad Hoi Tung Américo Amorim Jeronimo Martins AD. Managing Partner, McKinsey Sweden Chairman and CEO, Bracco Japan Holding NV Co-CIO & Chairman of Chairman and CEO, Amorim South-East Asia Imaging SpA Fernando Ulrich Investment Committee, Ping Holding II President Dirk-Jan van Ommeren An Insurance President of the Executive Francis Sock Ping Yeoh Members Finn Rausing Massimo Capuano Executive Director, Oranje- Álvaro Barreto Commission, Banco BPI SA Managing Director, YTL Susumu Fujimoto Director, Tetra Laval Group Managing Director, Nassau Groep BV Kevin Wang Administrator, Grupo Portucel Corporation Bhd Centrobanca SpA Vice-President, MS&AD Senior Partner (Managing Soporcel Members Insurance Group Holdings Inc Diederik van Rappard Fernando Zobel de Ayala Partner, Greater China Digital), South-East Asia Rolf Abdon Luigi Consiglio Owner, Capitalize BV McKinsey João Carvalho Talone President and COO, Ayala Yasuhisa Fujita Chief Executive, Abdon Mills President, GEA SpA General Partner, Magnum Capital Corporation President, Toyota Finance Marc van Rooijen President Rebecca Wei Mikael Ahlström Luca D’Agnese Corporation Senior Partner, McKinsey Hsien Yang Lee President, Christies Asia Vasco de Mello Founding Partner, Procuritas AB Chairman of the Board, Jose Special Advisor, Carlo De Benedetti Ichiro Miyake Jessica Uhl Spain Tao Zhang de Mello SGPS SA General Atlantic LLC Jonas Berglund President, CIR Compagnie President and CEO, Allianz Life CFO, Royal Dutch Shell plc General Manager, L’Oréal IT Procurement Manager, Industriali Riunite SpA Japan Travel Retail Asia Manuel Ferreira de Oliveira Members Members Merel van Vroonhoven TeliaSonera AB President of the Executive Yoon Chiang Boon Eduardo Berastegui John Elkann Hiroshi Nonomiya Chairman of the Executive Commission, GALP Energia SA Chairman and Managing CEO, Comunicare Online Stefano Dell’Orto Chairman, Fiat SpA Partner, Crosspoint Advisors Inc Board, Autoriteit Financiele Director, Jardine Matheson Marketing Senior Manager, Vattenfall AB Markten Norway Luis Gravito (Singapore) Ltd Guido Frisiani Ryoichi August Ueda Senior Partner, The Boston José Bogas Claes Dinkelspiel Director, McKinsey & Co Member of the Board, Senior Eugenie van Wiechen President Consulting Group Inc Cintia Travella Managing Director, Endesa SA Chairman, E. Öhman Jor Executive VP & CFO, Mitsubishi Managing Director, Birger Magnus President, INSEAD Alumni Fondkommission AB Gabriele Galateri di Genola Corporation FD Mediagroep Founder and Owner, Birger Miguel Horta e Costa Association, Singapore Jaime Carvajal Urquijo Chairman, Assicurazioni Magnus R&I Vice-Chairman of the Board, President, Advent International Boerje Ekholm Generali SpA Banco Espírito Santo Jamaludin Ibrahim President and CEO, Investor AB Members Managing Director, President Leopoldo del Pino Luca Garavoglia Netherlands North-East Asia Christian Berg Antonio Horta Osorio and CEO, Axiata Group Berhad President, Estacionamientos Joakim Olsson Chairman, Davide Campari- Senior Partner, Hitec Vision AS Group Chief Executive, Lloyds Iberpark CEO, SAG Group GmbH President President Milano SpA Banking Group Plc Khun Chatchaval Jiaravanon Jan Derck van Karnebeek Ben Keswick Egil Hogna Member of the Board, True Carlos Dexeus Sanpere Vittorio Giaroli Chief Commercial Officer, Executive Chairman, Jardine President and CEO, Sapa Group Belmiro Mendes de Azevedo Corporation Public Company Ltd Partner, Altex Partners Managing Director, Value Heineken Matheson Holdings Ltd Chairman of the Board, Sonae Jorge Gallardo Partners Management Consulting Siri Hatlen SGPS SA Christina Law CEO, Oslo University Hospital Group President, Asian & Latin President, Almirall SA America, General Mills 66 67 G Switzerland Members Vivien Godfrey rad Jack Boyer CEO, MilkPEP u President Chairman of the Board, Ilika Plc ating Frederick M. Goltz Mirjam Staub-Bisang Graduating Paulo Cartucho Pereira Founder, Hattington Capital

