Annual Report

2018

1 C Contents ontents

2 Our Year 26 Faculty & 56 Infrastructure in Review Research 56 Digital Infrastructure 26 Overview 57 Campus 28 Recognition & Awards 58 Campus 30 New Faculty 59 Middle East Campus 4 34 INSEAD Knowledge 4 From the Chairman 36 Alliances & 5 Board of Directors Partnerships Constituencies 6 From the Dean 60 8 Executive Committee 60 Advisory Council 8 New Leadership 60 Fondation Mondiale Degree INSEAD 38 Programmes 60 Fondation INSEAD 60 International Council Special Features 38 Master Degree 61 National Councils 10 Programmes 11 INSEAD Brand 40 Class Statistics Evolution 41 Doctoral Programme 14 The Campaign for 42 Career Development Graduating INSEAD Centre 67 Classes 16 Rethinking Business 44 Employment Statistics & Society 67 MBA Class of 18 iW50 – A Year of December 2017 INSEAD Women 70 MBA Class of 20 INSEAD LaunchPad Executive July 2018 at Station F 46 Education 72 Global Executive MBA 74 Tsinghua-INSEAD 46 Open & Customised Executive MBA Programmes 74 Master in Finance Finances & 48 Online Programmes 22 Endowment 74 Executive Master in Consulting and 22 Finances Coaching for Change Advancement 24 Endowment 50 50 Advancement & Alumni Relations 54 Events

The 2017/2018 Our Year in Review report is developed by INSEAD Communications through a school-wide collaborative process.

We would like to thank everyone who contributed to this year’s report. We would also like to thank the entire INSEAD Community – students and participants, alumni, faculty and staff – for making this year a success. It is an honour and privilege to report our accomplishments and we look forward to what the future holds. 2 Leadership ANNUAL REPORT 2017/2018

From the Chairman

When I reflect on the decisions taken by the Board over this time, I realise the extent to which they will shape the future of INSEAD. This year, we wholeheartedly embraced the launch of our most ambitious fundraising campaign to date.

We commended the creation of The year-long celebration of women the Hoffmann Global Institute at INSEAD, or iW50, which culminated for Business and Society and its in the Summit of summer 2018, is mission to influence every facet another historic moment. It sends of the school’s activities. We not an important signal to the world and only approved but applauded Dean heralds a new era of gender diversity Ilian Mihov’s bold new five-year across INSEAD – extending to the strategy. And, in endorsing the Board itself. Already we have taken vast undertaking to renovate our it to heart and are in the process of entire campus in , we replacing retiring male directors reaffirmed our commitment to our with female talent, targeting at least much-loved European home. 35% representation over the next few years. These are truly transformative and far-reaching developments. But there As we approach our 60th anniversary are many, many others deserving of next year, we will start to see the celebration. It was another exceptional impact of 2017/2018 developments year for Executive Education, for throughout the school. These are example, with strong growth and exciting times, indeed, to be part of higher performance than ever before. the global community that is INSEAD. Our in online education are a particular source of pride. Digital remains a small flower, but it is blooming brightly – broadening our audience and widening our portfolio. It is also worth adding that, compared to other business schools, Andreas Jacobs our record of attracting and retaining MBA’90D the world’s very best faculty was Chairman of the Board outstanding in 2017/2018 and has taken our number of resident professors to an all-time high. LEADERSHIP

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Board of Di of Board Directors rectors

Honorary Chairman Sadia Khan Permanent Invitees President, INSEAD Alumni Association CEO, Selar Enterprises (Pvt) Ltd Claude Janssen Ilian Mihov Daniel Labrecque Dean Chairman, INSEAD International Council INSEAD Professor of Chairman Chairman, DNA Capital The Rausing Chaired Professor of Economic and Business Transformation Andreas Jacobs François Hériard Dubreuil Member of the Board, Jacobs Holding AG CEO & Director, SMCP (Sandro, Maje, Claudie Pierlot) President, Fondation INSEAD Chairman, Orpar Christina Law Chairman, Rémy Cointreau Vice Chair Group President, Asia & Latin America, General Mills Anil Gaba Emma Goltz Faculty Representative Chair, INSEAD Alumni Fund Frédéric Lemoine INSEAD Professor of Decision Sciences Former Chairman of the Executive Board, The Orpar Chaired Professor of Risk Wendel Group

Members Susan Lloyd-Hurwitz D. Charles Galunic Chair, INSEAD Campus Renewal Faculty Representative Jolyon Barker Committee INSEAD Professor of Organisational Global Leader, Clients & Industries CEO and Managing Director, Behaviour Chairman, INSEAD Audit, Finance & Mirvac Group Ltd The Aviva Chaired Professor of Risk Committee Leadership and Responsibility R. Todd Ruppert Rémy Best Founder & CEO, Ruppert International Inc. Brigit Soccard Chairman, INSEAD Campaign Board Staff Representative Chairman, Fondation Mondiale Mika Salmi Executive Assistant to the CCO and Managing Partner, Pictet Group Senior Advisor, Raine Group Communications Department Chairman, INSEAD Remuneration Karen Fawcett Committee Co-founder, Katfish Holdings Mirjam Staub-Bisang Deepak Gupta Chair, Endowment Management Founder & Chairman, Denita Group Committee of Companies Managing Director, BlackRock Chairman, INSEAD Nominations Switzerland Committee Fernando Zobel de Ayala Philippe Houzé President & COO, Ayala Corporation Chairman of the Executive Board, Galeries Lafayette Group LEADERSHIP

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From the Dean ANNUAL REPORT 2017/2018

Through reflection, we see how INSEAD has grown with the world and changed the world for the better with the research we produce, the leaders we engage with and the success stories we hear from our community.

Environmental pressures, new INSEAD Brand The Campaign geopolitical forces and technological advance are reshaping global Evolution for INSEAD business. These challenges require This year, we renewed the INSEAD In October, INSEAD launched a leaders to think differently and brand so the world can see us for €250 million fundraising Campaign, act differently. who we truly are. We placed our our most ambitious to date. The The INSEAD founding principles name in a logo that represents our Campaign is grounded in our can and must guide us as we position as the for distinct values, vision and ventures. equip leaders to face today’s the world. We updated the colours Campaign support fortifies our global challenges. Looking to to reflect our diverse and vibrant academic excellence, drives the past shapes how we prepare community. We made a brand breakthrough and holds leaders for a dynamic and promise to strive for excellence in the potential to transform society unpredictable future, which has everything we do. on a global scale. made this a year of renewal.

We have renewed our commitment to lead cutting-edge business education, to promote gender balance and to launch new initiatives, such as a permanent space in . We started a process to renew our school by modernising our Europe Campus and enhancing offerings in Asia and the Middle East. We have renewed our community engagement, seeking support to achieve greater success.

This year, we redoubled our effort to inspire, innovate and expand our global influence – and this effort has been marked by several milestones. 5 F t rom h e D ean

In this year’s annual report, I am pleased to share more about these milestones, along with facts, figures and highlights from around the school.

The achievements reflected in the 2017/2018 Annual Report belong to the INSEAD community – our faculty, students, alumni, donors, supporters and staff. They are the result of hard work, incredible Rethinking Business anniversary of our first female MBA talent, deep collaboration and graduates. It was the culmination commitment to our mission. I and Society of a year of showcasing the want to thank everyone who has experiences and ideas of INSEAD In August 2018, we established been a part of this chapter of the women. The successes shared the Hoffmann Global Institute INSEAD success story. refocused our work on gender for Business and Society. Our balance, with emphasis on This year has been a year to newest INSEAD institute explores elevating and empowering women celebrate, and it has been an the intersection of business and leaders. This work will be carried inflection point. Together, we can society. The challenges of our times forward by the Gender Initiative. build on what has been done and are immense, and the decisions transform the world. made today determine the future. The Institute will work across the LaunchPad for I thank you for your continued school and with our partners to support. enable leaders to deliver positive Start-ups outcomes for their organisations The year kicked off in January with and their communities. the opening of the LaunchPad at STATION F in . The LaunchPad Celebrating is a hub for INSEAD start-ups to Ilian Mihov benefit from the expertise of our Dean of INSEAD INSEAD Women entrepreneurship community and ecosystem at STATION F, the The iW50 Summit held on our world’s biggest start-up campus. Europe Campus in June was With this idea incubator space, we the celebration of the 50th put innovation in focus. LEADERSHIP

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Executive New Committee Leadership ANNUAL REPORT 2017/2018

Ilian Mihov The INSEAD Executive Committee Dean welcomed six new members this year. Peter Zemsky Deputy Dean and Dean of Innovation

Laurence Capron Dean of Faculty

Ziv Carmon Dean of Research

Urs Peyer Dean of Degree Programmes

Ben M. Bensaou Dean of Executive Education

Nida Januskis Associate Dean of Advancement

Katy Montgomery Associate Dean of Degree Programmes Mark Roberts Ben M. Bensaou Associate Dean of Executive Education Dean of Executive Education Attila Cselőtei Professor Ben M. Bensaou has been appointed to the INSEAD Chief Operating Officer Executive Committee as Dean of Executive Education. Lukas Thalhammer Ben is a long-serving professor at INSEAD, a pioneering thought leader in innovation and Asian business and has Chief of Staff received many Executive Education Awards for outstanding programme direction and teaching.

Attila Cselőtei Chief Operating Officer Attila Cselőtei has been appointed Chief Operating Officer, a step towards achieving our strategic goals and improving operational effectiveness. For the past eight years, Attila served as Chief Information Officer, where he increased student satisfaction, digitalised many of our processes and improved our digital agility. 7 Laurence Capron Dean of Faculty N ew Professor Laurence Capron has been appointed as Dean of Faculty. Laurence joined INSEAD in 1997, served as L eaders INSEAD Board Faculty Representative since 2016 and is a leading expert on M&As, alliances and business portfolio

growth. She has won many awards, including the INSEAD h

MBA Best Teacher Award. ip

Ziv Carmon Dean of Research Professor Ziv Carmon is our new INSEAD Dean of Research. An expert in judgment and decision-making, and its public policy, strategic and tactical implications, his research has been extensively published in leading academic journals. Ziv also served as Chair of the R&D Committee over the past five years.

Lukas Thalhammer Chief of Staff Lukas Thalhammer MBA’17J has been appointed Chief of Staff. His role is to align the Dean’s priorities and agenda with the school vision and strategy, manage the Dean’s Office and lead school-wide strategic projects. Lukas is a member of the Executive Katy Montgomery Committee and acts as its general secretary. Associate Dean of Degree Programmes Katy Montgomery is our new Associate Dean of Degree Programmes. She has 14 years of experience in higher education, most recently serving as Associate Dean of Student Development at Johns Hopkins Carey Business School before joining INSEAD in 2017 as INSEAD Global Director of Career Development. 8 Special INSEAD Brand Evolution A Transformation for Good – maturation of the INSEAD mission and values has prompted an update of our visual identity.

ANNUAL REPORT 2017/2018 Features The Business School for the World now has a logo for the world.

The Campaign for INSEAD We can achieve what our founders envisioned – a more peaceful society, prosperous world and sustainable future. Join this exciting journey as we transform the world for the better. Rethinking Business and Society Our newest institute, the Hoffmann Global Institute for Business and Society, is poised to take our positive social impact to the next level.

iW50 - A Year of INSEAD Women On the 50th anniversary of the first women to graduate from the MBA programme, we reflect on strength in diversity and renew our commitment to empower women.

INSEAD LaunchPad at STATION F We have lift-off! The world’s most entrepreneurial business school joins the planet’s biggest start-up campus. SPECIAL FEATURES

9 IN INSEAD Brand Bra SEAD Evolution n d E vo l ut i o n

This latest evolution of the brand reflects our position as a global leader in innovative business education.

In October 2018, INSEAD A Mission-driven ideas and ideals behind the INSEAD Communications updated the identity with an eye on how to school’s brand assets to give Process represent these concepts visually, the INSEAD visual identity a look while building on the INSEAD One of the first steps in this and feel that fits with the ideas brand established over decades transformation was to articulate and initiatives coming in the new of leadership. a new direction for growth and academic year and beyond. development. In 2017/2018, INSEAD This knowledge drives a better At the heart of this brand evolution adopted a new, direct mission understanding of our brand, which lies a transformation and maturation statement that inspires leaders to is outlined in our first-ever Brand of the INSEAD mission and values, be more responsible, with a vision Book, a deep dive into the brand which is given a more prominent built on the idea that business promise and philosophy that voice by an updated logo, colour can change the world for good. accompanies the core elements of palette, typefaces and other Our updated branding is the visual the brand and guidelines for their elements of our visual identity. manifestation of this mission. use. This approach integrates the The new look is a subtle change, Dean’s vision and school’s mission The process to update our brand but it is meaningful. The evolution into a visual identity that is global began with a deep look at the of the INSEAD brand is a testimony yet focused, open and inclusive, revised mission. We then made of our maturity and an inclusive and representative of the cycle a formal promise from which representation of all that our of transformation at INSEAD and we designed our new brand school stands for. around the world. framework. We examined the 10 ANNUAL REPORT 2017/2018

By transforming people, we Colour Palette – INSEAD Owns Green education. It is a touchstone transform businesses and we Green is a point of distinction for to engage the community and transform the world. It is a cycle of INSEAD and we display it proudly. encourage positive association transformation for good. This is No other business school uses with the INSEAD experience. It the core concept of this brand green in their identity as we do. The is a celebration of our past and a evolution, of our project. On this new, expanded green colour palette foundation for our future. principle, we are looking back at is a unique differentiator for us our history to shape our future. Our with positive connotations such as INSEAD is the business school logo is the visual representation of sustainability, wealth, elegance and for the world, and now we have this cycle. Our goal is to make every exclusivity. Complementary colours a logo for the world. The look member of the INSEAD community were chosen for maximum pop – to and feel of our updated assets a brand ambassador. be deployed when vivid visuals are open opportunity to focus on needed – and to give elegant options what matters most – educating for more formal applications. responsible leaders to transform Elements and Assets business and society. Typeface – Roboto The Brand Book serves as point of Visit our brand portal to find out The new Roboto typeface is reference to anyone who wants or more brand..edu. modern and gives options both with needs to understand the INSEAD and without serifs to cover almost brand deeply. It explains the logic any use. This makes achieving behind each element of the brand. visual coherence easier and is Brand assets are also shared on a natural move from classic to the brand website, available to the contemporary. Roboto looks good entire INSEAD community. and is easy on the eyes. Logo – The INSEAD Wordmark The entire identity of the school A Transformative distilled into a single logo. This latest version is now in a roundel Moment – a point of focus uncoupled from The world of education is facing the tagline. Representing the world, a deep transformation. Today’s this logo visually communicates students are learning differently, ‘The Business School for the in and outside of classrooms. World’ and immediately celebrates Our modern brand speaks to and transformation. The circular shape inspires the younger generation – suggests oneness, openness and future INSEAD students and brand inclusiveness. The shape and ambassadors. This latest evolution simplicity make it more flexible for of the brand reflects our position print and digital platforms. It also as a leader in innovative business opens up other creative uses. 11 IN Bra SEAD n d E vo l WE BRING TOGETHER ut i o PEOPLE, n CULTURES AND IDEAS TO DEVELOP RESPONSIBLE LEADERS WHO TRANSFORM BUSINESS AND SOCIETY. SPECIAL FEATURES

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The Campaign for INSEAD ANNUAL REPORT 2017/2018

The Campaign for INSEAD: A Force for Good is a bold initiative that empowers every member of our community to help drive change on a global scale.

The goal of The Campaign for As befits a global school, the INSEAD: A Force for Good is not launch events have been rolling Values just to transform the school but out across the planet – in Europe – Championing Business also to inspire business itself to on 5 October 2018, in Asia on 10 as a Force for Good promote peace and prosperity November 2018 and in the Middle around the world. With a target of East on 24 February 2019. A North INSEAD shapes students into €250 million to be raised by 2023, America launch event is planned for leaders who are equipped to this is the school’s most ambitious autumn 2019. These celebrations tackle world-scale challenges and campaign to date. As of the initial are paired with conferences, champion business as a force launch event in October 2018, 59% reunions and forums designed for good. Our institutional values of the total had been achieved to spread the word that business have been clear from the start. We – thanks to more than 11,000 really can be a force for good in the are open as we strive to create a donors and the devoted work of the modern world. rich environment of diversity and 33-strong Campaign Board, who inclusion. We are rigorous as we serve as ambassadors and role The Campaign has three pillars for seek fundamental understanding of models of philanthropy. promoting its message and driving business practice and leadership. the fundraising effort – Values, We are entrepreneurial as we Vision and Ventures. pioneer new ways of learning, teaching and creating value.

We focus on two areas that reflect our values. Research, teaching partnerships and programmes around the theme of business and society is a priority. As are MBA scholarships to promote cultural, socio-economic and gender diversity, as well as an environment of excellence. 13 e Th C ampaign for INSEAD

Vision Ventures Contributing to – Promoting Academic – Enabling Creativity the Campaign Excellence and Thought and Innovation All gifts to INSEAD until 2023 – Leadership To remain at the forefront of from contributions to the Dean’s INSEAD faculty are consistently innovation, we must focus our Innovation Fund and scholarships recognised for their innovative efforts. We have to continue to to major endowed donations and teaching methods, ground-breaking design new learning experiences, legacy commitments – will count research, impactful business cases create platforms and programmes towards the total. It is now much and global thought leadership. To for online learning, leverage easier to give online than ever sustain this innovation, we must new technologies for our MBA before. Our alumni and friends’ attract and retain international curriculum, develop new spaces support broadens INSEAD’s reach, scholars, support our academic to inspire creativity and build on deepens our impact and advances Centres of Excellence and our strong tradition of encouraging business as a force for good strengthen our partnership with top entrepreneurship. This includes throughout the world. establishing a flexible, multipurpose institutions around the world. Visit the Campaign website and facility in San Francisco, a world engage with us on social media To accomplish these objectives, we centre of innovation. are taking action that promotes true using the hashtag #INSEADforGood thought leadership through chairs, Developing our own facility in to learn more and follow our professorships and PhD scholarships. San Francisco opens space progress. We are fostering teaching excellence for teaching, lifelong learning, through new advances in the alumni events and research in forceforgood.insead.edu classroom and beyond. And we are one of the planet’s most dynamic transforming the physical space of business microclimates. Digital facebook.com/inseadalumni transformation of our activities our INSEAD campuses, including twitter.com/inseadalumni an essential update of our Europe and development of insights helps Campus in Fontainebleau. organisations of all kinds respond instagram.com/inseadalumni to challenge through technological innovation. Leading-edge research and teaching initiatives on the themes of entrepreneurship and innovation inspire students and our community to embrace the entrepreneurial spirit. SPECIAL FEATURES

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Rethinking Business & Society ANNUAL REPORT 2017/2018

The Hoffmann Global Institute for Business and Society ushers in a new era for INSEAD, with new research focus and new ways to teach the next generation of leaders – and by extension, new ways to do business around the world.

