IESE’s Madrid Campus

4 IESE New Leadership for New Challenges CONTENTS 66 55 44 42 36 24 8 6 Exhibits Financial Information IESE’s Community Alumni inFocus Faculty Programs Highlights The Year inPerspective & Research

New Leadership for New Challenges 5 6 IESE Presentation in collaboration with theHarvard Kennedy SchoolofGovernment thisyear. Government. Two programs inthecenter’s steadily-growing portfoliowere held sector through the creation ofournewCenterforPublicLeadership and IESE expanded its activities geared toward developing executives in the public of growth markets. Miami includedparticipants from leadingfirms seeking to expand theirview aroundSenior ExecutiveProgram theworld.Thelong-running New York- - attractedmedia andentertainmentexecutivesfrom top-level countries region. TheMediaAMP–whichfeatures modulesinNewYork andLosAngeles New York Center playsapivotal role intheschool’s growing activitiesinthe pace with the increasing importance of this country. In North America, IESE’s During theyear, theschoollaunchedanewExecutiveMBAinBrazil, keeping which provides anoverviewofmanytheyear’s keyhighlights. programs andresearch. It is apleasure toshare withyouthisannualreport, new ideasandsupportforcompanies andbusinessleaders through innovative economic environment presented great challenges and IESE sought to provide the school,asitexpandedbothitsprograms and initiatives. Theuncertain The year 2011-2012 was one of innovation, achievementandservicefor In Perspective The Year Dean, IESEBusiness School Jordi Canals Best regards, committed tocreating abettersocietyandfuture. contributions are vital as we seekto prepare leaders worldwidewhoare who havehelpedbringsomanyof the school’s projects to fruition. Your partners andclients,board members andfaculty, staff and many friends, to expressI wouldlike mydeepestappreciation toouralumni,corporate advance andprosper inthelongterm. those that are mature, as well asthosethat are emerging – will beableto economic growth. Through theirleadership,aroundsocieties theworld– others andsociety will beinstrumental for creating newpaths toward Business leaders with professional excellence and a clear focus on serving of service. people, firmsandsocietythrough theirprofessionalism, integrityandspirit leadersdeveloping whowanttohaveapositive,deepandlastingimpact on centralThe goalofalloureffortsistofulfilltheschool’s missionof Week. initiative GlobalEntrepreneurshipsupport ofeventssuchastheworldwide spirit among talented young people insociety as a whole, through vigorous today’s businessworld.We havealsoworkedto help foster an entrepreneurial Hong Kong andShanghai-havefocused on topics that are trulyrelevant to including London,Munich,Warsaw, Paris, Sao Paulo, NewYork, Singapore, Continuous Education events -heldat a hostofcitiesaround theworld based onrigorousthis challenge researchOur experience. toeverylearning environment. Withthisinmind,weseekto bring practical knowledge to leadersof today’s astheyfacethechallenges highlyuncertainglobalbusiness One of IESE’s key objectives isto help support entrepreneurs and business IESE’s GARinBrazil inNovember2012. event. Thereunionunique success andsetthestagefor was anoverwhelming to learnfrom eachotherandtostrengthen thebondsthat unite usat this met annually to reflect on challenges and opportunities in the business world, held inMadrid,November 17-18, 2011. For half a century, IESE alumni have Finally, a special eventwas the 50th Global AlumniReunion(GAR), which was Africa, Asia,LatinAmericaandEurope astheydevelopandgrow. WeSchools in tobeableassistourAssociatedBusiness privileged feel Advanced Management Program and Program for Management Development. school’sSchool, MDEinIvory newestAssociatedBusinessCoast,andits We gave new momentum to our Africa Initiative, providing support to the senior executives. Management Development,buildinguponourbroad offerofprograms for We announcedthelaunchinMunichandBarcelona oftheProgram for

Presentation 7 8 IESE Highlights new solutionsandideastoproblems facingthebusinessworldtoday. together participants and thought leaders from around the globe to consider The school’s programs, research initiativesandotheractivities brought more humanandsustainablebusinessenvironment. following itsmissionto develop competent leaders whocan contribute toa Purpose and ethical values remained at the core of the school’s activities, leaders facing an increasingly challengingglobal business environment. In 2011-2012, IESEcontinuedtoprovide innovativeprograms for business Navigating ChalleninTerraiN Highlights

Highlights 9 10 IESE Highlights Life WithoutLosingYour Soul”. Challenge. HowtoFightforYour in Madridon“TheStarbucks Continuous Educationsession CEO ofStarbucks,addressed a In SeptemberHoward Schultz, Howard Schultz the comingyearinMadrid. offered hispredictions for Economist IntelligenceUnit, executive editorofThe In February, DanielFranklin, Daniel Franklin Players Key

Barcelona campusinApril. Science, spokeonthe CEO ofNestléHealth Luis Cantarell Barcelona. ceremony inOctober Global EMBA2011 graduation the keynotespeakerat management ofSiemens,was A memberoftheboard of Siegried Russwurm Experience”. Competitiveness; TheSiemens “Improving European Companies’ Education sessiontitled in SeptemberforaContinuous CEO ofSiemens,wasinBarcelona Peter Löscher

several IESEevents. York inOctober, andalsoin Business ForuminNew speakers attheWorld Ahrendts, wasamongthe The CEOofBurberry, Angela Angela Ahrendts Romano Prodi on thefuture oftheeuro. session inBarcelona inOctober at aContinuousEducation European Commission,spoke The formerpresident ofthe New York. Colloquium, heldinJune the GlobalBusiness Business Report,moderated anchor ofPBS’Nightly Susie Gharib

economic outlookandthemedia. in apanelMarch, aboutthe Advisory Council,participated Network andmemberofIESEUS President &CEOofV-Me Carmen DiRienzo January 31, 2012. the AlumniAssociationon was electedpresident of Chairman andCEOofSener, Jorge Sendagorta Barcelona inFebruary. Doing Well conference in at theDoingGoodand was akeynotespeaker Sustainability atUnilever, Senior VicePresident of Gavin Neath

in MadridMarch. Continuous Educationsession of Government,addressed a affairs oftheChineseMinistry Department ofEuropean Director General ofthe Yu Yuantang MBA graduates inApril. addressed GlobalExecutive operations atSchneiderElectric, president ofinternational (PDG ‘97),executivevice Julio Rodríguez Gloria Perrier in Barcelona campus. Century” Conference, inJuly12, participated in“TheFemenine Senior GlobalDirector atSAP, 30, 2012. Barcelona Campus,March Google, spokeattheIESE Chief BusinessOfficerof Senior vicepresident and Nikesh Arora Colombia Álvaro Uribe. by theformerpresident of session inFebruarygiven Continuous Education Madrid alsohosteda Álvaro Uribe Barcelona inMay. EMBA graduation ceremony in committee, spokeatthe Alumni Associationexecutive and memberoftheIESE (PDG ‘90),president ofDanone Javier Robles 11 Highlights 12 IESE Highlights Series inNewYork, June12,2012. Journal ViewpointsExecutive participated inTheWall Street CEO ofRenaultNissanAlliance, Carlos Ghosn Key Players Europe?” April titled“QuoVadis meeting inBarcelona in Citigroup, addressed a and formerCEOof New York StockExchange Former president ofthe John S.Reed Clinton administration onMarch 29,2012. Wyoming senatorandErskine Bowles,cabinetsecretary in the Michael Bloomberg, themayorofNewYork, AlanSimpson, aformer A Wall Street JournalExecutiveViewpointseventincludedpanelists Erskine Bowles Michael Bloomberg, AlanSimpsonand Advisory Board. joined IESEInternational Chairman andCEO, Marsh &McLennan Duperreault Brian York, December13,2011. Cost ofInnovation”,inNew Journal Viewpointson“The sponsored Wall Street guest attheIESEandBCG Merck CEO was thefeatured Kenneth Frazier

Advisory Board. joined IESEInternational Citi GlobalServicesCEO, d’Archirafi Francesco V in MadridMay. EMBA graduation ceremony keynote speakeratthe30th CEO ofLogista,wasthe Luis Egido Viewpoints, inMay17,2012. Wall Street Journal IESE andBCGsponsored the featured guestatthe ABC Television Group, was Group President ofDisney/ Anne Sweeney anni 6. 1. 7. 2. and theinternationallyacclaimedchefFerran Adrià(10), ElBulliFoundation. Hospital, Jay Ireland (8), Chairman andCEO of GE Africa, ÁngelCano(9),CEO of BBVA of Ambev, Carlos Cordon-Cardo (7), professor and chair of pathology at Mount Sinai Bank andnowavisitingprofessor atIESE, Kees J.Storm (6), chairmanoftheboard González-Páramocommittee oftheEuropean (5),amember oftheexecutive Central Patricia Francis (4), Executive Director of the International Trade Center, JoséManuel president of CaixaBank, BrunodiLeo(3), director-general of IBM for Growing Markets, and ChairmanofAmericasSociety&CounciltheAmericas,Isidre Fainé(2),the to speechesfrom,2,800 participantslistened amongothers, SusanSegal(1),CEO The GlobalAlumniReunionwasheldinNovember in Madridwhere more than Global AlumniReunion2011 8. 3. 9. 4. 10. 5. 13 Highlights 14 IESE Highlights Dean Jordi Canals Prof. LuisCabral Jorge Sendagorta,Tom Kane and Prof. Jordi Canals,WilliamF. Baker, Spain, PrincessLetiziaof Carmen diRienzo,PrinceFelipeof Gerry Byrne,Prof. EricWeber, Padula, ChrisVollmer, JayIreland, Left torightFrank Hager, Carlos Key Players His RoyalHighnessthePrinceofAsturias New York TimesandtheFinancialTimes;SusieGharib, journalistwithPBS. participating were James.S.Tisch,CEOofLoewe;SteveRattner, collaborator withthe Jaime García-Legaz, as well as an address by His Royal Prince Felipe of Asturias. Also discussion wasfollowedbyaresponse from Spain’s secretary ofstateforcommerce, of NewYork’s PBSstation(WNET),presided asthemaster of ceremonies. Thepanel MSNBC andpresident andCEOofGEAfrica,JayIreland. Dr.Baker, Bill president emeritus Spain’s Crown Princeand Princess ofAsturias.Panel members includedNewYork Times, IESE’sIn June, NewYork attendedby Colloquium CenterhostedaGlobalBusiness Felipe andPrincessLetiziaatIESE’s NewYork Center Global EconomyColloquiumwithSpain’s Prince Jay Ireland, Steven Rattner, JamesS. TischandSusieGharib Serra andProf. Pedro Nueno Sebastián Escarrer, JosepMaria Francisco Reynés,Prof. Jordi Canals, Jorge Gallardo, JesúsAcebillo, was ledbyIESEprofessors Alfredo Pastor, XavierVivesandAntonioArgandoña. session onstructural reform inSpainwasopenedbyDeanJordi Canalsandthediscussion Melià Hotels International; Francisco Reynés,CEOofAbertis; and Pedro Nueno,IESE.A Occidente; Jesús Acebillo, president of Novartis; Sebastián Escarrer, chairman and CEO of Jorge Gallardo, chairman of Almirall; Josep Maria Serra, chairman of the Grupo Catalana A conference on“WhatWillCompaniesBeLikein2020?” includedcontributionsfrom and ContinuousEducationsessionsonthetopic. Overview and videos posted on the web, the school organized a variety of conferences In additiontoconferences, books,articles,themonthly International Economic continued tokeepitsalumniandsponsoringcompaniesupdatewithdevelopments. Economic growth in Europe remained the most pressing questionand IESE’s faculty has Focus onCompaniesandtheGlobalEconomy 15 Highlights 16 IESE Highlights Ulrich Maerki Matlary, DeniseKingsmillandHans Michel Camdessus,JanneHaaland- Patricia Francis, Prof. NúriaMas, Johan Schrøder Key Players Andrea Christenson andStanleyMotta in Barcelona on“Future ScenariosfortheSpanishEconomy.” Júlia Prats. InJulytheSpanisheconomyministerLuisdeGuindosaddressed ameeting International) and JohanSchrøder (Schrøder Foundation). It was moderated by Prof. (Bonnier AB),AndreaBonnier Christenson(Kathe KrusePuppen),StanleyMotta (Motta round table on new business opportunitiesincludedcontributions from Hans Jacob Hans Ulrich Maerki (ABB).Thesessionwas moderated by Prof. Núria Mas. A second Center), JanneHaaland-Matlary(University(IAG Group) ofOslo),DeniseKingsmill and with MichelCamdessus(BanquedeFrance), Patricia Francis (InternationalTrade campus. Dean Jordi Canals presented an open panelon “The World Economic Outlook” IESE’s International Advisory Board (IAB) held its annual meetingon the Barcelona IAB Discusses EconomicOutlook Isak AndicandHansJacobBonnier Mindset Entrepreneurial Fostering an as course materialsandguidanceonindividual entrepreneurial projects. participants in theMBA,Executive and Global Executive MBA programs, such In addition to these events, the center provided numerous resources for Entrepreneur Prize,theIESESearch FundConference andtheTech Fair. and included theannouncement of candidates for the Ernst all GEWeventsinSpain.Theweekincludeddailymeetingswith entrepreneurs took placein123countriesoverthesameweek.IESEserved ascoordinator for profile businessand government leaders, featured thousands of eventsthat place inNovember2011. Thisglobalinitiative,whichwassupported by high- The schoolalsoplaysakeyrole inGlobalEntrepreneurship Week, whichtook strong supportofvariouspartners from thepublicandprivatesectors. administrative support and marketing advice. The network benefits