Managing Director, C Partner, Perella Weinberg BlackRock Switzerland John W. Jackson lasses Vivienne Cox Chairman, The Liana Foundation Members Chairman and Non-Executive Classes John Atkin Tim Kingston ANNUAL REPORT 2018/2019 Director, Vallourec Member of the Board, Managing Director, Goldman Syngenta Foundation Philip R. Hampton Sachs & Co Non-Executive Director, GSK Anat Bar-Gera Victor Menezes Chair, Cyverse AG Andrew Large Senior Advisor, New Silk Route Chairman, INSEAD Advisory Partners, LLC Rémy Best Council; Former Deputy Chairman, Fondation Mondiale Governor, Bank of England Michael A. Neal INSEAD; Chairman, Campaign Former Vice-Chairman, GE MBA’18D Dimitrios Andriopoulos Arpit Beri De Dios D Board INSEAD; Managing Charles Mackay Commercial Finance Peter Kristoffer Ryan Bernsmann Antonio Ceci Partner, Pictet Group Chairman, Opera Holland Park Angerer Sukru Dagdelen We congratulate Pooja Milind Bhurke Simas Ceckauskas Trust Julio Pekarovic and recognise Irwing Antonio Cynthia Dandrea Richard Bissonnet CFO, Dataminr Lamiaa Biaz Carlo Martin Celis Senior Advisor, Charles Manby the MBA Class of Tryadi Candra Divya Daniel Keya Biswas Kyuseung Cha Quarton International Advisory Director, Goldman Kevin Ryan December 2018 Denislav Antonov Zeynep Danisman Sachs International Ltd Chairman and CEO, AlleyCorp Cory James Boles Mohamed Amine Luis Aracil Coca Georges Burki Chabane Abhijit Das John A. Thain Guillaume Bothier Private Investor John Phizackerley Violeta Argyropoulou Antoine Chamoun Rahul Das Co-COO, Nomura Bank Chairman and CEO, CIT A Joanna Boustani Veit de Maddalena Nikhil Arora International Plc Vendy Chandra Arjun Dasgupta G. Richard Thoman Alexandra Brainis Executive Vice Chairman, Mariam Abi Hanna Xavier Arouette Elena Chardakliyska Nayantara Dayal Rothschild Bank AG James Pike Managing Partner, Corporate Ian Thomas Adam Abichou-Mtimet Suzan Arslan Dagdelen Senior Independent Director, Perspectives Braithwaite Sanjay Chaudhary Francisco De Bergia Patrick Firmenich Severin Philipp Spirax Sarco Engineering Plc Emily Arts Helene De Haseth Vice-Chairman of the Board, Tommaso Trion Achenbach Michaela Brandl Olivia Chausson Firmenich SA CEO, Monsoon Commerce Inc Nicholas Asselin-Miller Moller Lord Simon of Highbury Shadi Afana Arthur Breton Jiahao Chen Former Advisor to the Pedro João Grade Stephane De Jacquelot André Hoffmann David Weinstein Bilal Afzal Alexandre Bridi Shih-Chin Chen UK Cabinet Office de Assunção Claire De La Mothe Non-Executive Vice-Chairman Emeritus Professor of Thomas Scott Nicolas Emmanuel Deepali Agarwal Nelson Aubert Karoubi of the Board, Roche Holding Paul Skipworth Marketing, INSEAD Brugmans Laurent Chevillotte Ltd; Non-Executive Vice- Sachin Agarwal Arthur Azevedo Horta Elisa De Lapuerta Partner, L Capital Management Aymon Robert Brunel Shome Chhabria President, Givaudan SA Kartikye Aggarwal Fernandez Mark Spelman Melina Bulcao Austin Chia Andreas Jacobs Nadir Ahmad Arnaud Marie Joseph Future of the Internet, B Sergio Adriano Buono Chen Chowers Chairman, INSEAD; Member of De Rambures World Economic Forum Polina Aksenova Junior the Board, Jacobs Holding AG Bernice Chua Raoul De Toma Miha Babic Dani Al Halabi Ivan Burkov Sonal Chugani Stephane De Vuyst Carolina Müller-Möhl Mourad Baklouti Dima Al Zayat Sara Bustillo President, Müller-Möhl Group USA Puneet Chugh Salma Debbarh Isabelle Albertalli Aleem Bandali Alexander Vadim Clapp Daniel Degaspari Eric Tveter Members Erica Alessandri Karan Bansal Frezatti CEO and Co-Founder, Thomas C. Barry C Marie Eugenie Jose Almeida Araujo Patricia Barbosa UPC Cablecom President and CEO, Zephyr Raymonde Clement Tobias Dylan Dekker Alvaro Almeida Lenza Jonathan Maurice Adrian Cachinero Management, L.P. William James Cook Anton Denisov Alexander Wyss Daniel Bariller Vasiljevic Fernando Alonso Partner, Baker McKenzie Zurich Frank Brown Francesca Cooper Taishi Dezaki Burgaz Richard Barrett Volkan Caglayan Managing Director and COO, Carlotta Corno Akarsh Kumar Dhaiya General Atlantic LLC Leticia Alonso Tejerina Berna Bas Jaime Camara Lucas Correa Shah-Ali-Shah Dhukka UK Lucas Alperi Suarez Yasmin Bayat Julien Juan P Campan Roberto Buaron E Ibanez Jean-Philippe Couture Andrea Di Silvio Chairman and CEO, Arturo Alvarez- Abdullah Behbehani President Charlotte Cannon Maxime Crepin Luigi Di Vincenzo First Atlantic Capital Ltd Marcello Casado Giovanni Bella John B. Singer Filipe Cardoso Kevin Cuchinski Thiago Dias Dina Amatouri Marco Aurelio Managing Director, Claude R. Charles Campos Advent International President, Azur Capital Ltd Sarah Amrein Beltrame Imafuku Andrea Carmignani Veit Severin Dinges Arthur Currie Mayank Anand Dror Ben Eliyahu Leonardo Casartelli Antonio Donoso Michele Cursio Cody Anderson Daniel Benito Guadalupe Castineira Zachary D’Ooge Nara Cury De Mattos 68 69 G Romain Dorange- G Vincentius Dito Krista Andreas Kaltenbrunner Chong Long Jan Hendrik Milark Nattanont Otavio Ribeiro De Jingyi Shen Kornel Tetera rad Pattoret Holanda Olarnthatchanant Andrade Neto