In August 2018, INSEAD launched Knowledge Engagement the Institute with an aim to equip The Hoffmann Institute supports We engage our alumni community leaders to make decisions that development of new theories, and build partnerships for real-world deliver positive outcomes to insights and business models that change as leaders implement new business, communities, people drive private sector prosperity practices with social impact. We and our planet – in line with the and societal progress through a are proud academic partners of the globally agreed UN Sustainable dedicated research fund. This builds ChangeNOW Summit, an alumni-led Development Goals. on the longstanding INSEAD tradition positive impact conference where of producing research that addresses leaders explore solutions to our most The Institute aims to transform social and environmental problems. urgent global issues. business education and the unique INSEAD value proposition offers Learning Walk the talk the opportunity to achieve that We strive to educate inspired, The Institute is tasked to consider goal. Our global reach, academic diverse and analytical leaders who societal impact in INSEAD assets, integrated approach and create value for their organisations operations to showcase how we are engaged community enable us to and for society – from our MBA, leading by example and inspiring forge leaders who seek prosperous other masters and PhD programmes action. Our goal is to reduce our companies, vibrant communities and to Executive Education and lifelong carbon footprint while increasing the a healthy environment. learning. One third of our MBA core wellbeing of everyone on campus he Institute will work across the curriculum addresses business and lifting up our communities. school – and with our partners – to and society, and we offer Executive tap into our great transformative Education programmes on social potential. Our vision is a world entrepreneurship, gender diversity where businesses deliver value and and other pressing topics. positive societal impact.

Impact Areas

The Institute brings together the world-class INSEAD faculty and staff, researchers, business leaders, alumni and diverse student body. We are active in creating new knowledge, curricula and engagement opportunities to equip leaders with tools to address our common global challenges. 15

ANDRÉ & ROSALIE HOFFMANN

Immediate Impact Our Priorities Members of the Moving forward, the Hoffmann The Institute opened with a goal Hoffmann Institute Institute will sponsor more to have immediate impact. The educational innovations, spur Advisory Board ChangeNOW Summit – with the more research and convene more Hoffmann Institute joining one of André Hoffmann MBA’90D, Chair conferences – both academic and the world’s largest positive impact Vice Chairman of Roche Holdings non-academic. To do so, we will conferences as academic partner focus on our current priorities. Mark Carney – is one example of early success Governor of the Bank of England for the Institute. At the summit, we The Institute’s research, teaching engaged in the conversation on and engagement priorities are Cheryl Carolus how leaders can make decisions dynamic to respond to the world’s Chair, Peotana Group Holdings that are good for business, changing challenges. Our initial Wiebe Draijer MBA’91D communities, people and priorities build on pioneering work CEO of Rabobank our planet. done at INSEAD. Our priorities include: Edouard Janssen MBA’09J In October 2018, we carried this Senior VP and GM, Solvay conversation forward at The • Ethics Force for Good Conference. The Paul Polman conference was an opportunity to • Humanitarian operations CEO of Unilever (2008-2018) share insights from our research • Sustainability Jean Rogers and promote business as a force • Wealth inequality Sustainability Standards for good. We convened a diverse Board Founder set of leaders and prominent • Gender balance academics to discuss different Pavan Sukhdev • Social impact views, experiences and strategies WWF President on how business can prosper • Tech for good Caroline Barlerin and produce positive outcomes Global Head of Innovation, Eventbrite for society. High levels of alumni Our Leadership engagement ensure that leaders The Hoffmann Global Institute for put the ideas discussed at the The Academic Director of the Business and Society was founded conference into practice. Hoffmann Institute, Dean of through a generous donation by INSEAD Ilian Mihov, and Executive André Hoffmann MBA’90D and Director Katell Le Goulven oversee his wife Rosalie. We are grateful operations of the Institute, and proud to name the Hoffmann supported by a dedicated team. Institute in recognition of their Our Advisory Board is involved foundational gift. in decision-making and provides strategic advice to amplify impact Visit the Hoffmann Institute and accelerate action. webpage to find out more inse.ad/hgibs. SPECIAL FEATURES

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iW50 – A Year of INSEAD Women ANNUAL REPORT 2017/2018 This year marked 50 years since the first women graduated with an MBA from INSEAD.

In 1967, INSEAD welcomed Hélène have investigated gender and diversity Ploix MBA’68 and Solange Perret topics and engaged corporate, public- MBA’68 to the Europe Campus in sector and non-profit stakeholders in Fontainebleau, joining what was a dialogue about the importance of then a small movement of business gender balance. schools advocating for women in management education. The Year of iW50 Today, the case for empowering women in business has never been Highlighting faculty and academic stronger, not just because it is the research, the 50 Years, 50 Women, right thing to do, but because it is 50 Ideas initiative shows big ideas the smart thing to do. A growing that have emerged over 50 years of body of evidence shows that academic excellence at INSEAD. improving gender diversity can Students have been engaging positively impact both economic through the Women in Business and growth and social progress. Manbassador clubs, which expand the networks and resources women The Case for Action need to succeed and help men become champions for gender parity. The World Economic Forum’s Global Gender Gap Report 2016 The Limitless outreach campaign shows how championing gender profiled leading alumnae to parity can add trillions of dollars to showcase strong female role global GDP, while lifting women and models. INSEAD also published girls out of poverty and opening up articles on the Knowledge platform untold opportunity. to give leaders actionable solutions.

The support for iW50 shows that The iW50 Summit in June 2018 INSEAD alumni share the belief, built on this foundation to further based on their own experiences, empower women moving forward. that gender diversity opens the The Summit featured lectures and door to greater success – for panel discussions led by prominent individuals and their organisations. academics, government and These benefits can only be business leaders to explore gender achieved through empowering parity. Many INSEAD Women shared women, engaging men and their stories of success, and what equipping organisations. they did to overcome challenges faced in achieving success. At INSEAD, we aim to make iW50 a launch pad to lead on the undisputed case for gender diversity. Across campuses and academic areas, we 17 i W50 – A Y W50 INSEAD W INSEAD of ear omen

Lessons Learned The INSEAD Gender Initiative Through solution-focused research, inspires a vision of businesses giving more women a platform and and Leveraged across all cultures empowering voice and elevating women in our women to unlock the full potential innovative teaching approaches, One message that resonated from for business success and positive our pursuit of gender-balanced the iW50 Summit and a year of social impact. This Initiative, led by education is rigorous and robust. engaging on this issue was that Professor Zoe Kinias, focuses on we all have a role to play in making four pillars of action, which starts This is just the beginning. We gender equality our new normal. with leading by example. will continue to develop future This is why INSEAD actively business leaders who are passionate pursues gender balance. Female We are also integrating a gender- and equipped to drive gender participation is rising across our balanced approach to education to balance within their organisations. degree programmes, women help students understand the value We will strive to empower women represent 33% of the INSEAD board in diversity. We are tapping into leaders to positively impact business and, for the first time, the Dean of alumni leadership to raise awareness and society. Faculty is a female academic. and empower more people to be gender champions. We engage the The year of iW50 has underlined Yet there is still much to do if we private and public sector, as well the fact that every leader in every truly want balanced representation as non-government partners on the organisation can do more to of women at INSEAD, and if we issue for knowledge creation and empower women. In doing so, they want to fully empower women as knowledge sharing on how to realise unleash the full potential of their leaders in the business world. the benefits of gender balance. workforce and lay a foundation for In autumn of 2018, we launched sustained and sustainable growth. our INSEAD Gender Diversity Visit our Gender Initiative webpage Programme for business leaders to to find out moreinsead.edu/ apply research-based strategies for centres/gender-initiative. developing gender balance. SPECIAL FEATURES

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INSEAD LaunchPad at Station F ANNUAL REPORT 2017/2018

PHOTO BY PATRICK TOURNEBŒUF, COLL. TENDANCE FLOUES

Imagine a building the size of the Eiffel Tower resting on its side. Now fill the 34,000 square metres of space with desks for entrepreneurs, along with all the infrastructure you need to launch a successful business.

This is the bold vision – and A Start-up LaunchPad residents get support reality – of STATION F in Paris, from a dedicated team onsite just up the autoroute du soleil for Start-ups that leverages INSEAD and from Fontainebleau. From meeting STATION F resources for them. The INSEAD LaunchPad has 37 rooms and a prototyping workshop The programme offers workshops, desks reserved for alumni founders to resident investors and event connections and mentoring – a hive of entrepreneurial energy space to host thousands of people, sessions based on specific start- at the heart of the bigger STATION it has everything a start-up needs up needs and brand goals. In the F buzz. Like STATION F itself, the for success. And, since January first year, our LaunchPad residents INSEAD venture is much more than 2018, it is also home to a little joined more than 35 mentoring and a physical working space. piece of INSEAD. workshop sessions. 19 IN Lau SEAD n c h Pad at S tat i o n F

The launch event in January 2018 in entrepreneurial ventures in their message was reinforced by the set the tone for a successful first careers. Start-ups can benefit from ChangeNOW Summit at STATION F year. The launch featured an alumni meeting those who have transformed in September 2018. With more than panel on the “Do’s and Don’ts small French ventures into globally 6,000 attendees from 80 countries of Scaling Globally”. Successful recognised household brand names learning from 200 speakers and 500 INSEAD graduates took the – Michel de Rovira MBA’04D, innovators, this is one of the largest microphone and shared their stories co-founder of the food company positive impact conferences in the – Frédéric Mazzella MBA’07D, Michel & Augustin; Robert Keane world. It was co-founded by INSEAD founder and President of BlaBlaCar, MBA’94D, who started VistaPrint in MBA’15J alumni and LaunchPad a long-distance carpooling platform Paris; and Reinold Geiger MBA’76, residents Santiago LeFebvre and with 60 million members in 22 who in 1996 acquired little-known, Kevin Tayebaly, and for this year’s countries; Taavet Hinrikus MBA’10D, niche French retailer L’Occitane Summit our new Hoffmann Global the co-founder and Chairman of en Provence. Institute for Business and Society London-based TransferWise, joined as Academic Partner. which has two million customers In other words, there is a well- and operates in 45 countries; travelled trajectory of success in Our thought leaders benefit from and Jo Bertram MBA’08D, who place for the 23 alumni businesses the start-up ecosystem that has oversaw the expansion of Uber powered by the LaunchPad to grown up around STATION F. This into 10 countries. date. Current residents include is where we can support start-ups an e-learning provider, a medical that are poised to make a positive Since January, the school has device company, a face-to-face difference in the world. It is a place hosted six community events professional networking facilitator where we can convene thought for 300 resident entrepreneurs, and an end-to-end service for smart- leaders and bring big ideas to life. including masterclasses by charging electric vehicles. For these INSEAD professors and a talk by ventures, the INSEAD LaunchPad The ability of INSEAD Mo Gawdat, former Chief Business at STATION F can open doors that entrepreneurs to create new Officer of Google X. In addition, would otherwise remain shut. value – social, environmental more than 350 participants and economic – is undeniable. attended an INSEAD forum on the The LaunchPad accepts new It is hardly rocket science… but “Rise and Impact of AI & Machine applications every year from a LaunchPad definitely helps. alumni who are poised to create Learning in Business and Society”. For more information, please LaunchPad start-ups have raised – or already have in place – a minimum viable product or service. visit our website or engage with millions in capital, with more us on social media. fundraising expected for 2019. Our goal is to host start-ups from many different industries and insead.edu/launchpad-station-f entrepreneurs of many different Powered by INSEAD nationalities, with at least one of our linkedin.com/company/ INSEAD alumni on site in Paris. insead-launchpad The LaunchPad has emerged as a place where new start-ups can twitter.com/INSEADlaunchpad engage with some of the well-known Ventures with Purpose [email protected] names among the estimated 53% of INSEAD alumni who have engaged Ventures with a social purpose are particularly welcome. This 20 Finances & Endowment ANNUAL REPORT 2017/2018

Finances

As an independent, not-for-profit institution, INSEAD must generate income to sustain our continued academic excellence.

The main source of the school’s at €239M. The strong growth of resulted in a VAT adjustment revenues is tuition, but we also the endowment and support by our for shorter Executive Education rely on donations, the return on donors confirm it is our bedrock programmes. We are also no investment from our endowment for long-term growth. Many of the longer eligible to receive a research and other activities, including core activities that contribute to tax credit that we had claimed commissioned research. This is our academic excellence, such as previously. The outcome is an why the Campaign for INSEAD is so scholarships, research and teaching accounting provision of €20.6M. important. The Campaign enables are enhanced with funding from the This means that the overall financial us to make strategic investments in endowment. It is fundamental in results for the year show a one-time the future of the school that would achieving our mission. loss of €8.1M. INSEAD leadership not otherwise be possible. is appealing these rulings and has On the expenditure side, innovation taken steps to minimise tax risk Revenues saw strong performance and growth initiatives remain key going forward. across all areas in academic year areas for investment – online 2017/2018. Highlights included the education, new faculty members Based on revenue performance near-doubling of online revenues, up and the Personal Leadership and growth projections, INSEAD 48%, with an 8% growth in revenue Development Programme of the launched two major capital from Customised Programmes. revised MBA curriculum, to name investments in 2017/2018. The six- An increase in Executive MBA just a few. The school’s significant year transformation of the Europe participant numbers led to a 9% spending on scholarships to Campus represents a renewal of rise in the programme’s annual complement the generosity of commitment to our European roots, revenues. Total revenues for the year our donors is another strategic and we are putting down new roots reached €261M, an improvement of investment that brings huge returns by establishing a permanent space 7% on the previous year. in terms of the quality and diversity in San Francisco. Work is already of our students. well underway on this latest phase This year marked our second of the school’s global expansion and successive year of record One large provision on the we will provide more information on philanthropic donations. This in expenditure side this year came these exciting initiatives throughout turn boosted our endowment, the from two tax rulings by the French the coming year. market value of which now stands tax authorities. The first ruling 21 F Financial indicators inances In €’000 2018 2017 2016 INSEAD is a not-for-profit Total Income 261,350 245,414 219,895 institution with entities in various Operating Cash Flow 18,295 16,422 5,505 countries. Therefore we are not Cash Flow from Endowment required to publish consolidated 8,885 8,187 8,057 (transfer to operations) accounts, but all our statutory accounts are audited. We maintain Net cash flow from Financing (1,927) (2,852) 3,623 a governance structure that Net cash flow used in Investing (16,585) (10,436) (7,658) includes several committees of Interest paid (1,458) (1,574) (1,816 ) the Board of Directors responsible Changes in working Capital for Auditing, Finance and Risk, 15,429 5,254 7,044 & exchange losses/gains Endowment Management and Remuneration. These financial Cash Flow 9,157 14,932 14,754 indicators are directly extracted Cash at year end 91,718 82,561 67,629 from audited combined accounts Endowment at beginning of the year 212,544 185,976 189,660 based on IFRS accounting Donations received, net 17,120 16,426 4,700 standards. Please note that financial indicators from previous Gains and losses from investment activities 18,128 18,329 (327) years may change. Transfer to operations (8,885) (8,187) (8,057) Endowment at year end 238,907 212,544 185,976 Endowment performance rate 8.4% 9.5% -0.2% Spending rate 4.2% 4.2% 4.5%

Total revenue in 2017/2018 €261M

Facilities, IT and Gifts and Other support functions endowment Degree Faculty and yield programmes research 6% 7% 27% 45% 42% Revenue Eendiure

42% 31%

Executive education Degree and executive programmes education programmes FINANCES & ENDOWMENT

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Endowment ANNUAL REPORT 2017/2018

A strong year for the endowment is a strong year for INSEAD.

The INSEAD endowment has had Investment strategy This portfolio was the key driver another strong year. The 4%-4.5%, of the endowment’s returns in long-term annual spending rate The endowment remains broadly 2017/2018. In aggregate, the private allows the school to plan for and diversified across both traditional market portfolio returned +19% in invest in faculty chairs, research and alternative asset classes, the year, led by the private equity projects, programmes, scholarships including equities, corporate credit, portfolio, which was up +23%. and facilities. Thanks to both hedge funds and private market the generosity of donors and the strategies. Our investment strategy The portfolio has a 49% allocation performance of our investment has several tenets: to public equities, which, along with strategy, the total value increased by the private market portfolio, is the • Relatively high equity risk level €26.5M to €239M this year. During portfolio’s key return-generating given the school’s long-term this period, the INSEAD investment allocation over the long term. The time horizon portfolio returned 9.6%, outperforming public equity portfolio consists of a combination of long-only and long- its benchmark by 1.7%. • Diversification across multiple short actively managed mandates, asset classes including As of August 2018, INSEAD’s which invest in stocks based meaningful allocations to private endowment is comprised of a on fundamental analysis of the markets where the potential for €233.8M investment portfolio and underlying companies, and passive outperformance is greatest a further €5.2M in directly held index trackers to express tactical property, cash and other assets. • Selection of the most skilled asset geographical positioning. The long- While the Endowment Management managers within each asset class short equity portfolio performed Committee of the Board is • Consideration of environmental, particularly strongly in 2017/2018, responsible for the endowment, social and governance issues, generating a 9% return, which was experts from Partners Capital – our widely known as ESG principles, broadly in line with global equity advisers since 2007 – manage the in the investment decision making markets despite the managers investment portfolio on our behalf. process taking around 50% of the risk. This outperformance was driven I have served on the Endowment The portfolio has 29% allocated predominately by sector-specialist Management Committee since to private market strategies, managers in healthcare and 2011 and stepped up to chair the including private equity, real estate technology, whose deep knowledge Committee in 2016. I am honoured and private debt. This percentage of their chosen industries provided to serve the school and its has increased over the last five insights into portfolio companies. stakeholders in this role. I thank all years based on our belief that donors for their kind contributions, it will continue to generate an The remainder of the portfolio is which are pivotal to the INSEAD illiquidity premium of around 3% predominately invested in inflation- endowment growth. This, in turn, to 5% compared to public markets. linked government bonds that is of paramount importance to the The private markets portfolio protect the fund from unexpected school’s future success. is well diversified, ranging from rises in inflation and a diversified venture capital investments in suite of absolute-return hedge-fund early-stage technology companies, strategies, which aim to generate Mirjam Staub-Bisang European real-estate investments returns with minimal correlation to MBA’99J and private-equity investments in traditional asset classes. Endowment Management middle-market US firms. Committee Chair 23

INSEAD endowment and investment portfolio E ndowment performance - academic year performance August 2008 – August 2018

Cumulative Annualised (Aug ‘08 (Aug ‘08 Academic Year1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - Aug ‘18) - Aug ‘18)

INSEAD Investment -3.0% -11.8% +6.6% +5.4% +8.7% +7.4% -11.5% +10.9% -0.5% +9.6% +9.6% +65.8% +5.2% Portfolio return2

INSEAD -1.9% -11.2% +5.7% +4.7% +7.8% +7.0% +10.8% +10.6% -0.2% +9.5% +8.4% +61.4% +4.9% Endowment Return3

INSEAD Composite -2.0% -13.6% +4.0% +8.3% +6.4% +9.1% +12.0% -0.3% +5.3% +9.0% +7.9% +53.1% +4.4% Benchmark4

Total assets 5 of the endowment portfolio August 2003 – August 2018 1 The academic year starts on 1 September and finishes on 31 August. This is reflected in the table above. For example, the year labelled 2018 reflects performance from 1 September 2017 to 31 August 2018.