from the guidance for entrepreneurs including helpincreating a strategic vision, business owners and investors. Thenetwork provides essentialhelpand Members of the network include entrepreneurs, family office members, 60 eventswere heldinBarcelona andMadrid. together aspiring business founders with investors. In 2011-2012 more than IESE’s Business AngelsNetwork offers a dynamic environment that brings investment strategy. particularly those led by students and alumni of IESE MBA programs, kept its In addition, FINAVES, theschool’s seedcapital fund for business projects, Planting SeedsforEconomicGrowth on howtocreate theirownenterprisesorseekfinancing. center’s team also offers entrepreneurialcounseling forthoseseekingadvice entrepreneursopportunities forstudents,executives, andinvestors. The Entrepreneurship Week andawiderange of conferences andlearning The center offers entrepreneurs the IESE Business AngelsNetwork, Global seeks to provide solutions to the challenges involvedwith new ventures. for manyactivities. Thecenterisaninterdisciplinary workingplatform that IESE’s CenterforEntrepreneurship and Innovation provided thefoundation boosting anentrepreneurial mindsetinthebusinessworld. to support entrepreneurs, aswellcontributetoglobalinitiativesaimedat Business School.In 2011-2012, theschoolcontinuedto expand itsefforts Entrepreneurship plays a central role in the values and activities of IESE & Young 17 Highlights 18 IESE Highlights capital fund. and FINAVES,theschool’s seed Global Entrepreneurship Week Business AngelsNetwork, well assupportingtheIESE learning opportunities,as range ofconferences and entrepreneurs through a IESE continuestopromote projects were vettedfrom aninitialpoolof475candidate projects. project participated in the class, which had a total of 45 participants. The 20 of businessproblems andleadership. Two tothree representatives from each covered relevant areas such as entrepreneurship, finance,marketing, analysis The educationalportionof the program was ledbyIESE professors and mentorship program. development program for participating entrepreneurs and 3) a 1-year 1) a25,000euro grant 2) theopportunity to participate in atailor-made The project provided three areas of support for 20 non-profit projects: entrepreneurs, inpartnership withLaCaixaFoundation. IESE launched aninitiativeaimedatproviding criticalsupportfor social Social Entrepreneurship professionals. aspects ofentrepreneurship,as aninternationalexecutiveteamof aswell The centerisled by 12 IESE faculty members who are expertsindifferent also playsakeyrole intheseefforts. are continuouslyexamined.TheBertrán Foundation Chair of Entrepreneurship Business Chair, a wide range of topics related with family business leadership education andresearch.business Through theworkofFamily-Owned the frameworkWithin of research, ofthese lines IESEisalsoaleaderinfamily IESE continuedtofulfillitsgoalofpromoting entrepreneurship worldwide. activities anditsfocusonnewventure creation asadriverofeconomicgrowth, of growing companies, venture capitalandentrepreneurship. Through these that are explored are: newcompany creation andfinancing,management in thedevelopmentofnewand/orgrowinghelp companies.Amongthetopics entrepreneurship.goal oftheschoolistogenerateThe newknowledgethatwill IESE spearheads high-caliber programs and research in the area of Leading-edge Ideas Social Impact Ethics and Business Rethink MBA Sánchez-Runde, professor ofmanagingpeoplein organizations. key sessionswere JoanFontrodona, professorethics andCarlos ofbusiness management andpolicymakers andinternational organizations.leading Also professor of business ethics, who stressed that cultural diversity is relevant for and Globalization.” The openingsessionwas introduced by Domènec Melé, the Barcelona campus under theheading“Universal Ethics. Cultural Diversity The 17th International Symposium on Ethics,BusinessandSociety was heldon and Sandra Sieber. Ghemawat, Mireia LasHeras, CarlosGarcía Pont, Paddy Miller, Alejandro Lago Prof. Srikant M. Datar, associate dean of Harvard; and IESE professors Pankaj associate deanofINSEAD; Prof. Martha Maznevki, associatedeanofIMD; HEC School of Management; Jordi Canals,deanof IESE; Prof. Soumitra Dutta, Saïd Business School at Oxford University; Bernard Ramanatsoa, dean of the On the academic sidethere were contributions from Peter Tufano, deanof the (McKinsey). Martin Danoesastro (BCG); Tim McNicholas(Siemens)andDuarteBraga Business speakers includedMichaelGriffits (Roche); Sandy Khan (Microsoft); MBA programs worldwide. Crossroads,” hasbecomeanimportant reference forimproving theimpact of Jordi Canals (IESE). Prof. Datar’s book “Rethinking the MBA: Education at the to change.Itwascoordinated bySrikantDatar (Harvard School)and Business academics, recruiters andHRheadstodiscusswaysinwhichtheMBAneeds the MBA” that was heldinBarcelona that brought togetherbusinessschool meetings on this topic. In April 2012, IESE organized a congress on “Rethinking over theyearsmethodology oftheMBA.IESEhasdeveloped conferences and financial crisishasprovokedThe muchsoulsearching aboutthecontentand 19 Highlights 20 IESE Highlights Initiative Healthcare Center Leadership Public the programs were organized incooperation withtheHarvard Kennedy School. society”. The center offered six executive programs with 400 participants. Two of from across theglobeinorder toachievealastingimpactonpeopleand mission is“topromote thetraining ofseniormembers ofpublicinstitutions IESE opened its Center for Public Leadership and Government. The new center’s industry stakeholders andtheIESEcommunity. of leaders, the developmentof applied research and by creating a forum for transformational impact on thehealthcare industrythrough theeducation IESE also launchedthe IESE Healthcare Initiative(IHI), which seekstohavea organizations across Europe. Program, whichisdesignedformanagers inseniorroles from healthcare Within theframework ofthecenter, theschoolledHealthcare Management and teachinglearningmaterialsformanagerialcapacitybuilding. advance gained willthestateofknowledgeinfieldthrough publications and howtheychangetheway care isprovided andorganized. Theevidence innovations in healthcare provision, management of technological innovations increaseand capacity management knowledgeinthehealthsector, including Management (CRHIM) and health management programs. The aim is to TThe schoollaunchedtheCenterfor Research in Healthcare Innovation attract executives. African EMBAcontinuesto in IvoryCoastwhilethePan to thefirst AMPbeingheld IESE’s AfricaInitiativehasled CEIBS Program with New Ph.D. Initiative Africa China from facultymembers ofCEIBS. members ofIESEfocusedon within-depthknowledgeandmarketexpertise combine Europeancurriculum will from managementexpertise thefaculty Ph.D. program heldbyEuropeanprogram’sschools. The business andChinese the firstthe program studentsjoined inSeptember2012. Itisthefirst joint A newCEIBS-IESE Ph.D. program was announced at the end of 2011 and attract high-potentialentrepreneurs andexecutivesfrom across theregion. School inKenyaBusiness continued to School inNigeria, and LagosBusiness Meanwhile thePan-African EMBA,whichisheldjointlywithStrathmore Management Development(PMD)inIvoryCoast. School. IESE Business alsocontributedtothelaunchofanewProgram for first AdvancedManagementProgram heldinAbidjan,Ivory Coast at MDE This year, IESE’s Africa Initiative extended its reach through support for the 21 Highlights 22 IESE Highlights Reach Global Barcelona. held inSaoPaulo, NewYork, ShanghaiandMumbai,aswellMadrid The ExecutiveMBA and Global Executive MBAprograms included modules (IESE), Shanghai(CEIBS)andPhiladelphia(Wharton). Program - a program centering on three 6-day modules heldinSao Paulo Together with Wharton and CEIBS, the school organized the Global CEO modules beingheldat CEIBS, IESE(Barcelona) andHarvardSchool. Business The schoolalsocarriedouttheGlobalCEOProgram for China withthethree tailored tomeetthechallengesofspecificindustries. partnered withdiversecompanies toleadahostofcustom leadingprograms with sessions inNew York and Miami. Together with these activities, IESE also Another key international program was the Senior Executive Program (SEP), (PLD) inBarcelona andNewYork. Development (PMD) in Munich and the Program for Leadership Development step forward in their careers, IESE offered the Program for Management in NewYorkFor professionals andLosAngeles. to takethenext seeking IESE offered theAMPinMediaand Entertainment, which features sessions now led inBarcelona, Madrid, Sao Paulo, Munich and Warsaw. In addition, The schoolconsolidateditsportfolio of AMP offeringsfor seasoned managers, management. digital strategy orgovernance,industryspecificprograms andpublicsector Focused Programs were alsooffered onspecifictopics such as leadership, offerings in Africa, Asia, Europe, Latin America and the United States. Short IESE continuedtograduallyeducation program expanditsexecutive in SaoPaulo Executive MBA Launch of Anniversary EMBA 30th Reunion MBA experience amultilingualbusinessprogram. accepted into theIESE/ISE Sao Paulo ExecutiveMBAhavetheopportunity to of feeltheneedtoimproveexperience, theirmanagement skills. Students at Brazil’s growingwho, withatleastfiveyears numberofworkingexecutives A part-time,bi-weekly19-monthprogram, theIESE Executive MBAisaimed School inBrazil ISEandfollowsthesameformat as itssuccessfulpredecessors. Sao Paulo. Theprogram isledinconjunctionwithIESE’s AssociateBusiness school successfully launchedthe Executive MBAprogram in August 2012 in To providefor Brazilian experiences high-qualitylearning the executives, head ofthealumnidivisioninMadrid. class president VirgilioOñate. Thealumniwere welcomedbyMonikaBorgers, alumni from thefirst class–theEMBA’83were there, includingthe1983 reunion inMadridMay to markthe30thanniversary ofthe program. Eight Some 200alumnifrom theEMBA 30classesoftheExecutiveMBAjoined with specialsessionsforeachclass. ‘91, MBA ‘96, MBA ‘01 and MBA ‘06 celebrated their 5-year MBA reunions Reunion. Inaddition,theclassesofMBA‘86, of theMBAAlumni edition different classesmetonIESE’s Barcelona campus on Saturday fortheeighth More than 800 alumni and friends representing 47 nationalities and 57 23 Highlights 24 IESE Programs MBA Full-Time on “thisjourney thathasonlyjuststarted.” to learning,notingthat they hadproven they are more than ready to embark sales and distribution at IBM, praised the class of 2012 for their commitment On May 11, MBAcommencement speaker BrunodiLeo,seniorvicepresident of fashion retail sector. development inthebankingsector and market entry strategies inAsiafor the developed arange of projects focused ontopicssuchasnewregional business Stocks, Swarovski, ING Direct, Pepe JeansandNestlé.First-year MBAstudents The first-year MBA Capstone Course included leadingfirms such as ISDIN, Solo modules tobeheldinotherkeyinternationallocationsthe future. to the onesalready offered inNewYork City. Thisinitiativepaved the way for included second-year elective courses in Sao Paulo and Shanghai, in addition new courses were offered in the second year. For the first time, the MBA A new course on Leadership and Ethics was offered in the first-year, and eight students from 51 countriesmakinguptheClassof 2012. leadership and ethics. TheMBA included a total 560 students, with 280 emphasis ongeneral management,leadership, dynamics, globalbusiness support of the Harvard Business School. The two-year program places an IESE’s highly-rankedMBA program full-time wascreated in1963with the academic year. an overviewof key developments in IESE programs during the2011-2012 and offered newexecutiveprograms around theworld.Thefollowingis Executive MBA,GlobalMBAandPh.D.inManagementprograms, In 2011-2012, IESE introduced innovative changes in its full-time MBA, INNOVATIVE LEARNINGEXPERIENCES Degree Programs Programs second termfor theirExchangeProgram. Melbourne Business School now allow IESE students to choose a first or School, Tuck University School ofBusiness, Schooland ofMichigan Business the exchangeprogram. Newagreements withschoolssuchas LondonBusiness (NUS) and HongKong University of Science and Technology (HKUST) joined exchange partners for IESE students. TheNational University of Singapore Chicago, Kellogg, Wharton, LBS, CEIBS and NYU remained the most popular welcomed 74 students from other leadingbusinessschools.MIT, Columbia, During theacademic year, 83 IESE students went onexchangeand the school INTERNATIONAL EXCHANGEPRORAM leading company, aswellpre-admission totheMBAprogram. Through the YTP, candidates are able to gain valuable work experience at a means ofattractinguniversity high-caliber studentstotheMBAprogram. IESE’s Young Talent Program (YTP YOUNG TALENT PROGRAM which isnowinits15thyear. University ofNorthCarolina.in theevent, IESE cameinsecondworldwide Competition) heldinLondonandwassentto the finalworldround at the IESE won the 2011 European VCIC competition (Venture CapitalInvestment capital firms. CleanTech entrepreneurs to network with and pitch for funding from venture the IESE CleanTech Venture Seminar, which provides a venue for promising addresses and 36 paneldiscussions.Alsoincludedwithintheconference was year’stake partinthisinternationalevent.This editionincludedfivekeynote 2012. Closeto800participants from more than50countriescametoIESE to The annualDoing Good and Doing Well conference took place February 24-25, Doing GoodandWellConference was INSEAD. schools CEIBS, HKUST, INSEAD, Ivey, LBS, RSM and Yale. Taking the 2012 prize March 22-24, 2012. The prestigious event attracted teams from numerous top The long-runningIESE-RolandBerger InternationalCaseCompetitionwasheld summer internships. 