Valentin Kambitov Giuliano Longo Maninder Minhas Iqra Shukr Ritika Thakur u Rodger Douglas Johan Hendrik Maja Antonietta Kenneth Tian Wei Ong Wolfgang Riess ating Pavleen Kaur Jimena Lopez Berzosa Siddhant Tejasvi Federico Sica Lizhan Tham Gaarenstroom Holtmann Louis-Victor Douville Mishra Mary-Ann Chekwube Dalmi Grizely Rivera

Ayyad Kharbouch Yu Lu Giuseppe Siciliani Lukas Thoeni C De Franssu Stanislav Gaiduk Bhavna Hosakere Onuegbu Riveros Nikhil Mittal lasses Andrew Khoneisser Susannah Ludwig Pavita Sikkakosol Devashish Tikekar Dominik Morris Regino Jo-Vincen III Verity Howells Gustavo Ortiz Badilla Marion Marie-Amelie Vrutika Mody Drechsler Gamboa Joon-Yeon Kim Kelvin Lui Roger Stefano Sillato Dmitry Timofeev Fang-Shiuan Hsu Ignacio Ortiz Figueroa Dimitri Moiseev Shadrack Kiratu Qian Luo Tomás Crisóstomo Arthur Tindemans ANNUAL REPORT 2018/2019 Katarzyna Oriana Dakshita Gandhi Tanvi Rohatgi Guoren Clement Hu Guillermo Otaduy Dudycz Antoine Molas Silveira Miquel Gangonells Maximilian Klement Suarez Valter Roldao Fabian Rodrigo Torres Liuxuan Hu Creus Luis Moral Cebrian Matheus Simonetti Wataru Kobayashi Masafumi Otaki Sara Maria Roque Jose Antonio Torres Dingwei Huang M Pereira Jiemi Gao David Carlos Loureiro Palomino E Hiroya Komoda Ismail Ouhelli Huan Huang Morales Galan Micah Sims Alvaro Garcia Leal Amine Maazoun Piotr Roszkowski Boriana Trifonova Tugce Korkmaz Necati Ozcan Fabian Matthias Eberle Li Huang Juan Moreno De Prabhdeep Singh Carlotta Gentile Latino Nandini Madan Saskia Routs Clément Trinquart Mogbekeloluwa Koye- Barreda De Querol Mona El Bajani Ali Saqib Husain Rafael Siqueira Massimo Giudici Ladele Nicholas Madden Catarina Rouxinol Wei-Hsin Tsai Abhishek Morey Wael El Hadi P Andrea Siri Andrew Glykys Ralph Koyess Anthony Mady Peter Morgan Elias El Murr Dhruv Sondhi Niccolò Gobbi I Nadezhda Krasteva Rankothge Buddhi Ahrum Pak Katrin Morgner S U Johnny El Murr Hemal Mahindaratne Leah Sosa Ana Goenechea Sirada Kurujitkosol Mohammed Noor Jorge Iglesias Garcia Jean-Christophe Sarah El-Boukhari Maria Jose Maio Pandit Ahmed Saad Boris Spirov Cristian Uribe Hanyan Goh Ekaterina Kuznetsova Rachel Inglis Nunes Pereira Mortreux Emadeldin Elnahwy Rafael Pantoja Meghna Sachdev Preethi Srinivas Apeksha Gohan Megumi Inoue Sergiy Makarenko Thomas Mougkasis Antoine Pierre Damianos Akhil Sadarangani Nicolas Stachtchenko V Borja Gomez Moreno L Ronald Moussalli Engerand Kenichi Ito Manish Makhija Papadopoulos Guillermo Saenz De Ian Starling Pisano Eduardo Alejandro Marta Silvia Munoz Maria Escayola Rashid Ivaev Deema Malki Velislav Paraskov Jubera Viescas Alona Vaadia Gonzalez Marco La Torre Souweine Fernando Stegmann Daniel Espinosa Kuriko Iwai Angelica Mandaric Natalie Paret Yasmine Sahyoun Efthymios Vagiakos Paul Gozzo Bianca Cynthia Lam Thomas Muyldermans Gal Steimberg Ido Eytan Luiza Maniero Michael Passmore Amir Salameh Avantika Vaidya Stefan Rudolf Christopher Lance Camilla Steward Chloe Marceau- Derek Van Brussel Grabmann J Alessandro Landoni Ruehanee Patel Roberto Carlos Salas Maria Beatriz Stoffel Gosselin N Damian Candace Van Chen F Tudor Grecescu Eugene Lau Wee