2 €200 239.0 INSEAD Investment Portfolio consists of the portfolio managed by Partners Capital.

212.5 3 The INSEAD Endowment consists of the €160 portfolio managed by Partners Capital and 189.7 186.0 all other assets including direct property,

174.2 cash and other assets. 161.0 4 €120 151.5 The INSEAD Composite Benchmark is a

142.3 custom benchmark comprised of asset 135.6 class indices (e.g. MSCI World NR 100% €80 Hedged to EUR for the equity allocation or 105.9 105.1 97.2 State Street Private Equity Index for the private equity allocation) and weighted to

75.4 reflect the long-term strategic asset €40 64.9 allocation adopted by the committee. 55.7 49.7 5 Total endowment portfolio assets €0 include donations. Aug ‘11 Aug ‘15 Aug ‘12 Aug ‘13 Aug ‘16 Aug ‘17 Aug ‘14 Aug ‘18 Aug ‘10 Aug ‘07 Aug ‘05 Aug ‘06 Aug ‘08 Aug ‘03 Aug ‘09 Aug ‘04

Long-term performance

From August 2008 to the end Our endowment still has a long of August 2018, the investment way to go before it matches the portfolio returned positive growth comparable funds of our leading of +65.8% cumulatively after competitors. However, 60 years ago deduction of all fees and expenses. there was no INSEAD, let alone an This represents +12.7% cumulative endowment. In this light, the size outperformance of the INSEAD of the INSEAD endowment is very Composite Benchmark, a custom impressive indeed. We look forward measure adopted by the Endowment to the Campaign taking it to even Management Committee. greater heights. 24 Faculty & Research ANNUAL REPORT 2017/2018

Overview

These are the forces that power INSEAD and connect prolific scholars, high standards of educational culture and innovative ideas.

It is our faculty who generate ideas achieved their highest ever position that attract active learners from so since 2013. At #4, we are the only many cultures to INSEAD. It is our institution outside in faculty who create the classroom the top 20 and the only standalone experiences to shape responsible business school in the top 30. leaders with the ambition of transforming businesses and the Even more notable than the quantity societies they serve. and quality of our research is its breadth and diversity – as Over the course of 2017/2018, we evidenced by the awards won by recruited a record 17 new resident our faculty in 2017/2018. From our faculty members to our vibrant 19 best paper awards across the intellectual community – the school, to Yves Doz’s Academy of largest ever intake. It took the total Management prize for the best book number to 155 in September 2018, and Pierre Chandon’s #1 spot in the an all-time high. Case Centre’s outstanding teacher competition, we are winning prizes Yet more striking than the numbers for all categories of publication is the sheer quality of both our across every business discipline. intake and our output. The latest recruits hold PhDs from the likes of In addition we proudly share the Harvard, Stanford, MIT, Columbia, multiple lifetime achievement awards Wharton and the University of received by Luk Van Wassenhove Chicago. Those with post-doctoral for his work on sustainability and experience join us from the world’s humanitarian operations, as well top business schools. In 2017/2018, as the many faculty whose names the prestigious ranking of business appear regularly on the annual Case school research produced by the Centre’s top 40 best-selling case University of Texas at Dallas to writer awards list. Our faculty garner track publication in prominent well-deserved recognition at every journals unveiled their results, which career level and our pipeline of talent reveal our resident faculty have is stronger than it has ever been. 25 O verv A Virtuous Circle Management of Faculty & i of Excellence Faculty and Research Research e w Reflecting on this year’s faculty September 2018 began the first We currently have and research success, it is a truly year with Faculty and Research remarkable achievement that an operating as two administrative independent school that is not departments. Bifurcation has affiliated with a university, a firm or strengthened the two underlying a government and is only 59 years structures, enabling us to create young should stand shoulder to two related but separately 155 shoulder with the business schools resourced strategies. One is faculty representing of the world’s greatest universities. focused on attracting, developing and retaining world-class It is also notable that in 2017/2018 academics, while the other is we reinforced our strategic dedicated to supporting production alliances with two of the world’s of world-leading research. 40 great intellectual powerhouses – the Wharton School of the With research governed by the nationalities, including University of Pennsylvania and Dean of Research, Professor Ziv the Alliance. Carmon and Faculty by the Dean The partnership with Wharton, of Faculty, Laurence Capron, the founded in 2001, was renewed for two departments work together 17 a further three years in July to create the dynamic culture of new faculty this year. 2018. It is underpinned by faculty educational excellence that INSEAD exchanges and collaborative endeavours to deliver. research, as well as the thriving student exchange. The Sorbonne The appointment of Professor University Alliance connects us Laurence Capron as Dean of This year, they published with five of ’s top institutions Faculty in January 2018 is of higher education and research. significant in that she is the first INSEAD has already benefitted woman named as Dean at INSEAD. from this collaboration and the Her appointment enhances our ability to attract female faculty, 15 group’s independently managed endowment awarded by the French who represent over a third of the books and wrote government, which supports work new intake. Ziv Carmon, who was in fields such as neuroscience appointed Dean of Research in and artificial intelligence. September 2017, continues to lead our pursuit of research excellence. Our presence in the top tier of 116 research and our ability to attract This management structure is journal articles, the best minds is a testament designed to enhance the institution to the longstanding INSEAD over the long term. With just 20% reputation for the quality of female faculty overall, attracting teaching and students. There is no more outstanding women to take doubt that our rigorous standards up teaching and research careers 59 and strong research ethics are a at INSEAD remains a major working papers, magnet for faculty talent, which in strategic priority for the next five turn brings even more outstanding years. And even as we celebrate students to INSEAD. This virtuous our 2017/2018 achievements, we circle of excellence is driven by have our gaze fixed on even greater research success, driven by even 114 our founders’ original vision of diversity as a valuable educational greater diversity. case studies and principle. Today, many of our achievements rest on the principles of good management. 18 chapters. FACULTY & RESEARCH

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Recognition & Awards

QUY HUY ANNUAL REPORT 2017/2018

Faculty are our finest asset, underpinning the Best Paper Awards INSEAD reputation for research and teaching excellence, combining rigour with relevance. 2018 Best Paper Award, Strategy as Practice As thought leaders and Five INSEAD professors have Academy of Management knowledge creators, our faculty been named in The Case “Shaping Top Managers’ Moods: Board work at the cutting edge of Centre’s top 40 best-selling Emotion Regulation in the Strategy- Formulation Process” research. This year, many faculty authors of academic year members have been recognised 2017/2018, based on sales Timo Vuori and Quy Huy for their academic contributions. volume from the preceding year. Finalist, 2018 CGIO Best Paper in In June, Luk Van Wassenhove #7 – W. Chan Kim and International Corporate Governance received the Degree of Honorary Renée Mauborgne Academy of Management Doctor of Mechanical Engineering “I Did it My Way: An International from the Aristotle University #18 – Pierre Chandon Analysis of Deviation from Corporate of Thessaloniki in recognition #31 – Wolfgang Ulaga Governance Norms” of his profound and enduring contributions in the scientific #37 – David Dubois Michael A. Witt domain of Management Science and Engineering. This year, Pierre Chandon was 2018 Best Paper Award also named 2018 Outstanding Society Luk Van Wassenhove was also Case Teacher by The Case Centre “Adaptation in Replicating Organizations: named Fellow of INFORMS in and was nominated for the How Augmentation and Incomplete October for his pioneering work 2018 Silver Medal by the French Replication Affect Unit Performance” on closed loop supply chains, National Centre for Scientific Dimo Ringov, Haibo Liu sustainability, and humanitarian Research. and Gabriel Szulanski operations, making him the first professor in history to 2018 Best Paper, Proceedings be recognised by five major Strategy as Practice Division professional societies. Academy of Management Meeting “Shaping Top Managers’ Moods: Board Emotion Regulation in the Strategy- Formulation Process” Quy Huy and Timo O. Vuori

Runner-up, 2017 Best Paper Strategic Management Society “Who Bears the Brunt When the Books are Cooked?” Ivana Naumovska 27 R & A ecognition wards

IVANA NAUMOVSKA SAMEER HASIJA

Nominated for the Best Paper Prize Runner-up, Jack Meredith Best Finalist, 2017 Organization Strategic Management Society Paper Award and Management Theory Best Sao Paulo Journal of Entrepreneurship Paper “Headquarters’ Parenting Styles: “On the Unique Features of Post-Disaster Academy of Management Meeting Examining Headquarters’ Positive & Humanitarian Logistics” “Is Homophily Always Beneficial? Task- Monitoring Attention to Subsidiaries” Relevant Homophily and VCs’ Valuations Jose Holguin-Veras, William H. and Returns” Felipe Monteiro and Amalia Nilsson Hart, Miguel Jaller, Noel Perez, Tricia Wachtendorf and Luk N. Van Balagopal Vissa and Kim Claes Finalist, 2018 Doing Good with Wassenhove Good OR Competition Case Awards INFORMS 2017 Best Working Paper Award, “Inconvenience, Liquidity Constraints, and Behavioral Operations the Adoption of Off-Grid Lighting Solutions” INFORMS Best Case Study Award by AFM/ CCMP Ioana Popescu, Serguei Netessine “Modeling Newsvendor Behavior: A Prospect Theory Approach” “Who’s #1: INSEAD, Harvard, Wharton, and Bhavani Shanker Uppari LBS? (A & B)” Bhavani Shanker Uppari 2017 Best Paper Award and Sameer Hasija Joerg Niessing and Pierre Chandon Strategic Entrepreneurship Journal Winner, 2017 Latin American “What Makes a Process a Capability? Finalist, 2017 Best Student Paper Heuristics, Strategy, and Effective Competition, IBM Service Science Business Cases Category at the EFMD Case Writing Competition Capture of Opportunities” INFORMS “EBX: The Rise and Fall of a Billionaire “Selling Off-Grid Light to Liquidity Christopher Bingham, Kathleen - Eike Batista” Eisenhardt and Nathan Furr Constrained Consumers” Felipe Monteiro and Bhavani Shanker Uppari, Ioana Anne-Marie Carrick 2017 Best Paper Award Popescu and Serguei Netessine 7th Israel Strategy Conference Second Prize, oikos Case Writing Technion Haifa Finalist, 2017 Best Student Paper Competition 2018, Corporate “When the Going Gets Tough, Will the Competition, IBM Service Science Sustainability Track Stars Get Going? Investigating the INFORMS “Volkswagen’s Emissions Scandal: How Interdependencies Between Strategic “Outcomes-Based Reimbursement Could It Happen?” Human Capital Utilization and Retention” Policies for Chronic Care Pathways” Craig Smith and Erin McCormick Arianna Marchetti and Ithai Stern Sasa Zorc, Stephen E. Chick and Sameer Hasija 2017 Best Paper Award Third Prize, oikos Case Writing Competition 2018 International Conference Finalist, 2017 Pierskalla Best “Candy Crush? Aligning Health, Business, in Finance Paper Award and Pleasure in the Chocolate Industry” “Financial Innovation and Asset Prices” INFORMS Pierre Chandon, Laura Heely Adrian Buss, Raman Uppal “Outcomes-Based Reimbursement and Nouha Touati and Grigory Vilkov Policies for Chronic Care Pathways” Sasa Zorc, Stephen E. Chick and Sameer Hasija FACULTY & RESEARCH

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New Faculty Sharon Katz Israel, USA Accounting & Control Europe Campus

Having previously taught at Columbia and Harvard Universities, Sharon earned his MBA from UCLA and his PhD from Columbia. Prior to his academic career, he worked in Citigroup’s New York Investment Banking Division ANNUAL REPORT 2017/2018 specialising in M&A transactions and worked as a corporate Annet Aris Netherlands lawyer in Israel. Sharon also served in the Israeli Air Force. Strategy Europe Campus

Annet is a Senior Affiliate Professor of Strategy, her area of expertise is the digital transformation of companies. Prior to INSEAD, she was a partner with McKinsey & Co. Annet is a Supervisory Board member of Randstad NV, Rabobank Group, ASML NV and Jungheinrich AG. She was named one of the top 10 most influential board members in The Netherlands in 2018.

Frederico Belo Portugal Finance Europe Campus

Frederico joins us from the University of Minnesota. He gained his PhD and MBA from the University of Chicago Booth School of Business. His research investigates the economic determinants of firms’ risk. In recent work, he studies how this risk is affected by the interplay between labour market conditions and the characteristics of their labour force.

Michaël Bikard France Strategy Europe Campus

Michaël’s research focuses on how individuals and firms use new scientific knowledge as a source of competitive advantage. He was previously on the faculty of the and completed his PhD at MIT. 29 Abhishek Bora India Marketing Ne Europe Campus w F

Abhishek’s interests lie at the intersection of media, acu technology and human behaviour. He examines how firms l

use big data to create value and how they manage brand t y crises. He is a Marketing Science Institute (MSI) Young Scholar – MSI believes he will be among the leaders of the next generation of marketing academics.

Antoine Desir France Technology & Operations Management Europe Campus

Antoine’s research focuses on revenue management and choice modelling. After getting his PhD in Operations Research from , he spent a year as a post-doctoral researcher at Google NYC. His thesis was recognised by the 2018 INFORMS Revenue Management and Pricing Section Dissertation prize.

Wesley Koo China, USA Strategy Asia Campus

Wesley studies how digitisation affects firm strategy. He is particularly interested in the ‘online-offline interface’ – how a firm’s offline environment shapes its online strategy and performance. For instance, he looks at how rural entrepreneurs leverage digital platforms to promote local goods. Wesley obtained his PhD from the Stanford Technology Ventures Program. Georgina Hall Canada, France, UK Decision Sciences Europe Campus

Prior to joining INSEAD, Georgina obtained her PhD from Princeton University. Georgina’s research focuses on developing algorithms for optimal decision-making and can be applied to a wide range of problems that arise in statistics, machine learning, epidemiology, network theory and pricing. 30 Phebo Wibbens Netherlands Strategy Europe Campus

Following a career in strategy consulting, Phebo completed his PhD at The Wharton School at the University of Pennsylvania. His research uses formal modelling to better understand how companies can build the resources they need to create long-term value. ANNUAL REPORT 2017/2018

Victoria Sevcenko Czech Republic, UK Strategy Europe Campus

Victoria studies how organisations use labour market frictions to gain competitive advantage from skilled human capital. She has conducted projects examining the behaviour of mutual fund managers, security analysts and federal lobbyists, and is currently studying auction houses and restaurant chefs. She holds a PhD from London Business School.

Wolfgang Ulaga Germany Marketing Europe Campus

Prior to INSEAD, Wolfgang taught at Arizona State University, HEC Paris and IMD Lausanne. His research focuses on product-to-service transitions and customer solutions in B2B markets and service excellence in B2C and services industries. He gained his PhD from Panthéon-Sorbonne Pavel Kireyev USA University, his habilitation from Université Paris-Dauphine and Marketing an Honorary Doctorate from Turku School of Economics. Europe Campus

Pavel conducts research with data-driven companies and studies innovative marketing technologies and platforms. Prior to INSEAD, he led machine learning projects, formed partnerships with corporate AI labs, and worked with large organisations in the US and Japan. Pavel holds a doctorate from . 31 Ella Miron-Spektor Israel Organisational Behaviour Ne Europe Campus w F

Ella studies various companies to discover how creativity can acu be improved and sustained over time, and how managers and l

entrepreneurs can form effective teams that generate and t y implement breakthrough ideas. Ella obtained her PhD from Technion, Israel Institute of Technology.

Lin Tian Economics Asia Campus

Lin received her PhD in Economics from Columbia University, having worked as an urban planner with the Singapore planning authority for six years. Her research examines spatial distribution of economic activities, having previously analysed factors that drive productivity in cities and studying the labour market impact of immigration inflows.

Dimitrije Ruzic Serbia, USA Economics Europe Campus

Dimitrije works to understand how differences across firms shape macroeconomic outcomes. He earned degrees in economics from Harvard and the London School of Economics, and holds a PhD from the University of Michigan. If he cannot be found in his office, he might be bouldering in the Fontainebleau forest.

Maria Ana Vitorino Portugal Marketing Europe Campus

Having previously taught at The Wharton School at the University of Pennsylvania and the University of Minnesota, Maria Ana earned her MBA and PhD from the University of Chicago. In 2014 she was named one of Exame magazine’s ‘Top 40 Portuguese Stars in Business under 40’. Her most recent research investigates price obfuscation strategies used by firms.

Chengyi Lin China, USA Strategy Europe Campus

Chengyi’s teaching and research focus on digital transformation and innovation. Chengyi is a board member of and adviser to various multinational corporations and start-ups on digital execution. He successfully launched and has grown INSEAD Online Education since 2014. Chengyi holds a PhD from Northwestern University, a certification from Kellogg and a BSc from . FACULTY & RESEARCH

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INSEAD Knowledge ANNUAL REPORT 2017/2018

INSEAD Knowledge showcases the latest thought leadership and diverse perspectives from our award- winning faculty and global contributors.

After a stellar performance the Over the course of the year, there Just as satisfying as these metrics previous year, the popularity of was a 20 to 25% increase in two key is the way in which INSEAD INSEAD Knowledge continued to metrics – unique monthly users is Knowledge was able to support grow throughout 2017/2018. The currently up to 120,000 and annual so many of the school’s research secret of its success lies in the page views are now over 4 million. and institutional strategic priorities distinctive combination of cutting- The platform also gained 5,000 in 2017/2018 – turning them into edge insights from faculty and the new social media followers during newsworthy stories and engaging professional skills of our in-house the year, while the dedicated mobile headlines that captured the team of editors who know exactly app was downloaded 74,000 times. imagination of a global audience. what practitioners want to read. Small wonder that we were able to attract numerous new editorial partners, including most notably the World Economic Forum Global Agenda Blog.