2012, theCareer Servicesteam was ableto attain excellent full-timejobsand positions around the globe. In spite of the challenging conditions in 2011- The school’s Career Servicesteam aims to help MBA students secure quality Helping companiesintalent recruiting © ) hasbecomeanincreasingly valuable 25 Programs 26 IESE Programs International ExchangeProgram Partner Schools YONSEI. Yonsei University SchoolofBusiness,SouthKorea YALE. Yale SchoolofManagement,USA WHARTON. TheWhartonSchooloftheUniversity ofPennsylvania, USA UNC. TheKenan-Flagler BusinessSchool,University ofN.Carolina, USA UCLA. TheAnderson School at UCLA,USA TUCK. Tuck SchoolofBusinessatDartmouth,USA RSM. Rotterdam SchoolofManagement,TheNetherlands NYU. NewYork University, Leonard N.SternSchoolofBusiness,USA NUS. NationalUniversity ofSingapore, Singapore MIT. SloanSchoolofManagement,USA MICHIGAN. StephenM.RossSchoolofBusinessattheUniv. ofMichigan,USA MGS. MiamiGraduate School–University ofMiami,USA MBS. MelbourneBusinessSchool,TheUniversity ofMelbourne,Australia LBS. LondonBusinessSchool,University ofLondon,UK KELLOGG. Kellogg SchoolofManagement,NorthwesternUniversity, USA KEIO. Keio University, Yokohama City, Japan ISB. IndianSchoolofBusiness,Hyderabad, India IAE. EscueladeDirección yNegocios, Universidad Austral, Argentina HKUST. Hong-Kong University ofScienceandTechnology, Hong-Kong HKU. Hong-Kong University, Hong-Kong HEC. HECSchoolofManagement,France DUKE. TheFuquaSchoolofBusiness,DukeUniversity, USA DARDEN. Darden Graduate SchoolofBusiness,University ofVirginia, USA CORNELL. JohnsonGraduate SchoolofManagement,CornellUniversity, USA COLUMBIA. ColumbiaBusinessSchool,University, USA CHICAGO. TheUniversity ofChicago,BoothSchoolBusiness,USA CEIBS. ChinaEurope International BusinessSchool,Shanghai,China BERKELEY. HaasSchoolofBusiness,U.C.Berkeley, USA MBA Executive Deutsche BankandPWC. Ferrovial, Ficosa,Indra, RedEléctrica,Sanitas, Unisono,Siemens,Nestlé,AXA, exucutives fromincluding BCG, Media, Apple, suchcompaniesas:Aegis This year saw numerous new contributors to the Global Leadership Series, Egido, CEOofLogista. Chairman ofDanone;JorgeRobles, Sendagorta,ChairmanofSener;andLuis Barcelona featuredby someprominent speeches leaders: business Javier Graduation ceremonies atIESE’s ExecutiveMBAprograms inMadridand with graduates andtheirfamilymembers. Madrid campus. Academic sessions were followedby networking activities 200 alumni gathered for a special celebratory event on June 5, 2012 on the year markedthe30thanniversaryThis oftheExecutiveMBAprogram. Some fast-paced businesscapitalofBrazil: SaoPaulo. business education, IESE launched an edition of the Executive MBA in the Further solidifying itscommitment to developing globalleaders through Launch inBrazil the EMBAEntrepreneurs Club. through initiatives such as Executive Simulation Week, a Capstone project and The program offers anopportunity invaluable to gain deepbusinessexperience Paulo, theprogram includesmodulesinShanghaiandNewYork. professionals. Offered inBarcelona, Madrid and, since August2012 in Sao IESE’s longstanding Executive MBAisdesignedfor high-potential working 27 Programs 28 IESE Programs Programs and MRM Ph.D. Program MBA Executive Global were 42MRMandPh.D.students. school anda Chinese businessschool.In the academic year 2011-2012 there program will bethefirst joint Ph.D.program between a European business a new agreement to launch an IESE-CEIBS Ph.D. program was established.The programs grow and nine theseswere defendedby Ph.D. candidates. In addition, This year, IESE’s Ph.D.andMRMprograms sawinternationaldiversity inthe institutions around theworld. prepare graduates toteachandleadresearchacademic athigh-level IESE’s Ph.D.inManagementandMaster’s inResearch Managementprograms from IESE15years ago. member of one of Europe’s leading manufacturing companies, graduated class members ofqualitiesthat arefor leaders. essential a board Rodríguez, Global VicePresident ofSchneiderandIESEremindedalumnus JulioRodríguez In hiskeynoteaddress attheGlobalExecutiveMBA2012 Graduation Ceremony, learning experience. were also introduced, givingparticipants a greater opportunity to tailor their Shanghai toboostlearningandnetworkingopportunities.Electivemodules The two classes of the program held jointmodulesinBarcelona, NewYork and in twodistinctformats:monthlyandbimonthly. on three continents(Europe, NorthAmericaandAsia).Theprogram isoffered IESE’s GlobalExecutiveMBAprogram for working executivesfeatures modules Programs Management General In 2012, IESEwasranked thetopbusinessschoolinworldbyFinancialTimes. learning anddiversity. programs were extremely successfulinterms of participant satisfaction, and Warsaw -withmore than1,300participantsfromthe 30countries.All locations – Barcelona, Madrid,Munich,NewYork, Sao Paulo, Shanghai,Nairobi In 2011-2012, IESE offered General Management Programs at eight different Wharton andCEIBSwasanotherhighlight. economy.launch ofarenovated The GlobalCEOprogram, inpartnership with a record numberof participants inBrazil, reflecting thecountry’s expanding education openprograms grew overtheprevious year. IESEprograms attracted Despite achallengingeconomicscenario,IESE’s internationalexecutive sharpen theirleadership skillsateverystageoftheir careers. programs allow professionals to expand theirmanagement knowledge and PDG and PDD) continued to attract many senior executivesin 2011-2012. The The school’s longstandingexecutiveprograms offered inSpanish(thePADE, can participateinanIESEShortFocusedProgram oftheirchoice. around three modulesoverfour months, plus a module inwhichparticipants new version of the “Program for Leadership Development” (PLD) is organized new editionof the renovated PLD program was launched in March 2012. The drawing seasonedexecutivesfrom around the world. Alsoduringtheyear, a In 2011-2012, IESEoffered aneweditionoftheAMPBarcelona program, Barcelona andMadridCampuses Executive Education 29 Programs 30 IESE Programs links withGermanbusinessleaders andtheirfirms. CEOs. TheinterviewsessionswithCEOswillallowIESE to form even stronger conducted a study to evaluate the specific needs and preferences of German the support of IESE professors, IESE’s executive education team in Munich were formedwithlarge Germancompanies suchasBMWandHenkel.With Custom programs also continued to grow in Germany and partnerships four one-weekmodulesheldinMunichandBarcelona. IESE announcedthelaunchofProgram forManagementDevelopment, respective companies. the school’s alumniare boostawareness helping about IESE withintheir in March 2012. Overall, participant feedback was extremely positiveand the seventheditionofAMPMunichprogram completed their program IESE’s presence and visibility in Germany continued to grow. Participants in Germany: AStableCommitment New York andShanghai. program,The tobelaunchedin2013,feature will modulesinBarcelona, Strategy forSeniorExecutivesthrough anewpartnership withNYUStern. a newprogram,school isgearinguptodeliver The GlobalFinanceand New Program withNYUStern the PBSBoard ofDirectors. Chief ExecutiveOfficer of Hearst Corporation andGeoffrey Sands,Chairof AMP. Leadership Forum speakers thisyearincludedFrank A. Bennack,Jr., with prominent players in the industry, are central features of the Media Leadership Forum events, whichgiveparticipants the chance to interact Connections withGlobalLeaders take placeinNewYork CityandonemoduletakesplaceinLosAngeles. modules conductedfour week-longoverasix-monthperiod.Three modules lead their media and entertainment companies. The Media AMP consists of program aimed at preparingexecutives to top-level,highlyexperienced only programexecutive education ofitskind,theMediaAMPisanintensive program is run in collaboration with the Paley Center for Media. Thefirst and Italy, Kenya, Nigeria,Spain,Mexico,ColombiaandtheUnitedStates.The executives from countries around theworldsuchasUnitedKingdom,France, IESE’s MediaAMP2012media andentertainment includedtop-level curriculum combinedwithvaluablenetworkingopportunities. City andMiami.Theprogram provides aglobal,general management-focused executives, includingCEOs,theSEPfeatures four5-daymodulesinNewYork Heineken, DHL,Cemex,KPMG,Telefónica andWal-Mart. Aimedattop-tier diverse leadingorganizations includingtheUnitedNations,Sotheby’s, Executive Program New York-Miami attracted business leaders representing IESE strengthened itsprogram offeringsintheUnitedStates.TheSenior USA: Forging Paths inNorthAmerica residential moduleledbyIESEfacultymembers inSaoPaulo. Transformational Journey withCEIBSandWharton.Theprogram includesa in BrazilAnother keyinitiative was theGlobal CEOProgram: A time thereunion washeldinLatinAmerica. together hundreds of IESE alumni from all overtheworld,markedfirst in SaoPauloReunion Alumni inNovember2012.event, whichbrings The economic growth ofthecountry. Thisyear, IESE prepared tohostitsGlobal Brazil was a key focal point for the schoolthisyear, reflecting therapid currently more than600IESEalumniinBrazil. the PMDand launched theExecutiveMBAinSao Paulo this year. There are After first launchingactivitiesinBrazil10 yearsthe AMP, ago,theschoolled Brazil: Keeping Pace withaGrowing Economy campus inShanghai. and afinalmoduleattheCEIBS on theWhartoncampusinPhiladelphia, with anIESE-ledmoduleatISE’s facilitiesinSaoPaulo,by amodule followed CEIBS and Wharton. The program is organized around three modules,starting Asian, European and Latin American markets, is a partnership between IESE, opened upforCEOsfrom allovertheworld.Theprogram, whichexplores The and classesare conductedinEnglishandMandarin. Chinese entrepreneurs and CEOs, the program features materials in Chinese in three modules,withonemoduletaking place at each school.Aimedat Harvard Business School and CEIBS. This comprehensive program is organized The schooloffered againtheGlobalCEOProgram forChinajointlywith China: Strengthening Partnerships Global CEO Program: A Transformational Journey wasenhancedand 31 Programs 32 IESE Programs collaborative tiesbetweenparticipants,aswellthetwoschools. Business School and Lagos BusinessSchool) as a means of fostering Management Programs at two leading African business schools(Strathmore The Pan-African AMPModulebrought together participants of the Advanced in Nairobi drew executivesfrom across the Africancontinent. For the sixthsuccessfulyear, IESE’s jointAMP withStrathmore BusinessSchool is thethird businessschoolthatIESEhashelpedgetofftheground inAfrica. marked anothermajorstepforward forIESE and theAfricanInitiative. MDE is based in Abidjan.Theprogram was delivered in French by IESE professors. It Ivory Coast -tooffertheAdvancedManagementProgram Ivory Coast, which Notably, IESE partnered with its newest Associated Business School - MDE in education intheregion. the framework ofIESE’s AfricaInitiative,whichseekstofurtherbusiness IESE carried outhigh-caliberprograms in variousAfrican countries within Africa: ALong-termCommitment Eastern European businessleaders. and includes casesthat focus on companies and business issues relevant to The program is ledby IESE professors withresearch expertise intheregion, Barcelona andtheprogram’s graduation ceremony. with core sessionsheldinWarsaw. It culminates withafinalmodulein The intensiveprogram begins with a 1-week residential moduleinBarcelona, of Polish enterprisesinafast-changing business European and global context. Now initssixthyear, theAMPWarsawto meetthespecificneeds isdesigned seven monthsandfeatures sessionsinWarsaw andBarcelona. insurance, IT, retail andpublicadministration. Theprogram takesplaceover drawing seniorexecutivesfrom a wide range of sectors suchasfinance, IESE’s Advanced Management Program (AMP) Warsaw continued to grow, Poland: AFocus onCentral Europe around theworld. drew 3,558participantsfrom total of102 programs which with 48companiestoleada entered intopartnerships The CustomPrograms team Programs Sector New Third- Programs Government Leadership Public & in collaboration with theHarvard Kennedy SchoolofGovernment. Of the school’s publicleadership program portfolio, four offerings were held Organizations. Programs and theStrategic Management for Leaders of Non-Governmental and Social Leadership