Alisson Aldavid Feria Kaja Jasik Stephen Mari Pereira Do Carmo Ahmed Samhout August Grupp Chuan Omer Nadiv Zoe Stones Huub Cornelis Willem Diego Felipe Ezquerra Christopher Jeffery Sophie Marque Alvaro Pero Gala Miguel Sanchez Van Verseveld Álvaro Guitard Andrés Lazaro Soler Victor Nalin Kruaorn Sugunnasil Fuster Gonzalez Maldonado Hongyang Jiang Cissy Martinez Torsten Oliver Peters Claudia Alexis T Vega Lingmin Le Carl Nasr Jennifer Sung Nanoi Falcon Chavez Tomas Julian Santos Akshawra Guru Tian Jiang Mohammad Lauren Petroski Tina Verma Hyunho Lee Vittendra Nath Varma Fatoumata Binta Sy Zeeshan Feerasta Yunwei Jiang Mashayekhi Luis Filipe Santos Archit Vijoy Erik Gustafson Shin-Chin Lee Sarah Pickavance Komal Syed Vinicius Navarro Herdy Figueiredo Elie Feghali Julianto Johanes Anthony Massaad Shreya Viswanathan Anthon Marcus Yan Gen Lee Caroline Pires Tauseen Hasan Syed Anastasia Jose Sanz Santos Eliseu Felippe Coelho Gustavsson Rahul Jolly Roman Mathys Michael Philip Vogt Zhen Yu Terence Lee Nechiporenko Michal Poizl Sylvia Sylvia Dos Santos Alberto Atilio Sbrana Matthieu Philippe Aida Joraty Sebastian May Frederico Leitao Antal Neville Teodora–Andreea Junior Yingshan Shi Diogo Fernandes Alfred Guyot Jovana Jovic Robert Maycock Potcovel Olivier Lemarchand Stephanie Newton W Rodrigo Fernandez Benedikt Scheffer Jansen Jumino Patrick Mc Dougall Quentin Pouquet Padilla Bo Li Antoine Ngo Michal Schestowitz Sterea T Hans Wieger Marc Vos H Heejune Jun Jeremy Pownall Rachel Jessica Anne Tao Li Ryan Nguyen Amanda Schlumpf John Mead Tram Vuong Fitzsimmons Amer Tamim Patrick Hamer- Zhaoyuan Li Saad Bilal Niaz Pharatah Senapan Peter Measham Madelynne Wager Sarah Fleming Meunier Faris Tamimi K Qi Liang Jenna Morgan Nicholls Q Ricardo Serra Netto De Milan Benjamin Ariel Samuel Waller Neil Fong Florence Harmel Jason Tanseco Lopa Mudra Lihala Mecklenburg Felipe Nieto Almeida Issam Kabbani Xin Qian Rong Matthew Wan Pedro Augusto Arzoris Hernandez Yi Tao Yu Sheng Victor Lim Thomas Mehl Jose Nobrega De Lima Akanksha Seth Fonseca Pereira Munoz Hari Kabra Ivan Querzola Carolina Wang Ahmed Salman Tariq Bruno Lima Thiago Mello Julien Noe Abhijay Sethia Jorge Fonturbel Alberto Hernandez Yoshihiro Kagiya Paula Quetglas Llop Fan Wang Yao Meng Tatiana Novak Jay Pradeep Shah Evrim Taskiran Werner Guilherme Lima Victor Frazao Juan Nicolas Kaiser De Minyan Wang Miranda Afonso Michael Nana Atta Samil Milan Shah Gonçalo Figueiredo Paula Florencia La Mota Hendrik Carl Freiherr Mensah R Taveira dos Santos Shiyang Wang Herrera Lin Lin Abdul Ahad Shams Zu Innhausen Und Knyp Alexey Kalinin O Leslie Meyer Katharine Elizabeth Ting-Chun Wang Lauren Heuser Nanxi Liu Kartik Shandilya Max Friedman Efe Can Kalkandelen Divya Rathi Tengtio Sofija Micovic Charles Oakley Wharton Kuei-Cheng Toby Hodgson Xiaoxiao Liu Sameer Sheikh Hatice Kalkandelen Callie Reis Jose Ignacio Terra Wang Andrew Locke Ziad Mikhael Philip Offer Kartikeya Shekhar Samer Hodroj Pranjal Kalra Bolasco Xuan Wang 70 71 G Xueying Wang MBA’19J Laurie Beausoleil Wei Cheng Cheng E Aik Chuan Goh I Daniel Kohout Sabyasachi Maity Antonio Noronha Lopes rad

