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 made the transition to learning from the online reviews. In to change how to assess business online teaching and online September, two briefing sessions were schools. The taskforce report included management organised for chairs involved in the different recommendations for possible forthcoming EFMD Programme • How schools manage resources under changes in the assessment criteria, Accreditation reviews. Another current conditions concerning delivery and content, to be session for the corporate reviewers • How do we rethink internationalisation? approved and implemented by the QS involved in EQUIS and EFMD governing bodies. A summary of the Programme Accreditation reviews was The EQUIS Guides went through their discussions outlining some of the held in November, focusing on the regular cycle of review and were findings will subsequently be shared specificities of online reviews and available online from spring 2020. Due with the EFMD community. drawing from the lessons learned from to the transition from EPAS to ‘EFMD During 2020, Quality Services the earlier pilots. In addition, in Accredited’, the 2020 documentation continued working on the Online Data December, a half-day online on programme accreditation was Collection Project with a view to information session on EFMD published in September 2020 streamlining processes and to creating Programme Accreditation was held for alongside the official launch of the a repository of documents that can be institutions who are preparing an new ‘EFMD Accredited’ label. consulted. Phase One was completed application or considering applying for The ongoing digital transformation of in June 2020 and the system’s EFMD Programme Accreditation. business models, workplace, economy functionality was tested with the help Following this, the EFMD Programme and society is changing expectations of a number of pilot EQUIS schools. The Accreditation Senior Advisors were regarding knowledge, skills and system is now live and all EQUIS available for one-on-one coaching attitudes of business and management schools which start the reaccreditation sessions, allowing participants to ask practitioners. In order to respond to processes are invited to input their specific questions on the Datasheet this reality, Quality Services set up a Datasheet via the new online platform. and accreditation process. 10 Quality Services
EQUIS
EQUIS organised a total of 38 Peer Reviews in 2020. Five assessments The newly accredited took place on-site, in the period from January-March 2020. After the schools for 2020 are: worldwide COVID-19 outbreak, 33 EQUIS reviews were re-scheduled Curtin Business School, and re-organised to be held in a virtual format between May and Curtin University, Australia December 2020. College of Business, Shanghai University of Finance and Economics The virtual EQUIS Committee meetings We are very proud to be the first faculty (SUFE), China of 19 March 2020 and 19 November 2020 in Israel to join the prestigious group of Excelia Business School, considered new schools for eligibility management and business institutions France and declared seven schools – in that are EQUIS accredited. It is a Canada, China, Croatia, Italy, Malaysia, milestone in our striving for excellence in Guilford Glazer Faculty of and Spain – eligible to go through the research and education, and advancing Business and Management, Ben-Gurion University of the EQUIS accreditation process. our vision that ‘management leads Negev, Israel The EQUIS Accreditation Board met society. online five times in 2020. On 31 March, Miki Malul, Dean, Guilford Glazer Faculty 2 June, 6 October, 18 November and of Business and Management, Ben-Gurion 14 December, a total of 37 Schools were University of the Negev, Israel considered for (re)accreditation. The Board granted EQUIS accreditation to Despite the global pandemic four new schools and renewed the and quarantine situation, CENTRUM accreditation of 32 other schools. PUCP Business School closes 2020 At the end of 2020, there was a total achieving EQUIS reaccreditation, an of 191 EQUIS accredited schools in acknowledgement that endorses our 45 different countries. 89 EQUIS schools purpose to educate in business for a better (47%) are located outside Europe in world, as well as our mission and vision. 25 different countries. 68 schools have Achieving EQUIS reaccreditation been accredited for 3 years (36%) and reinforces our focus on continuous 123 schools for 5 years (64%). improvement and search for excellence. The EQUIS Guidelines went through their With this, CENTRUM PUCP Business Our EQUIS reaccreditation annual review cycle in 2020. The EQUIS School highlights its position as a process is a major external Standards & Criteria saw revisions in business school with a humanistic input which helps us to reflect Chapter 5 on “Research” in order to approach as well as worldwide projection even deeper on our strengths finetune the guidelines that strive for both and recognition. and challenges and to hone rigour (credibility of evidence) and Percy Marquina Feldman, Director our positioning. Each peer relevance (usefulness of the knowledge). General, CENTRUM Católica Graduate review visit sparks additional All other changes were minor. Business School, Peru ideas, sheds light onto further development opportunities, and energises our continuous improvement activities. We are glad to be part of this quality process and proud to be accredited as a five-year school by EQUIS. Harald Gall, Dean, Faculty of Business, Economics and Informatics, University of Zurich, Switzerland Quality Services 11
EFMD PROGRAMME ACCREDITATION (FORMERLY EPAS)
The ‘EFMD Accredited’ label, which stands for EFMD programme accreditation and replaces EPAS, was officially launched in September 2020.
All schools holding EPAS accreditation programmes were reviewed, including EFMD Accreditation provides us transitioned automatically to the new ten new programmes and 27 with an internationally recognised system and were provided with the reaccreditations. These included three endorsement of the quality of the new logos and updated publicity pilot reviews of programmes delivered content and supporting system of guidelines to help them adjust their by EQUIS-accredited schools, of which our programme. The reaccreditation communication with stakeholders. The one was a joint EQUIS/EFMD process consolidated and deeply new logos include a general ‘EFMD Programme Accreditation online review. embedded the global, ethical and Accredited’ logo and ten programme- practical nature of our programme The EFMD Programme Accreditation specific logos (also available for online consistent with the EFMD Committee accepted new applications programmes), designed to help schools standards. Feedback via our regular from 14 institutions for a total of enhance recognition for the particular update reports was invaluable 16 programmes during its virtual type of programme that has been in strengthening our programme meetings held on 4 March, 27 May and accredited. Additionally, the names of over the past three years. We look 9 September. The Committee granted all governing bodies have been adapted forward to ongoing continuous eligibility to 13 of those programmes, (i.e. EFMD Programme Accreditation improvement through our representing 12 institutions. Board and EFMD Programme relationship with EFMD Global. Accreditation Committee). For details The EFMD Programme Accreditation Susan Dann, Dean, Peter Faber on the history and rationale of EPAS Board held four meetings in 2020, on Business School, Australian being replaced by EFMD Accredited, 3 March, 3 June, 13 October and Catholic University, Australia please refer to the article published in 9 December, of which only the first one Global Focus Issue 1, Vol. 15, 2021. was held in person, in Brussels. In total, https://www.globalfocusmagazine. the Board examined 31 programmes The reaccreditation of our com/efmd-programme-accreditation- from 25 schools. It granted initial Master of Economics programme past-present-and-future/ accreditation to 12 new programmes by EFMD Global is the recognition and renewed accreditation for another of our endeavour of building The 2020 documentation on programme 18 programmes. Of the 30 programmes an elite program. This is a joint accreditation was published in that were reaccredited, 18 were granted achievement with the contribution September to coincide with the launch 5-year accreditation while the from all stakeholders, including of the new ‘EFMD Accredited’ label. In remainder were granted 3-year our faculty, staff, students, alumni, addition to the change of name and accreditation. Accreditation of one corporate partners, and university logo, the main change in the 2020 programme was temporarily suspended administrators. We will continue documents is a revised Annex 12 on due to a major internal restructuring. to build up a top international doctoral accreditation which broadens business school. the scope of accreditation for this By the end of 2020, a total of 120 advanced level of postgraduate programmes from 89 institutions across Wen Hai, Dean, Peking University programme. No changes were made 35 countries held EFMD Programme HSBC Business School, China this year concerning the accreditation Accreditation. Of these, 21 programmes process and standards. are delivered by institutions outside Europe in 12 different countries. A total The EFMD Programme Accreditation of 51 programmes are accredited for team organised a total of 30 Peer 5 years (37%) and the rest for 3 years (63%). Reviews in 2020, of which five were on-site during the first quarter of the year and 25 online during the remainder of the year. Initially, only reaccreditation reviews were organised online, but after the success of the first online reviews, it was decided to pilot-test some online reviews for schools applying for initial accreditation as well. A total of 37 12 Quality Services
Newly accredited programmes in 2020 We are happy that our Executive MBA was accredited School of Business, Guangdong University of Foreign Studies, China once again. For AESE Business • Bachelor of Business Administration school, it reinforces the Faculty of Economics and Business, University of Rijeka, Croatia vision and strategy we are chasing. We believe that • Bachelor International Business the well-established EFMD ESDES, Lyon Catholic University, France Accreditation process and the visit of the Peer Review • 5-year integrated Master in Management Team are very insightful and Grenoble IAE Graduate School of Management, Université Grenoble Alpes, France inspiring. The reaccreditation is an excellent global benchmark • Bachelor in Management / Licence 3 L3 (One-year top-up degree programme) in for the programme. But the Campuses of Grenoble and Valence above all it is a safe path in ISC Paris Business School, France dimensions critical to the consistent development of • Master in Management the school. It is also a project Rennes School of Business, France that brings the whole school • MSc in International Finance together and that is good for the AESE team. We are grateful Toulouse School of Management, Toulouse 1 Capitole University, France for what EFMD has pushed us • Doctoral Programme in Management to grow and strengthen over the years. • Master in Finance Maria de Fátima Carioca, Münster School of Business, Münster University of Applied Sciences, Germany Dean, AESE Business School, • BA Programme Set: Double Degree European Business Programme and Double Portugal Degree German-Latin American Course of Business Studies • MA International Marketing and Sales We are truly delighted to have received a five-year Faculty of Business and Economics, University of Pécs, Hungary reaccreditation from EFMD. • BSc in Business Administration and Management On the one hand, it showcases a very comprehensive and Cracow School of Business, Cracow University of Economics, Poland professional analysis by the • Executive MBA PRT – with very accurate and necessary recommendations for our continuous improvement process, and on the other, a recognition of the hard work carried out by IEEM’s team to date, with a great strong vote of confidence for the near future. Jorge Pablo Regent, Dean, IEEM Business School, Uruguay Quality Services 13
QUALITY SERVICES ACKNOWLEDGMENTS
Ramon O’Callaghan, Dean, Porto Business School, In 2020, Quality Services benefitted from the unrelenting support of University of Porto, Portugal the members of our Accreditation Boards and Committees who have N.R. Parasuraman, Director, Shri Dharmasthala devoted time, knowledge and expertise to help schools continue Manjunatheshwara Institute for Management improving even during these very challenging times. We are very Development, India Andrzej Popadiuk, President, Gdansk Foundation grateful for their collaboration with EFMD Quality Services and for Management Development (GFKM), Poland contribution to helping EFMD carry out its mission. Christophe Roquilly, Dean of Faculty and Research, EDHEC Business School, France Alfons Sauquet, Barbara Sporn, Jasmina Selimović, Dean, University of Sarajevo, Director, EFMD Programme Accreditation School of Economics and Business, Bosnia and Director, Quality Services & EQUIS Herzegovina Mark Thomas, Associate Dean and Director of International Affairs, Grenoble Ecole de Management, France EQUIS Accreditation Board Gunther Friedl, Dean, TUM School of Management, Technische Universität München, Germany Leila Triki, Dean, Mediterranean School of Business, Isabelle Bajeux-Besnainou, Dean, Tepper School of South Mediterranean University, Tunisia Business, Carnegie Mellon University, Pittsburgh, Alice Guilhon, Dean, SKEMA Business School, France David Watkins, Head of Group Talent Management, The United States Laura Huntley, Senior HR Business Partner, USB AG, OC Oerlikon Management AG, and EFMD Martin Boehm, Dean, IE Business School, Spain Switzerland Programme Accreditation Committee, Switzerland