Program, the Evaluation of Public Policies and Social held three programs aimed at the Third Sector: the Strategic Management This year, inadditionto programs for publicofficials,IESE experienced telecommunications andITindustries. from public administration, construction, professional servicesand media, energy (11 percent) andconsumergoods(11 percent). Otherclientscame percent), automotive and logistics (14 percent), general industry (11 percent) levels, and clients reflected a wide range of sectors including finance (32 around theworld.Programs expandedbothonnationalandinternational programs. These tailored drew learning experiences 3,558participants from with 48companies–including20newfirmstoleadatotalof102 companies to help them meet theirdevelopmentneeds.Theteam partnered During the2011-2012 year, IESE continuedtobuildnewpartnerships with Custom Programs: Strong GlobalPartnerships these programs. grateful to Fundación Rafael del Pino for its support in organizing some of increased and awareness of the programs in the public sphere grew. We are and agreements withdiversethe Harvard institutionslike Kennedy School Leadership andGovernmentinSeptember2011. Thenumberofprograms year were greatlythrough expanded thecreation oftheCenterforPublic level executivesinthe public administration sector during the 2011-2012 IESE’s activities aimed at honing themanagement capabilities of senior- 33 Programs 34 IESE Programs Meetings Industry Programs Focused Short Programs Leadership Healthcare - 16thFoodandBeverage Meeting - 18thMeetingoftheTelecommunications andtheInformationSociety - 5thMeetingoftheSalesandMarketingOfficers - 14thLuxuryGoodsIndustryMeeting - 3rd MeetingoftheInsurance Sector - 9thRetailIndustryMeeting - Turning Consumers intoFans - 7thMeetingoftheBankingSector - 26thMeetingoftheAutomotiveIndustry - 18thMeetingoftheHealthcare Industry covering thefollowingindustriesandareas ofexpertise: A total of 10 Industry Meetings were offered inMadrid and Barcelona, - OptimizingYour RetailBusiness - FinanceandAccountingforNon-FinancialManagers - ManagementbyProjects: UsingProjects toAchieveResults - Create EffectiveVirtualTeams - DevelopingLeadership Competencies - AdvancedDigitalMediaStrategies - ManagingPeople Across Cultures - DevelopYour CommunicationSkills - GettingThingsDone - GlobalBusiness:Leadership inaMatrix Among thekeyprograms offered in2011-2012 were: programs were updatedwhileeightnewinternationalprograms were added. that are currently most relevant to the business community. Successful existing IESE offered acompleteportfolioofShortFocusedPrograms coveringthetopics regarded foritsexpertiseinthesectoratgloballevel. Healthcare Industry and aseriesof thriving custom programs. IESE is well market, the MBA second-yearelectivecourse; the 19th Meeting of the Other initiatives includea Short Focused Program on theEuropean health Innovation Management) and the new HMP (Health Management Program). to the sector with the creation of the CRHIM (Center for Research in Health healthcare sector. In recent years, the school has made a strong commitment IESE stepped upitscommitment to providing educationforprofessionals inthe research andthecentral role ofpeopleinmanagerial decisionmaking. takes ageneral management perspective andplacesanemphasis onrigorous introduced to the school’s global approach to business education, which in managementeducation,research anddevelopment.Participants were The 3-weekprogram concentrated curricula courses on methodologies Nigeria), Asia(Pakistan) andLatinAmerica(Chile). Poland orSwitzerland),Africa(Angola,Ghana,Ivory Coast, SouthAfricaor throughout EuropeHungary, (Spain,Sweden, Croatia, Bulgaria,Kazakhstan, This year’s editionbrought together34professors from diverse universities through thedevelopmentofcriticalteachingandleadership skills. prepares schoolprofessors business tomakecontributionstheirinstitutions International Faculty Program (IFP) at the Barcelona campus each year. TheIFP educators,develop business With itsgoalofhelping IESE offers the Program International Faculty Enric Ricart,EricWeber andJordi Canals M. Datar. Participating on behalf of IESE were José Luis Nueno, Joan Business Schoolwere W. CarlKester, Richard H.K.VietorandSrikant Faculty members attendingthisyear’s meetingfrom Harvard such astheGlobalCEOProgram forChina. education offerings It hasalsoledtomanyinternationalexecutive full-time MBAProgram at IESE in 1963-the first of its kindinEurope. relationshipbetween thetwoschoolscontributedtolaunchof joint research projects andeducational initiatives.Thelongstanding mutual interestmanagement, viewpoints onbusiness andexchange Founded in1963,theCommitteemeetsregularly to discuss topicsof strategy ofbusinessschools. other topics.Anothertopictackled bythecommittee was theglobal employment opportunitiesfor students followinggraduation, among trends, theimpact of demographic changes on MBA programs and adapting to globalization. In addition, thegroup discussedadmissions in MBAprograms, suchassupportingentrepreneurialinitiative and 18, 2012. Participants inthemeetinganalyzedvariousinnovations The Harvard-IESE Committee held itsannualmeetinginBostononJune A LegacyofExcellence HBS –IESECommittee . 35 Programs 36 IESE Faculty & Research Management Review. Start-Up Companies: Management Systems as Accelerator” in theCalifornia an Accenture AwardSustainable High-Growth forhisarticle“Building It,” published byHarvard Business Press and Antonio Dávila, who received Book Award forhis book “World 3.0:GlobalProsperity and HowtoAchieve management field were Pankaj Ghemawat, who received TheThinkers 50 Among thosewhowereprizes. recognizedfor theircontributionstothe In addition, IESE faculty members were therecipients of various international to professors Marta Elvira, Morten Olsen, Gaizka Ormazabal and Miguel Antón. Ferraro, VíctorMartínezandXavierVives. MarieCurieFellowshipswere awarded Research Council (ERC), including ERC grants received by professors Fabrizio Centers andChairs. Somefaculty members alsogotgrants from theEuropean critical support provided by the school’s Research Division and IESE’s Research In 2011-2012, IESE professors carried out numerous research projects, with high-quality teachingandresearch. around theworld.Faculty members seektomaintainabalanced emphasison as frequentwell participantsatinternationalconferences andworkshopsheld IESE professors are prolific producers of cases, books and journal articles,as digital economy, andcorporate governance andsustainability. globalization, family business, growth markets, markets and governments, over theyears. Theseincludestrategy, leadership, entrepreneurship, ethics, some interdisciplinary areas where research impact has beenmore visible While IESE faculty work across all businessdisciplinesand subjects, there are including bothareas, isakeyelementofIESE’s work. and academia. This dual impact, and the development of a holistic system with thepotentialto have a deep impact on both the practice of management in IESE’s mission. Professors aim at developing newknowledgeand concepts Our faculty’s commitment to research andnewideasdevelopmentisrooted World-Class TeachingandKnowledeDvelopment Faculty Research &

Research Faculty Organization Science andStrategic Management Journal Academy of Management Journal, Econometrica, HarvardReview, Business published theirpapers inthetop journals ineachfieldlikeAccountingReview, focusing on diverse companies in different geographic locations. IESE faculty and 23 book chapters. IESE faculty members produced 110 business cases In 2011-2012, professors published 59 articles inrefereed journals,22books of BusinessEthicsinMay2012. and theXVII Symposium of Business Ethics and Society, organized by the Chair such astheEDEN Doctoral SeminaronStrategic ManagementinMarch 2012 IESE was proud to host numerous high-profile research events in2011-2012, through otherprestigious journals. through theschool’s management portal and review, IESE Insight, aswell generatedNew managementknowledge byIESEprofessors isdisseminated future goals. research andinstitutionalservicethatprofessors carryoutatIESE,as aswell plans toensure professional growth. Theseplanshelpmap out the teaching, part in career development initiatives and carry out personalized development teachers andresearchers. Throughout theircareers atIESE,professors take The schoolseeksto support all faculty members intheirroles asoutstanding professors and80researchers. students. In addition, the school had 54 external collaborators, 8 visiting reflection oftheschool’s aimtoprovideperspective aglobalbusiness to hold doctoral degrees from top universities, from 28 different countries,a In 2011-2012, IESE’s faculty included 100 full-timeprofessors, allofwhom , amongothers. 37 Faculty & Research 38 IESE Faculty & Research Conferences Academic International IESE Insight Faculty ResearchActivity Publishing todistributeIESEInsightarticles. The school also maintains a special agreement with Harvard Business Management University. of Business,Pennsylvania StateUniversity; andArnaudDeMeyer, Singapore of Management; Daniel Franklin, The Economist; Don Hambrick, Smeal College Business School;Mauro GuillénofWharton; Jeffrey Sonnenfeld, Yale School Elizabeth Moss Kanter of Harvard Business School; Boris Groysberg of Harvard who contributedtothepublicationfrom otherinstitutionsin2011-2012 were faculty experts atotherprestigious authors schools.Amongthewell-known spotlighting research carried out by the school’s professors, as well as leading IESE Insight continuestogrow asaprominent internationalchannelfor review. domain, withmore than 18,000 visitspermonth between theportal and the 18,247 documents. The onlineportalisthemost visited pagewithintheIESE grow. Atpresent, IESE Insight has13,460subscribers andincludesmore than The impact of IESE’s quarterly management review IESEInsight continues to International Conferences 2011-2012 Course materialsproduced Articles inrefereed journals Nationalities represented Faculty withPhD Sector Research Center, Barcelona, June14,2012 XII Public-PrivatePartnerships Colloquium Juan AntonioPérez LópezColloquium 25th EBENAcademicConference, Barcelona, September20-22, 2012 May 21, 2012 Innocreative Meeting XVII Symposium ofBusiness EthicsandSociety Public-Private SectorResearch Center(PPSRC),Barcelona, April20-21, 2012 Conference EconomicsofthePublic-PrivatePartnerships, organized by:IESE Ricart EDEN Doctoral SeminaronStrategic Management 19th CIFAnnualSymposium, organized by:CIF, Madrid,March 20,2012 & EAISM,Barcelona, March 5-9,2012 2007-2008 2008-20092009-2010 2010-2011 , IESEBusinessAngelsNetworkFamilyOfficesandFinaves, 99% 144 44 26 , Barcelona, June18-19,2012 99% 199 55 28 , organized by:IESEPublic-Private , Barcelona, May14-15,2012 , organized by:Prof. JoanEnric 99% 167 58 28 99% 171 74 27 2011-2012 100% 191 59 28 Recognitions Awards and Research faculty members were: During theyear, IESE professors received numerous awards. Among these Professors MartaElvira, CarlosRodríguez-Lluesma,ElenaReutskajaandPankaj Ghemawat Awards andRecognitions IESE AlumniResearch Excellence Awards of IESEfacultymembers. Recipients oftheawards were: are aimedat recognizing outstandingresearch and teachingaccomplishments annual meeting of the Alumni Association Executive Committee. The awards The 2011 IESE Research Awards were presented to faculty members during the the year20XX”), Fundación CondedeBarcelona forhisarticle“Lacrisisdelaño20XX”(“Theof Pastor, A.andMuns,J., Prosperity andHowtoAchieveIt Ghemawat, P., TheThinkers50 BookAward 2011 forhisbook Systems asanAccelerator.” Review “BuildingSustainableHigh-Growth StartupCompanies:Management Dávila, A.,2011 Accenture Award forhisarticleinthe published intheAmericanEconomicReview Dynamics inConsumerChoiceUnderTimePressure: AnEye-Tracking Study,” Reutskaja, E.,IESEResearch ExcellenceAward awarded forherarticle“Search Global Prosperity andHowtoAchieveIt Ghemawat, P., IESEResearch ExcellenceAward awarded forhisbook for theircourse “Capstone-ExecutiveCareer Leadership.” Elvira, M.andRodríguez-Lluesma,C.,IESEResearch ExcellenceAward awarded La Vanguardia, December12,2010. 