Ziqiao Wang Talha Beg Umair Chishti Daryl Goh Mateo Kossmann Leonardo Giovanni Enrico Noviello u Maria Karen El Helou Mauro Iervolino Maria Malgieri ating Paul Warren We congratulate Pierre-Jean Beranger Nishtha Chopra Sheng Goh Richard Kotite Agata Nowicka Guercia and recognise Georges El Nachef Ursa Mali

Hide Elfrida Wee Abdulwahab Bhatti Jun Hao Chua Carla Gomez-Acebo Veronika Kozlova C the MBA Class of Ryota Inayoshi Dina El-Abd Botin Nivedita Mangharam lasses Ahmad Wehbi Rakan Bilbeisi Jim Chuang Lukas Krauss July 2019 Tomas Iribarren O Beatriz Elosua Thiago Goncalves Aishwarya Mappat Alexander Tobias Will Kimberly Bittler Anais Cisneros Nitesh Kumar Gonzalez Lores Torres Zain bin Ishaq Giulio Marini Mykhailo Obolonskyi Ka Yan Wong Brendan Board Truman Clark ANNUAL REPORT 2018/2019 Miguel Espinha Dos Cheng Gong Kazuma Ishibashi A Marion Gabriella Omokoyinsola Kwun Kit Anthony Wong Julie Bodenmann Bruno Collado Silva Santos Luci­a Gonzalez Gal Israeli L Markert Moyosore Oduwobi Winnie Wong Nataliia Boiko Eloy Conchillo Natasha Francesca Rodriguez-Sahagun Nikita Abanitov Shota Ito Georgia Marmonti Seoung Young Oh Fernandez Eyre Geoffray Lacourba Ralph Wunderl Francesca Bona Gurdeep Singh Gosal Karim Abdel-Latif Pasquale Marco Yoo Jin Oh Eileen Connors Pia Ha-Lan Lai Jacobus Daniel Wyma Adel Boulazreg Syed Qaseem Akhtar Royi Gottesdiener Marrone Tiago Oliveira Antonin Thelonious J Yongyuth Laitavorn Jamil Wyne Abidi Stéphanie Anne F Abhishek Goyal Jorge Martinez-Blat Clinton Conrath Alexandre Omoto De Marie Bourdillon Divya Lall Farah Abu Saleh Tyvon Greene Nader Jabbour Anant Mathur Paula Thomas Conti Massine Bouzerar Hanna Falko Pavit Lamba X Dario Accorona Itai Grinboim Fernando Francisco Grace Mbazima Cherry Anne Oracion Jeremie Corcos Vivek Falod Arjun Bowry Jacinto Iii Shepherd Laughlin Natalie Achkar Kacper Grzesiak Christophe Meerts Yuta Ori Igor Curic Omotade Fayomi Ting Xu Fábio Brito Da Shantanu Jain Kok Tien Lee Mriga Agarwal Ran Gu Aadil Rai Mehra Inigo Ormaechea Fonseca Ezekiel Feibelman Olivia Lehmann Mukul Aggarwal Anette Primdahl Turner Adolfo Guerra Jordi Mestre Piquet Tanmayi Oruganti Madjri Kouassi Hervé Jakobsen Jan Pieter Leibbrandt Y Sameer Agrawal D Bruce Felipe Feistler Shiling Guo Carlos Miguel Catalan Ali Osmany Shreya Jhawar Raquel Leitao Mussawir Ahmad Jr-Shiuan Yang Remo Bruehwiler Aishwary Dale Pedro Fernandez Abhiroop Gupta Dimitar Milenkov Fuminori Otsuka Li Ji Chenbin Li Zulfiqar Ahmed Gaspar Yiwei Yang Jean-Frédéric Bruhat Gergana Iliyanova Nitya Gupta Milica Milic Bassim Ousta Clara Jiang Dejun Li Mayar Akrameh Damyanova Jaime Fernandez-Lerga Philippe Yeterian Guilherme Brum Saurabh Gupta Priya Modi Katarzyna Jodlowska Lily Li Abdurrahman Al Kalaji Gazzoni Alexander Dancu Oliver Field-Johnson Hakan Cem Yilmaz Shruti Gupta Adnan Moiz P Rymax Joehana Si Qing Liang Joe Alam Andrea Bruno Darvesh Daswani Ngee Chung Foo Jufeng Yin Yoav Gur Térence Léonard Adrian Johnston Shaofang Liang Jogchum Alberda Lee Buckley John George Dawson Conrado Freire Momo Raoul-Edgar Paltzer Alvin Yip Guillaume Sylvain Jeff Jose Jun Da Lim Nabil Antoine Al- Coraline Bucquet Eline De Buyser Simão Freire Guyomar Mareike Alina Fei Pan Saravanan Linnet Jose Ghossein Melissa Lim Moormann Shivani Pande Yogeswaran Matthieu Burnand- Aldo De Florio Bernardo Frere Fernando Andres Gauthier Joyeux Benjamin Amoah-Adjei Galpin Guzman Ruesta Sara Yi Hsien Lim Barbara Moral Tatiana Pansadoro Brian Bo Yu Matthijs De Christian Freundt Arpita Anand Alexey Bykov Kempenaer Russo Tanvy Ravindra Limaye Nicolas Moreau Hyeinn Park Yinlong Yu Casper Karlsmose Luciana De Oliveira H K Po Han Lin Jay Deepak Motani Pirasath Parthipan Andersen Hara C G Chia Yin Lin Michael Mudau Trey Peacock Z Elias Aoun Madeleine Debney Amira Hachem Haydar Kamala Noam Liran Aram Mughalyan Roisin Pelley Ece Cakmak Eleonora Del Bravo Ygal Haenel Benjamin Yiu Chung Pedro Armas Niranjan Gadkari Salman Mun Kevin Zagolin Kan Yi Chen Liu João Pereira dos Marco Calaciura Chiara Deplano Lukas Halusa Eloi Artau Cortacans Marco Luis Gancayco Jose Alejandro Murcia Santos El Chaikh El Walid Zaki Ramzi Kanaan Junjie Liu Borja Camblor Onat Candas Derebek Sara Hammoudou Vikram Ashok Yang Gao Lillian Murphy Viktoriia Petrova Li Zeng Jakub Jerzy Qixin Liu Shahan Ashraf Pietro Cammerini Pauline Jose Miguel Garcia Siddharth Handa Vera Zenkova Kasperczyk Simin Liu Bruce Phelp Descheemaeker Benavente Mohammad Amir Assi Yu Cao Mohamad Hariri Weiwei Zhang Leandros Katsouris Diletta Livi Francois Picot De Rawan Dgheim Adrian Garcia N Osman Avci Sofia Catellacci Alana Lee Harris Moras D’Aligny Ashesh Kaushik Jelco Loenen Xue Zhang Diliana Dimitrova Melgarejo Ausra Cesnaite Vitor Hercules Miwa Nakata Praveshin Pillay Rada Keratirags Lucas Loustau Kate Zhao Zal Dordi Fernanda Gatti Jean Chaccour Bastien Hermans Harindu Nanayakkara Aditya Pisharody B Angelo Khalaf Daniel Lowinger Xiaoqing Zhao Marton Dosa Milton Gazzano Junior Pawitra Aissa Ma Cristina Sneha Nandan Ho Shing Abraham Haris Khan Jihad Ltaif DongDong Zheng Chairattanasongporn Angus Dow Marta Georgieva Lim Hermoso Poon Michael Badeski Shriram Narayanan Nabeel Khan Qian Luan Ruoyun Zhu Kieron Chalder Ping Chuan Du Kirils Gerasimovics Keaton Hoffman Cristina Popescu Shubham Bagdia Mikel Narbaiza Chong Eui Kim Zheheng Zhu Elias Charara Tanja Duester Rahul Ghai Laurence Hora Adar Ariela Popovich Acharya Barathan Tuan Anh Nguyen Leonhard Zinn Richard Kim (Moskovich) Xavier Bardy Prateek Chauhan Can Duruk Shady Ghaly Chun-Yang Hsu M Quoc Noemi Zito Iva Kitanova Shaked Popovich Edoardo Barengo Nassim Chekroun Lowinda Massie Stefan Ghinescu Yang Hu Joel Kessel Nono Michael Madoff Meng Zuo Dwitama Matias Knoll Tamandjo Kelsey Powell Beverley Barnes Wanying Chen Ãlvaro Gil Regidor Waleed Hussain John Mairlot Juri Zuravljov Koyomi Kobayashi Laura Noorani Benazir Premji Maher Bazzi Ping Kai Cheng Yannick Godin Kyu Ryung Hwang 72 73 G Anton Proshkov Natasha Saini Izrar Trevor Stegeman Vanapanubet Dingjiao Xu Eisa Al Shamsi D G Ketan Joshi Cortlan McManus rad