INSEAD Knowledge 10 0K+ 80K+ unique monthly followers across social media, and website visitors, 4M 10 6K+ Knowledge app downloads page views annually, since its launch in 2015. 33 INSEAD K INSEAD iW50 – Highlight of the year

The undoubted highlight of the year was the iW50 Summit and related events of 2017/2018, which nowledge brought together alumni, faculty and leading external experts to address one of the most pressing issues in business – gender equality in organisations. Thanks to solid journalistic work by the Knowledge team, the platform was able to give INSEAD’s ground- breaking research on gender equality an optimistic, practical focus. In this way, INSEAD Knowledge has made its own small contribution to encouraging some long overdue changes in the world of business.

Here are the recommended top iW50 articles from the INSEAD Knowledge team, including an article on gender balance that was published on International Women’s Day.

Promoting Gender Balance Wisely Researchers are identifying powerful, yet sometimes nuanced, interventions that can improve outcomes for women and the businesses and societies they serve.

The Truth about Gender Stereotypes Negative stereotypes and misinterpretations of research findings can reinforce myths about gender difference.

Three Ways to Build Resilience Against Gender Bias Simple, low-cost psychological interventions can be part of an organisational toolkit for enabling gender balance.

How Leading CEOs are Tackling Gender Inequality Organisations can overcome harmful social norms and deeply ingrained stereotypes by persistently setting new norms.

What Women on the Board Need to Know Three INSEAD alumnae share their wisdom as board directors.

Please visit knowledge.insead.edu to see these articles and the latest business thinking and views from award-winning faculty and global contributors. FACULTY & RESEARCH

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Alliances & Partnerships ANNUAL REPORT 2017/2018

The alliances we maintain with leading schools around the world benefit both INSEAD and our sister institutions through a robust exchange of ideas and perspectives.

The Wharton School at the Fundação Dom Cabral Kellogg School of Management University of Pennsylvania Brazil at Northwestern University USA Executive Education programmes USA MBA and academic exchange launched in 1990 MBA exchange programme launched programme launched in 2001 in 2010 Johns Hopkins School of Advanced Tsinghua University School of International Studies China Europe International Economics and Management USA Business School China Dual Degree MA and MBA launched China Dual Executive MBA programme in 2011 MBA exchange programme launched in 2006 launched in 2013 Teachers College at Columbia Sorbonne University Alliance University Cartier Women’s Initiative Awards France USA International social impact business plan competition for women entrepreneurs INSEAD is a partner in the multi- Dual Degree MA and MBA launched – partner since 2006 disciplinary alliance launched in 2012 in 2014 FACULTY & RESEARCH

35 I n st

Institutes, Centres i tutes, C tutes, & Initiatives e n tres & I tres ni t i at i ves 36 Degree Programmes ANNUAL REPORT 2017/2018

Master Degree Programmes

Our full-time MBA programme curriculum develops successful, thoughtful leaders and entrepreneurs who create value for organisations and communities.

The 2017/2018 year saw continued MBA high performance by INSEAD Master Programmes, with a #2 global MBA The new MBA curriculum was rolled ranking from the Financial Times out smoothly and successfully and total revenues of €114.5 million throughout the year with high – exceeding €100 million for the satisfaction levels among students. second time in school history. In particular, we trialled the Period 0, or ‘P0’ online module, which had its The administrative team also has first full run in August 2018 with more a new leader. Katy Montgomery, than 80% of the incoming MBA class former INSEAD Global Director of participating. This innovation, designed Career Development, assumed the in collaboration with the online learning role of Associate Dean of Degree team from Executive Education, helps Programmes on 1 September 2018 students prepare for the rigours of and became the third woman on the the programme before they arrive school’s Executive Committee. on campus. It includes an optional multidisciplinary course, based on In 2017/2018 the INSEAD faculty and BlaBlaCar, a start-up conceived at board approved the launch of the INSEAD and taking the world by storm. first new INSEAD degree since 2013. The new Master in Management In September, we also introduced the (MiM) is a one-year, pre-experience Personal Leadership Development programme that will expand our Programme (PLDP), which runs in impact and reach in a growing parallel with the academic curriculum. market. We are currently designing The sessions include individual a rich international curriculum and and group coaching to prepare expect to welcome our first class of students for leadership challenges 80 to 100 students in August 2020. by enhancing self-awareness, team We look forward to a younger group effectiveness and communication of future business leaders joining skills. We will evolve and enrich the INSEAD and further enriching our PLDP, which is truly breaking new unique educational experience. ground in MBA education. 37 D

As well as being pioneers of the new currently delivered in China, Brazil practice strikes a chord with a wide egree curriculum, the 2018 MBA intakes and the US, as well as on our Europe, range of talented participants from

will be remembered for their record Asia and Middle East Campuses. all ages and backgrounds. We are P numbers. We saw the most ever particularly pleased the three ‘waves’ rogrammes Spanish and Brazilian students join In this year of iW50, we focused on of 36 students that joined us this year INSEAD in January 2018 and a record- the growth of female participants, average 50% female. equalling 34% of women start in resulting in a record 45% women in September. This impressive group of the Tsinghua-INSEAD Executive MBA In 2017/2018, we embarked on female students is also notable for its (TIEMBA) class. The incoming Global a major study on how EMCCC diverse range of nationalities, hailing Executive MBA (GEMBA) class also participants view the programme. from countries that include Armenia, recorded all-time highs for female We found that the words ‘Consulting’ Cameroon, Iran, Slovenia, Syria, Togo, participation in each of its three and ‘Coaching’ in the title can be Uganda, Uruguay and Zimbabwe. sections, with 37% in Europe, 30% in misleading. After much consideration, Asia and 20% in the Middle East. we have decided to rename the In July 2018, 503 students were programme Executive Master in transformed into INSEAD alumni. We We are particularly pleased that Change (EMC), with the tagline held our third graduation ceremony applications for the TIEMBA ‘Transforming Self and Organisations’. at the Château de Fontainebleau – remained buoyant in 2017/2018. The The next wave of incoming students complete with caps, gowns and green programme remains very high in in 2019 will be the first to graduate hoods affixed with salamander pins. the rankings, garnering the #3 spot with the new degree title. It was every bit as successful as globally in the Financial Times. our previous Château graduations, In July 2018, the joint GEMBA Coming Soon: Master especially due to live streaming for and TIEMBA elective module in those unable to attend in person. In Fontainebleau welcomed Executive in Management December 2017, 536 proud students (EMFin) students each received their INSEAD degree. for the first time. The combined In 2017/2018 the INSEAD faculty and The graduation ceremony at the classroom experience enhances board approved the launch of the Ritz-Carlton Millenia Singapore was all three programmes. Indeed, this first new INSEAD degree since 2013. another elegant event. feature, along with the new EMFin The new Master in Management curriculum and name, have proved (MiM) is a one-year, pre-experience programme that will expand our Executive Master to be very attractive with a record 42 participants due to graduate in impact and reach in a growing Degree Programmes February 2019. market. We are currently designing a rich international curriculum and The two INSEAD Executive MBA Meanwhile, INSEAD’s most expect to welcome our first class of programmes continue to attract distinctive programme, the Executive 80 to 100 students in August 2020. impressive, senior-level talent from Master in Consulting and Coaching We look forward to a younger group around the world. They offer a truly for Change (EMCCC) is going from of future business leaders joining global educational experience with strength to strength. Its application of INSEAD and further enriching our ‘Key Management Challenge’ courses psychodynamic methods to business unique educational experience. .. DEGREE PROGRAMMES

38

Class Statistics ANNUAL REPORT 2017/2018

MBA’18D and ’19J MBA 1,033 29 33% 709 Designed for early- to mid-career professionals, Students Average age Women Average and featuring an accelerated 10-month curriculum, GMAT score our MBA programme develops successful leaders and entrepreneurs. 89 6 Nationalities Average years of experience

GEMBA’19 Global Executive MBA 235 38 30% Our Global Executive MBA programme is tailored Students Average age Women for experienced professionals who wish to develop their leadership skills while they continue to 60 14 advance their current careers. Nationalities Average years of experience

TIEMBA’20 Tsinghua-INSEAD Executive MBA 45 35 44% This dual degree combines INSEAD’s global Students Average age Women perspective and Tsinghua University’s in-depth expertise of business in China to produce highly 18 12 successful business leaders and entrepreneurs. Nationalities Average years of experience

EMCCC’18 Executive Master in Consulting 106 44 55% and Coaching for Change Students Average age Women The INSEAD Executive Master in Consulting and Coaching for Change takes participants deep into the 45 19 basic drivers of human behaviour and the hidden Nationalities Average years of experience dynamics of organisations.

MFin’19D Master in Finance 43 33 28% Blending cutting-edge theory and best practice, Students Average age Women the programme is for professionals with work experience in finance-related roles. 28 9 Nationalities Average years of experience .. DEGREE PROGRAMMES

39 D Doctoral octoral

Programme P rogramme

Our purpose is not simply to provide the very best training for tomorrow’s business professors, but to enrich INSEAD’s vibrant research community. We currently have

With just 13 graduates and 16 prestigious competitions for his new entrants in 2018, the PhD in work on rechargeable, subsidised Management is the most selective lightbulbs in the world’s poorest of all INSEAD programmes. The communities – a far safer alternative 81 growing reputation of our doctoral than flame-based sources like programme over the past three kerosene lamps and candles. In students with decades has helped attract top another example, current student faculty to INSEAD and place our Isabelle Solal MBA’08J, a former own graduates in the world’s corporate lawyer and INSEAD MBA leading institutions. In 2018, our graduate, is investigating the effect students were recruited by Stanford, of gender on investment decisions 20 Bocconi, HEC Paris, University of and evaluations in financial markets. Washington Foster Business School, nationalities and University of Virginia Darden School Our other doctoral candidates are of Business, Rotterdam School of researching topics as diverse as Management at Erasmus University, reducing food waste in commercial University of Maryland Robert H. kitchens, providing contraceptive Smith School of Business and services in developing countries and 42% blockchain technology applications Singapore Management University, are women, with to name a few. to source goods more responsibly.

We are particularly proud of the In 2017/2018, the number of INSEAD fact that 42% of our academic year PhD alumni crossed the 200 2017/2018 PhD students are female, threshold for the first time. As they which means that we are helping pursue their careers in academia, all 211 redress gender imbalance, 211 are taking the school’s research alumni, in a longstanding issue for academia. reputation and message of business as a force for good out into the Another cause for celebration is world. In 2019, we look forward to the number of our students and the programme’s 30th anniversary alumni involved in researching celebration, where we will recognise strategically important areas, our alumni contributions and 45 such as business and society. For showcase their success. instance, 2018 graduate, Bhavani countries. Shanker Uppari, was a finalist in two DEGREE PROGRAMMES

40

Career Development Centre ANNUAL REPORT 2017/2018

The Centre forges transformative partnerships with students and alumni to accompany them on their career MBA’17D & 18’J journeys, helping them find the right fit and secure new in numbers jobs where they will flourish.

The changes in the job market This mix of high-tech and high- continued apace in 2017/2018, touch is becoming a trademark of as technological innovation our Career Development Centre. It and movement in the global improves student career prospects 91% political landscape showed no when they leave INSEAD by signs of slowing. Fortunately, enhancing their experiences while of MBA students helping navigate change Career they are still here. were employed within Development Centre. Our success 3 months, in is evidenced by a 32% rise in Indeed, the outcomes for the student satisfaction rates this MBA’17D and ’18J classes were year – and in the career paths very positive, with 91% reporting our alumni take. at least one job offer within three months of graduation. Consulting remains the most popular 65 MBA Students destination, with 36% of 2017/2018 countries, with an graduates going into consulting average base salary of In 2017/2018, we rolled out the and another 16% returning to the new ‘Careers Core’ as part of our sector – increasingly to focus reengineered MBA curriculum. The on technology and business courses continue to evolve and transformation, as well as more introduce innovative features such traditional areas such as strategy. as online polling and social media We also saw a growing appetite $110K to stimulate lively class discussions among students for start-up and US dollars and engage students in careers scale-up ventures. Across all electives. Meanwhile, personal sectors, it is particularly interesting coaching launched a few years ago to note the emergence of new job remains a resounding success with titles for which INSEAD graduates a 99% engagement rate and a 100% seem supremely fitted, such as increase in the number of sessions ‘chief of staff’, ‘international growth over the last two years. consultant’ and ‘change manager’. 41 C areer D l eve o pm e n t C e n tre

Many individual success stories Executive Degree A similarly diverse – but otherwise of the year rested on the efforts of very different – group that we the Employer Engagement staff, Participants and now serve is the INSEAD alumni who have built a diverse range Alumni population. This year, we launched of experiential opportunities for the Alumni Extra resources platform, students as well as continuing to The presence of Executive Degree which provides recorded online cultivate recruiters. This year, the participants at our March Talent webinars and alumni experience team accompanied 391 participants Networking Forum highlights videos. This platform complements on 46 career treks across Asia- a further ongoing evolution at the CareerGlobe job board and Pacific, Europe, the Middle East and the Career Development Centre. premium access on MBA-Exchange the Americas – often co-organised Executive participants, who have that already benefit alumni. It is a with student clubs. They also worked already achieved a high degree challenging task to support more with the Digital@INSEAD team of professional success, have than 57,000 alumni worldwide, but to support the ‘Summer Start-up diverse needs and aspirations the Career Development Centre Tour,’ which gave small groups that require a tailored approach had 1,424 individual interactions in of students inside access to the to career development. 2017/2018, including online career entrepreneurship ecosystems of workshops and 319 coaching major tech hubs. Throughout 2017/2018, we sessions, a 60% increase over the provided GEMBA students with previous year. The Centre also Another new initiative was the 15 online webinars, 580 hours of designed and delivered career- Singapore and Paris Talent career coaching and numerous themed events in two reunions and Networking Forum, pioneered online resources, education panels two alumni forums and plans to be previously in Dubai, and held and opportunities to cultivate even more visible at these and other for the first time in March 2018. executive search firms. These events moving forward. Across the two cities, 752 students activities are designed to meet both – including several GEMBA and individual career goals, regardless EMFin participants – met 310 of whether or not the participants’ executives and HR representatives ambitions lie within their existing from 140 companies. This added organisations or elsewhere. to the INSEAD total of hosting 328 recruiters on our three campuses this year, some of them returning to visit us several times. DEGREE PROGRAMMES

42

Employment Statistics ANNUAL REPORT 2017/2018

The Career Development Centre is a global team of professionals based on our three INSEAD campuses and made up of personal career coaches, employer engagement specialists and operations support staff. Together, the team delivers thousands of career core courses, electives and workshops, while hosting hundreds of companies on campus and co-organising treks with career clubs around the world.

Unrivalled global network

The CDC has strong relations with 600 companies and our 5 7, 25 4 alumni in 17 5 countries. 43 Employers of MBA’17D and MBA’18J graduates E mployment

131 8 4 S 78 7 4 tatistics

65 6 4

36 5 4

31 5 4

23 5 4

23 5 4

16 5 4

10 5 4

8 4 4

Employment transformations Employment sectors

49% changed sector 52% Consulting

59% changed function 17% Tech/Media/Telecomms

51% changed country 15% Financial Services

26% changed all three dimensions 16% other corporate sectors

78% changed at least one dimension 44 Executive Education ANNUAL REPORT 2017/2018

Open & Customised Programmes

Strong growth and performance reflects our focus on innovation, client-centric approach and strong collaboration between faculty and staff.

2017/2018 was the second annual runs of our Leading Digital Along with Leading Across Borders outstanding year in a row for Transformation and Innovation and Cultures directed by Professor Executive Education, with revenues programme, which – along with our , these programmes rising by 7% to €108 million – taking other programmes in the area of are helping executives lead in an total growth over the past two years Digital Transformation – continues increasingly diverse global market, to 21%. In May 2018, the Financial to be in very high demand. and high participation numbers Times ranked INSEAD #3 in the demonstrate the interest in world for Open and Customised An example of an INSEAD these topics. Programmes combined, our highest innovation for 2017/2018 is a new position ever. This performance is programme designed and delivered Demand for our suite of Corporate a direct result of an approach that by Professor Subramanian Rangan, Governance Programmes is still meets client needs, collaboration by Integrating Performance and soaring. We are leaders in Director faculty and staff, and innovation in Progress. It was created for senior Education and have not only our portfolio and delivery methods. leaders who want to understand added a new cohort of the flagship how to combine business results International Directors Programme, with positive societal change. but have also launched a specialist Open Programmes This programme is unique and offering, the Advanced Strategy for partners participants with leading Directors programme. Furthermore, During the year, we piloted our new philosophers who help them reflect in response to requests from past Certificate in Coaching, directed on the challenges they face and participants of the International by Professor Derek Deasy, to find solutions for a better future. Directors Programme, an Advanced great acclaim from participants. Certificate in Corporate Governance Thanks to the unique content and Another new programme focused was launched to enable board programme design, each class is on contributing to business impact members to continue their now running at full capacity and we and societal progress is the Women directorial development journey are exploring expansion to three Leaders Programme, directed by with INSEAD. cohorts a year. We increased the Professor Jennifer Petriglieri. 45 E xecut i 10,000+ 115 + ve E

participants in 2017/2018 participant nationalities ducat i o 2,500+ 50+ n client organisations open programmes partnered with INSEAD

Customised Programmes

2017/2018 was a particularly good year for programmes tailored to the needs of individual companies, particularly in our home markets of Western Europe, East Asia and the Middle East. Performance in France was our strongest ever. Unanticipated growth was seen in Indonesia and India, and the number of clients and participants on the Middle East Campus exceeded expectations. Further afield, we saw continued growth in the US, where demand is poised to rise even further in the coming year.

INSEAD strength and durability in the Customised Programmes marketplace is built on relationships with clients who have partnered with us on multi-run programmes at multiple management levels, often over many years. We would like to take this opportunity to thank our long-standing partners. Our fruitful collaborations go far beyond co- designing and delivering programmes to complete business transformation. EXECUTIVE EDUCATION

46

Online Programmes ANNUAL REPORT 2017/2018

This year, the relationships we forged turn into long-lasting collaborations.