2011 Premio GodódePeriodismo awarded bythe , Harvard BusinessPress, 2011. , Harvard BusinessPress, 2011. , Vol. 101, No2, 2011, pages900-926. California Management World 3.0:Global World 3.0: 39 Faculty & Research 40 IESE Faculty & Research Chairs Academic Centers and Research applied research. to transforming the healthcare industry through executive education and a joint venture between IESE and Accenture. Thecenter seeks to contribute the Centerfor Research on Healthcare Innovation and Management (CRHIM), Strengthening itscommitment to thehealthcare sector, theschoolopened centers haveopenedonthesubjectsofhealthcare andpublicleadership. addressed includeITinfrastructure andfinancialregulation andtwonew to generate newideasandresearchTopics onpublic-privatesectorissues. The centerservesasa platform for a team of IESE professors to come together administration. improve communication and collaboration between businesses and public initiatives. Forexample,thePublic-PrivateSector Research Chairseeksto contributions, andcollaborate withcenters andchairs oncertainresearch throughfund theseentities Many leadingcompanieshelp financial their IESE’s centers andchairs areto theschool’s essential research activities. leading professors intheirfields,linkacademicdisciplinesandthebusinessworld. faculty research activities.Thesechairs, supportedbycorporate endowmentsandheldby Within theResearch Division,IESE’s 18chairs serveashubsforgenerating andsupporting CHAIRS Prof. PhilipMoscoso Excellence inServices Eurest/Compass Group Chair Prof. Josep MariaRosanas Markets, Organization andHumanism Crèdit AndorràChair Prof. Frederic Sabrià Competitiveness inManufacturing CELSA Chair Prof. Joan EnricRicart Strategic Management Carl Schroeder Chair Prof. DomènecMelé Chair ofBusinessEthics Prof. Pedro Nueno Entrepreneurship Bertrán FoundationChair Prof. Alfredo Pastor Emerging Markets Banco SabadellChair Prof. Pankaj Ghemawat Strategy andGlobalization Anselmo Rubiralta Chair Prof. AntonioDávila Alcatel-Lucent Chair Prof. XavierVives Regulation, CompetitionandPublicPolicy Abertis Chair Prof. Pascual Berrone Sustainability andBusinessStrategy Schneider ElectricChair Prof. Carlos Sánchez-Runde Human Resources Seat-Volkswagen Chair Prof. Pablo Fernández Corporate Finance PricewaterhouseCoopers Chair Prof. Bruno Cassiman Competitiveness Corporate Strategy andInternational Nissan Chair Prof. AntonioArgandoña Corporate Governance Corporate SocialResponsibilityand “La Caixa”Chair Prof. JoséRamónPin Administration Governance andLeadership inPublic José FelipeBertránChair Prof. JoséManuelCampa Governance Financial InstitutionsandCorporate Grupo SantanderChair Prof. JosepTàpies Family BusinessChair Publishing IESE list withalltheircontacts. documents without havingto search for them eachtimeandcanshare their these improvementsfavorite inthespace“myaccount”andcanconsulttheir shortened thebuyingprocess.new design The user canmakethemostof The Latin America. IESEP LATAM anda search facility, LATAM, for users seekinginformation on for LatinAmerica, in SpanishandEnglishanotherspecificallydesigned website where users can choose from among 26,000 titles. It has home pages Early intheacademicyear,launched itsnew, IESEPublishing easy-to-use 41 Faculty & Research 42 IESE Alumni in Focus among others. Thenextday, ahostof cultural activitieswere organized. and Susan Segal, CEO of the Americas Society and Council of the Americas, Jesús M. Prieto, director of hepatology at the Clínica Universidad de Navarra; Páramo, memberof theExecutiveCommitteeofEuropean Central Bank; professor of pathology at Mount SinaiMedicalSchool; José ManuelGonzález- directorCarlos Cordón-Cardó, oftheFundación ElBulli; vicepresidentand BBVA; HansUlrichMaerki,board memberofABB;Ferran Adrià,chef and co- led by Isidro Fainé,president of La CaixaandCaixabank; Ángel Cano,CEO of Throughout the day, numerous presentations and panel discussionstook place, accelerate IESE’s activitiesinLatinAmerica. 2012 Global AlumniReunion,whichwill beheldinBrazil and will clearlyhelp Following the2011 GAR,theAlumniteam turned to the organization of the sustained andsustainablegrowthand innovation. basedonethics, knowledge of howtoachieve at themeetingfocusedtheirattentiononchallenge than 2,800 IESE graduates from around the worldand invited guests. Speakers in MadridNovember2011.which washeld Theeventdrew arecord ofmore A significant highlight duringthe year was the 50th Global Alumni Reunion, who are members oftheIESEAlumniAssociationalsoexpanded. IESE graduates grew to40,044.Atthesametime,percentage ofgraduates school relies on their valuable support. By August in 2012, the total number of IESE’s alumniare anintegral partoftheschool’s globalcommunity andthe in Focus Alumni the GlobalAlumni Reunion. * IncludestheContinuous EducationPrograms, classreunions, regional chaptermeetings and the challengesofuncertainbusinessenvironment. were entrepreneurs specificallyaimedathelping as theyfaced andexecutives All of the Alumni Association’s Continuous Education sessions in2011-2012 products andservices. take advantageofsocialcommerce tocapture newaudiencesandimprove on May 11, in which he described how large as well as local merchants can Taking aimate-commerce, IESE Prof.for alumni EvgenyKáganer ledasession which focusedonthetopicofeffectiveleadership intimesofuncertainty. International Advisory Board. Prof. Franz Heukamp moderated thesession, Siemens’ CEO of the Industry Sector, whoisalsoamemberof IESE’s In MunichonMay7,2012, alumniheard from Prof.Russwurm, Siegried published byCESIFO. discussed thecontent of theEEAGReportonEuropean Economy 2012 was alsoaddressed by John S.Reed,chairman of the MIT Corporation. Vives The meeting, organized by IESE’s Public-Private Sector Research Center, session withalumnititled,“QuoVadis Europa?” onIESE’s Barcelona campus. 17, 2012, cameonApril Another highlight whenProf. XavierVivesleda of Starbucks. of Italy and former president of the EU Commission; and Howard Schultz, CEO Löscher, president andCEOofSiemens;RomanoProdi, formerprimeminister speakers whoshared theirinsightswithIESEalumni.SpeakersPeter included York. At the same time, the school’s campuses hosted various high-level cities such as London, Warsaw, Munich, Paris, Shanghai, Sao Paulo and New Continuous Education sessions took place at a wide range of international during theyear. new e-conferences wereproviding madeavailable, members with177sessions boosted thenumberofe-conferences accessibleforalumni.More than61 offered,sessions withaparticipation growth rate of26percent. It also The AlumniteamsteppedupthenumberandqualityofContinuousEducation who liveoutsideSpain. organization of informal meetings that strengthen linksamonggraduates year. In terms of networking opportunities, the Association supports the registeringmore than4,100 attendees,a4percent increase overtheprevious promotion. In 2011-2012, 89 sessions were organized outside of Spain, to support the increasingly globalalumnicommunity and IESE program Overall, the international activitiesof the Association expanded, inorder MAIN DATA Association participants Countries represented Alumni Sessions outsideofSpain Sessions inSpain* 2008-2009 2009-2010 2010-2011 2011-2012 33,878 29,381 191 106 72 36,124 29,231 190 109 80 32,178 38,031 190 109 85 35,758 40,044 196 122 89 43 Alumni in Focus 44 IESE IESE’s Community successful organization andsocietyatlarge. intrinsic rightsanddignityof every person, andconstitutethelinchpinofany moral valuesare basedontheChristian tradition. Thesevaluesemphasizethe Catholic Church, with activities on every continent. The school’s ethical and Universityof OpusDei,aPersonal isaninitiative Prelature oftheRoman IESE is the Graduate Business School of the University of Navarra. The - Knowledgedevelopment - Transformational impact - General managementperspective - Internationalcharacter - Humanandethicalvalues pillars ofleadership development: With thesevaluesasafoundation,IESE programs are structured around five good ofcompaniesandsociety;humility;learninglistening;teamwork. example. Theseemphasize:respect for others; commitment to thecommon programs andschoolculture andcarriedoutbyfaculty and staff wholeadby in anatmosphere oftrust,IESE’s missionandcore valuesare articulatedinits that Believing businessesare above all communities of people whowork better and society. educating leaders towhomwecanconfidentlyentrustthefuture ofbusiness actions onthehigheststandards ofprofessionalism andaccountability; andto inspiring leaders to work with a spirit of service and integrity, basing their to have a deep, positiveand lasting impact on people,firms and society; to IESE Business Schooliscommitted to the developmentof leaders whoaspire a Mission-driveninstitution Community IESE’s 45 IESE’s Community 46 IESE IESE’s Community University ofNavarra Hospitalservices University ofNavarra programs Fellowships and scholarships for employees’ spouseand children at IESE and Counseling andsupportforexpatriates andtheirfamilies care orpre-school Aid toparents ofchildren upto three years oldto help reduce thecost of day Flexible holidays Flexible timetable Education andprofessional development this end,itoffers arange ofpoliciesthatprovide advantagessuchas: IESE aspires tocreate aworkenvironment that is supportivetofamilies. To Family-friendly Context Health andsafetyatwork Technology Foreign languages Work-life balance Position-specific training Time management Service orientation Decision making Self-management Mentoring Coaching Professional techniques Learning anddevelopmentsessions sessions haveincluded: at expanding theirknowledgeand their capability sets. Key topics of these IESE’s People Divisionorganizes ahostofcourses forstaff on topicsaimed to broaden theirknowledgeandgrow asprofessionals. have theopportunitytoshiftroles ortakeonnewassignments,allowingthem organizational culture. IESEdepartmentalheadsandotherstaffmembers functional mobilityasanintegralThe schoolalsoemphasizes partofits the first sixmonths. consists ofintroductory and training sessionsandspecialmentoringduring People development at IESE begins with its orientation program, which Professional DevelopmentOpportunities functional mobilitywithintheorganization. work flexible hours, personal andprofessional developmentopportunitiesand aimed at creating a supportive and inspiring work environment. These include view ofthisgoal,thePeopleDivision provides a range ofactivitiesandservices fosters the professional and personal growth of faculty and staff members. In Following theschool’s mission, IESE seeks to provide a context setting that school’s campuses and offices in Barcelona, Madrid,NewYork City and Munich. IESE’s highlydiverse community of faculty and staff carry out activities atthe Our People leaders, non-profit leaders andgovernmentofficials. networking gatherings.Theyinvolvescores ofstudents,educators, business connection with the initiativerange from large-scale competitions to small firms and make a positive impact on their communities. Events organized in of entrepreneurs whohavethepotentialtocreate innovativeandsustainable Endorsed by numerous world leaders, GEW aims at inspiring a future generation their careers. and womenlaunch aspiringbusinessmen events worldwideaimedathelping key events such as Global Entrepreneurship Week, an initiative that features leaders prepare for the future. Thisisaccomplished through the support of young entrepreneursschool placesafocusonhelping The andbusiness Commitment toYoung Professionals executive positions. The schoolhasaGenderEqualityPlanandpromotes womentosenior Executive MBA–aswellsomeexecutiveeducationprograms. its core degree-awarding programs -theMBA,GlobalExecutiveMBAand to its programs, IESE offers scholarships to outstanding female applicants to corporate governance and risk management. To attract candidates high-level positions, where theyincreasingly leadeffectivebottom-lineperformance, IESE iscommitted to increasingthe numberofwomenwhoholdsenior Commitment toWomen IESE seeks to offer special opportunitiesfor disabled employeesand suppliers. Accessibility forDisabled Employees work andfamilylife. which recognizesthat companieswithpoliciesallowitsemployeestobalance Company (FRC)certificate, school hasobtainedtheFamilyResponsible The 47 IESE’s Community 48 IESE IESE’s Community Management Program forexecutivesintheregion. launch MDE Business SchoolinIvory Coast, whichhascreated theAdvanced schools, whichare locatedinfourcontinents.In2011 and2012, IESEhelped Over the years, IESE has helped developand grow 15 associated business their families,aswellapensionplanforretirement. related risks.Moreover, IESE facilitates medical insurance for employees and physical examsandsafety and securitytraining sessionsto minimize work- provide anumberoftheschoolfacilitatesregularservices. Thoughitspolicies, Safety Committee works with on-campus medical and security services to As partofitsgoaltopromote anoptimalworksetting,IESE’s Healthand A HealthyEnvironment Schools Globally Supporting Business BUSINESS SCHOOLSDEVELOPEDWITHIESE’SSUPPORT - UNISBusinessSchool, Universidad delIstmo,Guatemala.Founded in1977. - SchoolofBusinessAdministration University ofAsiaandthePacific, Manila,Philippines. - SBSStrathmore BusinessSchool,Strathmore University, Nairobi, Kenya. Founded - PAD -EscueladeDirección delaUniversidad dePiura, Peru. Foundedin1979. - MDEBusinessSchool(IHE-Afrique),Abidjan,IvoryCoast.Foundedin2003. - LBSLagosBusinessSchool,Pan-African University, Lagos,Nigeria.Foundedin1991. - ISEInstitutoSuperiordaEmpresa, Brazil. Foundedin1996. - - INALDEInstitutodeAltaDirección Empresarial, Universidad delaSabana,Bogota, - IEEMInstitutodeEstudiosEmpresariales