Victor Prozesky Miguel Alberto Salas Daan Herman Stolk Elise Olga F Yingjun Xu Khaled Ahmed Ali Al Rim Jourdan Ian McMaugh u Cam Vandeputte Zaabi Jayesh Daga Eilish Galvin ating Ferran Puig Verges Gemma Stooke Ruben Juan Juan Hira Mehmood Rayan Saleh Louis Vatier Athman Mohamed Al-Hussein Dahya Gang Gao

Ljeta Putane Xin Su Tarun Mehrotra C Y Athman Ali Alfredo Sanchez Bella Anna Velli Baldhiraj Dang Jonathan Gardner lasses Sanjana Sud Olivier Menos Ricardo Alvarez K Sapna Lailah Sanders Arjun Venkateswaran Yufei Yan Thuy Dang Siska Ghesquiere Siyuan Sun Kshitij Minglani Q Swee Hui Ang Ben Mordechai Himanshi Vij Johnny Yang Christopher de Gruben Ahmed Ghobash Jeyhun Karamov Lu Sun Daishi Miyao ANNUAL REPORT 2018/2019 Sandler Dmytro Anufriiev Blanca Maria Quiralte Franklin Villamaux Xi Yang Guénolée de Lambert Mathieu Girardin Jai Karia Sumeet Surana Kevin Moens Planiol Ketan Saraf Hadi Anwar Ian Villas Boas Denise Yeo Jasper David de Vette Mireille Giraud Rajeev Karthikeyan Rehan Sutarwala Luis Moreira Amrita Sareen Pimentel Kraskoff Jun Yokoyama Anthony Arnott Lowry Dean Emilie Giraudet Mohit Khandelwal Samir Szamocki Kaori Morinobu R Rishab Sareen Joon Hyuk Vincent Masahiko Yoshii Swee Tat Au Yong Shaun Deehan Agnes Goh Simran Khanna Kudakwashe Mswaka Alexey Savkin Alexa Vittoria Zhaoqi Yu Thomas Deville Rimal Gokani Sorouch Kheradmand Omar Rabah T Abhishek Murthy Dany Sayar Laurenz Valentin Maria Ye Yuan B Claudio Di Federico Martell Graf von Matthew King Roy Rada Paolo Mussa Vorderwuelbecke Hardenberg Annabella Scannone Pok Chien Tan Juan Diago Sempere Sergey Konkov Harini Rajagopalan Sophonie Tchakpa Milan Vukoje Timothy Grosser Daniele Schiavello Keisuke Tanabe Ana Isabel Diaz Erich Kruschitz Radhika Rajpal Z Babo Peter Guenthardt N Harry Schiff Shruti Sanjay Tandon Dima Djani Vineet Kumar Claudia Ramirez Naves Sergio Balassone W Sharlene Zaat Kunal Guha Joern Schneider Brian Tang Widya Drahma Mateusz Kurysz Kalyanakrishnan Amit Ranjan Oluwakemi Banjo Frank Julian Sevgi Gur Nagarajan Marcel Schwarz Desiree Tang Etienne Drouet Shivarjun Byrapaneni Muriel Wacker Zachmann Kate Barnett Rasheeda Seghosime Hemant Naik Rao Soichiro Tatsumi Nchekwube Arnaud Talha Zafar Maria Baschenko L Wassim Serhan Takahiro Nakagawa Nathan Rarick Joanna Siok Hui Teoh Wadike H Guilherme Zantieff Olga Belovolova E Aya Seto Tomas Langaitis Mehdi Naoum Tobias Rave Ploy Thampipattanakul Alexander William Topolski Chaves Stephane Berthomet Risa Hamada Mukul Sharma John Walker Christoph Eggimann Eng Leong Lee Sergey Nazarenko Elisa Ravelli Sona Todi Yichun Zhang Arnaud Bertrand Hala Hamdi Madhavi Sharma Danny Dongru Wang Sergey Egorov Ya-Ting Lei William Emerent Pierre Syed Qasim Raza Ser Hua Toh Lanxi Zhang Victoire Binart Chi Han Dhungel Guanjun Wang Karim El Jobeili Phanin Leksrisompong Nijs Michael Alexandre Arnau Tortajada Alsina Han Zhao Denis Bokov Dmitry Shcherbakov Steve Haro Kirill Nikiforov Riga Lijun Wang Sylvia Epaillard Guillaume Etienne Luc- Marco Tosato Songsong Zhao Pierre Bondroit Hammad Akram Rafael Isauro Marie Lemaire Okechukwu Tanguy Roche Yilin Wang Nga Tran Xinyun Zhu Hechanova