Our Customised Online clients Indeed, our ultimate ambition continue to look to INSEAD for is to ensure that the majority of online solutions to education for INSEAD programmes – including top executives. For example, award- our degree programmes – feature winning ventures with Microsoft, dynamic digital experiences. With Accenture and Telenor have formed this in mind, we have invested in the basis of further partnerships. delivery innovations that improve our Moving forward, we will do more production capabilities and quality. than simply update and refresh existing programmes, we will extend This year, we are delighted to to new levels of management, new announce the appointment of topics and new forms of delivery. Professor Ben M. Bensaou to the INSEAD Executive Committee as During the year, we also pursued Dean of Executive Education. Ben, the expansion of our open digital who is fluent and able to teach in portfolio, which now consists Japanese, is a well-loved and long- of six distinct products. These serving professor at INSEAD and a products explore concepts like pioneering thought leader in the field ‘leadership’, ‘communication’ and of innovation and Asian business. ‘gender diversity’, proving that online education INSEAD-style is certainly not limited to technical subjects or so-called ‘hard’ skills.

Reflecting the stellar performance of our digitally delivered executive education over the past few years, the online team has now been fully integrated into the department. This exciting development enables us to react to market needs more rapidly and improves our online capability. It also drives face-to- face and online programmes in a single strategic direction. 47 O nline P rogrammes 48 Advancement ANNUAL REPORT 2017/2018

Alumni Engagement

Supporting and strengthening the robust, diverse and globally connected INSEAD alumni community to serve Our Alumni the school today and into the future. Network The INSEAD alumni network Our Salamander magazine also is robust, diverse and globally keeps our alumni community connected. Our alumni are citizens connected. This year featured a of the world – distributed across woman-focused edition for iW50 175 countries with 162 nationalities. with special profiles, a video They understand how to balance interview and advice section. 5 7,25 4 local and global perspectives, an Throughout the year, the magazine alumni aspect of the INSEAD culture that shared stories of our exemplary is powerful and valuable in the 21st faculty, staff and graduates. Century. Our alumni are engaged with the school and fellow alumni, In August 2018, the school and attending events, advancing the the INSEAD Alumni Association school’s mission through donations expanded the awards for 5 7 and being active in National Alumni outstanding achievements by National Alumni Associations and clubs. alumni. This year’s first-ever Associations winners of the INSEAD Alumni and Global Clubs This year, we are making it even Force for Good Awards were easier for alumni to engage and recognised for positive social support the school. The launch of impact in their professional or a volunteer website in 2017/2018 community work. highlights many different ways to contribute, such as joining the As we advance into The Campaign 3,000+ more than 2,000 interviewers who for INSEAD: A Force for Good, we are pleased to recognise alumni volunteers contact prospective students worldwide or becoming an INSEAD achievements that demonstrate careers ambassador. excellence and exceptionality, and now those who use their INSEAD education to make the world a better place. 49

2018 Alumni Award Recipients A dva n ce

INSEAD Alumni Force for INSEAD Alumni Emerging m e

Good Award Entrepreneur Award n Marcelle Speller MBA’82 Harjeev Kandhari MBA’02J t Founder and CEO of Localgiving Founder and CEO of Zenises and Zenises Foundation Denis von der Weid MBA’61 Founder and Director of Antenna INSEAD Alumni Volunteer Foundation Leader Award Leonidas Los MBA’75 Sameer Hajee MBA’04D Retired Shipping Agent and Broker Co-founder and CEO of with Tri-Marine Shipping Co. Nuru Energy Alexandra von Schroeter INSEAD Alumni Global MBA’87J, IDP-C’17Feb Entrepreneurship Award Partner, Head of Strategic Business and Kevin Ryan MBA’90D Portfolio Manager with Cumberland Founder, Chairman and CEO, Private Wealth Management AlleyCorp Tsunehiro Nakayama MBA’75 Retired Chairman with Merrill Lynch Japan Securities Co. 50 Giving in 2017/2018 Increasing trust and commitment from our community (annual €54.8M donations in € millions) raised in gifts and pledges, representing a €11.1M €14.2M €23.8M €33.6M €54.8M ANNUAL REPORT 2017/2018 63% increase in giving results over the last year. More than 4,006 donors contributed to this achievement, and 1, 3 8 8 donors gave to the Dean’s Innovation Fund. Aug’14 Aug’15 Aug’16 Aug’17 Aug’18

Where did donors Dean's Innovation Fund direct their gifts? & Unrestricted Endowment €2,125,409

Facilities €6,140,803

Scholarships and Financial Aid €5,365,563 €54,843,402

Faculty and research €41,211,627 ADVANCEMENT

51 G i v Giving to INSEAD IN to ing SEAD

The year that led up to the launch of The Campaign for INSEAD: A Force for Good was an extraordinary time for the school’s combined fundraising and outreach efforts. The total amount raised in gifts and pledges was €54,843,402 – the most successful year of philanthropy in INSEAD history. The outpouring of support reflected the school’s dynamic engagement with its alumni.

The school, in collaboration with for Business and Society. The expanded the school’s capabilities the INSEAD Alumni Association, Hoffmann Institute ushers in a new in major domains, including wealth facilitated 128 events with faculty era for INSEAD research, teaching, inequality and gender balance. speakers for alumni throughout outreach and business impact. the world and launched a suite Business and society was not the of dedicated online programmes The creation of the Institute only area of research to receive designed to make studying at inspired many other gifts for significant donations. The Centre INSEAD a lifelong experience. research in business and society for Decision Making and Risk from friends and alumni alike. Analysis, for example, received The Janssen Family Endowed a leadership gift to advance Major Donations Professorship, the Patrick and understanding of biases and Valentine Firmenich Fellowship devise tools to overcome them. The highlight of the year was the and Research Fund, the Goltz The Cornelius Grupp Fellowship milestone €40 million commitment Fellowship, the Mirjam Staub- in Digital Analytics for Consumer from André Hoffmann MBA’90D and Bisang Fund, the Jacques Garaïalde Behaviour was established to his wife Rosalie – the largest ever Research Fund, the Dirk Luyten recognise and support innovative individual alumni gift – to establish Research Fund and the Cyril research in marketing. the Hoffmann Global Institute de Bournet Fund significantly 52

Strengthening and change individual lives by donors in 78 countries – doubling enabling outstanding applicants the number of gifts and amount Diversity and and candidates of limited means – raised at the inaugural event just Excellence often from developing economies or a year earlier. Unrestricted gifts, unconventional career backgrounds. promoted by Giving Day, gives the Thanks to new and current school flexibility to channel funds The renovation of the original donors, 17 new MBA scholarship where they are most needed. INSEAD Europe Campus in awards were established and ANNUAL REPORT 2017/2018 Fontainebleau, one of the The annual Robin Hood others were renewed. The average Campaign’s major priorities, campaign, in which current MBA amount received by students received a significant financial students give scholarship support increased more than 13% to boost through a leadership to the classes that follow, broke a €17,000, up from €14,900 in 2017. pledge. In addition, we received a record in 2017/2018 with the The new Ian Potter MBA’93D PhD legacy commitment towards the highest ever amount raised from Scholarship will stimulate our renovation of the Euro-Asia Centre the class of MBA’18D. vibrant academic community by building on the Europe Campus, supporting current and future which is where INSEAD’s close New fundraising records were doctoral students in their research. relationships with Asian business also set this year at reunions. The In the year of iW50, it was great truly flourished. MBA’13J class raised the highest to see that women’s scholarships ever total for a five-year reunion. received significant support both The MBA’68 class achieved the in terms of funds raised and new Regular and highest total and participation scholarships established. rate for a 50-year reunion; and Reunion Giving the MBA’98Ds made the fastest In May 2018, the second annual ever collection of €250,000 – in Scholarship Dinner paired donors The second annual Giving Day in just eight weeks – to create an and current students in Paris March 2018, a joint collaboration endowed class scholarship. The for an inspiring evening. The between INSEAD, the INSEAD number of Salamanders awarded personal stories shared at the Alumni Association and the in recognition of cumulative giving event highlighted how scholarships INSEAD Alumni Fund, raised a and loyalty rose by more than 100. raise standards, nurture diversity remarkable €681,453 from 1,507 ADVANCEMENT

53 O Outreach utreac h

INSEAD annual alumni forums engaged participants in interactive debates, creative workshops and mini- electives on themes from digital frontiers to inclusion in a changing world. 12 8 Led by groups of dynamic alumni to engage more young alumni, for alumni events volunteers and faculty, the three example, we launched one- and alumni forum events once again two-year reunions in Singapore, drew large audiences – this year which were both well attended. to Hong Kong, San Francisco and a coastal resort town close The largest event of all was Global to Amsterdam. The INSEAD INSEAD Day. On 12 September 2,800+ Visionaries Conference also 2017, the INSEAD community alumni connected brought major donors together in gathered in 59 cities across 43 London to discuss key topics at countries to launch the flagship the intersection of business and iW50 yearlong event in celebration society in a world café discussion of INSEAD’s female pioneers. The format of rotating groups. iW50 activities concluded with the Summit in June 2018, where more 7,6 0 0 + Reunions continue to grow in terms than 500 men and women, many five-year engagement of both numbers and innovation, of them alumni, reaffirmed their with record attendances and new commitment to gender balance. formats. As part of the initiative 54 Infrastructure ANNUAL REPORT 2017/2018

Digital Infrastructure

Our school’s progress towards digital transformation accelerated this year.

The trajectory is now formally In 2017/2018, for example, we began practical on-boarding support, which mapped out in our Digital rolling out the Canvas learning eases their arrival on campus. Transformation 2023 application management system, first in migration roadmap. This charts Executive Degree programmes and Similarly, as of 2017/2018, the the course to push the frontiers of now for MBA participants. The new admissions process for Open education by applying pragmatic, platform gives students easy access Enrolment Programmes is entirely innovative and agile information to course materials and preparation paper-free, which enables INSEAD to technology to core activities of for classes, while enabling professors provide a high-speed and high-quality research and teaching. We aim to introduce new kinds of interactivity service to programme participants to drive operational efficiency and video content. Faculty can through more sustainable operations. gains, improve learner experience even entirely ‘flip the classroom’ to From planning and implementing and contribute to the ongoing maximise time spent with students a new customer relationship development of a seamless one- on applying concepts, rather than management system for Executive school culture. In short, we want teaching fundamentals. Education to rollout of a new to go beyond future-proofing our The new MBA Period 0 is another resource scheduling tool, digital technology and lead innovation by transformation across the school democratising data. case in point. Much more than an online course and careers platform, it shows the increasingly pivotal role provides students with a great deal of played by technology at INSEAD. INFRASTRUCTURE

55 E Europe uro p e C

Campus a mp us

In Fontainebleau with our roots in the heart of the forest, and in Paris, shining bright in the City of Lights.

We are pleased to announce Thanks to similar renovations at This is the beginning of an all- that the much-heralded campus the Hôtel Clos Saint Merry just encompassing transformation renovation in Fontainebleau is now across the boulevard, INSEAD of our Europe Campus. We look underway. This six-year project is is now able to offer Executive forward to sharing more details a major investment in our historic Education participants as the project develops over the home. To oversee the project, 211 rooms of the highest next six years. we have tapped award-winning business-hotel standards. Swiss-based architects Herzog & Fontainebleau is not our only de Meuron, best known for their Meanwhile, the beloved Camembert location in Europe. The INSEAD- dramatic transformation of a meeting point at the heart of Sorbonne University Behavioural London power station into the the Europe Campus has been Lab, opened in 2002, has seen so Tate Modern museum. rejuvenated, along with several much demand that new research amphitheatres, or amphis. So facilities were added in 2017/2018 The impact of campus has much of the Plessis-Mornay to increase capacity. In Paris in transformation on INSEAD Learning Space – which makes January, we opened the INSEAD participant satisfaction and a direct and significant impact LaunchPad at STATION F, the reputation will be significant on the Executive Education world’s largest start-up campus. – and can already be glimpsed experience in Fontainebleau. Alumni are now able to apply for in the hotel renovations and Several sustainability and technical six-month residencies to get new expansions completed this year. innovations are also now complete, ventures off the ground with the In March 2018, the on-campus including food recycling initiatives, direct support of the INSEAD Hôtel Ermitage reopened after 20 climate control improvements and faculty and STATION F ecosystem. months of construction work with introduction of a computerised 80 additional rooms and a new maintenance management system. rooftop restaurant, the Treehouse. INFRASTRUCTURE

56

Asia Campus ANNUAL REPORT 2017/2018

Our Asia Campus in Singapore is crucial for INSEAD and our goal to offer truly global business education.

Located at the heart of Singapore’s The warm and welcome feel was vibrant One North district, the extended throughout the campus school attracts top talent and has and the INSEAD Residence. The bar become a place where leaders and restaurant were given a fresh convene to discuss the future new look, making it a great place to of business. This year, the Asia meet with friends or colleagues, to Campus saw upgrades that study or to relax. Families will enjoy significantly enhanced the learning the new children’s play area that journey and participant experience. was added to the family lounge. The Leadership Development One primary focus was to improve Centre continues to be popular with the educational experience for executive education participants students and professors alike. who enjoy the spacious amphis Three amphis, two flatrooms and top-floor dining with fantastic and several break-out areas views. A total of 80 hotel rooms were improved technologically were given a makeover during the with updated IT and audio-visual year, which provides a top-tier equipment. In addition to this business-class hotel experience to upgrade in functionality, aesthetic visitors and a similar experience improvements give the teaching across campuses. spaces a new form and feel. To complement the natural light that The vibrant and thriving Asia permeates the space, our branding Campus has matured into a place team brought the natural world for students from around the world inside with a living moss wall that to learn to lead in a global economy features the new INSEAD logo that is more and more focused and connects the interior with the on Asia. Our vision, events and natural green walls of the outside upgrades strengthen our position as courtyard. the business school for the world. INFRASTRUCTURE

57 M i Middle East dd l e E

Campus C ast a mp us

The first year of the new Middle East Campus surpassed all expectations.

Our Middle East Campus lies in period in January and February region relating to innovation, digital the perfect location at the heart for the July-graduating class. The transformation, entrepreneurship of Global Market, the results are positive, with 83 INSEAD and venture capital. city’s financial centre, it also looks MBA graduates starting careers in stunning and regularly achieves the region. That figure should rise Following ten years of sustainable evaluations of 4.8 or 4.9 out of 5 as more and more students come growth and consolidation in Abu from participants. through our doors. Dhabi, INSEAD is the undisputed top business school in the Middle The number of Executive Education Research capacity at the campus East. Our focus now shifts to even and Global Executive MBA continues to develop. Notably, the greater ambition for the next ten participants has grown steadily over INSEAD Randomized Controlled years. As we look ahead, we are several years, and we are now set Trials Lab is based in the Middle fortunate to have the support of the to double the annual total of MBA East Campus, and supports Abu Dhabi government in the form students attending their Period 3 on research projects across all school of capital rather than operational the campus. In October 2018, the campuses with logistical support expenditure. This enables us to opportunity to complete a module for field work and rigorous scientific maintain full autonomy and apply in the Middle East was extended methodology. The Innovation Works the rigorous quality standards that to the December-graduating class, project was launched in 2018 to are synonymous with the INSEAD complementing the residential develop INSEAD activities in the name throughout the world. 58 Constituencies ANNUAL REPORT 2017/2018

Advisory Council Michael Pragnell Patrick Firmenich Maria Guadalupe Founder Chief Executive Vice-Chairman of the Board of Professor of Economics and Officer, Syngenta AG Directors, Firmenich SA Political Science; Academic Chairman Director of the INSEAD Sir Andrew Large Claude Rameau Christine Hirzel Randomized Control Trials Former Deputy Governor, Professor Emeritus, INSEAD Global Head of Boards and (RCT) Laboratory, INSEAD Bank of England Former Dean, INSEAD External Relations, INSEAD Benoît Habert Members Ernest-Antoine Seillière Ilian Mihov Deputy Managing Director, Rolf Abdon Honorary Chairman, Wendel Dean; Professor of Economics; Dassault Group Chief Executive, Abdon Mills The Rausing Chaired Professor Cees J.A. van Lede of Economic and Business Lilia Jolibois Baron Jean-Pierre Berghmans Board Director, Philipps and Transformation, INSEAD Board Director, Futuren (EDF Chairman of the Executive Air France- KLM Renewables) France Board, Lhoist Group Mirjam Staub-Bisang Permanent Invitees Chair, INSEAD Endowment Vincent Lapras Michael A. Butt Ilian Mihov Management Committee; Owner & Founder, COVILA Chairman, Axis Capital Dean; Professor of Economics; Managing Director, BlackRock (Real estate investment) Holdings Ltd. The Rausing Chaired Professor Switzerland of Economic and Business Jean-Marc Le Roux John Clarkeson Transformation, INSEAD Partner, Bain & Company Chairman Emeritus, Fondation INSEAD The Boston Consulting Group Olivier Giscard d’Estaing Laurence Capron Honorary Chairman, Dean of Faculty; Professor of Paul Desmarais Jr. Honorary President INSEAD Fondation Strategy; The Paul Desmarais Chairman and Co-CEO, Power Olivier Giscard d’Estaing Chaired Professor of Partnership Corporation of Canada Permanent Invitee, INSEAD Andreas Jacobs and Active Ownership, INSEAD Chairman, INSEAD; Member of Advisory Council Claude Janssen the Board, Jacobs Holding AG Government Representatives Honorary Chairman, INSEAD President French Home Office François Hériard Dubreuil Baron Daniel Janssen French Ministry of Finance Fondation Mondiale Chairman, OrparChairman, Honorary Chairman of the Rémy Cointreau and Industry Board of Directors, Solvay SA INSEAD French Ministry of Foreign Vice-President and European Affairs Sven Kado President Lionel Sauvage (Foreign Office) Non-Executive Chairman, Rémy Best President, AFHI-ART (Amis du Marsh and Mercer Chairman, INSEAD Campaign Festival de l’Histoire de l’Art) Board; Managing Partner, International Council Barbara Kux Pictet Group Members Board Member, Firmenich, Christine Blondel Honorary Chairmen Henkel, Total and Umicore Vice-President Adjunct Professor of Family Claude Janssen Claude Janssen Business and Family Honorary Chairman, INSEAD Charles Mackay Honorary Chairman, INSEAD Governance, INSEAD Chairman, Opera Holland Park Didier Kling Trust Members Hubert Gatignon President, Paris Île-de-France H.E. Dr Ali Rashid Al Nuaimi Emeritus Professor of Regional Chamber of Commerce Edward Mork Director General, Abu-Dhabi Marketing; The Claude and Industry Former Executive VP, Department of Education and Janssen Chaired Professor Royal Ahold Knowledge (ADEK) of Business Administration, Emeritus, INSEAD 59 C