Luiz Artur Ledur Brito, Dean, EAESP – Escola de Saul Klein, Dean, Peter B. Gustavson School of Zita Zoltay Paprika, former Vice President for Administração de Empresas de São Paulo, FGV – Business, University of Victoria, Canada International Relations and Accreditations, Corvinus University of Budapest, Hungary Fundação Getulio Vargas, Brazil Konstantin Krotov, Head of School, Graduate School of Management, St. Petersburg University, Russia Laurent Choain, Chief Partnership, Education & EFMD Programme Accreditation Committee Culture, Mazars Tyra Malzy, Head of Group Learning & Development, Hilda Arango de Ortega, former Advisor to the Per Cramér, Dean, School of Business, Economics Kering, France University’s President & former Dean, International and Law, University of Gothenburg, Sweden Delphine Manceau, Dean, NEOMA Business School, School of Economic and Administrative Sciences, Universidad de La Sabana, Colombia Steven DeKrey, Senior Advisor to the Dean and France former Senior Associate Dean, School of Business Peter Moizer, Faculty Executive Dean & former Jean-Guy Bernard, President, Strategic Orientation and Management, Hong Kong University of Science Dean, Leeds University Business School, University Board, Ecole de Management de Normandie, France and Technology, China of Leeds, The United Kingdom Chris Blackburn, former Pro-Vice Chancellor & Dean, Arnoud De Meyer, University Professor and former Eric Rodríguez, former Dean, School of Business, Faculty of Business, Oxford Brookes University, President, Singapore Management University, Universidad del Rosario, Colombia The United Kingdom Singapore – Chairman of the EQUIS Accreditation Jordi Díaz, Dean, EADA Business School Barcelona, Board Karim Seghir, Chancellor, Ajman University, The United Arab Emirates Spain Michael Frenkel, Associate Dean for International Wafa El-Garah, Associate Professor of Management Relations and Diversity and former Dean, WHU Fan Wang, Dean, Business School, Sun Yat-sen University, China Information Systems & Director of the Center for – Otto Beisheim School of Management, Germany Business Ethic & former Vice President for Robina Xavier, Deputy Vice Chancellor (Education) Academic Affairs & former Dean, School of Hanneke Frese, Founder, FreseConsulting and & former Executive Dean, QUT Business School, Business Administration, Al Akhawayn University former Head of Group Capabilities, Zurich Financial QUT – Queensland University of Technology, in Ifrane, Morocco Services, Switzerland Australia Richard Grills, Head of HR EMEA/APAC Druva Robin Mason, Pro-Vice Chancellor (International), Europe Ltd, The United Kingdom University of Birmingham, The United Kingdom EFMD Programme Accreditation Board Stephen J. Havlovic, Chair, Department of Sofia Salgado-Pinto, former Dean, Católica Porto Anna Blombäck, Associate Dean Strategic Marketing & Management and former Dean, Faculty Business School, Universidade Católica Portuguesa, Initiatives, Jönköping International Business of Management, Laurentian University, Canada Portugal School, Jönköping University, Sweden Gioia Pescetto, former Executive Dean, Faculty of Giuseppe Soda, Dean, SDA Bocconi School of Melanie Currie, Deputy Dean, Nottingham Business Business and Law, University of Portsmouth, Management, Italy School, Nottingham Trent University, The United The United Kingdom Kingdom Metka Tekavčič, Dean, Faculty of Economics, Marianne Schenk, Executive Director of Leadership Lee Dalgleish, HR and Leadership Consulting, University of Ljubljana, Slovenia Development, Julius Baer Academy, Bank Julius The United Kingdom Baer & Co. Ltd. Zurich, Switzerland Neslihan Tozge, Chair, Blue Ocean Consulting, Turkey Carlos Folle, International Relations and Irina Sennikova, Dean, Faculty of Business and Robert van der Ven, Senior Vice President Talent Accreditations Director, IEEM Business School, Economics, RISEBA University of Applied Sciences, Management, Volvo AB, Sweden Universidad de Montevideo, Uruguay Latvia Tatiana A. Garanina, Associate Professor, School of Lin Zhou, Dean, CUHK Business School, The Olga Udovichenko, Vice Dean, Graduate School of Accounting and Finance, University of Vaasa, Finland Chinese University of Hong Kong, China Public Management, Russian Academy of National Susan Laurenson, Associate Dean, Academic Economy and Public Administration (GSPM EQUIS Committee Programmes and International, The University of RANEPA), and Managing Director, IT Organization Auckland Business School, New Zealand, Chair of and Management Department, VTB Bank, Russia Ingmar Björkman, former Dean, Aalto University the EFMD Programme Accreditation Board School of Business, Finland Karin Vidic, Director Creative Consulting and Anne Martory, former Senior Executive, Statoil ASA, Applications, EMEA, Steelcase, France Paolo Boccardelli, Dean, LUISS Business School, Italy Norway Erming Xu, Professor of Management, School of Marion Debruyne, Dean, Vlerick Business School, Allan Mitchell, Head, EL Academy, ABB Asea Brown Business, Renmin University of China, and former Belgium Boveri Ltd, Switzerland Dean, School of Business, Shantou University, China 14 Network Services
CORPORATE SERVICES
Throughout the year, EFMD has developed a forum for its corporate members to share and reflect upon their journeys during the pandemic. Members were offered support and space to explore possible future paths, and understand the opportunities offered by a future of digital and agile learning. Whilst facilitating and guiding the peer learning community, the team also fundamentally redesigned the CLIP quality framework by simplifying it, giving it a clear and logical structure and future-proofing it.
Series of Online Workshops Sharing Best Practice CLIP Workshop Following the CLIP 23 March, 30 April, 28 May and 30 June 22 October Accreditation process in the midst of a pandemic was not an Theme: “Corporate Learning in Times Hosted by SberUniversity, Russia easy thing for us. We are busily of a Pandemic” Theme: “Leadership for the Digital Age” exploring new ways of learning Given the world condition, the first amid the difficulties we are Taking stock of the experience during Sharing Best Practice workshop was experiencing with the COVID-19 the pandemic, this workshop focused replaced with a series of four different pandemic. And we can really on the successes and challenges in the online events focusing on: feel the benefits of EFMD’s CLIP digitalisation of L&D practices. Accreditation and are proud of • How to keep the workforce engaged Igor Baranov, Acting Dean of having been the first corporate and productive under remote work SberUniversity, the Digital Lab experts, learning function to do the CLIP conditions and the programme participants Accreditation fully online. Many • How to adapt the L&D portfolio to the presented and shared some of the thanks to the EFMD Team for new context lessons learned while digitising their their great support. approach to leadership assessment and Andreas Hassim, Chief Learning • How to plan for recovery and development, and while setting up Officer at BRI and Head of reimagine the future and Digital Labs to accelerate BRI CU • Is remote working here to stay? transformation. The SberUniversity experience was complemented with Companies such as Faurecia, L’Oréal, input from IMD, Siemens and UBS. Santander, SIBUR, UBS and Parker Hannifin shared their action plans during these sessions. Network Services 15
Corporate Learning Improvement Process (CLIP) Accreditation and Reaccreditation Bank Rakyat Indonesia (BRI) successfully went through CLIP accreditation and was awarded the quality label for 3 years. Mazars University successfully achieved CLIP reaccreditation for 5 years. CLIP Steering Committee Round Tables The peer review visits took place online. EFMD is recognised globally CLIP Steering Committee members as the accreditation body for There are currently 23 CLIP-accredited participated in two on-line round tables. management institutions, companies spread across ten countries, The first round table focused on with EQUIS for business and seven of them have their learning ecosystems, including an schools, and CLIP for corporate headquarters outside Europe. opening session with Julian Birkinshaw universities. Clearly, receiving from London Business School on the validation from peers who “why and how” of the emergence of count among the most Refreshing the CLIP Standards ecosystem thinking. The second, prominent players in the field and Criteria explored the future role of the physical of management education is As corporate learning practices have space in learning, be it corporate a great accomplishment. But significantly evolved since CLIP’s learning centres or dedicated learning ultimately, this accreditation inception in 2001, the team considered spaces, building on the results of a serves to confirm our core to fundamentally refresh the CLIP survey among the EFMD corporate belief: education should be the quality framework. network. backbone of any modern talent acquisition, management, and The new version of CLIP Standards & development strategy. Criteria has been considerably Haier Certification Scheme simplified, it is more balanced, follows a Laurent Choain, Chief clear logic, and takes into account EFMD developed a certification scheme Partnership, Education & emerging learning standards. The new for its corporate member, Haier Group, Culture, Mazars framework comprises five chapters of the Chinese multinational company, to three standards each, with each support the advancement of standard having four criteria (in total Rendanheyi management principles. 15 standards and 60 criteria). To note This management model increasingly the difference, the old framework had attracts the interest of management eight chapters with 35 standards and scholars and other companies from 101 criteria. around the world. The project provides EFMD with great visibility in China and The re-design process started with beyond, in the context of a management interviews of corporate HR and learning model designed for the era of the leaders investigating the value of CLIP Internet of Things (IoT), of platforms in contributing to their organisational and ecosystems. goals. Subsequently, a task force was formed to develop a prototype of the new model for validation. The final version of the renewed CLIP Standards and Criteria was ratified by the CLIP Steering Committee during its meeting in autumn and is valid for all new applications as of November 2020. 16 Network Services
CORPORATE SERVICES
Special Interest Groups (SIG) – Corporate Services in China and Russia EFMD Executive Development “Agile Learning” EFMD delivered a keynote speech on Conference A SIG-member virtual workshop took ‘How L&D accelerates digital The EFMD Executive Development place on 30 March, to discuss the transformation’ during the Online Conference (21–23 October, online) specific challenges participants are Global Talent Summit held from addressed the issue of ‘Scripting the facing during the pandemic and how 7–9 May and attended by more than near future of executive education these might impact their planned 250,000 participants. – How to master the unpredictable’. in-company experiments. Attendees from business schools, SberUniversity and EFMD co-hosted alternative executive education London Business School took over the the fifth edition of the ‘Beyond providers and companies participated facilitation of the group during the Learning Conference’ on 23 October in a scenario planning exercise led by summer, and with an online workshop with the title ‘Exploring the Next IMD experts. The Excellence in Practice on 23 September, relaunched the group’s Normal’. The transition to an online (EiP) Award winning cases represented activity and took stock of the format simultaneously available in a key part of the programme. Further participating companies’ experiments Russian and English turned out to be a details on this Award can be found on in driving agile learning. success, attracting a record of 7000 page 29. participants from education and Four areas of opportunity will be corporate sectors in 30 countries. followed through in the remaining EFMD presented its accreditation phase of the group work: schemes for business schools and • New Capabilities and Skills corporate learning functions, and also • Learning Culture moderated panel discussions. • Agile Methods in L&D EFMD was invited to share its experience and knowledge on the • New L&D operating model. Rendanheyi Scorecard certification Participating companies in the SIG system co-created with the Haier Group include: at the Rendanheyi Opentalk 2020 online conference: “An Ecosystem of Co- AB Inbev, AIA Group, Bank Indonesia, creation and Sharing Based on the Capgemini, EDF, Erste Bank, Principle of Human Value First” held LafargeHolcim, NLMK, Repsol, Richemont, from 16–18 September 2020. Later on, at SberUniversity, Siemens, Steelcase and the fourth International Rendanheyi Swiss Re. Model Forum on 20 September, EFMD The SIG will complete its journey in mid- President Eric Cornuel and Haier Group 2021, culminating with an opportunity CEO Zhang Ruimin provided a joint to share the results during a Corporate welcome address. Advisory Seminar and the release of the SIG Report on Agile Learning. Network Services 17
CORPORATE SERVICES ACKNOWLEDGEMENTS
The CLIP Steering Committee, and especially its CLIP Accreditation Sub-Committee, provided invaluable input into the refresh of our CLIP quality framework, which is now simplified, future-ready and continues to be the benchmark in corporate learning. A wholehearted thank you to all SC and CASC members for supporting us during the toughest year in decades.