deMontevideo,Universidad deMontevideo, - IDEInstitutodeDesarrollo Empresarial, Guayaquil,Ecuador. Foundedin1992. - IAEEscueladeDirección yNegocios,Universidad Austral, BuenosAires, Argentina. - ESEEscueladeNegocios.Universidad deLosAndes,SantiagoChile,Chile.Founded - CEIBSChinaEurope InternationalBusinessSchool,Shanghai,China.Foundedin1994. - AESEAssociaçaodeEstudosSuperiores deEmpresa, Lisbon,Portugal. Foundedin1980. IPADE -InstitutoPanamericano deAltaDirección deEmpresa, Universidad Pan- Founded in2001. in 2005. Americana, MexicoCity, Mexico.Foundedin1967. Colombia. Foundedin1985. Montevideo, Uruguay. Foundedin1986. Founded in1978. in 1999. on responsible business. Good andDoingWell conference initiatives suchastheDoing through itsmissionandthrough corporate socialresponsibility The schooliscommittedto campaign toraise funds forthehospital,withsupportfrom Eurest. education in the region. For example, the school carries out an annual Christmas mortality amongwomenand children andimproving preventive medicine Hospital , whichislocatedinEnugu,Nigeria. Thehospitalfocusesonfighting Through theAfricaInitiative, IESEprovides supportfortheNigerFoundation Asia andAfrica. and programs. Ithasassociateschools in several LatinAmericancountries, education in emerging nationsbyofferingpractical advice, teachingmaterials IESE is also committed to helping establish centers of excellence for executive Change andthePRME. The school also actively participates in the Working Group on Curriculum integrating responsibility andsustainabilityinasystemicmanner. by the UN Global Compact. These principlesprovide a guiding framework for Management Education(PRME) for Responsibleinitiative,whichisinspired committed to continuedprogressPrinciples intheimplementationof six an engagement platform for business schoolsaround the world.Assuch, it is is alsoa signatory of the PrinciplesforManagement Responsible Education, promote corporate responsibilityeducation. It and sustainabilityinbusiness IESE is amemberof the UnitedNations Global Compact, an initiativeto professional andpersonally. school alsotriesto foster aprofessional context where faculty and staff grow and corporate partners benefit from the bestlearningcontext at IESE. The corporate world.IESE also wantstomakesure that students, seniorexecutives professionaland integrityinmanagementeducationandthe excellence firstThe responsibilityis todevelopIESE’s mission andcommitment to human dignityberespected. Only throughindividual. ethical andresponsiblemanagement practices can of people andmusttheintrinsicrightsdignityofevery emphasize society. The school’s viewisthat organizations are essentiallycommunities As stated in its mission, IESE seeks to make a positive and lasting impact on Responsibility Social Impactand 49 IESE’s Community 50 IESE IESE’s Community Environment Care forthe Forum andtheDiversity Symposium. Other keyconferences Companies andeventsincludetheFamily-Responsible theme oftheeventwas“Universal Ethics,Cultural Diversity andGlobalization.” and Societyontheschool’sBusiness campusinBarcelona onMay14-15.The impact on society. IESE hosted the17th International Symposium on Ethics, IESE alsoorganizesmany research eventsthatfocusoncompanies’role and · Entrepreneurship InnovationCenter · CenterforEmerging Markets · InternationalCenterforWork andFamily · TheCenterforBusinessinSociety include: key issuesthat fall withinthedomainof social corporate responsibility. They research centers receivesponsorship from majorfirmsandseektoexplore The following they faceinmeetingnewCSRchallenges. of thechallenges IESE continuallyinteractsour understanding firmstodeepen with business ethical andhumanisticaspectsofmanagement.Seehttp://insight.iese.edu. in Englishand Spanish. FollowingIESE’s focus, articles often delve into the material, thatsummarizeresearch ledbyIESE faculty members. It ispublished monthly. Insightprovides straightforward articles,aswellmultimedia Insight, which includes a print-friendly management review and is published Also buildinguponIESE’s commitment toCSRistheresearch portalIESE · Careers inresponsible business · Development · Socialinvestment · Energy andenvironment · Healthcare · Microfinance · Socialentrepreneurship range ofissuesincluding: from allovertheworldtodiscusscurrent trends andinitiativesonabroad DGDW brought togethermore than800students,faculty and professionals also includedaCleanTech Venture SeminarCareer FairandSustainabilityFair. the themeof“Achievingand Society.”Sustainability inBusiness event The This year’s event was held Feb. 24-25, 2012 on the Barcelona campus, with Conference - Europe’s leading student-run conference on responsible business. An offshoot of this commitment to CSR isIESE’s DoingGood,Well - Environmental protection - Managewastegeneration - ReduceCO2emissions - Facilitateresponsible waterconsumption - Reduceenergy consumption activities takenbytheschoolare initiativesaddressed to: these initiativeswithintheframework ofitsoverall activities.Amongthekey Plan report isavailableonIESE’s website.IESE’s Operations Division oversees use of resources and environmental awareness. TheEnvironmental Action features eightkey goals that fall undertwo lines of action: the sustainable the minimizationofwastegeneration. IESE’s environmental ActionPlan the ongoingreduction ofenergy consumption, responsiblewater usage and IESE places a priority on thesustainableuseof natural resources through of theGoverningBoard. the Executive Committee and class presidents and secretaries are all members educational activities,alumnireunionschapter presidents, andbudget.Alumni The AlumniAssociationisgovernedby an ExecutiveCommittee that approves America andaround theworld. Advisory Councilalsoprovides guidancefor the school’s activities inNorth of the AlumniAssociationandInternational Advisory Board. TheU.S. University of Navarra. Governanceisalsoprovided by the ExecutiveCommittee programs andrunoperations. TheDeanreports tothePresident ofthe IESE’s Deanand top management team set the school’s strategy, manage Governance Alumni ssociation ExecutiveCommittee Antonio Esteve, PDD-87 Christopher JamesDaniels, Lloyds,MBA-00 Carlos Costa,BCG,MBA-86 Aurora Catá,SeeligeryConde,MBA-89 Jordi Canals,IESE Núria Cabutí,RandomHouseMondadori, José FelipeBertrán,Fundación Alejandro Beltrán,McKinsey, MBA-98 Juan Asúa,BBVA,MBA-89 Salvador Alemany, Abertis,PDD-74 Board Members: Tomás García, GrupoVillaMir, MBA-88 Joan Molins,CementosPDG-71 Vice Presidents: Jorge ManuelSendagorta,Sener, PADE-90 President: IESE ManagementTeam Associate Director oftheMadridCampus:JuanAntonioGalán Alumni Division:Mireia Rius People: Teresa Gener Associate DeanofFaculty:Frederic Sabrià Associate DeanofthePh.D.Program andResearch: MartaElvira Associate DeanofExecutiveEducation:JosepValor Associate DeanforMBAPrograms: Franz Heukamp Director oftheMadridCampus:Francisco Iniesta General Administrator: JaimeAlonso General Secretary: FernandoPeñalva Associate Dean:EricWeber Dean: Jordi Canals MBA-92 MBA-92 PADE-65 Rafael Villaseca,Gas Natural Fenosa,MBA-76 Mª delPinoVelázquez, Unisono, MBA-91 José LuisdeRojas,AegisMedia,MBA-88 Julio Rodríguez,Schneider, PDG-97 Javier EmilioRobles,Danone,PDG-90 Mireia Rius,IESE,MBA-94 Mª delMarRaventós,Codorníu,PADE-01 Gloria Perrier-Chatelain, SAP, EMBA-93 Alan Pace, Citibank,MBA-94 Antonio González-Adalid,Rea,MBA-75 Joaquim Faura, Telefónica, MBA-78 Baldomero Falcones,FCC,MBA-72 51 IESE’s Community 52 IESE IESE’s Community Board Advisory International IESE Switzerland ABB Hans Ulrich Maerki UK IAG Denise Kingsmill USA Asset Management Franklin Johnson Norway Norscan Partners J. Gerhard Heiberg Germany The HanielGroup Franz Haniel Norway University ofOslo Janne Haaland-Matlary Japan Affairs Institute forInternationalMonetary Toyoo Gyohten China Li Victor K.Fung Switzerland International Trade Center Patricia Francis Spain Omega Capital Óscar Fanjul USA Marsh Brian Duperreault Germany Kathe KrusePuppen Andrea Christenson France Banque deFrance Michel Camdessus Sweden Bonnier Hans-Jacob Bonnier Germany Henkel Simone Bagel-Trah Spain Mango Isak Andic & FungGroup & McLennanCompanies Italy Ermenegildo Zegna Ermenegildo Zegna Hong Kong Kerry Group George Yeo Germany Bayer Werner Wenning USA Citi Francesco V The Netherlands Aegon Kees J.Storm UK WPP Group Martin Sorrell Denmark Schrøder Foundation Johan Schrøder Germany Siemens Siegfried Russwurm France Groupe Danone Franck Riboud Spain Prosegur Helena Revoredo Spain Codorníu María delMarRaventós Spain Fundación Puig Mariano Puig Spain Ferrovial Rafael delPino India Infosys Technologies N. R.Narayana Murthy Panama Motta Internacional Stanley Motta Germany Bertelsmann Liz Mohn Germany Daimler Klaus Mangold anni D’Archirafi Council Advisory IESE U.S. New York CityOffice Commissioner, Media& Katherine Oliver Christie’s President Steve Murphy CBS Former Chairman Tom Kane GE Africa President Jay Ireland Bank ofAmerica Head ofMarketing,GlobalMarkets Claire Huang CEO, OppCAP Frank J.Hager Glazen Creative Chairman Alan Glazen V-Me Network President Carmen DiRienzo The MunicipalArtSociety President Vin Cipolla Time Warner President & Tom Castro Penske MediaCorporation PMC Vice Chairman Gerry Byrne Channel Thirteen President Emeritus William Baker & & CEO CEO CEO Entertainment National PublicRadio-NPR President Gary Knell Partnership forNewYork CEO Kathryn Wilde Automatic DataProcessing ADP Honorary Chairman Josh Weston Booz Managing Partner Chris V Newspaper AssociationofAmerica Emeritus President John Sturm Schmitz Partners Partner John Schmitz TiVo President Tom Rogers American ManagementAssociation President Edward T. Rielly PricewaterhouseCoopers, Consulting CEO Juan Pujadas CEO, StelacAdvisoryServices Carlos Padula Microsoft Corporation Director, Strategic Relations Kate O’Sullivan & ollmer Co. & & CEO CEO 53 IESE’s Community 54 IESE IESE’s Community centers, andtheeducationalprojects thattheschoolpromotes. way toyoungfaculty development, research projects, chairs andresearch IESE is very grateful to the partner companies that contribute in a very special Sponsoring Companies FICOSA INTERNATIONAL EXPERIAN EVERIS EUREST ESTATES INVESTMENT ESPIRITO SANTO ERNST ERMENEGILDO ZEGNA ERICSSON ERES RELOCATION EPSON ENAGAS DKV DIAGEO DEUTSCHE BANK DELOITTE DANONE CUATRECASAS CREDIT ANDORRÀ COVAP CORPORACIÓN ASESORA COMSA EMTE COALIMENT GRANOLLERS CITI CEMENTOS MOLINS CATALUNYACAIXA CAPRABO CAPIO SANIDAD CAMBRA DEBARCELONA CAIXABANK BP BBVA BBK BBDO BASF BARCLAYS BANKINTER BANC SABADELL ASOCIADOS BALAGUER-MORERA BACARDI AYESA ENGINEERING ATRIAN A.T. KEARNEY ASEPEYO ASCENSORES ERSCE ARTEOLIVA AREAS ARDANUY INGENIERÍA ARBORA CONSULTANTS ALTAIR MANAGEMENT ALPHABET ALLIANZ ALHAMBRA EIDOS ALCATEL AIR LIQUIDEMEDICINAL AIRBUS AGROLIMEN AGBAR AF STEELCASE AENA ADP ADECCO TT ACCESOGROUP ACCENTURE ABERTIS & YOUNG & & WINES AUSONIA & MIQUEL MIQUEL YCOSTAS & MICRO-BLANC MERQUINSA MECALUX MARTINSA-FADESA MANGO LENER LEAR CORPORATION LA CAIXA LABORATORIOS LETI KPMG KONSAC KELLOGG JOHNSON CONTROLS JOHN DEERE IZASA ISS FACILITYSERVICES IN2 HOLDING INVERSIONES SINFÍN INTERMAS NETS INLANDGEO INDRA IMS HEALTH IDOM ICL IBM IBERDROLA HUERTA DELCARMEN HEWLETT PACKARD HENKEL GRUPO VILLARMIR GRUPO TELEFÓNICA GRUPO SANTANDER GRUPO PUIG GRUPO PARERA GRUPO NOVARTIS MIGUEL GRUPO MAHOU-SAN GRUPO LOGISTA GRUPO LECHEPASCUAL GRUPO GESTESA GRUPO ESTEVE GRUPO ENDESA GRUPO ELOSA GRUPO DAMM GRUPO CODORNÍU GRUPO CELSA GRUPO BARCELÓ GRUPO BANCOPOPULAR GRUP CATALANA OCCIDENT GINMOVIAN GFT GROUP GENERAL ÓPTICA GENERAL CABLE GAS NATURAL FENOSA GARRIGUES ARECES FUNDACIÓN RAMÓN FRANCISCAROVIRALTA FUNDACIÓN MARÍA XXII FUNDACIÓN HORIZONTE FUNDACIÓN COMSAEMTE FUNDACIÓN BERTRÁN FOSTER WHEELER FMC FORET ZURICH ZARDOYA OTIS ZANINI AUTO GRUP WÜRTH WILLIS VOCENTO VESTAS VALINSA URALITA UNNIM TOWERS WATSON TOUS SCOTLAND THE ROYAL BANKOF TEXSA TETRA PAK TECHNO TRENDS TANDBERG TALDE VENTURECAPITAL SWAROVSKI STAIG GRUPOINMOBILIARIO SONY SOLVAY SOCIAL TRENDSINSTITUTE SIKA SIEMENS SEUR SISTEMAS SENER INGENIERÍAY SEAT SDL-TRIDION SCHNEIDER ELECTRIC SANOFI AVENTIS SANITAS SAGARDOY ABOGADOS ROLAND BERGER ROCHE ROCA RICOH REYAL URBIS REUTERS REPSOL REMITSA INVEST REDUR RED ELÉCTRICADEESPAÑA RAY HUMANCAPITAL RANDSTAT PWC PROSEGUR PPG PORT DEBARCELONA PORTAVENTURA PLÁSTICOS TA-TAY PHILIP MORRIS PEPSICO PEOPLEMATTERS PENTEO ICTANALYST PANRICO PALEX MEDICAL NISSAN NEXTRET NESTLÉ NEORIS NEGOCENTER MUTUA MADRILEÑA MULTIASISTENCIA faculty, learningdevelopment and programs. Expenses grew to 87.5 million euros. The increase was due to increases in Alumni Associationfees. maintained income linked with research projects, as well as income from In terms of other sources of income, it is worth noting that the school in 2010-2011. programs maintained stablelevels,followingthelevelsof activity established degree programs (EMBA,GEMBA,PhD)asdiverseas well ExecutiveEducation academicOther a poolofalmost300newcandidateswithanexcellentlevel. euros.by 0.9million Thisincrease