Sir David Scholey Norberto Morita loria Tomatoe Serobe Leon Michael L’Huillier o n

CBE Senior Advisor, UBS Chairman, Southern Cross Founder and Executive Non-Executive Director, st

Investment Bank Group Director, Wiphold Woolworths Ltd i tue

Chairman Yutaka Nakamae Shoichiro Toyoda John Lydon n c i Daniel Labrecque Legal Representative and Honorary Chairman, Member Director, McKinsey & Co Inc Founder and CEO, DNA Capital Vice-President, Transatlantic of the Board, Toyota Motor es Reinsurance Co Corporation David Mair Members Managing Director, Republic Maurice Amiel Jacques Nasser Michael Ullmann Consulting Managing Director, One Equity Jeremy J.G. Brown Partners LLC; Chairman, Pan- Tony van Kralingen Paul O’Sullivan Director, Matheson & Co Ltd African Capital Holding Pty Ltd Managing Director, South Chief Executive, SingTel Optus African Breweries Ltd Pty Ltd Michael A. Butt Alfredo Novoa-Peña Chairman, Axis Capital Chairman, EcoEnergias del Daniel L. Vasella John Pollaers Holdings Ltd Peru SAC Chairman and CEO, Novartis CEO, Pacific Brands Holdings International AG 40 Pty Ltd John Cutts Lubna S. Olayan Chief Executive, Pall Mall CEO, Olayan Financing Co LLC Philippe Vindry Heather Ridout Capital Ltd Independent, Non-Executive Jonathan Oppenheimer Christian Vulliez Director, Australian Securities Jean-Pierre Garnier Managing Director, De Beers Consultant, CHV Conseils Exchange Ltd CEO, Pierre Fabre SA Consolidated Mines Ltd Guy Wais Patrick Snowball Bernard-Philippe Giroud Alix de Poix President, Excel Contact SA CEO, Suncorp Group Ltd Advisor, LVMH Founder and President, Apexes SA Philip Yeo Juliana Warner Ian Goldin Chairman, Agency for Science Partner, Freehills President, J. Martin 21st Michael Pragnell Technology & Research Century School Founder & CEO, Syngenta AG Jürgen Zech Austria Claire Gouzouli Willem J. Prinselaar Chairman, Denkwerk Partner, First Consulting Ltd Managing Partner, Privast Capital Partners SA President Koichi Hashida National Cornelius Grupp Managing Director, Kyushu Michael Prym Councils CEO, CAG Holding GmbH Electric Power Co Inc Consultant, Prym Consulting Members Franz B. Humer M. Cyril Ramaphosa Matthias Calice CEO, Gampen Sarl Chairman, Plc; Former President, Republic of Australasia Chairman, Roche Holding Ltd South Africa Sebastian Heinzel Sven Kado Claude Rameau President Chief Strategy Officer, Wilfried Non-Executive Chairman, Professor Emeritus; Former Susan Lloyd-Hurwitz Heinzel AG Marsh and Mercer Dean, INSEAD CEO and Managing Director, Mirvac Ltd; Chair, INSEAD Georg Kapsch Stephen Koseff Michael S. Roskothen Campus Renewal Committee CEO, Kapsch-Group CEO, Investec Ltd Managing Partner, Atlantic Beteiligungs GmbH Century Innovation Network Members Barbara Kux Erich Fraunschiel Rudolf Knuenz Board Member, Firmenich, Florian Schilling Director, WorleyParsons Ltd CEO, Unternehmens Invest AG Henkel, Total and Umicore Partner, Board Consultants International Todd Hannigan Peter Mitterbauer Concetta Lanciaux Director, T2 Resources CEO and Chairman, MIBA AG Advisor to the Chairman, Ronaldo Schmitz LVMH; Executive Vice- Former Member of the Bernadette Inglis Florian Niedersuess President Synergies, LVMH Managing Board, Deutsche Group General Manager, Westpac CEO, EWW AG Bank AG Banking Corporation Ltd Igor Landau Wolfram Senger-Weiss Jorge Stecher Navarra Mark Johnson Managing Director, Gebrueder Saki J. Macozoma Member of the Board, Senior Advisor, Gresham Weiss GmbH Chairman, Stanlib bancopopular-e.com Partners

Rick P. Menell Hideya Taida CBE Graham Kraehe Chairman, The Carrick Executive Vice-President, The Chairman, BlueScope Steel Ltd Foundation Japan Foundation 60

Belgium Nestor Casado Kamal Hassan Markku Komsi CEO, Capital Invest Founder and CEO, IncMind Design for Excellence Process Manager, Nokia Solutions & President Carlos Cavalcante Peter Kruyt Networks Jean Vandemoortele Superintendente, IEL Nacional Vice-President, Power Chairman, Vandemoortele NV Corporation of Canada Mikko Kosonen Ana Maria Diniz President, Sitra Members Board Member, Companhia Daniel Labrecque Baron Jean-Pierre Berghmans Brasileira de Distribuição Chairman, INSEAD Mikael Lilius Chairman of the Executive

ANNUAL REPORT 2017/2018 International Council; Founder Chairman, Huhtamaki Oyj Board, Lhoist Group David Feffer and CEO, DNA Capital Chairman and CEO, Suzano Juha Ilari Rantanen Nicolas Boël Group Brett Miller Advisor, IK Investment Partners Chairman, Solvay SA President, Jones Lang LaSalle Luiz Fernando Furlan Kari Stadigh Bert De Graeve Co-Chairman of the Board, Alain Miquelon Group CEO and President, Chairman, NV Bekaert SA BRF Brasil Foods SA President and CEO, Bourse de Sampo Oyj Montréal Inc Bernard Delvaux José Carlos Grubisich Filho Mitti Storckovius CEO, SONACA SA Loudon Owen Head of Global Business Alexandre Hohagen Managing Partner, Operations of Mobile Phone, Roland D’Ieteren Vice-President of Sales, McLean Watson Capital Inc Microsoft 42 Chairman, SA D’Ieteren NV Facebook Latin America Charles Sirois Maarit Toivanen-Koivisto Baron Daniel Janssen Gustavo Marin Chairman and President, President of the Board, Onvest Oy Honorary Chairman of the President, Banco Citibank SA Telesystem Ltd Board of Directors, Solvay SA Maurizio Mauro Guthrie Stewart Christophe Hamal Managing Partner, TTLM Senior VP and Global Head France CEO, Buy Way Personal Finance of Private Investments, PSP Bernard Mencier President Thomas Leysen Investments Philippe Houzé Chairman, KBC Group NV Ulrich Otto Alexandra von Schroeter Chairman of the Executive Board, Galeries Lafayette Group Dirk Luyten CEO, Otto Holding International Head of Strategic New Managing Director, Levante Business and Client Portfolio Paolo Picchi Members Capital Management Management, Cumberland President Latin America, Private Wealth Management Inc President, Martine Reynaers McCain Foods Managing Director, Reynaers Marcio Andrade Schettini Thomas Bittner Aluminium NV Executive Vice-President, Denmark President, INSEAD Alumni Association France Michèle Sioen Itau-Unibanco SA President CEO, Sioen Industries NV Claudio Szajman Niels B. Christiansen François Bouriez Co-CEO, Louis Delhaize Company Jean-Christophe Tellier Chairman, Grupo VR Vale President and CEO, Danfoss A/S CEO, UCB SA Refeição Ltda Members Chairman and CEO, Atos Alexandre van Damme Waldemar Verdi Morten Eldrup Jorgensen Administrateur, InBev NV Chairman and CEO, Partner, Nielsen Norager Law Grégoire Chertok Grupo Rodobens Firm LPP Managing Partner, Christoffer Galbo Rothschild & Cie Brazil & Latin America Partner, Copenhagen Counsel Canada Geoffroy de La Bourdonnaye President Peer Kolendorf CEO, Chloe Sergio Franco Averbach President President and CEO, Comitel Jean-Frédéric de Leusse President, South America and Jean-François Sauvé Holding A/S President, UBS France Senior Client Partner, Korn/ Managing Partner, Cheverny Capital Inc Ferry International Olivier Giscard d’Estaing Honorary President, Members Members Finland Fondation INSEAD Gustavo Abelenda Paul Desmarais Jr Chairman and Co-CEO, Members President, Latin America, Roger Godino Power Corporation of Canada Eero Heliövaara Mondelez International Inc President, Holding International de Développement Emerson de Almeida Andrew Hanff Arto Hiltunen Partner, Roland Berger Montréal CIO and Vice-President, IT Dean, Fundação Dom Cabral Jean-Jacques Guilbaud Management, Kesko Oy Secretary General, Total SA 61 C Benoît Habert Ralph Heuwing Dimitris Papalexopoulos Italy o n

Deputy Managing Director, CFO and Director, Duerr Managing Director, Titan st

Dassault Group Aktiengesellschaft Cement Company SA i President tue Roger Abravanel

François Hériard Dubreuil Carl Pfeffer Minas Tanes n c i President, Fondation INSEAD; CEO, Aluminium-Werke Chairman of the Board, Director Emeritus, McKinsey & Co Chairman, Orpar; Chairman, Wutöschingen AG & Co KG Athenian Brewery SA es Members Rémy Cointreau Michael Phillips Takis Theocarakis Nerio Alessandri Claude Janssen MD, Castik Capital Sarl. Deputy Managing Director, NIC.J. President and Founder, Honorary Chairman, INSEAD Theocarakis SANissan Greece Technogym Group SpA Sebastian Reschke Eric Labaye Owner, Reschke Advisory Michele Appendino President, Ecole Polytechnique Services Chairman and CEO, A.M.E. India Ventures Frédéric Lemoine Wolfgang Schaefer Former Chairman of the Member of the Executive President Barbara Giulia Belloni Executive Board, Wendel Group Board & CFO, Continental AG Narayana Murthy Managing Director, Russell Chairman and Chief Mentor, Reynolds Associates Inc Jean-Marc Liduena Peter Schuh Infosys Technologies Ltd Senior Partner, Monitor Deloitte Partner, Stratfields Diana Bracco Members Chairman and CEO, Bracco Arthur Sadoun Anu Aga Imaging SpA Chairman & CEO, Publicis Groupe Director, Thermax Ltd Greece Massimo Capuano Bernardo Sanchez Incera Shyam Bhartia Managing Director, Board Member President Chairman and Managing Centrobanca SpA Ulysses A. Kyriacopoulos Director, Jubilant Organosys Ltd Philippe Schaus Chairman, S&B Industrial Luigi Consiglio CEO Moet Minerals Dinesh Dayal President, GEA SpA COO, L’Oreal India Pvt Ltd Pascale Witz Members Luca D’Agnese Non-Executive Director and Yiannis Akkas Adi Godrej Board Member, Perkin Elmer Managing Director, Hellenic Chairman, Godrej Group Carlo De Benedetti Instruments LLC Fabrics SA President, CIR Compagnie Ashwini Kakkar Industriali Riunite SpA Takis Arapoglou Executive Vice-Chairman, John Elkann Germany Mercury Travels Ltd Spyros Capralos Chairman, Fiat SpA President, Hellenic Olympic Kiran Mazumdar-Shaw President Guido Frisiani Committee Chairman and Managing Ines Kolmsee Director, Biocon India Ltd Director, McKinsey & Co COO and CTO, EWE AG George David Gabriele Galateri di Genola Chairman, Leventis Group Aman Mehta Members Director, Tata Consultancy Chairman, Assicurazioni Dominik Asam Dakis Joannou Services Generali SpA CFO and Member of the Chairman, Joannou & Luca Garavoglia Managing Board, Infineon Paraskevaides (Overseas) Ltd Hital Meswani Technologies AG Executive Director, Reliance Chairman, Davide Campari- Leonidas Los Industries Ltd Milano SpA Markus Conrad Shipbroker, Trimarine Shipping Vittorio Giaroli CEO, Tchibo GmbH Company Sunil Bharti Mittal Chairman and Managing Managing Director, Value Lutz Goebel Anastasios Manos Director, Bharti Airtel Ltd Partners Management Consulting Managing Director & Shareholder, Logistics, Shipping, Exports & Luigi Gubitosi Henkelhausen GmbH & Co KG Terminals Manager, Lafarge SA Deepak Parekh Chairman, HDFC Ltd General Manager, RAI Franz Haniel Nicholas Nanopoulos Radiotelevisione Italiana SpA Chairman of the Supervisory CEO, Eurobank Ergasias SA Raja Parthasarathy Board, Franz Haniel & Cie Managing Director, Morgan Paolo Guidelli Guidi GmbH Calypso Nomikos Stanley India Co Ltd Chairman, Quadra President, AM Nomikos Management Consulting Immanuel Hermreck Transworld Maritime Agencies Malvinder Mohan Singh Francesco Loredan Executive Vice-President SA Chairman, Fortis Healthcare Human Resources, (India) Ltd Managing Partner, BC Partners Bertelsmann SE and Co KGaA Doucas-Paul Paleologos Paolo Merloni CEO, Ariston Thermo Group SpA 62

Carlo Montenovesi Anton Rutten Christopher Cheng Jon Erling Tenvik Chairman, Cross Border SRL COO Wholesale, Rural & Retail, Chairman, Wing Tai Rabobank Corporation Ltd Oyvind Torpp Nicola Pianon Senior Partner & Managing Senior Partner and Managing Feike Sijbesma Kim Jung-Tai Director, The Boston Director, The Boston CEO and Chairman of the Chairman and CEO, Hana Consulting Group Inc Consulting Group Inc Managing Board, Royal DSM NV Financial Group

Gian Luca Rana Jacques van den Broek Siu-Chuen Lau Portugal

ANNUAL REPORT 2017/2018 Amministratore Delegato, CEO and Chairman of the Deputy Chairman and CEO, Pastificio Rana SPA Executive Board, Randstad Hysan Development Co Ltd Holding NV Members Corrado Sciolla Michael Leung Américo Amorim Joost van Heijningen Executive Chairman, Onwel Chairman and CEO, Amorim Francesco Starace Group of Companies Holding II President, Enel Green Power SpA Jan Derck van Karnebeek President CEE Region & Chief Vincent Lo Álvaro Barreto Sales Officer, Heineken Chairman, Shui On Group Ltd Administrator, Grupo Portucel Soporcel Japan Cees J. A. van Lede Firdaus A. Siddik Board Director, Philips and Air Owner, PT. Jafra Mexindo João Carvalho Talone Members France-KLM General Partner, Magnum Capital Susumu Fujimoto John R. Slosar Vice-President, MS&AD Annemarie Johanna van Neck Chairman, Swire Pacific Ltd Vasco de Mello Insurance Group Holdings Inc Country Manager Netherlands, Chairman of the Board, Jose Kan Trakulhoon Coloplast de Mello SGPS SA Yasuhisa Fujita President and CEO, Siam President, Toyota Finance Dirk-Jan van Ommeren Cement Public Company Ltd Manuel Ferreira de Oliveira Corporation Executive Director, Oranje- President of the Executive Nassau Groep BV Commission, GALP Energia SA Ichiro Miyake Norway President and CEO, Allianz Life Diederik van Rappard Luis Gravito Japan Owner, Capitalize BV Senior Partner, The Boston President Consulting Group Inc Hiroshi Nonomiya D.P.M. Verbeek Birger Magnus Partner, Crosspoint Advisors Inc Vice-Chairman Emeritus, Founder and Owner, Birger Miguel Horta e Costa Aon Group Netherlands Magnus R&I Vice-Chairman of the Board, Ryoichi August Ueda Banco Espírito Santo Member of the Board, Senior Merel van Vroonhoven Members Executive VP & CFO, Mitsubishi Chairman of the Executive Christian Berg Antonio Horta Osorio Corporation Board, Autoriteit Financiele Senior Partner, Hitec Vision AS Group Chief Executive, Lloyds Markten Banking Group Plc Egil Hogna Eugenie van Wiechen President and CEO, Sapa Group Belmiro Mendes de Azevedo Netherlands Managing Director, FD Chairman of the Board, Sonae Siri Hatlen Mediagroep SGPS SA Presidents CEO, Oslo University Hospital Wiet HM Pot Joop Wijn Luis Nazaré Jens P. Heyerdahl CEO, IMC Int Marketmakers Managing Board, ABN AMRO Chairman & CEO, CTT Correios d.y. Carl Otto Loevenskiold Combin B Holding NV de Portugal SA President, Loevenskiold- Neil McArthur Jan Zijderveld Vaekeroe A/S Joaquim Paiva Chaves Former CEO, Arcadis NV President, Unilever Europe, CEO, MALO Clinic Group, Helge Lund Unilever NV SGPS SA Members Group Chief Executive, BG Dirk Benschop Group Plc Fernando Pinto President, Shell Netherlands BV CEO, Transportes Aereos Dag Opedal North-East Asia Portugueses SA Koenraad Jacob De Heus CEO, Koninklijke De Heus President Silvija Seres Francisco Pinto Balsemão Ben Keswick Managing Director, TechnoRocks President, Impresa SGPS Charles Kotting Executive Chairman, Jardine Kristin Skogen Lund Investment Director, Gilde Equity Matheson Holdings Ltd Pedro Queiroz Pereira Management (GEM) Benelux Director General, NHO - Chairman and CEO, Semapa - Members Confederation of Norwegian Sociedade de Investimento e Carla Mahieu Mao-Song Chang Enterprise Gestao SGPS Global Head Human BU Director, Roche Products Ltd Resources, Aegon NV 63 C

Carlos Jorge Ramalho dos Doris Susan Sohmen-Pao Fernando Ruiz Richard Bissonnet o n

Santos Ferreira Executive Vice-President of President, Deloitte Senior Advisor, st

Chairman of the Executive Board Administration, YALE-NUS Quarton International i tue of Directors, Millennium BCP College José Sainz Armada