Martin Moehrle, Director, Corporate Services & CLIP
CLIP Steering Committee Thomas-Olivier Léautier, Corporate University Director, EDF Arlyana Abubakar, Director, Bank Indonesia Institute, Indonesia Gyan Nagpal, Dean, AIA Leadership Center Igor Baranov, Acting Dean, SberUniversity, Russia Delphine Paulet, Head of Faculty and Dean, The Next MBA, Mazars University Anang Basuki, Chief Learning Officer, BNI Corporate University, Bank Nagara Indonesia, Dominique Pépin, Director of Learning & Indonesia Development, Saint-Gobain Group
Jan Berg, President Corporate University, MLP Veronica Pinto, Management and Learning Finanzberatung SE, Germany Development Director & Chief Learning Officer, EDP - Energias de Portugal Anne Valerie Corboz, Associate Dean Executive Education, HEC Paris, France Daniela Proust, Head of Global Learning Campus, Siemens Marta del Mazo, Director Training and Learning, Repsol Robby Rafid, VP, Pertamina Corporate University, Indonesia Carmen Fernandez Alvarez, Director of Culture and Talent, Naturgy Christian Rippl, Director, House of Learning, Metro Group Elisabetta Galli, Global Head of Knowledge, Development and Talent, Grupo Santander Nicolas Rolland, Director, Engie University
Sara Gay, Head of Learning and Executive Christian Standaert, General Manager, ArcelorMittal University Development, UniCredit Group Frank Waltmann, Head of Learning and Paul Hunter, Director of Digital Learning, IMD Development, LafargeHolcim, CIP David Jestaz, Corporate University Vice Latefa Zazi, Vice President, Director Corporate President, Faurecia Learning Institute, OCP Helen Kerkentzes, Associate Dean, Executive Education, London Business School, The United Kingdom 18 Network Services
BUSINESS SCHOOL SERVICES
With the arrival of the pandemic, EFMD Business School Services EFMD meetings are the was forced to deliver all its events online. This posed a new best way to grasp an overall challenge to the mission of providing the best learning and view of the challenges and networking experience for business school professionals. While opportunities in higher Business School Services continued to focus on delivering high business education. quality content (being online gave access to more diverse speakers), Virginie de Barnier, Dean, we also aspired to provide an interactive online networking Aix Marseille Graduate School experience. Using elements such as gamification, zoom breakout of Management IAE, France rooms and innovative session scripting and design ensured excellent online networking and discussion opportunities. Bring a diverse and provocative discussion on issues close to the heart of all The superb participant feedback on the the last global conference EFMD held business schools. different event experiences showed onsite in 2020. There were 420 Deans Joanne Li, Dean, FIU Business, that the transition efforts were not only present, and unfortunately, more The United States successful and appreciated by the than 50 participants had to cancel membership, but the feedback also their trip due to the outbreak of the showed how engaged the different coronavirus in China during that A “must-do” for those EFMD learning communities remained period. With a central theme of who want to achieve a global through this extraordinary year. This ‘Managing Impact’, the conference understanding of the impact of clearly demonstrated the important role looked at impact from a broad management education and its that EFMD plays as a platform for spectrum of stakeholder views. It has evolution. exchange and learning, especially become increasingly clear that Katia Passerini, Dean, during challenging times. higher education institutions and The Peter J. Tobin College of The EFMD Conference for Deans & business schools have to show their Business, St John’s University, Directors General hosted by SDA relevance and impact on students, The United States Bocconi School of Management on companies, public bodies, and 13 and 14 February in Milan, Italy, was society at large. Network Services 19
On 26 March, the Marcom and External The 2020 EFMD MBA Conference, This was brilliantly Relations Webinars entitled ‘Managing exploring the theme ‘Designing the organised. Certainly, one the COVID-19 communication MBA Journey’, was to be held from of the best and most user- challenges’ were made available to the 19 to 21 April in St. Gallen, Switzerland, friendly virtual conference network free of charge. The reason for but was postponed to 2021 because of environments. You have done these two webinars was to create an the pandemic. Instead, the Business really great work putting it all online community where EFMD School Services Team organised a together. members could come together to webinar on student well-being to help Puleng Makhoalibe, Business connect and share their current issues business schools respond to post- School Executive Education and challenges linked to adapting to graduate students’ needs related to Director, Henley Business the spread of COVID-19. A total of sustainable performance and mental School, The United Kingdom 61 participants registered for the health. 83 participants registered for morning webinar, and 80 people the webinar, which was held on 2 July registered for the afternoon slot. in collaboration with the Adam Smith Very valuable sessions. Business School, University of Glasgow. Lovely to share and hear all On the exact day that the initial on-site the wonderful work that is 2020 EFMD Doctoral Programmes The Future of the Business School being done. Conference was supposed to open, on Seminar Series webinar was Kim van der Merwe, Senior 5 May, the first EFMD Doctoral organised on 8 July with the theme of Learning Partner, Standard Community Webinar was hosted with ‘Leading business schools: current Bank the timely topic of ‘Supporting issues, challenges and research business school doctoral programmes needs.’ This one-hour webinar during the pandemic and post focused on the role of business school Lots of energy, well lockdown’. Highly empathic and leadership and research structured, great opportunity solution-oriented, this webinar was methodologies on management to learn, think, discover attended by 73 participants, reaching education in the current context. the different cases, ask beyond the traditional audience of the questions and interact. Great conference, and it was the inspiration conference! for an article by Julie Davis et al. in Jonathan Pegum, Program Global Focus Vol. 1 Issue 15 'Crisis as Director, Executive and opportunity'. Technical Leadership, https://www.globalfocusmagazine.com/ AIA Leadership Centre crisis-as-opportunity/ 20 Network Services
BUSINESS SCHOOL SERVICES
For the first time, the EFMD Annual The EFMD showcases global best Conference featuring the theme practice in management development ‘Embracing the Future: A New Mandate through research and scholarship as for Business Schools’ took place online well as practice. It provides a forum from 31 August to 2 September. for us to challenge ourselves to do better, Participants were not only able to to confront problematic issues and discuss the current situation of dealing to debate with colleagues across with the COVID-19 crisis and its the world. consequences, but they were also Debra Leighton, Academic Dean, invited to look towards the future and Coventry Business School, rethink what role Business Schools will Coventry University, The United Kingdom play in the recovery and what opportunities result from the economic, The first digital EFMD Annual social and political upheaval of 2020. Conference was designed so well that it This was the first large scale online gave the impression to have travelled to conference of EFMD. Engaging session another place, with strong interactions formats and fully interactive discussion and deep discussions. groups created a unique learning experience for participants and Tamym Abdessemed, CEO and Dean, facilitated networking and exchange. Institute of Intercultural Management Some new features included a zoom and Communication (ISIT), France escape room, speed networking sessions, a platform activity challenge, The EFMD Annual Conference is a a series of quizzes, and exhibitor fantastic event where topics of strategic showcases. 364 participants from priority are discussed and debated. It is 51 countries attended the event. an important event, not to be missed if you wish to be a part of an elite club – a club of great thinkers and great business schools that challenge the world and invest in a bright future. It is about developmental opportunities, networking, and collaboration: the event not to be missed if you wish to stay relevant and stay connected. Elvira Bolat, Director of Accreditation, The Bournemouth University Business School, The United Kingdom
A breath of fresh air in these tumultuous times! We need more moments like this where we meet peers and colleagues to exchange experiences and good ideas! Thanks EFMD! Claudia Sampel, Associate Dean, International Relations, Burgundy School of Business, France Network Services 21
The 2020 EFMD Marcom, External & Alumni Relations Conference theme was ‘Mobilising Stakeholders: Transformation Through Personal Leadership’. The event enabled the 69 participants to explore ways to maximise stakeholder engagement in their organisation in light of the new normal and develop their leadership skills and learn tips and tools for mobilising partners more efficiently and how to tackle new challenges for that community.
I must admit I originally thought I’d be able to multitask while the sessions were on, but for the first time, I didn’t as it was so interesting and well thought through. I really enjoyed all the The 2020 EFMD Job Fair for PhDs in sessions, discussions with peers, and Business and Management took place networking activities. online in October. The online format Josephine Fawkes, Director of added more value by introducing Marketing & Communications, Saïd webinars on relevant topics for both Business School, University of Oxford, candidates and recruiters and video job The United Kingdom market paper presentations of candidates which replaced face-to-face Even though the conference was on-site presentations. The event online, it was great! We had a great attracted a record-breaking 122 PhD amount of interactive activities and met candidates and recruiting institutions a lot of peers in various groups. I have from 32 countries. never been so active in a conference before! Thanks to EFMD's perfect It is one of the most professional events preparation, enthusiasm and interactive that I have ever attended. platform, the conference enabled a lot Linh Hoang Vu, PhD Candidate, NEOMA of discussions, idea sharing but also Business School, France know-how through the experienced speakers. Thank you EFMD! EFMD teams are here for you to start and Markéta Lipavská, Alumni Relations boost your academic career. Manager, Faculty of International Relations, Prague University, Czechia Mohamed Adib, PhD Candidate, Dongbei University of Finance and Economics, China 22 Network Services
BUSINESS SCHOOL SERVICES
The group of people attending this conference every year is very heterogeneous but still “the same”. It is very interesting to see the dilemma and challenges we face are the same, no matter if you are a huge governmental institution or a small private institution. The The 2020 EFMD Executive Development The EFMD Career Services networking is phenomenal. Conference took place over three days, Conference took place online with over Charlotta Edlund, Programme with a three-hour programme per day. 70 participants from 22 countries. Coordinator International Each day consisted of the following Attendees gathered to discuss the Business Management, three pillars for the 93 participants: theme of 'Reinventing career services Mälardalen University, Sweden in times of disruption'. They shared best 1. Bringing in content using a scenario practices and new approaches to Even though our issues and planning exercise, of which the recruitment for career services challenges are unique, there objectives were departments and recruiters, internal is much to be learned from a. To ‘look out the window’ to try to stakeholders and students. one another and I have always understand what a world post or appreciated how the EFMD The EFMD Online Master Programmes with COVID-19 might look like Masters Conference highlights took place from 30 Conference these common themes so well. b. To identify innovative, non-obvious November to 2 December. Under the A very good opportunity to learn responses that may not be theme, ‘ ’, participants had Reality Bytes from one another and extend apparent using normal planning the opportunity to discuss the changes your network among a group of processes to the Master programmes. Smaller international colleagues. discussion groups offered an c. To help participants start building Kerri Regan, Director Master of opportunity to share experience on a consolidated response strategy International Business, Smith other important topics such as useful for their institution and start School of Business, Queen’s online tools to engage with colleagues identifying common University, Canada or students. denominators within or across scenarios for future sharing or It’s THE annual international cooperation. Professional development events event for business master educators, associate deans and 2. Going in-depth and exchanging with The Online Workshop for Deans took directors. Anything important the authors of the EiP – Excellence in place on 26–27, 29–30 October and relating to business master Practice Award cases winners. On enabled deans to discuss their role and education is being discussed page 29 you can find further details the new expectations due to the current at this event, and it’s invaluable on the EiP Awards. world situation. to exchange experiences 3. Connecting with other participants On 3, 8 and 9 December the Online Alumni from different schools, and in smaller groups during networking Workshop took place. With the theme representatives from the labour sessions. ‘Looking beyond the pandemic: lessons on market. engaging business school alumni in this Gabi Helfert, Executive Director virtual world’ participants shared best Under the theme ‘Disruption, Delivery MSc Programmes, Rotterdam practices with top level speakers on new and Design – The Shifting Sands of School of Management, Erasmus ways to engage with their alumni. Bachelor Education’, 38 delegates University, The Netherlands gathered from 11 to 13 November for the
Online EFMD Bachelor Programmes Conference. They discovered and discussed how business schools worldwide have reacted to the pandemic’s challenges and how to plan ahead for the post-COVID future. Network Services 23
EFMD events in 2020 EFMD Job Fair for PhDs in Business EFMD Conference for Deans & Directors and Management General 14–16 October, Online 13–14 February. Hosted by SDA Bocconi School of Management, Milan, Italy EFMD Executive Development Theme: Managing Impact Conference 21–23 October. Online EFMD Marcom and External Relations Theme: Scripting the Near Future of Webinars Executive Education: How to Master 26 March. Online the Unpredictable Theme: Managing the COVID-19 communication challenges EFMD Bachelor Programmes Conference EFMD Doctoral Community Webinar 11–13 November. Online in collaboration 5 May. Online with Frankfurt School of Finance and Theme: Supporting business school Management doctoral programmes during the Theme: Disruption, Delivery and Design pandemic and post lockdown – The Shifting Sands of Bachelor Education
Best Practice Online Workshop 2 July. Online, with the support of the EFMD Career Services Conference Adam Smith Business School 18–20 November. Online in Theme: Student well-being: learnings collaboration with Toulouse Business from an intervention case study School Theme: Reinventing career services in times of disruption The Future of the Business School Seminar Series Webinar 8 July. Online EFMD Master Programmes Conference Theme: Leading business schools: 30 November–2 December. Online current issues, challenges and research Theme: Reality Bytes needs.