wasduetotheMBAprogram, whichincluded Total revenueeuros,for lastyearwas88.1million growing lastyear’s income remained generally stable. established goalsand specific investment strategy, IESE’s economic activity effects on theeconomy continued tocreate uncertainty. Bykeepingtoour The deepeningof the European financial crisis during2011-2012 and its Information Financial 55 Financial Information 56 IESE Financial Information cases tobusinesses,journalsandbusinessmagazines. publishing activity includes book publishing and distribution, marketing of company Estudios yEdicionesIESEisalimitedliabilitywithtiestoIESE.Its jointly underthepersonnel category. to theseactivities,exceptforfacultyandsupportstaff, which are compiled chairs. Programs and research expenses includealldirect relatedexpenses interest earnedonthefunds which go to scholarships, research and academic activities. Lastly, “Other income” reflects financialrevenues which include the projects. Ourcorporate partners supportIESE through giftsallocatedtosimilar as the MBA scholarships, the development of young faculty and research Association allocatespartofitsrevenueIESE Alumni The to initiativessuch partners, individualsandbusinesssponsors. revenue and alumni contributions, IESE receives funding from strategic from programs andresearch projects.from Aside itsownteachingandresearch school financesitsactivitiesthroughThe legislation. with existing revenues Due to its nonprofit status, IESE is exempt from corporate taxes, in accordance US GAAPorInternationalFinancialReportingStandards (IFRS). not materially different from those that would havebeenobtainedapplying Spanish accounting standards obtainsasetof financial statementsthat are the fiscalregulations that the university is subjectto. Theapplicationof Administrationof theSpanishAssociationAccountingandBusiness and organization. In addition, accounts follow thestandards andprocedures Standards, whosemain organizing characteristic is that of a nonprofit in the Corporate Law Code in Spain and the New General Accounting The accounts have been compiled in accordance with the provisions specified learning projects forthefollowingyear. results are positive,to allocate surplusto investment plansandresearch and criteria are to balance revenueand, intheeventthat andexpensesyear-end the University of Navarra accounts (available at www.unav.edu). The budget not-for-profit entity),IESE’s accounts are auditedtogetherwiththerest of As thegraduateschool oftheUniversity business ofNavarra (anentirely situation andsurplus. have been appliedto convey a fair image of the school’s assets, financial economic flowsoftheactivities.Legalrequirements andaccounting principles accounting records from all programs and activities.Theyreflect allof the Annual results, expressed ineuros, have been prepared based on IESE’s activities inthisgeographic area. activities ledby IESE GmbH, the German entity whichleadsalltheschool’s own accounting records, notincludedinthisreport. Thisisalsothecaseof IESE’s activities in the USA are carried out by IESE USA Inc., which has its In € IESE INCOMESTATEMENT ** Includesallexpenses associatedwithuseofthebuildings. information technologyandservices. * Includestheexpensesoflibrary administration, publishing,marketing,communications, projects Development Depreciation Extraordinary items Other expenses Facility services** General services* research programs and Direct expenses, Personnel EXPENSES Other income companies sponsoring Alumni and Research projects Programs REVENUE Difference 2008-2009 2009-2010 2010-2011 2011-2012 1,025,139 1,143,4331,318,749 570,415 2,159,8273,000,0004,250,0003,083,329 3,719,732 4,117,228 4,352,975 4,511,121 792,941 505,326952,915 864,126 1,455,715 2,291,805 4,593,5983,112,506 8,372,9357,923,5648,199,3808,214,955 7,031,903 7,294,3468,145,1398,461,956 17,116,236 16,097,80417,393,64619,146,631 33,710,446 33,859,44938,045,061 40,155,630 74,359,735 75,089,521 85,932,713 87,550,254 1,729,3351,062,6982,178,7951,779,221 4,759,618 5,031,783 5,026,110 4,644,386 1,871,716 2,096,921 1,943,6362,341,622 67,024,205 68,041,553 78,102,921 79,355,441 75,384,874 76,232,95587,251,462 88,120,669 57 Financial Information 58 IESE Financial Information Programs short focusedprograms, seminars, industrymeetings andothers. PDD); custom programs (custom-designed for business); and short programs: corresponding tolongexecutiveprograms (AMP, PMD, SEP, PADE, PDG and Income from the executiveeducation programs was 41.2 millioneuros, Executive Education during academicyear2011-2012. International Faculty Program, which enrolled 34 professors from 17 countries intensive program for economics and business management professors, the Research inManagementandthePh.D.Management.IESEalsooffers an During 2011-2012, 43studentsfrom 20countriesenrolledin theMasterof was 38.6millioneuros, ofwhichhalfcame from thefull-timeMBAprogram. totalThe incomefrom theMBAprograms duringacademicyear2011-2012 thanks toaneffectivepromotionalwas possible effort and admissionprocess. in termsofstudents2011-2012.target, Thisexpansion setin2009-2010, Compared totheprevious academicyear, IESE’s MBAprograms grew by4% Degree Programs Evolution ofStudentsintheMBAPrograms Main Areas ofActivity 1200 400 800 0 2006-2007 ultm B GlobalandExecutive MBA Full-time MBA 430 321 2007-2008 380 440 2008-2009 455 446 2009-2010 543 437 2010-2011 595 511 2011-2012 593 560 Research and institutions. competitive public research funding and through agreements with companies not setupasseparateeach centerfinancesitself,usuallythrough entities, staff to conduct research and develop academic activities. Althoughthey are Research centers are ledbyIESE professors who,insomecases,havetheirown capital charge topreserve thevalueofendowmentfunds. the yield of that endowment in her or his research projects, after subtracting a position isnamedfor. Everyyear, theIESE professor whoholdsthechairinvests Chairs usually are endowed by the individual or company after whom the academic communityatlarge. available toIESE’s alumni,companiesand,toalargeand extent,the business and other publications, both scientific and academic. This knowledgeis more than400documents,includingbooks,articles,cases,conference papers This academic year, their research effort has resulted in the publication of chairs and14research centers (seepage40). and encourages interdisciplinary projects. Currently, IESE has 18academic research). This structure promotes knowledge exchangeamong several areas by academic chairs and research centers (seethechapter on faculty and Research iscoordinated not only through academic departments, but also Chairs andResearch Centers fund research projects andfacultydevelopmentinacademicyear2011-2012. Additionally, theAlumniAssociationcontributed more than 835,000 euros to the saleofbooksandcases. S.L. alsocontributed funds from its publishingrevenues, including thosefrom with companies and institutions, and other sources. Estudios y Ediciones IESE, This fundingcame mostly from IESE competitive research grants, agreements well astheallocation of faculty salariescorresponding to research activity. research andpersonnel researchers expenses: andadministrative support,as During academicyear2011-2012,euros 13.2million were allocatedtodirect Resources foresearch 59 Financial Information 60 IESE Financial Information reaches alumniinover122countries. and English, financed through advertising. It has a circulation of 38,000 and the quarterlyIESE The schoolalsopublishesAlumniMagazine,inSpanish 13,000 visitsmonthlyin2012. information for international academicinstitutions. Theportalreceived over and itsmanagementmagazine,withthegoalofbecomingago-tosource of The 2006-2007, from 11,200 tomore than31,000. over last school year. And the number of subscribers almost tripled since In 2011-2012, thesalesofbusinesscasesreached 245,100 copies,a3%jump products related tobusinessmanagement. and articles.Currently, theIESEcatalog Publishinglistsmore than26,000 other educational materials available,includingbooks, technical notes, DVDs Stanford, Darden andfrom agroup ofschoolsinLatinAmerica.Italsomakes Spanish. It offers casesfrom IESE, Harvard BusinessSchool,INSEAD (France), IESE Publishing distributesbusiness-related cases and teaching materials in promotional effortandothermarketingactivities. legal tieswithIESE and conducts theschool’s publishingactivity, part of its IESE, a LimitedLiabilityCompany, withaturnoverof around 1,3M,whichhas Both brands, IESE Publishing and publishes contentonbusinessmanagement. which distributesteachingmaterials,andIESEInsight, Publishing, school’sThe production intellectual and distributedthrough ispublished IESE Dissemination ofIntellectualOutput IESE Insightbrand doublesastheschool’s businessknowledgeportal IESE Insight, belong to Estudios y Ediciones Association IESE Alumni to 4.184millioneuros. contributions (i.e. member fees) fees increased by 0.4% over the previous year school anditsAlumniAssociation,tothepointthatincomefrom Alumni Despite thedifficulteconomiccontext,ouralumnicontinuedtosupport RESULTS regional chapters. The associationnowhasmembers from 122countries,servedthrough 31 schools. 40,044 alumni was 41%, one of the highest among international business the association. During thisacademic year, therate of affiliation among IESE’s Alumni Association.Aftercompletingaprogram, 81% of participants joined programs, whichconferalumnistatusuponcompletionandgiveaccesstothe During the 2011-2012 academic year, 2,545 people enrolled in IESE’s long education opportunitiesinmanagementandentrepreneurship. and managers who had finished an IESE program through continuing The IESE Alumni Association was founded in 1959 to support entrepreneurs INTRODUCTION In € IESE ALUMNIASSOCIATION FUNDS FORSPECIALPROJECTS General expenses Personal expenses Association services EXPENSES Sponsorships Alumni contributions INCOME 2009-2010 2010-2011 2011-2012 1,844,478 3,237,033 4,116,427 3,983,611 879,394 478,033 914,522 132,816 4,168,949 1,881,530 3,313,804 4,264,541 950,737 500,274 932,000 95,592 1,944,569 4,184,160 4,253,344 3,417,480 835,864 502,099 970,812 69,184 61 Financial Information 62 IESE Financial Information 439,429 euros tohelpfacultydevelopment. Also, 216,435 euros were allocated to the school’s research activities and three Researchgrants, Excellence eachworth10,000 euros, toIESE professors. with anoutstandingacademic record. Thatsameacademic year, itawarded IESE. In2011-2012, itgaveout150,000euros inscholarships forMBAstudents Every year, theassociation’s executivecommittee sets prioritiesinitshelpto contribute toward positioningIESEamongthebestbusinessschoolsinworld. and research programs. Through theirsupportintheseareas, IESEgraduates resources tokeyareas withinIESE,suchasdevelopmentofnewprofessors The Alumni Association through its Executive Committee decide to allocate SPECIAL PROJECTS for the297graduated classes,with2,768participantsinattendance. In additiontothisreunion, 44classreunions opentoallIESE alumni were held in Madrid,whichhad2,800attendees. activity Reunion was theGlobalAlumni Education Program, which represented 56% of service expenses. Arelevant Also thisyear,were 285sessions held,234ofwhichwere part of theContinuous to theenthusiasmandcontinuedsupportfrom RegionalAlumniChapters. the programglobal scenario, expandeditspresencein several countriesthanks cornerstone of which istheContinuousEducation Program. In an increasingly 1.9 million euros. In total, 35,758 participants took part in activities, the remained stable as compared with the previous year, at approximately In 2011-2012,related expenses withservicestheAssociationoffers itsmembers SERVICES & Development Faculty Fellowships & Faculty Development Fellowships contributors are theFundaciónRafaeldel PinoandtheLillyFoundation. attending businessmanagementprograms. Two additionalimportantgrant government Lidera program, which awards several grants forwomenentrepreneurs IESE alsomanagesotherorganizations’ grant programs, suchasMadrid’s regional contributed 150,000euros toward helpingsupportMBAstudents. to student grants. The AlumniAssociationisamong the grant donors, and contributions from sponsors are unrestricted andtheschoolallocatesthem Some contributionsare donatedexclusivelyto fund grants, whileother aside to support professors from emerging countriesintheirdoctoral studies. enrollment of students from Africa. A portion of grant money is therefore set of studentsfrom growth economies,especiallywomen,andtoincrease the programs’ websites. Thegrant program generally aimsto promote enrollment 2012 academic year. Detailed grant information is availableon each of the IESE allocated atotal of 3.1 millioneuros tofellowshipsduringthe2011- promote diversity among participants. With thehelpof several institutions, to students;thegeneral goalsare toattract someof thebestcandidatesand scholarships. Each program sets specific criteria for awarding financial