III Sheikh Alexander Bower Chiara Lepora Nwachukwu Rodolfo Rodrigues Yuwen Wang F Aniket Shende Basile Trede Konrad Zochowski Antoine Bracq Rickard Heiss Krisztián Nyary Cardoso Pelitz Chase Gleaves Franck Cheng Li Ksenia Shpuntova Anna Tsaturyan Jan Philipp Zottmann Nicole Braendle Jean-Baptiste Heissat Victor Roehm Watling Dania Fahs Fan Li Schlegel Vitaly Shtan Ekaterina Tsygankova Peter Hove Jeroen Roffel Danielle Watling Stephan Fangue Jean-Noel Liabeuf O Niels Broens Hildebrandt Manuel Silva GEMBA Ngassa Hugues Rondeau Eihorere Nkizire Alex Lind Merete Lie Holen Mert Obay Rodrigo Silva U Wesigye Tamim Fares Omer Perez We congratulate Erich Linder Samuel Weynants C David Fernandez Till Oberhummer Rosenblum Pedro Gustavo Silveira and recognise Jinyi Liu Camila Uribe Rodriguez Dianne Oldehinkel Rohit Roy Archie Sinclair Samuel Winiger all our Global I Olivier Calvar Simon Livingstone Javier Urizar Oscar Fernandez- Sandra Mei Lin Ong Leticia Rubira Posse Chiranjeev Singh Ashley Wiseman Executive MBA Gorostiaga Rodrigo Campos Espana Laurence Iali- 2019 graduates Shwu-Yng Ong de Rioboo Neha Singh Wei-chun Wu Beaucage Timothy Capes Corinne Ferrette M Philippe Osch Mateus Ruiz Vaz Rajasi Singhvi Christopher Wu Roberto Iannone Clara Carelli Arnaud Figard Gomez V Boris Ostrovsky Jacobus Fick Smidt Tsai-Ling Wu Shinichiro Iguchi Christophe Bassem A Dimitris Floros Akash Rungta Ebru Carter Maalouf James Snyder Laurentine Lewina Stephen Wu Eduardo Fonseca Catharina Van Den Victor Abou Rahal Guilherme Carvalho Gaël Magda Esmat Soliman Zhouying Wu P Hoven Emanuel Frauenlob J Bozena Adamczyk Rena Chai Weylon Malek S Anirudh Sood Dosanna Wu Leonard Van Nicholas Chalaris Yann Fraval Evelina Paberze Alexia Adda Frederic Jacqueme Frank Maniere Chaitanya Sood Domselaar Ali Saad Joyce Chan Ryan Freeman Cedric Parent Pranay Adhvaryu Abhay Jain Arwa Mansouri Nuno Sousa George Van Hecke Indra Saha X El Mehdi Chatouaki Georges Freiji Martin Pcola Abdur Rahman Adil Ruud Janssen Pol Marchand Pedro Sousa Quinten Cornelis Van Pierre Georges Anirban Chowdhury Inna Frolovicheva Jean Pierre Peka Lucy Xiao-Vance Hemamalini Adurty Patrice Johnson Jacques Masson Sahakian Kirsten Spittel T Hoog Marko Cosic Mihai-Dorin Pena Luli Xing Mansour Afshoon Oladimeji Peter Gabriella Matyas- Aanchal Sahni Shravan Sridhar Tim Van Vliet Kollar Romain Perrier Sijing Xiong Oluyemi Akinwale Kinapara Ange Jolapamo Rami Said Galina Stavskaya Chayaporn Thierry Coulibaly Nelia Mazula Nicolas Petitjean 74 75 G Cedric Pinault Joseph Tayah B T J T C J Pascoal Soares V rad

Marc Poolke Bijo Thomas Renaat A. A. M. u Emily But Marvin Tan Siew Sheng-Hui Pavel Teremetsky Cristiano Câmara Syed Shahab Anwer Peleman Johannes Tehodorus ating Herston Powers Saad Tounzi Jonathan Jamilee van Iperen Belinda Tan Tan Cheong Seng Renata Catelan P. Yulia Pellegrin

Viktor Pozgay Abdel Karim Traore C Tommy Rodrigues Martin Jensen Roland van Spengen Adrien Pierson lasses Ashok Prabhu C Dong Tongtong Katia Chabane Aude Joly René X. Villiger K Fernanda Pomin Bernardo Principato Y U Miranda Chen Wojciech Felicjan Margerieth Elisabeth Marcel M.P. Probst