EFMD Annual Conference 31 August–2 September. Online in collaboration with emlyon business school Theme: Embracing the Future: A New Mandate for Business Schools
EFMD Marcom, External & Alumni Relations Conference 12–14 October. Online, with the support of Nyenrode Business Universiteit Theme: Mobilising Stakeholders: Transformation through Personal Leadership 24 Network Services
Virtual Admissions Institute for New Professionals (AINP) Europe 2020 23 October–6 November Online, in collaboration with GMAC
The Online Workshop for Deans 26–30 October Online The workshop was very useful to explore and discuss the current challenges of deans, and to work together on possible solutions. Péter Fehér, Dean, Postgraduate and Executive Programmes, Corvinus University, Hungary
Sharing openly with deans from others schools is a fruitful experience as we all move forward in our responsibilities! Anonymous
The Online Alumni Workshop 3–9 December Online EFMD was able to secure brilliant speakers and moderators and made the mundane digital format a lot more exciting! This is an excellent workshop for those looking to have authentic and honest conversations with experts and peers and to build upon your internal networks. Chelsea Steensen, Alumni Relations Manager, ESMT Berlin, Germany Network Services 25
BUSINESS SCHOOL SERVICES ACKNOWLEDGEMENTS
We would like to express our heartfelt gratitude to the members of the EFMD Steering Committees for their unwavering support for our learning communities and conferences during the demanding 2020. Their assistance in planning, designing, moderating, and speaking is invaluable and defines our activities’ experience. We sincerely appreciate the selfless dedication of our devoted EFMD members from all over the world.
Friedemann Schulze-Fielitz, Director, Business School Services
Steering Committee EFMD Bachelor Steering Committee EFMD Annual Conference Programmes Conference Paolo Boccardelli, Dean, LUISS Business School, Ross Booth, Course Director, BCom and BEc Italy Programs, Monash University, Australia Laurent Choain, Chief People and Communication Matthias Catón, Director, Corporate Development, Officer, Mazars, France Frankfurt School of Finance & Management, Germany Thami Ghorfi, President, ESCA – Ecole de Management, Morocco Thomas Cossé, Associate Dean for International Programs, University of Richmond, Jikyeong Kang, President & Dean, AIM – The Asian The United States Institute of Management, The Philippines
Melanie Currie, Deputy Dean, Nottingham Trent Simon Mercado, Dean & Professor of Management, University, The United Kingdom ESCP Europe, The United Kingdom
Ronan Gruenbaum, Dean, Undergraduate London, Rickie Moore, Professor, emlyon Business School, Hult International Business School, The United France Kingdom Marc Smelik, Associate Dean, Business School, Henrique Heidtmann Neto, Head of the Center for IE Business School, Spain Undergraduate Programs in Business and Government, EBAPE – Escola Brasileira de Deborah Somers, Regional Director, Europe, Administração Pública e de Empresas, Brazil Graduate Management Admission Council®, The United Kingdom Nils Øby, Manager, Bachelor Oslo, BI Norwegian Business School, Norway Laura Rojo, Assistant Dean – Executive Director, IE Business School, Spain
Steering Committee EFMD MBA Conference James Barker, Market Development Manager, GMAC ® – Graduate Management Admission Council®, The United Kingdom Boris Blumberg, MBA Captain, Maastricht University, The Netherlands Phil Eyre, MBA Director, Grenoble Ecole de Management, France Viktória Horváth, Head of Office, Corvinus MBA Center, Corvinus University of Budapest, Hungary Antonina Kalkavoura, Corporate Affairs Director, ALBA Graduate Business School, Greece Ewa Maciejewski, Vice Director, University of St. Gallen, Switzerland Manon Pieper, Programme Manager MBA, De Haagse Hogeschool, The Netherlands Sabine Ruesch, Programme Manager MBA-HSG, University of St. Gallen, Switzerland 26 Network Services
BUSINESS SCHOOL SERVICES ACKNOWLEDGEMENTS
Steering Committee EFMD Doctoral Steering Committee EFMD Master Programme Conference Programmes Conference Sofia Amaral Vala, Head of Research Office, NOVA Anthony Aldred, Associate Professor of Marketing School of Business and Economics, Portugal Practice, University of Leeds Business School, The United Kingdom Elena Braccia, PhD Programme Manager, Stockholm School of Economics, Sweden Péter Fehér, Dean, Postgraduate and Executive Programs, Corvinus University of Budapest, Karen Clegg, Head of Research Excellence Training, Hungary University of York, The United Kingdom Gabi Helfert, Executive Director MSc Programmes, Eva Cools, DBA & Research Manager, Vlerick Rotterdam School of Management, Erasmus Business School, Belgium University, The Netherlands
Julie Davies, Reader, Manchester Metropolitan Alex Hiller, Head of Postgraduate and Executive University, The United Kingdom Education, Nottingham Business School, Nottingham Trent University, The United Kingdom Fany Declerck, Professor of Finance, Toulouse School of Management, France Kyryl Lakishyk, Academic Director, Master of Science Programs in Management, Católica-Lisbon Vassili Joannides de Lautour, DBA Academic School of Business & Economics, Portugal Director Grenoble Ecole de Management, France Rebecca Loades, Director Master Programmes, Nicola Palmer, Head of Doctoral Training, Graduate Management Admission Council ®, Sheffield Hallam University, The United Kingdom The United Kingdom
Mark Saunders, Director of Postgraduate Research Radka Newton, MSc Management Programme Programmes, University of Birmingham, Director, Lancaster University Management School, The United Kingdom The United Kingdom
Christine Unterhitzenberger, Associate Professor Vanja Piljak, Docent in International Finance, in Project Management, University of Leeds, School of Accounting and Finance, University of The United Kingdom Vaasa, Finland
Monique van Donzel, Director COVID-19 Joint Nick Sanders, MIB Program Director, Grenoble Ecole Operations Team, INSEAD, France de Management, France
Stéphanie Villemagne, Associate Dean MiF& MiM, IE Business School, Spain
Martin Wetzels, Marketing & Supply Chain Management, School of Business and Economics, Maastricht University, The Netherlands Network Services 27
Steering Committee EFMD Career Jonathan Foster-Pedley, Dean and Director, Henley Services Conference Business School, South Africa Ursula Axmann, Director of Career Center, WU Sherif Kamel, Dean, School of Business, Vienna University of Economics and Business, The American University in Cairo, Egypt Austria Hesham Magd, Associate Dean for Quality and Alexandra Barreto, Executive Director for Strategic Accreditation, Faculty of Business and Economics Development & External Relations, Católica Lisbon Head, Modern College of Business and Science, School of Business and Economics, Portugal Oman
Morea Josias, Head of Alumni Relations and Arjun Rudra, Associate Director – Middle East & Careers Services, University of Cape Town, Africa, GMAC – Graduate Management Admission South Africa Council™, India
Paul Lauriac, Development and Corporate Partnerships Director, Toulouse Business School, Steering Committee EFMD Conference for France Deans & Directors General Maria Moragianis, Career & Alumni Director, ALBA Martin Boehm, Dean, IE Business School, Spain Graduate Business School, Greece Rahul Choudaha, Director of Industry Insights & Dominic Prosser, MBA Careers Coach, University of Research Communications, GMAC® – Graduate Exeter Business School, The United Kingdom Management Admission Council®, The United States Tony Somers, Director, Employer Engagement, HEC Paris, France Yuan Ding, Vice President and Dean, China Europe International Business School, (CEIBS), China Silvia Tilcope, Head of Career Services, LUISS Business School, Italy Gunther Friedl, Dean, TUM School of Management. Technische Universität München (TUM), Germany Winfried Ruigrok, Dean, Executive School of Steering Committee EFMD Middle East Management, Technology and Law, University of and Africa Conference St Gallen (HSG), Switzerland Olayinka David-West, Associate Dean and Professor Giuseppe Soda, Dean, SDA Bocconi School of of Information Systems, Lagos Business School, Management, Italy Pan-Atlantic University, Nigeria Nils Stieglitz, President & CEO, Frankfurt School of Lemira Diallo Sy, Director Accreditations & Finance & Management, Germany International Relations, Groupe IAM, Senegal Metka Tekavčič, Dean, University of Ljubljana, Majid K. El Ghaib, Head of Social Innovation and School of Economics and Business (SEB), Slovenia Sustainability Institute, ESCA – Ecole de Management, Marocco Zita Zoltay Paprika, Former Vice-President for International Relations and Accreditations, Hanane El Kouari, Head of Africa Development, Corvinus University of Budapest, Hungary IÉSEG School of Management, France Ali Elquammah, Director of Academic Affairs & International Relations, HEM Business School, Morocco 28 Network Services
Steering Committee EFMD Executive Steering Committee EFMD Marcom, External Development Conference Relations & Alumni Relations Conference Giuseppe Auricchio, Executive Director, ProEduca, Alison Brown, Head, Brand & Communications, Spain Australian Graduate School of Management (AGSM), UNSW Business School, Australia Rayner Canning, Director, Business Development Unit, University of Cape Town, Graduate School of Sharmishta Chatterjee-Banerjee, Director Business, South Africa Internationalisation, Nijmegen School of Management, Radboud University, The Netherlands Davide Chiaroni, Director Corporate Relations, MIP Politecnico di Milano, Graduate School of Business, Tracey Horn, Director of Corporate Italy Communications and Marketing, Executive Director of the Wo+Men’s Leadership Centre, Ana Côrte-Real, Former Associate Dean – Executive Cambridge Judge Business School, University of Education, Católica Porto Business Cambridge, The United Kingdom School, Universidade Católica Portuguesa, Portugal Martha (Molly) Ihlbrock, Director of Corporate Markus Frank, Director, Head of Custom Communications, ESMT Berlin, Germany Programmes, University of St. Gallen (HSG), Switzerland Kiki Keating, Founder KikiNetwork /Co-Founder MaKiNetwork, KikiNetwork, The United States Stacey Guney, L and D Partner, ArcelorMittal University, ArcelorMittal Esch-sur-Alzette R&D Leilani Ku, Associate Director, Communications, Centre, Luxemburg Desautels Faculty of Management, McGill University, Canada Linda Irwin, Senior Client Director, Executive Education, London Business School, The United Claudia Monteiro, Senior Consultant, Kingdom CarringtonCrisp, The United Kingdom Camilla Jonsson, Portfolio Director, Cranfield Tim Ruthven, Director of Corporate Marketing and School of Management, Cranfield University, Communications, Imperial College, The United The United Kingdom Kingdom Paul McCarthy, Client Director, Warwick Business Sara Strafino, Senior Market Development Manager, School, The University of Warwick, The United GMAC® - Graduate Management Admission Kingdom Council®, The United Kingdom Alexander Ross, Head of IMD NEXUS and Client Heleen van Hall, Head of Alumni & External Engagement, IMD, Switzerland Relations, Director Nyenrode Fund a.i., Nyenrode Business Universiteit, The Netherlands Alexandre Segers, Business Unit Manager Customised Programmes, Vlerick Business School, Belgium Kumeshnee West, Director Executive Education, University of Cape Town, Graduate School of Business, South Africa EFMD AWARDS 29
EXCELLENCE IN PRACTICE AWARD (EIP)
The Excellence in Practice We are delighted to recognise innovative and impactful cases, (EiP) Award 2020 attracted doctoral dissertations and education-industry partnerships that will a record of 41 high-quality inspire pedagogy, research and practice on the way to a sustainable entries this year. recovery from the Covid-19 crisis. Collaborating with our long- standing industry partners, Emerald and The Case Centre, brought valuable insights, wider reach and global visibility for all the outstanding winners.