CFO, Iberdrola SA Georges Burki n c i José Maria Ricciardi Pramukti Surjaudaja Private Investor Chairman of the Executive Chairman, PT Bank OCBCNISP Miguel Sanz es Committee, Banco Espírito Santo Tbk Director, SUSI Partners Veit de Maddalena Executive Vice Chairman, Alexandre Soares Dos Santos Sukanto Tanoto Antonio Viana Baptista Rothschild Bank AG Chairman of the Board, Founder and Chairman, RGE CEO, (Espana) SA Jeronimo Martins AD. Pte Ltd Patrick Firmenich Vice-Chairman of the Board, Fernando Ulrich Oliver Tonby Sweden Firmenich SA President of the Executive Managing Partner, McKinsey Commission, Banco BPI SA South-East Asia André Hoffmann President Non-Executive Vice-Chairman Francis Sock Ping Yeoh Finn Rausing of the Board, Roche Holding Managing Director, YTL Director, Tetra Laval Group Ltd; Non-Executive Vice- South-East Asia Corporation Bhd President, Givaudan SA Members President Fernando Zobel de Ayala Rolf Abdon Andreas Jacobs Hsien Yang Lee President and COO, Ayala Chief Executive, Abdon Mills Chairman, INSEAD; Member of Special Advisor, Corporation the Board, Jacobs Holding AG Mikael Ahlström General Atlantic LLC Founding Partner, Procuritas AB Carolina Müller-Möhl Members President, Müller-Möhl Group Jonas Berglund Yoon Chiang Boon Spain IT Procurement Manager, Chairman and Managing Eric Tveter TeliaSonera AB Director, Jardine Matheson Members CEO and Co-Founder, Eduardo Berastegui UPC Cablecom (Singapore) Ltd Stefano Dell’Orto CEO, Comunicare Online Senior Manager, Vattenfall AB Cintia Travella Marketing Alexander Wyss Partner, Baker McKenzie Zurich President, INSEAD Alumni Claes Dinkelspiel José Bogas Association, Singapore Chairman, E. Öhman J:or Managing Director, Endesa SA Fondkommission AB Jamaludin Ibrahim Jaime Carvajal Urquijo UK Managing Director, President Boerje Ekholm and CEO, Axiata Group Berhad President, Advent International President and CEO, Investor AB President Leopoldo del Pino John B. Singer Khun Chatchaval Jiaravanon Joakim Olsson President, Estacionamientos Managing Director, Member of the Board, True CEO, SAG Group GmbH Corporation Public Company Ltd Iberpark Advent International

Christina Law Carlos Dexeus Sanpere Members Group President, Asian & Latin Partner, Altex Partners Switzerland Jack Boyer America, General Mills Chairman of the Board, Ilika Plc Jorge Gallardo President President, Almirall SA Paulo Cartucho Pereira Colin Low Mirjam Staub-Bisang President and CEO, Singapore Partner, Perella Weinberg Christian Gut Revoredo Chair, INSEAD Endowment Investment Development CEO and Managing Director, Management Committee; Vivienne Cox Corporation (SIDC) Prosegur Compañía de Managing Director, BlackRock Chairman and Non-Executive Switzerland Azman bin Hj. Mokhtar Seguridad SA Director, Vallourec Managing Director, Pedro Larrea Paguaga Members Philip R. Hampton Khazanah Nasional Berhad CEO, Ferroatlantica SL John Atkin Non-Executive Director, GSK Member of the Board, Shanti Poesposoetjipto Juan Ramon Llorente Perez Syngenta Foundation Andrew Large Senior Business Advisor, PT General Manager, Educamigos Chairman, INSEAD Advisory Praweda Ciptakarsa Informatika Anat Bar-Gera Council; Former Deputy Marta Malo Chair, Cyverse AG H.R.H. Abdul Qawi Governor, Bank of England CEO, Grupo Epelsa SL Director, Supremo Management Rémy Best Charles Mackay Services Sdn Bhd José Oliú Creus Chairman, Fondation Mondiale Chairman, Opera Holland Park Chairman and CEO, INSEAD; Chairman, Campaign Trust Banco de Sabadell SA Board INSEAD; Managing Partner, Pictet Group 64

Charles Manby Julio Pekarovic Advisory Director, Goldman CFO, Dataminr Sachs International Ltd Kevin Ryan John Phizackerley Chairman and CEO, AlleyCorp Co-COO, Nomura Bank International Plc John A. Thain Chairman and CEO, CIT James Pike G. Richard Thoman

ANNUAL REPORT 2017/2018 Senior Independent Director, Spirax Sarco Engineering Plc Managing Partner, Corporate Perspectives Lord Simon of Highbury Former Advisor to the Tommaso Trion UK Cabinet Office CEO, Monsoon Commerce Inc

Paul Skipworth David Weinstein Partner, L Capital Management Emeritus Professor of Marketing, INSEAD Mark Spelman Future of the Internet, World Economic Forum

USA

Members Thomas C. Barry President and CEO, Zephyr Management, L.P.

Frank Brown Managing Director and COO, General Atlantic LLC

Roberto Buaron Chairman and CEO, First Atlantic Capital Ltd

Claude R. Charles President, Azur Capital Ltd

John Clarkeson Chairman Emeritus, The Boston Consulting Group Inc

Vivien Godfrey CEO, MilkPEP

Frederick M. Goltz Founder, Hattington Capital

John W. Jackson Chairman, The Liana Foundation

Tim Kingston Managing Director, Goldman Sachs & Co

Victor Menezes Senior Advisor, New Silk Route Partners, LLC

Michael A. Neal Former Vice-Chairman, GE Commercial Finance 65 Graduat

Graduating Cl ing Classes asses

MBA Class of Raghdan Al Khoury Borislav Bedic Ryan Cannell Cristina David December 2017 Driss Alaoui Mrani Alexander Behar Guilherme Freitas Flavio de Almeida Capparelli Mota Alexandre Alcântara Serge Bejjani Serdar Çepniler Eliseo De Lucchi Vedat Alce Lara Salwa Bekhazi Tejinder Kaur Chahal Jennifer DeBerardinis A Yousif Al-Khder Mathieu Béland Philippe Marie François Maher Del-lero Moreau Christine Lea Allen Elias-Mahfoud Belkadi Icíar Ania Elosúa Chambert-Loir Tunç Demiralp Catarina Almeida Adnane Benitto Aram André Apovian Chan Brian Yik Ming Sousa Calha Steffen Dempfle Emma Bernal Shruti Arora Ka Ieng Chan Abdulrahman Manzanilla Peter John DeNavi Shamin Asaikar Al-Samarrai Miranda Chan Kathrin Sophie Bhalla Ming Deng Adrien Audoin Amal Alsuhaibani Abhishek Shankar Anvay Bharat Devarajan Santhosh Chawdhry Monika Awasthi Abhinay Anand Juan Manuel Blazquez Ankur Dhamija Karim Chehade Cem Berk AydinMontaha Jadapa Anantanikorn Marcel Boezaart Sidhartha Dhar Abboud Chun Hui Chen Fabian Angstmann Lorenzo Bonino Pietro Di Filippo Anthony Abdel Sater Chen Feng Fabien Luca Borsani Edoardo Di Luzio Almunthir Abdullatif Rishitha Chennupati B Marie Boutillier David Albert Dianda Maciej Adamus Ibrahim Cherkaoui Rbati Olga Boykova Frederic Dib Sri Malini Adapureddi Raphaël Bacal Joy Weilin Chiang John Boylston Alexey Dinkevich Nicole Adarme Henri Badaro Sujeong Cho Felipe Martins Brand Kathlene Djuang Nathalie Adel Shweta Bagchi Spandana Chopra da Costa Alphonse Ghattas Katherine Cheri Domash Domantas Bagusis Vikas Chopra Lana Marcela Gardini Rona Admi Jiejia Dong Oscar Baito Brandão Kar-Yan Choy Ghida Adra Sebastian Donnelly Andrew Lane Baker Vanessa Moura Bras Hung-Yen Chu Ryan Stephen Africa Lesley-Ann Downes Lama Balaghi Pamela Brent Denise Hazelyn Tan Chua Manya Aggarwal Krishna Pratheek Elena Ballabriga Anna Katharina Brock Martin Chudoba Dronamraju Prerna Aggarwal Aldo Ballarini Ellis Wolthera Broeks Hoyeun Chung Marco Arnold de la Akmal Ahatov Karan Bangia Elena Butler Julie Colinet Cruz Duay Hammad Ahmar Sagar Bansal William Byrne Andrian Coseru Giovanna Dughera Myriam Nathalie Amit Baranwal Jae Min Byun Aidan Jonathan Cross Vladimir Dugin Ahmed Wassim Barbar Miguel Cunto Andre Rangan Kaushik Dutta John Hyung-Joon Ahn Maximilian Barco Sean Saehee Ahn C Ricardo Barguñó Ankur Ahuja D E Guerra Gabriel Camargo de Artemis Ailianou Barros Oliveira Sébastien Barthelemy Sara Daher Javier Echeverria Pratik Akhairamka Alexander Cameron Olympe Marie Caroline Panagiotis Dandolas Yiannis Eftychiou Mohamad Al Husseini Dominique Bédier Andre Canelas 66

Katharina Eidmann Ivan Gladstone Yuhei Ishiguro Rishabh Kumar Neha Malagi Susiana Ekasari Luiz Victor Goncalves Tetyana Ivanova Philip Kwong Benedikt Johann Rodrigues Manigold Carl El Hage Hanyuan Gong Ning Mao Jon Elizburu Garmendia J L Ajay Gopalakrishnan Horisane Bohane Gloria Eppstein Marivate Alyssa Victoria Apoorva Jain Sabrina Lakhani Deniz Erol Goutama Nadim Jalbout Andrea Ying Lam Sebastien Marlier Doruk Hasan Erol ANNUAL REPORT 2017/2018 Akshay Goyle Heta Jangla Alexandros Lamprou Alexandra Marsanu Carlos Martin Jose Leonhard Graf von Andrew Martin Esguerra, Jr. Michael Alexander Fabian Lange Klinckowstroem Janov Ward Masclee Mikhail Evdokimovskiy Ernesto Daniel Lopez Tunuka Gray Madiha Javaid Layug Luca Mattei Gentili Amaïa Guillé Gregory Jessner Eunbi Lee Mátyásfalvi Kristóf F Axel Gunaltun Jia Jia Jeongeun (Jenny) Lee György Makram Faddoul Bryan Gunawan Shobha Joshi Josh Jae Lee Wissam Mecherkany Xinyan Fang He Guo Jimmy Joy Timothy Soon Jae Lee Pedro Egidio Menegaz Paganella Fouad Farah Apurva Gupta Jivesh Juneja Ang Li Salvador Elias Miano Wanyi Joy Feng Ashima Gupta Luís Felipe Borges Li Chen Junqueira Jan Patrick Milo Marina Fenner Xinxin Li Mohamed Mimet Daniele Ferrigni H Yan LI HyeJung Min Natalia Feshakova K Zhi Li Colin Haeusler Kohei Minami Diederik Jacob Daniel Yuan-Yu Liao Jean-Charles Hage Sanaa Kaidi Françoys Rohit Mittal Lim Liqian Boutros Aliaksei Kaluhin Alexander Franzen Miro Mo Omar Hallak Hsia-Ping Liu Rui Kang Umer Mohammad Xiuji Han Jonathan Liu Nikolaos Kanonis Remco Mol G Sebastian Hannecker Sisi Liu Rabie Kanso Cristina Aurora Xiaoran Liu Paul Robert Gabriel Aditya Harit Karan Kapani Moldovan Yufeng Liu Javier Galatas Emilie Haspeslagh Jakub Kaplan Federico Mongelli Long Si Ken Arnau Gallard-Agusti Mark Güven Heath Nidhi Kapoor Daniela Mordetzki Khetarpal Jacqueline Spolador Peng Gao Luis Hinrichs Sanaz Mortazavi Lopes Vaibhav Kashyap Pingjie Gao Faysal Hjeily Keshlan Mudaly Pedro Miguel Lopes Marc Hochar Anton Kashyrkin Weiyi Gao Loreto dos Santos Arthur Muguet Noelle Homsy Zarir Khambatta Yiming Gao Lu Yang Hashim Muntazar Edgard Byung Woo Farhan Yasin Khan Ekaterina Gaponenko Silvere Bruno Lucquin Andrey Muratov Hong Kimi Khanchandani Alexandre Nuno Garcia Dmytro Lukash Yingkun Hou Takorn Khempila Vittorio Gargiulo Xiaochan Luo N Morelli Rong Hu Elizabeth Kim Fabian Lux Mayank Gauri Tingting (Teresa) Tae Kang Kim Youmna Nahas Huang Cecilia Lv Xi Antoine Gautier Jan André Marie Stephane Nakhle Henning Bruno Hans Wenceslas Kinsky Jad Naoum Tushar Gavishter Huenteler Lea Kiriakos Saad M Aditi A Nath Joshua Charles Geron Sarah Hughes-McLure Benedict Koehncke Georges Nehme Kumud Ghimire Dong Hoon Hyun Joana Maria Nitant Kohli Magalhães da Silva| Ankur Ghosh Alicia Ng Aanchal Kotwaney Irena Mahdavi Maximilian Carsten Ivana Chienciew Ng I Giers Willemijn Christine Torkia Mahloul Siaw Lei Ng Elisabeth Majella Romuald Gillard Hirohisa Iijima Lucas Maia Nguyen Hoa Mai Kremer Adrien Gilquin Daichi Inoue Sahil Makker Tra-My Nguyen Simon Kriechbaum Maria Gilsanz Grandas Pasarn Intarangsi Veronika Maksimova Nguyen Thuy Mai Simona Kulakauskaite 67 Graduat Shengning Ni Helena de Almeida Hamza Shahid Jackson Tan W Prado Steinbruch Tom Niblock Wild Ying Shang James Tandy Pallavi Punvani Firas Noueihed Abhinav Sharma Rui Si Grace Tang Ian Peter Wagner Cl ing Adhika Nurul Samarth Sharma Tiffany Julie Tang Liang Jun Wan Q Shantanu Sharma Yanjie Tang I-Hsin Wang asses Swati Sharma Hsiaoyi Tao Junfeng Wang O Muhammad Ahsan Min Wang Qamar Evgeniya Thiago Targino de Osikhena Gabriel Shcherbakova Albuquerque Ruonan Wang Qi Qin Oguah Lisha Sheng Renato Teixeira Burin Shan Wang Patrick Quensel Nao Ohira Ja’far Shennar Ashley Rose Thomas Jingyuan Wei Tracy Ngozi Okoroike Aleksei Sheredega Huishan Ting Lisa Wei Jose Pedro Oliveira de R Nivedh Shetty Sukalp Tipre Leonor White Vilardell Sousa Afonso Sajeed Rahman Rohan Bhagawati Pejman Tirehkar James Wicker Jorge Olle Shetty Soumya Raja Luca Toffoli Maria Magdalena Lucien Ong Mai Shimada Marcos Arturo Christopher Toft Winarni Seri Orfali Rishabh Shukla Ramírez Gundelach Marcel Lapido Tome David Wolle Marcos André Da Sriram Rangarajan Nikolay Silaev Kristen Wrobel Costa Pamplona de Oscar Carlos Torrico Castro Osório Shivek Ranjan Marina Santos Silva Foronda Hao Wu Mounir Oulad Ali El Natalia Rialucky Amandeep Singh Moni Anne Trac Galen Wyn Davies Jibari Peter James Roberts Dhruv Singhal Philippa Tregear Manna Ozawa Lucinda Robinson Gabriel Rodrigues Shaina Trotta X Siqueira Giorgio Rocca Stephanie Tsjim Yasmin Sitoto Lin Xia P Lucía Rodríguez de Otaola Taylor Thomas Sloane Shengjia Xiang Catarina Pais U Alexis Rog Stéphane Smets Edgar Wangshu Xie Katerina Paligianni Graham Alexander Kateryna Smuk Camila Udihara Jingyao Xu Himanshu Panwar Rosen João Paulo Barreiro Irakli Urushadze Meng Xu Luana Paranhos Giulio Rossi Prodi Soares Ali Ahmed Usmani Vivienne Xiameng Xu Alberto Pardo Aguilar Adele Rossouw Samantha Si Mun Soh Kadambari Yann Bruce Parer Davide Roveda Somasundaram Uthayasankar Sankar Y Francesco Pasini Gandharv Chitrarath Ryan Uy Roy Arthur Man-Wei Soong Jordan Paton Tarun Yadav Soumee Roy Vladimir Soukup Daria Pavlova V Hind Yahia Edward Russell Artem Starovoytov Andrea Patricia Elcio Mitsuru Yanaga Guilherme Steinbruch Lukas Vaeth Pedraza Arias Tony Yang Moritz Steinle Ellen Maria Vafeades Celso Roberto Pereira S Zhen Yang Filho Justin Straub Loes van Egmond Evelyn Yeh Carolina Perissinotto Ernar Sagatov Alexis Suberville Quirine Sophie van t Eind Doğan Yiğiner Denitza Petrov Maria Belen Said Xiaolu Sun Viknesh Varan Henry Hang Yin Vittorio Pierangeli Salman Saleem Jan Svoboda Masis Vardanyan Teresa Tzin Hui Yong Georgios Piliounis Jorge San Martín Robert Jan Alisha Varde Busturia Dian Yu Anup Pillai Szustkowski Nuno Vasconcelos e Sá Deepika Saravanan Miguel Pinto dos Marco Vassallo Santos Maxim Savin Z T Lucas Vaz Porto de Sesilia Yenny Plavina Lorenz Scheiwiller Andrade Md Zubayer Ibna Zahir Mark Nicholas Pomroy Harald Schweitzer Thy-Diep Ta Juan Camilo Vega Pacheco Larisa Zaitseva Fani Pournara Natalya Tacheci Aldana Rafael Zanardo Sébastien Semaan Tulio Koji Takeda Marion Verborg Dawid Przemyslaw Nascimento Pozniak Jamil Semhat Farah Tamer Christina Vopal 68

Tomas Zbynovsky Manish Arora Jacob Breen D Walter Daniel Fernandez Romero Zhanna Rami Imad Arrabi Giacomo Maria Bressa Zhanarbekkyzy Shehan Angelo Mohammed Ashgar Doris Florentine Yunhan Dai Fernando Yue Zhang Broersen Michel Assaad Ashish Rao Damerla Eduardo Romeu Ferraz Hao Zhang Patrick Edward Brown Mira Walid Assaf Gian Karlo Rosales Ricardo Miguel de Zhang Jiaming Pierluigi Bruni Dapul Vijai Atal Paiva Ferreira Jiefu Zhao Thu Thuy Bui Isha David Jose Manuel Athie