ANNUAL REPORT 2018/2019 Manish Karira Carol Chen Addison Yang Chelskowski Henriette Visser Michael Ungerer V K Candice Heesun Kim R Sam Cheong Daphne Yee Krishna Chetti Aksel Coskun Kitowski Nagarjuna Veesam Joumana Kachour R Yin Yuan Laurence Cornet W Hamayun Raja V Gulveen Kochhar Simon Sinan Ventura Yasuhiro Karakawa Jaidev Ram Mohan Hari Ranjeva E Michael Walter Samuel James Christian Viefers Kalpna Kirtikumar Christophe Vaessen D Lalita Raman Freddy Riaud Z Kunzman Robert Webb Ahmed Elnawawi Terry Kleinert Pieter van der Carlos Remotti-Breton Fabrice Ribourg Jeroen De Rycke Matthew Lloyd Wilson Westhuizen Xiukun Zhang Adrian Koch W Michael John Leviny Rodolfo Rodriguez Isil Dedeoglu Olivier van F Jacky Zheng L Jules Oscar Kollmann Rowe Michele Rossi Hardenbroek van Jungeun Sylvia Woo Charlotte Delmas Edward Zhmayev Cornelia Christina Thomas Patrick Y Amme Syed Fahim Lixin Lin EMFin Gautam Samuel Krijger Rufener Jerome Marie Bruno Cherian Dev Jinru Yang S Nouk Kuipers Xaver Niels Veyret We congratulate Y Nina Birgitta Donovan K and recognise our M L Rustemeyer Walid Georges Saab Evgenia Vorontsova Executive Master Yuan You Yi Wendy Lee Boon Lee Z Khaled Salmeen Rachid Kherrouf in Finance 2018 Ow Yong Yew Fai graduates Malcolm E Tim Lehman S Tarun Sankaran W Dimitrios Kopsidas EMC Barbara Zhang A Maaz Mashkoor Ana Carolina Lima de Ross Donald Emerson Aarti Sabhaney Nishit Savla Curtis Kuo Oliveira Kit Yee Wan Duddy Abdullah Christian Miele We congratulate Mehsum Sayani Ahmed Elsayed Amit Wankhede Sophia Isabella Alison Geraldine Mok and recognise our Abdelhalim Salem Michiel L Executive Master F M Schoenmaeckers C Justin David Olga Scherbakova Christopher Morrison in Consulting João Paulo Cardoso Roberta Fiore Gian-Reto Schulthess X Denis Lambert and Coaching Aparna M. Dogra Jan Schlüter Casey Ryan Mrocki Monteclaro Cesar Andrea Foot Chong Wei See Kok How Lee for Change 2019 Olga Mironenko Marc Schonagen Kairong Xu Verena Cavalheiro Randolph Seidler Kingsley Leung graduates Camila Fossati Ricardo V. Senerman Berardo Henriane Mourgue d Walid Semaan Jireh Li P Alexander Frank Algue Christine Jie Shen Janani Seshadri Y Laure Fraval Steve Mullinjer Thomas Sieber Edwige Senou Bjoern Lindemann Chakravarthy Jung Mi Park A Geraldine Slater Fahim Faiz Mohamed Baris Yemez Sudhakar Kumar Craig James Perkins Shaikh Choudhary Wissam Adib Bogdan Stępień Khung Keong Yeo M Favian Poh G N Anastasia Shamina Teo Zhi-Yang Dusty Alahakoon Kiki Stiemer Christopher Sujeyn Raj Quentin Ma Muataz Aldharrab Christèle Galpin Leena Nanda Shanmugam Z R Amal Hamad Al-Jamal Ashlesha Kirit Ganatra Abhinava S. Narayana T Natallia Shuliak Elissa Goldenberg Felicia Nørgaard Sofiya Zhylkaidarova N D Varun Ramdas Tariq Ali AlRaisi Sri Saravanan Olga Gorobets Bieke Teerlinck Liao Fengyi Richard Sithiasagaran Abhishek Damani Keng Ling Ng Jose Luis Guillen Dorothee Ter Kulve- TIEMBA Edouard Frank Riquet B O Filippo Stefanelli Sidharatha Dua Pastor Leijenaar Thomas Streitberg We congratulate O Sebastien Baert Manisha Gupta Aideen O’Byrne S Aamir Subhani and recognise G Frédéric Bagutti Anders Gustavsson Anita Ouwerkerk U Roelof Swanepoel all our Tsinghua- Remy Orain Désirée Beate Yalcin Baltali INSEAD Executive Deepak Gupta Lindsay Clare Schaeuffele Wilma Barbin H P MBA 2019 Joon Huh Underwood T graduates S Kritika Kiran Singh Dorothea Brunner Emma Hardy Anthony Pangilinan Loli Urquia Gaurav J Singh Gloor Cher Heng Tan Kenny Sze James R. Hennessy Natalia Papkova I Yeonseok Sung Joohee Byon Karen Tan A Thomas Herlin Patrick Parker Mohamed Iqbal Ismail Keng Siang Tan Juarez Gustavo Zeya Aung Project Director Axel Tagliavini

Editor Cody Gildart

Writer Elin Williams

Project Manager Linda Furtado

Digital Communications Dov Campbell

Graphic Design Thomas Piemontese

Print Coordination Christelle Bloy

Principal Photography Richard Davies richarddavies.com

Creative Agency Perfect Day perfectdaylondon.com

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