Magdalena Wanot, Director, Marketing & Communications
Awards EiP Gold winners EiP Silver winners A jury of over 40 representatives Category: Organisational Development Category: Organisational Development from EFMD member companies, Unilever Brasil Industrial & Dublin Airport Authority (daa) & business schools and alternative Fundação Dom Cabral (FDC) Trinity College Dublin providers assessed and selected the winners. ‘Responsible factory closing and ’A journey from a to what can be – relocation at a global sustainability leader’ The future factory programme’ The EiP winning cases were part of the EFMD Executive Development Conference (21–23 Category: Talent Development Category: Talent Development October) and were presented Pertamina & INSEAD & Deloitte & Elevate RAP Working Group & throughout the different parallel Tjitra and Associates Consulting AGSM @ UNSW Business School sessions. An online ‘Award & Bob Aubrey Associates ’Emerging indigenous executive leaders Ceremony’ rewarded all winners ‘Catalyser: Massive leadership programme’ and finalists for their joint efforts. acceleration in an Indonesian state-owned company’ As in previous years, the Category: Professional Development autumn edition of Global Focus Coromandel International Limited & Magazine featured the EiP Category: Executive Development Award winners and finalists. Murugappa Group – Management Standard Bank & Gordon Institute of Development Centre Business Science (GIBS) & Henley ‘VidhyaOnline: A digital learning Business School platform for enhancing salesforce Writing this case has been a ‘Authentic African leadership requires capabilities at Coromandel’ great learning opportunity for ‘more than a programme”’ ESMT Berlin, our client Enterprise Ireland and our partner IMS to Special Category: Ecosystem Development reflect on the key success factors Category: Professional Development Enterprise Ireland & ESMT Berlin of a programme. I am grateful to ArcelorMittal & EF Education First & IMS Marketing be part of a community where ’Unlocking human potential through ‘Focusing the response of Irish business to experience is exchanged and English language learning’ Brexit – Enter the Eurozone programme’ knowledge is openly shared. Thanks to the winners from past years for inspiring us to submit Special Category: Ecosystem our case. Development Nan Guo, Program Director, Association of Entrepreneurship Executive Education, ESMT Berlin, Development “SKOLKOVO Community” Germany & Moscow School of Management SKOLKOVO ‘Developing entrepreneurship in Russia’ 30 EFMD AWARDS
CASE WRITING COMPETITION
The 2020 Case Writing Competition received over 550 submissions in 17 management-related categories. The winners of the 2019 Case Writing Competition were announced in June 2020.
African Business Cases Finance and Banking MENA Business Cases Sponsored by China Europe Sponsored by Portsmouth Business Sponsored by HEC Paris in Qatar International Business School (CEIBS) School ‘Almajid Limited: The tumultuous ‘SweepSouth South Africa: Contextually ‘JPMorgan Chase & Co. – Creating a journey of a multigenerational Intelligent Female Leadership of Next-Gen Banking Experience Powered enterprise in Saudi Arabia Entrepreneurial Domestic Services’ by Digital Technology’ (Parts A, B, C & D)’
Bringing Technology to Market Hidden Champions Responsible Business Sponsored by Bringing Technology to Sponsored by Hidden Champions Sponsored by School of Business, Market (BTM) Center, ESMT Berlin Institute (HCI), ESMT Berlin The American University in Cairo (AUC) ’TOMTOM: Mapping the Course from ‘Digitally-Powered Customer-Centricity ‘Voles System’s Bribery Accusations B2C to B2B’ in the Industrial Gas Sector: The Air in China’ Liquide-Airgas Merger’ Continuous Improvement: The Journey Responsible Leadership to Excellence Inclusive Business Models Sponsored by University of San Diego Sponsored by Instituto Internacional Sponsored by IMD – Institute for School of Business San Telmo – Cátedra Mayoral de Management Development ‘PMI’s Vision of a Smoke-Free Future: Mejora Continua ’BanaPads: To grow or not to grow? Can a Tobacco Company be ‘Northwestern Memorial Hospital: That is the question’ Sustainable?’ Smoothing Material Flow through the Receiving Area’ Indian Management Issues and Supply Chain Management Opportunities Sponsored by Coventry Business Corporate Social Responsibility Sponsored by EFMD Global School Sponsored by ESC PAU Business School ‘Pepperfry.com: Turning the tables ‘Workshop: Building an Industry 4.0 ‘Barry Callebaut: Forever Chocolate’ on disruption’ Transformation Roadmap’
Entrepreneurship Innovative People Leadership Solutions Women in Business Sponsored by emlyon business school in International Intergovernmental and Sponsored by IMD – Institute for Not-for-Profit Organisations ‘Developing an Effective Corporate Management Development Innovation System: The Case of the Sponsored by AHRMIO ‘Google LLC: The Diversity Manifesto Bosch Group’ ‘Managing the growth of an innovative and Leader Candour’ subsidiary in the voluntary sector: Fondation Caritas France, an offshoot of Family Business Secours Catholique’ Sponsored by Suliman S. Olayan School of Business, American University of Beirut Latin American Business Cases ’Technology Park Company: Harvesting Sponsored by Universidad Externado the fruits of a family business’ de Colombia ‘Cinépolis S.A. de C.V. and KLIC: Rising to the Streaming Challenge’ EFMD AWARDS 31
EMERALD/EFMD OUTSTANDING DOCTORAL RESEARCH AWARDS
In 2020, 191 entries were received from authors based all around the world. Ten winning papers have each won €1,000 across the following ten subject areas:
Educational Leadership and Strategy Logistics and Supply Chain Sponsored by Journal of Educational Management We are honored to receive Administration Sponsored by International Journal the prestigious award of EFMD competition for the year 2019. Maxwell Ho Chun Sing, The Education of Logistics Management The field of family business University of Hong Kong, China Marc van den Berg, University of is still young, and the most Thesis: ‘Teachers’ Entrepreneurial Twente, The Netherlands interesting aspect of it; is that Behavior and its Impact in School: Thesis: ‘Managing Circular Building it is a mix between several Case Studies In Hong Kong’ Projects’ disciplines with different factors ranging from emotions Finance Management and Governance to analysis of rigid data. The Sponsored by Managerial Finance Sponsored by Management Decision case is addressing several challenges pertaining to the Stephen Zamore, University of Agder, Kathleen M Crowley, George Washington Egyptian context including, Norway University, The United States succession, strategy, ownership, Thesis: ‘Risk Management and Thesis: ‘Dynamics of Creativity: How and governance. Realizing the Efficiency of Microfinance Institutions’ Early Drug Discovery Scientists importance of case orientation Experience Creativity’ as a learning pedagogy within Health Care Management business schools, we hope that Sponsored by Journal of Health Marketing our case can help to further Organisation and Management Sponsored by European Journal of develop the discipline of family business. Lila Petar Vrklevski, University of Marketing Ashraf Sheta, Gamila Ibrahim, Tasmania, Australia Tim Hilken, Maastricht University, Ahmed Darwich, Ahmed El Thesis: ‘Professional Roles And Identity The Netherlands Tahan, Ali Fouda, and Farah El In Public Mental Health Services: The Thesis: ‘Seeing Is Believing: Enhancing Misalami, American University Mulifaceted Interaction of Belonging, the Customer Experience with in Cairo (AUC), Egypt Attachment, Power and Activities’ Augmented Reality’
Writing about the challenges Human Resource Management Operations and Production of communication and trust in Management Sponsored by Personnel Review the heated context of gender Roxanne Stockwell, University of Bath, Sponsored by International Journal of discrimination was both The United Kingdom Operations & Production Management intellectually and emotionally Thesis: ‘The Experiences and Responses Henrik Franke, ETH Zürich, Switzerland challenging. We feel grateful of Business Graduates to Employer Thesis: ‘Behavioral Challenges to and privileged to be recognised Selection Mechanisms: A Case Study’ Cross-Functional Teams: Essays on by EFMD. Cases can take us Politics and Conflict in Global Sourcing right into the heart of charged, Decision Making’ current dilemmas. This seems Leadership and Organisational particularly true for the topic Development of open communication at a Sponsored by Leadership & Tourism and Hospitality Management time where we’re seeing “a Organization Development Journal Sponsored by Tourism Review crisis of truth” and the need to Esme Franken, Edith Cowan University, Christopher S. Dutt, Emirates Academy face sexism and ideological Australia of Hospitality Management, differences with empathy Thesis: ‘Building People Up: Leadership The United Arab Emirates and candour. and Employee Resilience’ Thesis: ‘The Role of Tourism in Bridging Raymond Chiu, Brock University, the Gap between Expatriates and Hosts: Canada & Fernando Olivera, Ivey A Case of the United Arab Emirates’ Business School, Canada 32 International Projects
EFMD manages a wide portfolio of international projects, supporting or leading international consortia in the fields of quality assurance, internationalisation, impact assessment, the universities’ third mission and contribution to society, gender equality, ICT for higher education and entrepreneurship. All the projects presented here are funded by the European Union.
In 2020 EFMD designed the IDEA QA systems. The SQUARE activities project in response to an EU call for start in 2021. projects targeting ‘digital education ECAR – Establishment of the Rectors’ readiness’. IDEA proposes tools and Conference in Azerbaijan, a three-year methodologies for enhanced online project led by Baku Business University. and blended learning, while ECAR will design and organise the safeguarding the inclusive nature of Deans’ conference in Azerbaijan, a first digital learning environments. IDEA will start in 2021. of its kind in the country. The ECAR activities start in 2021. 2020 was the year of reorganising and expanding the EFMD portfolio of EINST4INE – EU Network for Industry projects to include more regions of the Digital Transformation across world and an updated, wider range of Innovative Ecosystems, a four-year activities. In these projects, EFMD aims project led by Royal Melbourne Institute to take on tasks related to quality of Technology. The project will establish monitoring, impact evaluation and a research network in the field of Open organisation of training to update Innovation. The EINST4INE activities national quality assurance systems. In start in 2021. 2020 we welcomed the approval of: IFI – Innovative Finance Inclusion in SQUARE – Strengthening the Quality Academia and Field (Israel), a three- and Relevance of the third Mission in year project led by the Academic Georgian Universities, a three-year College of Tel-Aviv-Yaffo. IFI advocates project designed by EFMD in for the inclusion of modules in collaboration with Tsibili State sustainable finance and investments in University. SQUARE will assist the more academic disciplines, beyond partners to develop an impact just economics. IFI kicked off in evaluation methodology for their third November 2020 with EFMD presenting mission activities (university activities its methodology for the monitoring of which extend beyond teaching and the project in terms of relevance and research) and integrate this in their quality of results. International Projects 33
A special word of thanks to all our project partners, from Europe but also from the Caucasus, Latin America, Africa and Asia, for their efforts and capacity for innovation that allowed to transfer our activities online quickly and smoothly. Their engagement and creativity not only allowed the continuation of our projects, but also the development of new initiatives that will support the higher education community during these challenging times.