ANNUAL REPORT 2017/2018 Ignacio Ferrero Kai Zhao Natividad Nikita Bukreyev Shezaan Daya Charles Gabriel Dauren Dayembayev Peng Zhao Alain Azar Jaclyn Paige Bulbuck Feutray Alberto De Antoni Huiting Zheng Emerson Burke-Murphy Yan Fidler Nestor III Manuel Steven J. Zika B Enrique Fontana Santiago Villar de Castro Chenting Zou C Arroyo Frederic Delannoy Hasan Bahja Inês Sofia Sevivas MBA Class of Prakher Bajpai Diego Canal Sáez Louis Deleforge Fontoura July 2018 Yazad Balaporia Matheus Carvalho de Jean-Baptiste Derycke Pedro Framis Bofill- Souza Gasset Caroline Ballaloud Cyrille Deschamp Rafael Cezar Garcia Qiang Fu Mathieu Balleron Dragos Octavian A Jaâfar Chafai El Alaoui Diaconu Cayetano Barnechea Ganoza Parnashi Chakraborty Carl Julian Diederichs Hermine Abdon G Richard Barsk Oriane Chamoun Sahand Dilmaghani Gabriel Adriazola Arze Prithvi Jayadev Gade Eva Bartok Chih Hung Chan Delia Marlena Priyam Agarwal Dornescu Audrey Gaffet Mohamed Bassiouny Hewitt Wai Kin Chan Sachi Agarwal Raluca Dragan Ignacio Gámez Sainz Claire Beatley Jian Wen Chan Usamah Mohammad Muyu Duan Antonio García- Jean-Antoine Bechara Matthieu Chartier de la Agha Mochales Casas Marnierre Nina Duarte Anaruma Wu Kieran Francis Beck Puneet Agrawal Lorelei Gertz Siddharth Chauhan Sudeshna Dutt Sepideh Behrouzi Sara Aguiar de Oliveira Dafni Giannikou Jingya Chen Erwin Dwi Saputra Ricardo Oleg Belkin Zachary Willard Shuangshuang Chen Mohammad Ahmad Talia Bellido Calmet Gidwitz Jia Chen Ridwana Ahmed Omer Ben Shach E Jérôme Philip François Chieh-Wei Chen Sameer Ahmed Pranay Bery Goblet Fanny Ehrmann Tiffany Chen Beatriz Aiex Andrade Brahim Marc Betraoui Samuel Goddard Paul Otto Karl Zixian Samantha Ann Alampi Matthew Bevens Eisenberg Thiago Gomes Amorim Cheok Saskia Gertrude Yash Bhalerao Maria El Jichi Lais Gondim de Alencar Quirine Albers Yui Kuen Cheung Paixao Ashwin Bhat Kim El Kehdy Mohammad Basel Kenneth Chiu Weirong Prashanth Gopalan Shradha Bhatia Samer El Mardini Alfahad Pierre-Louis Christiane Arush Goyal Akshay Bhimrajka Camila Alhadeff Jane Chun Ritika Goyal Monteiro Lisa Bittar Michal Cieslikowski F Van Heerden Greeff Haya Al-Husry Mazin Biviji Antoine Jean-Bernard Jules Fakhoury Chenchen Gu Salma Ali Tyson Edward Bodkin Francois Clavier Thomas Martens Charles-André Renato Alves Mathias Boons Vincent Paul Henri Falck-Pedersen Guénette Laura Amin Maikol Borsetti Cochet Nourhan Farhat Jan Alexander David Oliver Ammann Dmitry Bortvin Diogo Moreira da Günthner Costa Philippa Jane Camille, Mary, Nicholas Boswell Farrington Jose Renato Guerra Madeleine Ané Pierre Courgeon de Avila Jade Bouhmouch Céline Fauconneau Rafael da Silva Tessari Marc Joseph Guinez Mihai Andrei Sylvia Boulos Dufresne Anghelescu Yan Da Guo Arthur Jean Raymond Javier Fernández Catarina Araujo Bozon Goitia Deep Gupta Heena Arora 69 Graduat Dushyant Gupta Sangya Kalia Dong Yi Lee Luis Miñambres Anudeep Pendem Rishabh Gupta Nuri Mert Kalkavan Henry Leitzinger Shuvadeep Mitra Isaac Evarts Perkins Kevin Kang Ruichong Li Stephan Modrejewski Isabelle Emma Cl ing Josephine Pestourie H Oded Kaplan Yandong (Leon) Li Massimo Montes Benjamin Tapper Kristin Karlisch Yaqi Li Siddharth Morakhia asses Benjamin Hamilton Pickering Nathaniel Karp Khai Wern Lim Alexandre James Francisco José Alves Poul Hansen Moreillon Marjorie Kauffmann Christian Lippke Parreirinha Bento Alexander Weldon Yosuke Morishita Bryden Keeley Alex Little Pinto Hare Priyanka Motadoo Akhil Kejriwal Zizheng Kevin Liu Céline Piolot Christopher Hartman Daniel M. Mühle García Malik Kellal Xiao Liu Karthik Pitani Fahad Hasan Michael Müller Vardan Khachatryan Thais Lobato de Mello Niraj Poduval Vicente Hernandez Atanas Mukov Ruiz Anam Khan Geneva Andrée Locke Jean-Philippe James Mullen Pogorzelski Mohamed Hidri Faizan-ur-Rehman Khan Nikolaos Loulis Francis Myladoor Jesus Alberto Poncela William Ryan Higgins Viacheslav Kholodov Ana Lozano Uriz Thomas Charles Prickaerts Clara Katharina Fahd Azim Kidwai Arianna Lu Andreas Steinsvoll Hoffmann Aziz Yigit Kilinc Yijia Lu N Proesch Ludovic Holderbeke Wooshuk Kim Yiqing Lu Nicholas Emory Yintao Hu Ross Alexander Christie Theresa Inbal Nachman Putnam Tiffany Huang Kinmont Hotmaida Lumban Mikhail Nadezhdin Gaol Dongni Huang Thrasyvoulos Jin Nagase Kipourgos Chen Luo Q Julian Dominik Hügl Jorrit Teun Nagelsmit Takatoshi Kojima Guillaume Luu Ashley Hunter Gustavo Quintella Narune Nakayama Poornima Kolhar Correia Clement Hurpin Dhawal Nanda Toni E. Kondakji M Muhammad Safwan Parul Kothari Naqi R I Christy Man Ling Ma Andrey Kotov Syed Ali Naqvi Shachi Madhogaria Janani Raghu Svetla Iaramova Gordon Kramer Anis Nasr Temirgali Makatov Karthik Bharadhwaj Beñat A. Idoyaga Reinis Krams Silvia Nelba Rajeswaran Takao Makijima Burón Aishwarya Lakshmi Isar Ramaswami Michael Oluwasegun Krishnan Gianluca Manca Julian Ramirez Oyetayo Isola Tomasz Krzewina Jayanth Kumar Mantri O Gal Ramot Miguel Izu Viñuales Alda Kule Dale Thalita Kassner George Oborne Marcondes Ryan Frank Ramseyer Yuna Kwon Eunice Ofori Sara Mari Abishek Rangadorai J Trevor Siu Kai Kwong Ekrem Murat Okyay Nicolas M. Martin Ragini Rangarajan Frederic Philippe Oluwasola Jagun Silvia Mata Nestares Nicole Rapuzzi L Antonio Olbert Rohan Jain Alejandro Matthei Hugo Carlos Joel O’Neill Rassweiler Schneider Daniel Jaramillo Giuseppe Lacerenza Andrea Elizabeth Eric Ong Soo Chien Restrepo McCormick Koloina Salima Ladhani George H. Owen Razafindratsita Jaskirat Singh Jassal Brendan McCullough Gonzalo Laffitte Ageo Burak Ozyazgan Duarte Nuno Reis Thomas Jeegers Alexander McFaull Jon-Michael LaGray Boavida Martins Lima Yaesong Jung Laura McMullen Seema Lalloo Bixuan Ren Swati Mehra P Nicholas C F Lam Alaknanda Renukuntla K Pranav Mehrotra Maxim Lampe Sagar Pandit Allison Shelton Rhines Sascha Meijers Omar Kaakani Brendan Lannoye SangYeoul Park Joana Rita Simões Margot April Anthony Le Luis Felipe Parro Cidra Ribeiro Sami Charbel Kahale Mendelsohn Vinicius Ribeiro Erika Audrey Kahn Lee De Hong Gijs Pelt Georges Meouchy Marques 70

Erik Alexander Opedal Jacob Nathan Craig Stephen Tomsett W Zhang Qiaodie Ringvold Murdoch M Smith Federica Torgneur Qiyao Zheng Elina Paola Ruiz Oliver Bjørner Søe Vincent Tourangeau Jiri Waldhauser Wenqing Zhou Mendoza Pietro Sofia Arthur Tourme Bo Wang Yingqiong Zhou Rafael Rydin Gorjao Schonmann René Toussaint López Lala Wang Michelle, Meihua Zhu Ardiansyah Solaiman Philippe Toutoungi Hanhua Wang Andrey Zimin S Jacob Alexander Adrien Tran Xiaoyi Wang Balázs Zoletnik

ANNUAL REPORT 2017/2018 Soltysiak Sophie Wang Shapour Hobkhoo Song Qingyun Manisa Maarten Pieter Saba Tungbanjerdsook Andrew Ward Zoomers Sarah Spriggs Margarita Sacristan Sipaluck Eleanor Sarah Warnock Cristina Zuleta de Sudarshan Sriraman Tungcharoensukjira Reales Miroslav Šála Kelly Patricia Wess Simona Stabingyte Kamalpreet Kaur Turna Leandro Luiz Krause Alienor Westphalen Anne-Gabrielle de Salles Global Executive Starkloff Rory Vashon Wheeler MBA Adriana Salles Dario Steiner U André Paul Wilkie Mondolfo Alexander MacNeil Jaime Wong Eszter Santa Philipp Ufer Stevens Earl Woodenberg A Pablo Santoma Oria Anjuli Uhlig Adriana Emilse Eva C Wu Abdelaziz Sarhan Strobbe Barbat Jakub Urbaniak Dilmar Abduldaev Lin Wu Suryo Sasono Giovanni Suarez Chirre Jaime Urquijo Zobel Sulaiman Al Ali De Ayala Renato Wu Sehrish Saud Laura Subias Sin Laila Al Ameri Di Wu Kasparas Savickas Mahesha Nael Al Koudsi Rafael Scaglia de Subramaniam V Mohammed AlBuraidi Paula Katherine Marie X Vilislav Valchev Faisal Algharabally Gabriel Scatolon McGarrahan Claude Karim Allaoua Becker Haenle Suh Marilou Nadine van Tingwu Xiao Doorn Faisal Almuhaideb Paula Jakobe Schabel Wei Sun Wei Xiong Marily Van Nevel Wina Andreini Tobias Sebastian Fredrik Sundström Fangzhu Xu Schmid Rens van Rijn George Kwesi Arhin Joyce Jih Sung Haidi Xu Georg Schmidt- Vincent Vanneau Nicholas Armstrong Aayush Surana Jenny Xu Holzmann Giulio Vanni Jan-Jaap Atema Piotr Janusz Świtała Daniel Schmieding Javier Vela Samer Azem Konstantin Synetos Y Jeremy Selesner Ashwin Sylvain Azzarelli Roni Semaan Venkatachalam Nantachatr Yampandh Matteo Serenari T Shriram Chao Yan Venkataramana B Namita Shah Yuan-Hung Yang Maria Pia Tabet Andreas Ventourakis Ali Shahid Han Zhi Yang Kader Bancole Syeda Adeela Tajdar Jannes Theodoor Tareq Shalhoub Mohit Batra Martin Tamsil Verheij Wenyu Yang Pallavi Sharma Blaise Baudry Tan Lin Zhen Alan Pedro Luiz Alves Mehmet Alper Yildirim Rouzbeh Shirgiri Nogueira Vianna Ala Ben Abbes Gaganjit Singh Tandon Arezo Yousufzai Juraj Sikonja Francisco Viegas Mouna Benyahia Saniya Makker Tandon Weizhong Yu Neves Eduardo Silber Aquino Adrien Charles Joseph Yuejiang Tang Manfred Yuan Joachim Viktil Berot Eduardo Silió Rita Pinhal Machado Vincent Yunansan Rodríguez Basile Robin Alban Muktha Bharathy Teixeira Victoria Yung Voisin Saba Sinaee Tzvetomir Blajev Duarte Miguel Alves Ágota Vörösházi Hassan Mohammad Pereira Teixeira e Silva Clement Boulle Sinno Joris Jacob Z Mathew Tharakan Aurelien Breton Vriesendorp Ka Wah Siu Lionel Thienpont Marat Zalalov Subhan Burke Martynas Smitas Ankita Tipnis Ramil Zelyatdinov Andrew Bushell 71 Graduat C Henry Goodwin L Trisha Naidoo Evgeniya Setrakova Edouard Guillou Kok Hwee Ng Ying Shi Matthew Campbell Celso Guimaraes Miguel Laburu Kathrin Neiderlaender Marwan Shurrab Cl ing Ferrer Junior Gil Eduardo Aymeric Lacroix Ujjwal Singh Carrasquinho Santos Tuna Gulenc Muhammad Akbar Mattijs Slee Silva O asses Nikita Gulyaev Laghari Puneet Kumar Christopher Cartwright Avadhesh Gupta Ramy Lahoud Samuel Ocheho Srivastava Charles Cessot Mohit Gupta Alexandre Le Belleguy Akachi Okoro Chun Yang Su Pramod Chalak Florence Le Fur Nicolas René Daniel Michele Suria Dimitri Chichlo Olive H Fabien Gerard Yannick Marc Syz Youssef Choucair Leduc Benny Ong Lauren Chung Ghassan Haddad Hugo Lehmann Thomas O’Reilly T Andrea Lorenzo Haroon Hamid Giselle Yenny Lesmana Alexander Osho Cioccarelli Baqar Hasnain Marcin Lewczuk Satoko Ozeki Abraham Takom Gaelle Clemencot Alessandra Oliver Lewin Michael Tamvakologos Gildas Coldeboeuf Heinemann Sang Wook Lim P Cheng Kwee Tan Pascal Conte-Jodra Deborah Hong Anton Lin Sim Hong Norman Tan Patrick Corr Carmit Hoshen Glik Siddarth Seng Chuan Ling Ying Shi Tan Parameswaran Guillaume Crunelle Marine Huguenin Lloyd Redman Osama Tariq Jessica Nathalia Parra Asad Hussain Oscar Loza Bernal Su Jin Teresa Tay Toto Maringan D Raymond Lui Romain Pechard Siao Ming (Michael) Hutabarat Teoh Priit Pedaja Sofiane Dahmam Paul Huynh Olivier Too Richard de Palmas M Jacobo Perez Polaino Alison Tran Philip De Kyriakos Petrakakos I Ai Makino Matteo Trinca Schoenmaeker Matthew Phelan Emanuele Marelli Pasquale Tuosto Anas Diab Alla Idrisova Anne Philipona-Hintzy Reto Marx Selim Turki Yulia Dorozhkina Khaled Ismael Robin Pho Ali Matar Clement Turnier Troy Doyle François Pignat Theodoros Elena Tyutyunnikova Laurenti Dyogi J Mathikolonis Jason Poh Sanjeev Mathur Louis Poisson Mukul Jain V E Neha Mehta Dhruv Jairath Vaibhavi Mehta R Francis Van Acker Sallam Elwadya John Jicha Ammar Mikati Dirk van der Mast Sujit Joshi Ehsanur Rahman Oleg Mikhaylov Ketevan Vashakidze F Andrew Roberts Graham Mitchell Sophie Vauzelle K Dylan Ross Jean-Luc Ferraton Philip Tranberg Moe Jobilal Vavachan Daphné Roussis Enea Fracassi Aidar Kaliev Omar Mohatarem Mara Vavassori Anna Ryabinina Daniel Freed Kah Ken Kam Cesar Silvio Morillas Matija Vavrous Marini Fahad Kanoo Manav Verma Simon Morris S G Khalil Ketari Steve Vermant Mahendra Muralidhar Sang-Im Kim Julien Sailland Alban Vital Bastien Pierre Jean June Koh Bongkingosi Philani Gambini Sangweni Selda Konukcu N Frederic Gandolfo W Alexis Scheid Michael Kuerschner Pravar Gautam Luiz Felipe Naciff Reto Schilt-Lu Markus Johannes Kaushik Kulkarni Jacome Frederik Gerner Widmer Adam Schindhelm Neeraj Kumar Raed Nahhas Vasileios Gkatzelis Chao Wu Mikkel Seidelin Simon Kyaga Sébastien Nahon 72

Y Mira Zhang Executive Master Robin Zhou in Consulting Erika Yuniarti Josephine Zhou and Coaching Ruslan Yunusov Yu Zhou for Change

Thierry Zysset Nawaf Abalkhail Z Argyro Arapidou Master in

ANNUAL REPORT 2017/2018 Sophie Benfredj Marie-Line Zakhour Finance Anita Zielina Marnix Boorsma Roohi Bansal Nanne Bos Tsinghua-INSEAD Paul Birkett Helen Brophy Executive MBA Daniel Brescia Mauricio Carrillo Vy Bui Alessandra De Carlo Kay Baik Pei Ying Chang Georges De Mullewie Joanne Ban Kevin Cho Mohamad Rafi Doris Bao Matt Croasdaile Dudekula Sarah Bao Juraj Gallo Nikola Engelhardt Sylvain Beltzung Becky Guo Markus Peter Erb Eric Chan Ahsan Hammad Kristina Fluegel Han Chen Cheah Han Na Han Markus Graf Jiwoo Choi Songyi Han Gregory Grobler Arina Divo Xiangle Heng Severine Guilloux Giorgio Fortunato David Ho Florence Gum Bill Guo Melissa Joyce-Yeow Patrick Jungo Jason Ho Praful Katta Cornelia Kausch Vincent Hoong Noah lee Silvia Lago Simon Komizo Dick Lee Eric Le Gal Jean-Christophe Laneri Warren Lee Mayia Le Texier Alex Lau Lewis Lin Giovanna Manto Johnny Lee Victor Liu Diana Morais Ivan Lim Veronica Mao Eilish O’Hagan Ysing Lu Jiwoong Park Samir Sathe Denni Manzatto Hasan Pasha Maria Schmitt Dmitry Mikhnov Vijay Rajendran Anne Sérode Thomas Malgaard Mallika Sachdeva Neslihan Sezer Yosuke Oshima Bede Schubert Vladimir Soloviev Oliver Riebartsch Akhand Singh Carsten Stolz Stephanie Roquand Ronald van Eldik Antar Harsh Solanke Henric van Weelden Aiwen Sheng Joseph Song Kapil Vardhan Andrew Song Dez Tan Brigitte Vasty-Gauthier Hua Su Deepak Venkatanarasimhan Roland Tambou Molly Wang Russell Thomas Shih Ming Yip Marcel Vonarburg Veronica Yun Ludan Wang Gokhan Yurtacan Sue Wang Evgeny Zubrilin Sanjeet Waravedekar Project Director Axel Tagliavini

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