Annual Report 2020 Coming through the crisis to better and happier times Coming through the crisis to better and happier times 4 Message from the Chairman of the Board and the President Dear EFMD Member, 2020 will, without a doubt, be a year we look back on and study in history for many years to come. The world has faced a pandemic with no boundaries or borders that has affected every country, society, people and organisation at every level and that continues to challenge the governance, structures and well-being of humanity. Yet, there have been remarkable advancements in science, collaboration and the human spirit as we start to slowly see hope with vaccines being developed. We have also witnessed incredible resilience, kindness and open debate on how to come out of this terrible crisis, with societies reflecting about the future and how to engage and think differently about the world. Within the EFMD network as well, so much has happened and so much has been learnt over this past year. We managed to hold our face-to-face gathering with the Deans and Directors in Milan last February which was hosted wonderfully by SDA Bocconi School of Management, with over 400 participants from 50 countries. Little did we know that Alain Dominique Perrin, soon after such a wonderful event where we enjoyed seeing friends, engaging with Chairman of the Board great speakers and making new connections, the world would change dramatically. We are incredibly proud to say that EFMD acted quickly. The response of our staff was remarkable, and nearly overnight, we adapted to the new conditions. Virtual platforms were explored and selected, and all events moved online. Accreditation visits were completely restructured and became virtual with new formats and design schedules. We also did not stop innovating and thinking about the future. In the spring and autumn, the Virtual Careers Fairs with Highered brought together 300 recruiters, 200 schools and over 100,000 students. Corporate Services redesigned the CLIP (Corporate Learning Improvement Process) quality framework and led an outstanding project with Haier, the global Chinese multinational, benchmarking its management model Rendanheyi. 2020 has also reinforced something that has always been at the very heart and soul of EFMD – people and relationships. We cannot thank you enough – our members and friends – for your continued trust, support, guidance and wisdom. 2020 has been a Prof. Eric Cornuel, devastating year for the world, but our community, the sense of purpose, responsibility, President resilience and determination have been a joy to behold. At EFMD, we believe that evolving management education and development, together We would like to share with with good and kind leadership, are vital to get the world back on its feet. 2021 will not you a testimonial from our be easy, but there are signs of a brighter and better future to come. COVID-19 has EFMD Board Member, accelerated change in every aspect of life and we must embrace this change, learn, and Laurent Choain, come back stronger and better as organisations, people and society. Chief Partnership, Education In this, the most challenging year in EFMD’s history, we cannot thank you, our members, & Culture at Mazars, which enough for your continued support, trust, engagement and good will. We said during 2020 perfectly sums up what that we are “Stronger Together,” and this has never been truer. The road ahead will be EFMD stands for as an difficult but captivating, as education is the lifeblood of society and we must and will organisation: strive to be at the forefront of coming through the crisis to better and happier times. “We should take pride in honouring so well our core With warmest personal regards, purpose, which is not to accredit business schools or corporate universities, but rather to develop, foster and promote modern, wise, forward- looking and people-centric Alain Dominique Perrin, Prof. Eric Cornuel, management throughout the Chairman of the Board President economy and society.” Contents 5 6 8 14 18 29 Highlights Quality Corporate Business EFMD Services Services School Awards Services 32 35 38 40 44 International Development EFMD EFMD EFMD Projects Services Publications Membership Governance 46 50 51 58 EFMD Team Financial Financial Auditor’s 2021 Review 2020 Statements Report 6 Highlights 2020 IMPALA, an EU-funded One more pilot programme project led by EFMD, was from an EQUIS-accredited acknowledged by the school received the EFMD Organisation of Ibero-American Accredited label: MSc States as an innovative approach in International Finance to internationalisation and from Rennes School of quality assurance in Latin Business, France. American universities. The EFMD portfolio of International Projects expanded to include partnerships with new countries. In 2020 we welcomed partner institutions from Israel, Georgia and Azerbaijan. 20 EFMD and corporate member Haier Group from China designed a customised certification scheme to advance the adoption of the Rendanheyi management One new country was added principles. to the EQUIS portfolio: Israel. Highlights 2020 7 'Knowing you, knowing me' report by Roe Communications, A few days before CarringtonCrisp and EFMD the world confinement, reflects the recent challenges for the EFMD Conference for Deans communications, marketing, & Directors General hosted by alumni, international and SDA Bocconi School of external relations professionals Management in Milan, Italy in business schools and brought together 420 points to the directions participants. of action. The ‘EFMD Accredited’ label was officially launched on 1 September 2020, 20 replacing EPAS. EFMD events have been moved online and the The EFMD Programme superb feedback from The CLIP quality framework Accreditation portfolio was different EFMD learning for excellence in corporate extended to include accreditation communities confirms the learning was fundamentally for Doctoral Programmes. high quality of our re-designed. conferences now run virtually. 8 Quality Services INTRODUCTION The main goal of Quality Services (QS) is to continue providing relevant support to EFMD member schools who remain committed to improving the quality of management education despite any environmental challenges they face. To this end, the team has organised a variety of events and provided platforms for schools to discuss and exchange ideas about initiatives and learning. At the same time, QS continues to acknowledge schools and programmes that demonstrate their continued commitment to quality through EFMD’s accreditation processes and have adapted to the virtual space following the impact of the COVID-19 pandemic. The EFMD Quality Services Department In March 2020, as soon as COVID-19 organised its annual gathering on grew into a worldwide pandemic, 13 February in a session preceding the Quality Services reorganised its 2020 EFMD Conference for Deans and activities and adopted some exceptional Directors General hosted by SDA measures allowing for online reviews Bocconi School of Management in and events. Milan, Italy. On this occasion, the QS All processes were revised with the dual team shared the latest developments purpose of maintaining the same and objectives of EFMD accreditations quality and rigour while adapting, and with key stakeholders of the EFMD being cognizant of the various community, including advances circumstances faced by schools, as well such as: as securing the safety of all those • the rebranding of EPAS to ‘EFMD involved in accreditation processes. Accredited’ While the focus of online reviews • the QS database management project remained the same, these were spread focusing on data consistency over an extended period of time with shorter days and sessions, and the • the Digitalisation Project reflecting number of participants per session was on Management Education in the limited to increase the quality of the Digital Age online discussions. The revised • the next stages to be taken in the approach was tested from May to July development of the Ethics, and proved to be successful for both Sustainability and Responsibility school and programme reviews. Rigour accreditation criteria and quality were assured, high-level • the further development of the discussions took place and Internationalisation standard in developmental feedback was provided EFMD’s accreditation systems. without compromising the participants’ health or safety. Quality Services 9 Quality Services also responded task force with the initial aim of The project will continue to be immediately to schools’ need to share considering what digital transformation developed in 2021. experiences arising from the COVID-19 might mean for the accreditation of Due to the pandemic, most of the pandemic. During the month of May, QS business schools and their programme planned QS events offering business established an online practitioners’ content. Because digitalisation schools comprehensive information discussion forum – the Deans Forum – changes the way business schools on EFMD accreditation systems were around themes most relevant to the organise learning and teaching, doing postponed or, in some cases, adjusted deans of EFMD accredited institutions. research and living up to social to an online format. In the second half Three webinars were organised on the responsibility, Quality Services is of 2020, QS created several following topics: aware of the impact of digitalisation on opportunities to share experience and management education and the need • How schools