Christophe Terrasse, Director, International Projects
In 2020, EFMD reprogrammed and and ESADE, the study tour showcased transferred online the activities of the best practices in the field of executive projects that it leads. All the projects education. that EFMD participates in also The kick-off meeting of the first H2020 continued progressing online. project in which EFMD is participating In the framework of IMPALA, the took place in January, hosted by ESADE. Colombian, Cuban and Panamanian EQUAL4EU proposes tools for ensuring partners published the Impact gender equality in the European Assessment Framework (IAF), a tool for Research Area. measuring the impact of the universities’ third mission activities. The LATAM In the field of entrepreneurship and universities attended a training in March, innovation, EFMD has been monitoring in NOVA SBE, Portugal and identified 22 the development and quality of projects which will provide the space for entrepreneurship trainings developed by the pilot-testing of the IAF. These projects the projects DaTaGEM, which kicked off cover lifelong-learning programmes, in February, and BIC for SMEs. EFMD has cultural activities and innovation labs for been contributing to the pedagogical the local environment of the university. design of the programmes and the IMPALA was recognised by the organisation of pilots and focus groups. Organisation of Ibero-American States as In the framework of ANTENA, in June offering an innovative approach to EFMD delivered a webinar on ‘Strategic internationalisation and quality planning for internationalisation in assurance in Latin American universities. higher education’ for representatives of For Intercambio de Expertos, in March The Philippines universities and The EFMD organised a study tour in Europe Philippines Commission on Higher for the Cuban Ministry of Higher Education. To design the training, EFMD Education. In cooperation with took inspiration from FORINT,a previous Université Paris-Dauphine, ESCP-Europe EFMD project on internationalisation. 34 International Projects
IMPALA: Strengthening Impact of Programme “Intercambio de Expertos” ANTENA: Internationalisation of Higher Latin American Universities Inspired by the best practices observed Education at The Philippines Network IMPALA is a three-year project that in European business schools and ANTENA supports the reform of the designs and tests a framework and universities, eight Cuban universities Ministry of Higher Education in measurement tools for impact have established dedicated structures The Philippines, and helps enhance the assessment for higher education to support the development of the internationalisation capacities of institutions in Colombia, Cuba and private sector and guide the small the national universities. The project Panama. Through the project, the entrepreneurs. is currently in its second year. universities gain a better understanding The project is managed by EFMD who EFMD organises capacity-building of their potential contribution to oversees the quality of the activities, training on internationalisation for the society through the third mission coordinates the consortium of the partners in The Philippines and activities (university activities extended European business schools and recruits coordinates the creation of a ‘Network’ beyond teaching and research). In the additional European partners. After of universities for the exchange of best second year of the project, the partners three years of activities, the consortium practices and trainings on developed guidelines on how to has expanded to include: ESADE, internationalisation. incorporate social, environmental, Università Cattolica del Sacro Cuore, economic and intellectual impact in NOVA School of Business and their strategic planning and daily Economics, University of Alicante, activities, following the United Nations’ Université Paris-Dauphine, EM 2030 sustainable development Strasbourg, and Université Nice Sophia recommendations. EFMD is the project Antipolis. leader and manages a consortium of 18 partners.
EQUAL4EUROPE BIC for SMEs: Building Innovation DaTaGEM: Digital Transformation of In this four-year project, each partner Competencies for Small and Micro- Global Entrepreneurial Mindsets institution will develop and apply a Entrepreneurs DaTaGEM will develop curricula for customised Gender Equality Plan and This three-year project will develop a entrepreneurs and digital innovators, propose a methodology for the pan- course on innovation entrepreneurship available in an online, freely accessible European implementation of the for micro and small entrepreneurs and platform. EFMD is contributing to the process. The consortium consists of trainers. EFMD is partnering with four pedagogical design of the programme eight business schools, universities and regional entrepreneurship centres from and is in charge of the development of associations. Italy, Spain, Slovenia and Ireland. EFMD self-assessment tools and mechanisms is in charge of the quality review of the for the students and participants. EFMD is in charge of designing a course and the pilot experimentation. In DaTaGEM is a two-year project and was methodology for measuring the impact 2020, BIC for SMEs entered its second launched in 2020. of the project in the partner institutions year of implementation. and of drafting recommendations for the inclusion of quality indicators by accreditation agencies. EFMD is also the partner in charge of coordinating all Thanks to the “Intercambio de Expertos” online and face-to-face promotional Programme, we have improved our activities for the project. innovation and management creativity skills, which has contributed to a better positioning of our company on the national market. Orelvis Bormey Torres, Cuban Business Executive from Villa Clara Development Services 35
EQUAL
An EQUAL board meeting took place in March, hosted by the EFMD office in Brussels. During the meeting, the members had a strategy session on enhancing the network’s visibility and missions.
There were two progress presentations Following the strategy session, a small of projects co-funded by EQUAL: task force was formed to further ’Project on Corporate Social develop activities for the EQUAL Responsibility and Collaborative network, and two teleconference Provision of Business Schools’ led by meetings took place during the period IAE France; and the ‘White Paper on the from May to November. As a result, a set Entrepreneurship Activity of Business of questions were distributed among the Schools in Europe – Polish Business members in December to identify Schools’ led by FORUM. The newly common challenges and to discuss updated EQUAL Glossary was future plans for higher management published and is available on the education and business schools in EQUAL website (http://equal.network). times of disruption.
RESPONSIBLE RESEARCH IN BUSINESS AND MANAGEMENT (RRBM)
The Community for RRBM, supported by problems and enable business to be a EFMD since its inception in 2015, kept force for good. developing well throughout 2020 and The Virtual Summit had a total of currently numbers over 2000 individual 65 participants representing 53 members and some 100 institutional institutions in 14 countries. They partners (schools, associations, discussed how to ensure that the world, journals). The COVID-19 pandemic was which is so deeply in need of research- an opportunity for RRBM to open up to based insights, can ‘build back better’ the world and while we pivoted to from the current social and public health online activities, we also widely crisis. Participants were encouraged to increased our visibility and impact. bring a can-do attitude and be fully The 2020 Responsible Research Summit engaged in a supportive environment was held virtually on 29 June. The need over the course of the summit. for responsible research from business In the first session, three presenters and management scholars has never reported on the progress they made on been greater, particularly in the current their ‘I Will’ commitments from the 2019 context of the global pandemic. We are in-person summit held in Rotterdam. seeing epic challenges and opportunities The second session was a keynote in leadership, health, economics, supply dialogue with Paul Polman, Chair, chains, finance, poverty, social IMAGINE, Vice-Chair of the U.N. Global responsibility, and all areas of business. Compact, and former CEO of Unilever. The purpose of this highly interactive Mr. Polman argued passionately that the three-hour virtual event was to review, time is ripe for change because the cost expand, and accelerate current of not acting now is far greater than it initiatives by internal stakeholders to has even been. The third session was a bridge the research-practice gap; and group discussion involving various also to identify new initiatives to stakeholder categories, and it focused on deepen and broaden the transformation deepening the transformation of the of business research to focus on societal research ecosystem. 36 Development Services
The closing keynote was by site also collects individual and Rebecca Henderson, Professor of institutional endorsements and serves General Management and Strategy, as a showcase platform for all RRBM- Harvard Business School, and she related initiatives such as special discussed ideas from her new book awards in a growing number of Reimagining Capitalism. The summit disciplines, journal special issues, ended with a call for action and dedicated conferences and reminded us that this is a time in presentations, scientific and media history that could become the turning articles, blogs, newsletters etc. point for real change to occur. In terms of governance, the Working We continued with the annual Board developed and approved the Responsible Research Awards in bylaws and obtained US IRS 501c3 Management, in Marketing and in educational non-profit public charity Operations Management. The European status. We had our first nomination and Finance Association launched its annual election of new Working Board best conference paper in Responsible members. With four new Board Finance. The RRBM webinar series members and five new officers, RRBM is started with a set of ten successful infused with new blood and new ideas. webinars between the months of June With full support from EFMD and our and December. partners and stakeholders in the The website (http://rrbm.network), research ecosystem, during this year developed, managed and curated by RRBM picked up momentum and EFMD, hosts the Position Paper ‘A reached a number of significant Vision of Responsible Research in milestones. Our gratitude goes to all Business and Management: Striving for who contributed to the progress we Useful and Credible Knowledge’. The have made over the past twelve months. Development Services 37
GRLI
The GRLI continues to grow and explore its chief focus of ‘What is Global Responsibility and how do we make it real in leadership and practice?’. Our collective capacity to reflect on this question became all the more relevant when the pandemic changed all our 2020 plans. The GRLI’s long-standing commitment to having a low environmental impact and high societal impact stood us in good stead when virtual convening became the norm and ‘What’s important now?’ became the question of the moment.
Significantly in 2020, the GRLI As lockdowns commenced, the fifth Foundation Board endorsed a proposal meeting of the GRLI Deans & Directors by our partners and associates at the Cohort was successfully reimagined 2020 Annual General Assembly which as an interactive, virtual event focused stated that GRLI’s work to develop on ‘Management Education in a Global Responsibility is more important Disrupted World’. than ever and that it should operate At EFMD’s Annual Conference, GRLI beyond our original finish date of 2024, co-hosted an interactive session and be extended to 2030. Guided by the exploring Regenerative Management approved “Towards 2030” document, Education with Julia Christensen GRLI’s real-time dashboard tracks Hughes of Gordon S. Lang School of ongoing pathways and actions. Business and Economics and Florencia We thank our strategic partners; EFMD, Librizzi of SDSN. AASCB International and UN Global The November GRLI Deans & Directors Compact as well as our Guardian Group, Cohort event co-hosted with Antwerp committed Board Members, Partners Management School (AMS) convened and Associates. The GRLI Guardian more than 60 deans, directors, their Group welcomed five new people, giving learning partners and senior business a total of 11 members who ensure the leaders from business, public sector and GRLI stands by its values and principles. civil society. While many events were affected by the Our 2021 commitment is to carry and pandemic, our community of engaged deepen the questions we hold, to Deans & Directors alongside our appreciate and care for our relationships, approach to inquiry-led virtual to explore what is possible, commit to collaboration fuelled the growth of the the essential, and to focus on What’s GRLI Deans Cohort from 50 people to Important Now. over 100 committed change agents during two virtual meetings. January began with GRLI Board memberJulia Christensen Hughes facilitating the third annual Deans' Dialogues at the World Economic Forum in Davos. GRLI Founding Secretary-General Anders Aspling contributed to February’s AACSB Deans Conference during the Responsible Management Education Affinity Group Meeting and Claire Maxwell, Chair of GRLI Foundation, participated in the EFMD Conference for Deans and Directors General. 38 EFMD Global Publications
EFMD Global Focus Magazine The second issue of Global Focus which provided actionable insights for The first 2020 issue of the Global Focus tackled business school impact, the EFMD members, helping them advance magazine was published in January. management education response to their schools, whether by recruiting It tackled various topics including the global pandemic, strategy and more students, creating new degrees, learning ecosystems, MBA sustainability. The highlights included developing executive education, motivations, building culture and ‘Real learning, real impact’ by Jean- enhancing alumni engagement, diversity, and management research Francois Manzoni, ‘COVID-19: crisis, building stronger brands, or creating in crisis. The highlights included lessons and opportunities’ by Martin stronger, more effective websites and ‘Building new ecosystems to create Lockett, ‘Deciding life or death’ by marketing. Peter Lee, and ‘The complexity of customer solutions’ by Arnoud De In October, the Excellence in Practice business schools’ by Kai Peters and Meyer and Peter J Williamson, Awards supplement was published. Howard Thomas. ‘Motivations – balancing the differing It featured project highlights from Gold needs of students’ by Stuart Robinson, The second issue was accompanied by & Silver Award-winning partnerships ‘What digitalisation means for the ‘See the Future’ special supplement and Award finalists. The winning cases universities’ explained by Edeltraud published in September which demonstrated great diversity and Hanappi-Egger, and ‘Towards a model comprised a series of articles based on showcased 16 outstanding learning and of liberal management education’ by the EFMD – CarringtonCrisp research, development partnerships. Howard Thomas. The first issue also included a special supplement in partnership with the Future Work Forum on Leadership for the Next Decade. The supplement covered subjects ranging from innovation, to sustainability, to diversity and inclusion, as a guide for the leaders of the future. It aimed to call for the evolution of leadership: a mindset change from the short-term, numbers- driven approach of the twentieth century, to a sustainable, long-term, people-oriented form of leadership. It was a call to re-humanise the priorities of leaders. EFMD Global Publications 39
Global Focus continues to shine a light on many of the key issues and challenges the business schools and companies are facing. The future of work, sustainability, leading with compassion, impact, diversity and inclusion, teaching in a digital age, are all themes that have featured. I would like to warmly thank all of the authors who have contributed articles, thought leadership and best practice cases in 2020.
Matthew Wood, Director, Operations & Global Focus Magazine Editor
I am a dedicated reader of EFMD’s EFMD – Carrington Crisp Reports ‘Knowing Me, Knowing You’ Report publications and I always find something EFMD continued to develop its The report by Roe Communications, new and intriguing that helps me become cooperation and support CarringtonCrisp and EFMD was released in a better professional. I appreciate that CarringtonCrisp with a series of October 2020. It delved into the current research published is relevant and research reports on the latest challenges, strategies and opportunities for provides extremely useful insights developments and trends in communications, marketing, alumni, into how the future will be in terms of management education. Studies on international and external relations business education and its impact on Tomorrow’s MBA, Tomorrow’s Masters, professionals in business schools – with the performance of people. Business of Branding and Alumni recommendations for action. The survey also Sotiris Karagiannis, Graduate Business Matters were published in 2020. enquired about the skills needed, budget Programs Director, University of New expenditure and the channels that professionals York in Prague , Czechia use to communicate with their audiences.
EFMD Re-branding The recently launched EFMD Global brand portfolio brings more synergy to the EFMD brand family, giving it a modern touch, and upgrading the brand’s operational qualities while remaining true to the organisation's core identity. It comprises umbrella logos and derivative accreditation, certification, development and impact logos that can be applied by the institutions in our network to reflect the respective labels they have been granted. EFMD members can also use a new logo which indicates that they are an EFMD Global member. Additionally, a fresh brand identity for an integrated EFMD Accredited Programme accreditation system was developed. 40 EFMD Membership
NEW MEMBERS
The following members were ratified in July 2020 at the virtual EFMD Annual General Assembly.
New Full Members Rome Business School, Italy New Full Members Academic Corporate Universitas Gadjah Mada, Faculty of Bournemouth University, The Business Bank Negara Malaysia (BNM), Central Economics and Business, Indonesia School, The United Kingdom Bank of Malaysia, Malaysia
University of Aberdeen Business ENCGS – Ecole Nationale de Commerce Bank Rakyat Indonesia (BRI), PT. Bank School, The United Kingdom et de Gestion de Settat, Université Rakyat Indonesia (Persero) Tbk, Hassan 1er, Morocco Indonesia University of Augsburg, Faculty of Business and Economics, Germany FERRANDI Paris, France Institute of Capability Development (ICD) – Diwan of Royal Court, Oman University of Hamburg, Faculty of Heriot-Watt University, Edinburgh Business Administration (HBS – Business School, The United Kingdom Hamburg Business School), Germany New Affiliated Members Indian Institute of Management University of Jyväskylä, School of Academic Kashipur, India Business and Economics, Finland AIMS School of Business (AIMS Institutes), India Jiangnan University, School of University of Lincoln, Lincoln Business, China International Business School, Carroll University, School of Business, The United Kingdom The United States Kyoto University, Graduate School of Management, Japan University of Szeged, Faculty of City University of Macau, Faculty of Economics and Business Business, China MGIMO University, MGIMO Business Administration, Hungary School, Russia FECAP – Fundação Escola de Comércio Xavier Institute of Management & Álvares Penteado, Centro Universitario National Yunlin University of Science Entrepreneurship (XIME), India Álvares Penteado, Brazil and Technology, College of Management, Chinese Taipei GAIA Business School, Guatemala
GLOBIS University, Graduate School of Management, Japan
ISPRIC – Institut des Sciences Politiques, Relations Internationales et Communications, Mali
St. John’s University, Peter J. Tobin College of Business, The United States
Tishk International University, Faculty of Administrative Sciences and Economics, Iraq
Universidade de Fortaleza (UNIFOR), Brazil EFMD Membership 41
Universitas Ciputra, School of New Honorary Members – Prof. Andrzej K. Kozminski Management and Business, Indonesia EFMD Fellows President & Chairman of the Board of Prof. Dr. Christoph Badelt Trustees, Kozminski University, Poland University of California, Davis, Graduate Director of WIFO, the Austrian Institute School of Management, The United of Economic Research, Austria and Prof. Japhet S. Law States former Rector, WU Vienna University Former Dean, School of Business of Economics and Business, Austria Administration, The Chinese University UPES, School of Business, India of Hong Kong, China Dr. Eugenia Bieto Former Director General, ESADE, Spain Prof. Peter Little New Affiliated Member Former Executive Dean, QUT Business School, QUT – Queensland University Executive Development Centre Mr. François-Xavier Cornu of Technology, Australia Former Deputy Director General, in National Institute for Governance and charge of Studies, Research and Sustainable Development (NIGSD), Egypt Training, Chambre de Commerce et Prof. Dr. Dušan Mramor d’Industrie (CCI) de Paris Ile-de-France, Former Dean, Faculty of Economics, France University of Ljubljana, Slovenia New Associate Member
Academic Dr. Wafa El Garah Prof. Štěpán Müller Dean Emeritus, Faculty of International Business School XXI Century-Consult, Former Dean, School of Business Relations, University of Economics, Belarus Administration and former Vice Prague, Czechia President for Academic Affairs, Al Akhawayn University in Ifrane, Transition from Affiliated to Morocco Dr. Michel Patry Full Membership Former Director General, HEC Montréal, Canada Indian Institute of Management Raipur, Prof. Dr. Agnes Hofmeister India Dean Emerita, Corvinus Business School, Corvinus University of Dr. Eric Rodríguez Budapest, Hungary Former Dean, School of Business, Shanghai University of International Universidad del Rosario and former Business and Economics (SUIBE), Dean, School of Management, Prof. Dr. Dipak C. Jain School of Business, China Universidad de los Andes, Colombia President (European), Professor of Marketing, CEIBS – China Europe Universiti Putra Malaysia, School of International Business School, China, Prof. Dr. Dominique Turpin* Business and Economics, Malaysia Dean of External Relations and former and former Dean, Kellogg School of President, IMD, Switzerland Management, Northwestern University, University of Miami, Miami Herbert The United States Business School, The United States Prof. Alain Vas Former Dean, Louvain School of Prof. Valery Katkalo Management, UCLouvain, Belgium First Vice Rector & Dean, Faculty of New Reciprocal Members Business and Management, Moscow KABEA – Korean Association of Campus, Higher School of Economics, Prof. Gasinee Witoonchart Business Education Accreditation, Russia and former Dean, Sberbank Former Dean, Thammasat Business Republic of Korea Corporate University, Russia School, Thammasat University, Thailand
SDG Academy, SDSN Association Prof. Dr. Hirokazu Kono (Sustainable Development Solutions Former Dean, Keio Business School, Network), The United States Keio University, Japan * Honorary Member 42 EFMD Membership
NEW MEMBERS TO BE RATIFIED
The following new members are to be approved by the EFMD Board of Trustees and ratified in June 2021 at the EFMD Annual General Assembly.
New Full Members New Full Members New Honorary Members Academic Corporate Mr. George Bickerstaffe, Editor EFMD East China University of Science and AB InBev, Belgium Global Focus Magazine, The United Technology (ECUST), School of Kingdom Business, China Bank Mandiri, Mandiri University Group, Indonesia Prof. Dr. Michael Page, Professor of Indian Institute of Management Finance and Management, former Provost and Vice President for Lucknow, India Haier Group (Qingdao Rendanheyi Academic Affairs, Bentley University, Entrepreneur Service Co., Ltd), China The United States, Professor International University of Rabat, Rabat Extraordinaire at Stellenbosch Business Business School, Morocco Pegadaian, Indonesia School, South Africa, and former EFMD Board member Mohammed VI Polytechnic University, Africa Business New Affiliated Members School, Morocco Academic Radboud University, Nijmegen School of ABBS School of Management, India Management, The Netherlands Universiti Teknologi MARA, Faculty of Shanghai University, SILC Business Business and Management, Malaysia School, China
University of Derby, College of Business, New Associate Member Law and Social Sciences – Derby Business School, The United Kingdom Academic Practicum Group, Practicum Business University of Kassel, Faculty of School, Russia Economics and Management, Germany
University of León, Faculty of Economic Transition from Affiliated and Business Studies, Spain to Full Membership Universidad de La Sabana, International University of Shanghai for Science and School of Economic and Administrative Technology, Business School, China Sciences, Colombia
University of Trento, Department of Economics and Management, Italy New Reciprocal Members
Wittenborg University of RRBM – Responsible Research in Applied Sciences, The Netherlands Business & Management
Zhongnan University of Economics and SABSA – South African Schools Law, School of Business Administration, Association, South Africa China EFMD Membership 43
966 Members 90 Countries
83 37 23 186 NORTH AFRICA MIDDLE- ASIA AMERICA EAST
61 539 37 CENTRAL & EUROPE AUSTRALIA- SOUTH OCEANIA AMERICA 44 EFMD Governance as of December 2020
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Chairman of the Board 12 Santiago Iñiguez de Onzoño 1 Alain Dominique Perrin President, IE University, Spain Co-Chairman of Richemont Strategic Committee, Compagnie Financière Richemont SA, Founder and 13 Dipak Jain President of the Cartier Foundation for Contemporary Art President, CEIBS, China
14 Jikyeong Kang Honorary Chairman of the Board President, Asian Institute of Management, The Philippines 2 Gerard van Schaik Former Chairman of the Executive Board of Heineken N.V., 15 Saul Klein The Netherlands Dean, Peter B. Gustavson School of Business, University of Victoria, Canada Vice-Chairman 3 Valery Katkalo 16 Hirokazu Kono First Vice-Rector of HSE University and Dean of Graduate Professor and former Dean, Keio Business School, Graduate School of Business, former Dean at Sberbank Corporate School of Business Administration, Keio University, Japan University, Russia
17 Peter Moizer Vice-Chairman Professor of Accounting and former Dean, Leeds University 4 Rebecca Taylor Business School, University of Leeds, The United Kingdom Pro-Vice-Chancellor and CEO (Malaysia), University of Southampton, The United Kingdom 18 Andrzej Popadiuk President, Gdansk Foundation for Management President Development (GFKM ), Poland 5 Eric Cornuel 19 Kar Yan Tam Dean, School of Business and Management, Hong Kong University of Science and Technology, (HKUST Business 6 Massimo Bergami School), China Dean, Bologna Business School, University of Bologna, Italy 20 Metka Tekavčič 7 Thomas Bieger Dean, School of Economics and Business, Professor of Management and former President, University of Ljubljana, Slovenia University of St. Gallen, Switzerland 21 Dominique Turpin 8 Frank Bournois Dean for External Relations and former President, IMD, President and Dean, ESCP Europe, France Switzerland
9 Laurent Choain 22 Baback Yazdani Chief Partnership, Education & Culture, Mazars Dean, Nottingham Business School, Nottingham Trent University, The United Kingdom 10 Wafa El Garah Professor of Management Information Systems, Project 23 Zhihong Yi Director of the Center for Business Ethics and former Professor of Finance and former Dean of Business School Vice President of Academic Affairs, Al Akhawayn University and former Vice-President, Renmin University of China, in Ifrane, Morocco China
11 Alice Guilhon Dean, Skema Business School, France 46 EFMD Team 2021
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26 27 28 EFMD Team 2021 47
1 Eric Cornuel 15 Florence Grégoire President Membership Manager
2 Helke Carvalho Hernandes 16 Caroline Malvaux Vice-President Project Manager
3 Matthew Wood Director Operations, Quality Services Global Focus Magazine Editor 17 Alfons Sauquet Director, Quality Services & EQUIS Business School Services 18 Barbara Sporn 4 Friedemann Schulze-Fielitz Director, EFMD Programme Accreditation Director 19 Susan Hart 5 Diana Grote Associate Director, EQUIS Manager 20 David Asch 6 Robin Hartley Senior Advisor Manager 21 Robert Galliers 7 Delphine Hauspy Senior Advisor Manager 22 Martin Schader 8 Virginie Heredia Rosa Senior Advisor Manager, Business School & Professional Development Services 23 Jens Peter Tøndel Senior Advisor 9 Jean-Alexis Spitz Manager 24 Isabel Ramos Senior Manager 10 Amandine de Dorlodot Coordinator 25 Veronique Roumans Senior Manager
Corporate Services 26 Joyce del Rosario 11 Martin Moehrle Manager Director 27 Aurélie Harmand 12 Jan Ginneberge Manager Senior Advisor 28 Marielle Van Renterghem 13 Richard Straub Manager Senior Advisor 16 Caroline Malvaux 14 Shanshan Ge Project Manager Senior Manager
48 EFMD Team 2021
29 30 31 32 33
34 35 36 37 38
39 40 41 42 43
44 45 46 47 48
49 50 EFMD Team 2021 49
Membership Services Finance
29 Liliane Gaspari 41 André Fizaine Manager Director
30 Catarina Botelho 42 Benoît de Grand Ry Project Manager, Membership Relations Senior Manager, Finance & HR
31 Elysse Vincze 43 Angela Rojas Project Manager, Governance & Membership Manager
44 Isabelle De Greef Assistant International Projects 45 Delphine Rattan 32 Christophe Terrasse Assistant Director
33 Jean-Baptiste Maillard Support Services Senior Manager 46 Talal Kherbek 34 Athanasia Panoutsou Coordinator, Logistics Manager 47 Claude Loux 35 Maria Quilez Coordinator, Office & Reception Coordinator
Special Advisors Marketing, Communications & IT
48 Howard Thomas 36 Magdalena Wanot Senior Advisor Director 49 Liliana Petrella 37 Eline Loux Special Advisor, Responsible Management Education Manager 50 Julio Urgel 38 Aurore Detournay-Kaas Special Advisor Graphic Designer
39 Patsy Van Autreve Database Manager
40 Nick Pergoot IT Manager 50 Financial Review 2020
KEY FIGURES AT A GLANCE Performance: Growth of the EBIT – Result of the year in line with that of previous years
EBIT RESULT OF THE YEAR
€ 000
2020 250 291 000 € 243 240 234 230 + 3.56% 225 2019 220 281 000 €
210
200 2018 2019 2020
CASH FLOW SOLVENCY A solid foundation for future development A strong financial independence
2020 570 651 €
2019 + 165,000 € 56.8% Solvency ratio 405 636 € Financial Statements 2020 51
FINANCIAL STATEMENTS AND EXPLANATORY NOTES
BALANCE SHEET
EUR Note 31.12.2020 31.12.2019
NON-CURRENT ASSETS Intangible assets 2.1. 24 083.33 46 410.93 Property, plant and equipment 2.1. 2 620 982.19 2 752 899.93 Financial assets 2.2. 126 241.94 112 491.25
2 771 307.46 2 911 802.11 CURRENT ASSETS Trade debtors 2.3. 2 165 958.63 2 372 819.56 Other debtors 36 735.89 110 121.67 Cash and cash equivalents 4 525 212.10 5 012 148.48 Deferred charges and accrued income 102 393.62 86 133.94
6 830 300.24 7 581 223.65
TOTAL ASSETS 9 601 607.70 10 493 025.76
NON-CURRENT LIABILITIES Long term debts 2.4 ( 197 751.53) ( 239 394.61)
( 197 751.53) ( 239 394.61) CURRENT LIABILITIES Financial liabilities 2.4 ( 41 643.08) ( 40 840.85) Suppliers ( 247 072.44) ( 649 355.67) Tax, VAT 2.5 ( 100.67) ( 55 319.81) Salaries ( 225 873.99) ( 222 748.84) Other 2.6 (2 534 176.95) (2 738 254.44) Accrued charges and deferred income ( 901 448.26) (1 327 072.57)
(3 950 315.39) (5 033 592.18)
TOTAL LIABILITIES (4 148 066.92) (5 272 986.79)
NET ASSETS 5 453 540.78 5 220 038.97
Accumulated profit carried forward 5 453 540.78 5 220 038.97
NET ASSETS 5 453 540.78 5 220 038.97 52 Financial Statements 2020
FINANCIAL STATEMENTS AND EXPLANATORY NOTES
STATEMENT OF FINANCIAL PERFORMANCE
EUR Note 2020 2019 Var 19/20
OPERATING REVENUE Turnover and Membership 3.1. 7 968 770.28 9 500 526.89 (16.12%) Other income 351 081.45 547 334.91 (35.86%)
Total Operating Revenue 8 319 851.73 10 047 861.80 (17.20%)
OPERATING EXPENSES Direct costs on projects 468 576.47 386 946.46 21.10% Services and other goods 4 166 601.23 6 025 646.73 (30.85%) Remuneration 2 372 210.79 2 495 484.96 (4.94%) Depreciation 193 988.51 209 454.04 (7.38%) Amounts written off trade debtors 143 160.55 ( 47 142.22) (403.68%) Other operating expenses 684 001.13 696 050.66 (1.73%)
Total Operating Expenses 8 028 538.68 9 766 440.63 (17.79%)
Operating result – EBIT 291 313.05 281 421.17 3.51%
Financial revenue 2 332.54 9 166.79 (74.55%) Financial expenses 60 143.78 47 263.93 27.25%
Financial result ( 57 811.24) ( 38 097.14) 51.75%
Non-recurrent income
Non-recurrent result
ECONOMIC RESULT OF THE YEAR 233 501.81 243 324.03 (4.04%)
CHANGE IN NET ASSETS Accumulated profit carried forward EUR
Balance as at 31.12.2016 4 536 371.30 Economic result of the year 2017 215 178.38 Balance as at 31.12.2017 4 751 549.68 Economic result of the year 2018 225 165.26 Balance as at 31.12.2018 4 976 714.94 Economic result of the year 2019 243 324.03 Balance as at 31.12.2019 5 220 038.97 Economic result of the year 2020 233 501.81
Balance as at 31.12.2020 5 453 540.78 Financial Statements 2020 53
FORECAST YEAR 2021 / 2020 – ACTUAL 2020
(000) EUR Forecast 2021 Actual 2020 Forecast 2020
OPERATING REVENUE 10 126 8 320 10 763
DIRECT EXPENSES (2 738) (1 156) (3 076)
OVERHEADS (7 129) (6 931) (7 440)
Personnel (incl.regular consultants & interim personnel) (5 085) (5 020) (5 050) Rent and maintenance ( 180) ( 178) ( 205) Office equipment ( 75) ( 75) ( 75) Administrative expenses ( 85) ( 84) ( 135) Marketing and communication ( 80) ( 61) ( 145) Travelling and accommodation ( 130) ( 98) ( 340) Fees (occasionnal consultants and sundry services) ( 472) ( 371) ( 520) Financial support to other associations ( 480) ( 586) ( 585) Other overhead expenses ( 65) ( 63) ( 65)
Depreciation (1) ( 230) ( 194) ( 245) Provision for bad debts (2) ( 197) ( 143) ( 25) Financial result ( 50) ( 58) ( 50)
NET RESULT (3) 259 233 247
CASHFLOW (3)+(2)+(1) 686 570 517 54 Financial Statements 2020
NOTES TO THE FINANCIAL STATEMENTS 2020
1. SIGNIFICANT ACCOUNTING POLICIES 1.1. Legal basis and accounting rules The accounts of the EFMD are kept in accordance with the Belgian GAAP. They are prepared on the basis of accrual-based accounting rules. The accounts are kept in Euro on the basis of the calendar year.
1.2. Accounting principles The objective of the financial statements is to provide information about the financial position, performance and cashflows of an entity that is useful to a wide range of users. For the EFMD as an international association, the objectives are more specifically to provide useful information for our members – the Business Schools and the Corporate Universities, our partners and institutional funders, and to demonstrate the accountability of the entity for the resources entrusted to it. It is with these goals in mind that the present document has been drawn up.
2. NOTES TO THE BALANCE SHEET 2.1. Intangible and tangible assets All intangible and tangible assets are stated at historical cost less accumulated amortisation or depreciation. Cost includes expenditure that is directly attributable to the acquisition, construction or transfer of the asset. The assets are amortised or depreciated on a straight-line basis over their estimated useful lives.
Type of asset Straight line depreciation – amortisation rate
Intangible assets 33% Buildings 2% Buildings' modifications 10% Furniture 20% Office equipment and IT 33% Furniture and other equipment 20%
Gains or losses on disposals are determined by comparing proceeds less selling expenses with carrying amount of the disposed asset and are included in the statement of financial performance. The main investments of 2020 consist in small renovation works in the Brussels office. Financial Statements 2020 55
2.2. Financial assets Included in financial assets are mainly deposits.
2.3. Trade debtors At the end of 2020 the outstanding amount remains high due to the invoices for different projects.
2.4. Long term debt and Financial liabilities The long-term loans amount to 197.751,53 EUR and the annuities totalise 41.643,08 EUR.
2.5. Tax, VAT
EUR 31.12.2020 31.12.2019
VAT (240.00) 39 931.51 Tax 340.67 15 388.30 Tax & VAT 100.67 55 319.81
Tax (office tax) has been paid before year end in 2020. VAT included a balance to be received at year end 2020.
2.6. Other
EUR 31.12.2020 31.12.2019
Advances received on 2 499 217.16 2 702 184.52 European contracts Other 34 959.79 36 069.92 Other 2 534 176.95 2 738 254.44 56 Financial Statements 2020
NOTES TO THE FINANCIAL STATEMENTS 2020
3. STATEMENT OF FINANCIAL PERFORMANCE 3.1. Turnover & membership
2020 2019 Var 19/20
Conferences 841 389.40 1 871 403.93 (55.04%) International projects 643 379.41 915 711.54 (29.74%) CLIP 98 000.00 180 000.00 (45.56%) EFMD Accredited 867 646.00 846 426.00 (2.51%) EQUIS 1 937 150.00 2 174 280.00 (10.91%) Membership 3 439 705.47 3 488 341.39 (1.39%) Other 141 500.00 24 364.03 480.77%
Turnover and membership 7 968 770.28 9 500 526.89
Million EUR 2020 2019
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0 Other CLIP EFMD International Conferences EQUIS Membership Accredited projects
EQUIS stays the second source of revenue of the EFMD just after the membership, and represents 24% of the EFMD turnover. The CLIP revenue has fallen back after an increase in 2019 (72 K EUR in 2017 – 152 K EUR in 2018 – 180 K EUR in 2019 – 98 K EUR in 2020). The conferences generated a total of 841,000 K EUR revenue in 2020. The decrease compared to year 2019 is due to the impact of COVID-19 pandemic. The main International on-going projects are IMPALA and Intercambio de Expertos. EFMD network counts at the end of 2020, 966 members across 90 countries and 3,44 million EUR of revenue from membership. Financial Statements 2020 57
4. FORECAST YEAR 2021 / 2020 – ACTUAL 2020 The COVID-19 pandemic forced EFMD to reorganise all its activities to be carried out largely or entirely remotely. Thanks to the IT equipment which was already available for staff (such as laptops and fast internet connections at home), the switch to teleworking was smooth, and all our publications could be edited. The adaptability of the staff and the use of appropriate and efficient software made it possible to successfully transform conferences into video conferences and to continue our webinars and our important accreditation activities. Nonetheless, some foreign trips that were required for international projects had to be postponed due to various lockdowns and travel restrictions, but extensions were easily obtained from the funder given the circumstances. Although the 2020 forecast has not been realised in terms of revenue, the final result remains in line with previous years due to the reduction of costs. For 2021, the projections cautiously take into account the extended worldwide restrictions for at least the first half of the year. However, thanks to our experience in 2020, we are confident that our activities in 2021 will be successful and our estimated result remains at a level comparable to previous years. The cash flow estimated should allow EFMD to continue its internationalisation, investment in technology and development of its activities for the benefit of its diverse membership. 58 Auditor’s Report Auditor’s Report 59 60 Auditor’s Report Auditor’s Report 61
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