support One of the priorities of corporate development is to fund student grants and Fellowship Program the internationallevel. faculty. Thiseffort helps to ensure sustainablegrowth and competitiveness at research projects, internationalizationof the schoolandbuildingup projects such as developingyoungprofessors, student grants, large-scale IESE makes anongoingefforttoattract donationstofundongoingstrategic 63 Financial Information 64 IESE Financial Information own annualreports. support. More information about these foundations can be foundintheir independently, inaccordance withtheirownstatutes. However, theygiveIESE bodies andnolegaltiesto IESE. They are therefore free to make decisions arefoundations. These with theirowngoverning entities independent To helpfulfillitsmission,IESE benefits from the contributionsof several the regional autonomous governmentofCatalonia. by theGeneralitatlisted intheRegisterofFoundations published deCatalunya, board andgrants for university studentsandresearchers. TheFoundation is professional education. Among other initiatives,it provides funding for tuition, Fundación IESE promotes and develops comprehensive academic,cultural and FUNDACIÓN IESE IESE establisharesearch centerinNewYork andfundotheractivities. continuing its fundraising campaign in the U.S. and around the world to help Continuous Education Program sessions for IESE alumni. Thefoundationis The activities carried out bytheIESE Foundation includethesupportof foundations. It raisesfunds through contributions fromcorporations individuals, andother other countrieswithprograms and activitiesthat are alignedwithitsmission. these objectivesby supporting other nonprofit organizations in the U.S. and of economics, sociology, psychology and other areas of interest. It pursues support management-related research and education programs in the fields The IESE Foundation isaU.S.501[c]3 nonprofit organization. Its mission isto THE U.S.IESEFOUNDATION future professors andresearchers. eleven studentsfrom different countries.Theprogram’s objectiveis to train IESE. During the past academic year, the foundation awarded scholarships to recently startedaMasterofResearch inManagementorPh.D.program at was to raise scholarship funds for highly qualified foreign students who One ofthemainprojects oftheIESEInternationalFoundationin2011-2012 Foundations publishedbytheMinistryofEducationSpain. well asthrough publications.ThefoundationisincludedintheRegisterof presidents, disbursing grants and organizing seminars and conferences, as to finance activities related to teaching and research by appointing foundation projects. Specifically, thefoundationfocusesonraising fundsinternationally This foundation supports the development of IESE’s teaching and research IESE INTERNATIONAL FOUNDATION Organizations Other Supporting regional autonomousgovernmentofCatalonia. the Register ofFoundations published by the Generalitat de Catalunya, the both businessesandindividuals,especiallyalumni.Thefoundationislistedin 2007. Thefoundationled a broad fundraising campaignthat benefited from added intheexpansionofBarcelona campus,inaugurated inJanuary has helped build some of the facilities used by the school,such as the ones The foundationhaspartnered withIESEfortenyears, duringwhichtimeit carries outsocialandeconomicdevelopmentvolunteerwork. supports university andeducationalinitiativesaswellschoollibraries, and funding for cultural and educational centers, promotes scientific research, education initiatives. To this end, it awards university scholarships, provides The goalofthisnonprofit foundationbasedinSpainistosupportcultural and INTERNATIONAL FOUNDATION FOREDUCATIONAL DEVELOPMENT actively participatedintheexpansionofIESE’s Madridcampus. centers in New York and Munich through fundraising campaigns, and has managers inseveral countries.Inthisrespect, itissupportingthenewIESE work withIESESchooltoexpandeducationopportunitiesfor Business It is the objective of Fundación IESE to continue its international collaborative microentrepreneurs withthesupportofStrathmore University. Lands Nairobi slum,oneofthelargestorganization inAfrica.This helpstrain allocated fundstotheISBI–InformalInstituteinEast Sector Business women inKenya. It has funded 50 scholarships through contributions. It also Foundation KimleaSchool,whichpromotesamong educationandwell-being From 2007 to2012, itdevelopedfundraising campaigns for theKianda 65 Financial Information 66 IESE Exhibits Sustainable Innovation Orientation?”, Industrial Ariño, M.A.,“Does StakeholderEngagement Promote • of BusinessEthics,Vol. 106, No.1,2012, pp.1-3. Special Issue of the EBEN AC 2010 Conference,” Values for Which Organization? Introduction to the • and NutritionSciences, Vol. 1,No.2,2011, pp.119-124. Professional AdviceMakeSense?,”JournalofPharmacy “Fibromyalgia and Diet-Related Diseases: Does Health • 32, No.9,2012, pp.2615-1621. Supplementation,” on FoodAwareness, Allergies, andNutritional Aspects in Fibromyalgia Patients: Results of a Survey • version. Patients,” SF-36 Quality of LifeScores in a Group of Fibromyalgia Between Body Mass Index, Fat Mass and Lean Mass with • pp. 15-57. (University of New South Wales), Vol. 36, No. 1, 2011, Capital Markets,”Australian JournalofManagement “Market-to-Revenue Multiples in Public and Private • Vol. 64,No.527,2012, pp.391-400. estructuras de hormigón”, integrado para tomadedecisioneseneldiseño • pp. 47-49. Assembly,” • Ethics, No.3,2012, pp.9-16. of EthicsforPoliticians,” RamónLlullJournalofApplied B., Sàez,F., Segurá,M.,Torralba, F., andVallès, J.M.,“Code Castiñeira, A.,Palazzi, C.,Requejo,F., Ribera, R.,Román, • pp. 22-31. la empresa”, Universia BusinessReview , Vol. 30,2011, • Journal ofBusinessEthics, Vol. 99, No. 1, 2011, pp. 77-85. • 4, 2012, pp.718-735. Journal ofPersonality &SocialPsychology,Vol. 103, No. “A Status-EnhancementAccountofOverconfidence,” • No. 3,2012, pp.41-49. Model Innovation,”SloanManagementReview,Vol. 53, • Vol. 55,No.6,2012, onlineversion. Banking Ventures,” Impact of Community and Financial Logics on New • Journals 2011 and2012 Exhibit I.IESEFacultyArticlesinInternationalRefereed Ayuso, S.,Rodríguez,M.A., García-Castro, R.,and Asslender, M., Vaccaro, A., and Andreaus, M., “Which Arranz, L.I., Canela, M.A., and Rafecas, M., Arranz, L., Canela, M.A., and Rafecas, M., “Dietary Arranz, L.,Canela,M.A.,andRafecas,M.,“Relationship Armstrong, C.S.,Dávila,A.,Foster, G.,andHand,J.R.M., Armengou, J.,Aguado,A.,andOrmazabal,G.,“Sistema Ariño, A., “Building the Global Enterprise: Strategic Argandoña, A., Bilbeny, N., Camps, V., Calsina, M., Argandoña, A.,“Laéticaylatomadedecisionesen Argandoña, A.,“BeyondContracts: LoveinFirms,” Anderson, C.,Brion,S.,Moore, D.,andKennedy, K., Amit, R.andZott,C.,“Creating Value Through Business Almandoz, J., “Arriving at the Starting Line: The Exhibits Rheumatology International, 2011, online Global Strategy Journal,Vol. 1,No.1-2,2011, Academy ofManagementJournal, Rheumatology International, Vol. Informes de la construcción, Journal • pp. 205-228. International MoneyandFinance , Vol. 30,No.1,2011, the Euro Area: AnIntertemporal Approach,” Journal of • Science, Vol. 30,No.2,2011, pp.305-320. in PhysicianLearningabout Drug Quality,” Marketing “Predictably Non-Bayesian: Quantifying Salience Effects • Signal Processing, Vol. 60,No.3,2012, pp.1420-1431. Cellular Networks with Partial CSI,” “Downlink Coordinated RadioResource Managementin • No. 1,2011, pp.50-53. and RightofFirst Refusal,” • Organization, Vol. 30,No.4,2012, pp.371-376. Price Adjustment,”InternationalJournalofIndustrial Consumer Search Theory of Sticky Prices and Asymmetric • Vol. 21, No.3,2012, pp.539-552. Industry Shakeout,” • Industrial Organization, Vol. 30,No.3,2012, pp.278-282. • 2011, pp.83-111. Effect,” • 3, 2012, pp.258-279. Future Research,” Dimensions, Assessment Approaches, and Agenda for “Socioemotional Wealth in Family Firms: Theoretical • and Practice, Vol. 36,No.6,2012, pp.1153-1173. About their Stakeholders?,” Engagement: Why Family Controlled Firms Care More L. • Cup,” • pp. 109-124. Stochastic,” Inventory Policies when Purchase Price and Demand are • pp. 831-842. Trade-off,” • online version. Corporate Governance,”BusinessandSociety,2012, Empirical AnalysisoftheStakeholderApproach to Ariño, M.A.,“MaximizingStakeholders’ Interests: An • pp. 1399-1417. Management Caro, F. and MartínezdeAlbéniz,V.,“Product and Campa, J.M. and Gavilan, A., “Current Accounts in Camacho, N.,Donkers, B., andStremersch, S., Calvo, E.,Muñoz,O., Vidal,J.,andAgustín,A., Cabral, L.andVasconcelos, H.,“Vertical Integration Cabral, L.andFishman,A.,“BusinessasUsual:A Cabral, L.,“Technology Uncertainty, SunkCosts,and Cabral, L.,“OligopolyDynamics International, ”Journalof Cabral, L., “Dynamic Price CompetitionwithNetwork Berrone, P., Cruz,C.,andGómez-Mejía,L.R., “Socioemotional Wealth andProactive Stakeholder Berrone, P., Cennamo,C.,Cruz,andGómez-Mejía, Berrone, P., “BusinessLessonsfrom theSoccerWorld Berling, P. and Martínez de Albéniz, V., “Optimal Baucells, M.andHeukamp,F., “Probability andTime Ayuso, S.,Rodríguez,M.A.,García-Castro, R.,and Management Research, Vol. 9,No.1,2011, pp.73-78. Review ofEconomicStudies,Vol. 78,No.1, Management Science,Vol. 58,No.4,2012, Operations Research, Vol. 59,No.1,2011, & Data Systems, Vol. 111, No.8-9,2011, Family BusinessReview, Vol. 25, No. Industrial andCorporate Change, Economics Letters, Vol. 113, Entrepreneurship Theory IEEE Transactions on A., “The Behavioral Consequences of repeated Flight • Vol. 163,No.8,2011, pp.1639-1652. Healthy Volunteers,” Induced byMetoclopramide: APerfusion MRIStudyin Resting Cerebral BloodFlow andFunctionalConnectivity E., Irigoyen,J.,Heukamp,F., and Pastor, M.A.,“Effectson • Valuation, Vol. 2,2011, pp.55-72. A Survey with 6,014 Answers,” “Market RiskPremium Usedin56Countries2011: • pp. 138-144. Errors,” • Vol. XIV,No.2,2011, pp.27-52. Discounting CashFlows,”European Research Studies , • Corporate Finance, Vol. 24,No.3,2012, pp.19-25. • 89. Journal of Applied Finance, Vol. 22, No. 2, 2012, pp. 77- • No. 2,2011, pp.77-84. Guide,” • 29, No.5,2011, pp.500-513. Outcomes,” Interventions: Short-Term Impact and Long-Term • 2011, pp.2-31. - Federal ReserveBankofMinneapolis,Vol. 34,No.1, in theUnitedStates:2007 Update,”Quarterly Review on theDistributionsofEarnings,Income,andWealth • & SocialPsychology,Vol. 103, No.3,2012, pp. 543-564. Sexual AttitudesandBehavior,” Journal of Personality of Multigroup Item Randomized Response Theory to of SensitiveQuestionsAcross Cultures: AnApplication • Vol. 47,No.4,2012, pp.548-554. Lessons from Latin America,” • Review, Vol. 32,2011, pp.102-110. familia enlasempresas familiares”, Universia Business • 13, No.2,2011, pp.227-243. Manufacturing Procurement Design in the Presence of Supply Risk,” • 2012, pp.1943-1977. Shareholder Value,” Is Cast:TheEffectofCorporate Governanceon • 2012, pp.155-170. Systems,” Formal andInformalElementofManagementControl • Vol. 79,No.2,2012, pp.539-580. Prices: Keynes vs.Hayek,”ReviewofEconomicStudies, • pp. 56-75. International BusinessStudies, Vol. 42, No. 1, 2011, Internationalization Through Exports,”Journal of • Science, Vol. 58,No.7,2012, pp.1357-1373. Price CompetitionwithSatiationEffects,”Management Ferrer, J.C., Rocha eOliveira, P., and Parasuraman, Fernández-Seara, M.A., Aznárez-Sanado, M., Mengual, Fernández, P., Aguirreamalloa, J., and Corres, L., Fernández, P., “WACC: Definition,Misconceptionsand Fernández, P., “HowtoValue aSeasonalCompany’s Estrada, J., “Blinded by Growth,” Estrada, J., “Black Swans, Beta, Risk, and Return,” Estrada, J., “The Three-Factor Model: A Practitioner’s Done, A.,Voss, C.,andRytter, N.G., “Best Practice Díaz-Giménez, J.,Glover, A.,andRíos-Rull,J.V.,“Facts de Jong,M.G.,Pieters, R.,andStremersch, S.,“Analysis Dávila, A.andElvira, M.,“HumanisticLeadership: Chiner, A., “La necesidad de un buen gobierno de la Chaturvedi, A.andMartínezdeAlbéniz,V.,“Optimal Cuñat, V., Giné, M., and Guadalupe, M., “The Vote Cuguerá, N. and Rosanas, J.M., “Justiceas a Crucial Cespa, G. and Vives, X., “Dynamic Trading and Asset Cassiman, B. and Golovko, E., “Innovation and Business Valuation Review, Vol. 29, No. 4, 2011, Journal of Applied Corporate Finance , Vol. 23, Ramon LlullJournalofAppliedEthics,No.3, Journal ofOperations Management,Vol. & ServiceOperations Management,Vol. Journal ofFinance, Vol. 67, No. 5, British JournalofPharmacology , Journal ofWorld Business, Journal of Business Journal ofApplied 2011, pp.150-161. Journal of International Management, Vol. 17,No. 2, Inpatriate Managers: TheRole ofInterpersonal Trust,” Effective GlobalRelationships Through Staffingwith • 121, No.552,2011, pp.552-579. in aConsumerSearch Model,” EconomicJournal,Vol. • Organization, Vol. 39,No.3,2011, pp.207-230. European Commission’s Decisions,”ReviewofIndustrial and Anti-CompetitiveBehavior. Evidencefrom the • Financial Management,Vol. 17,No.3,2011, pp.532-559. Criteria forSortingVenture CapitalFunds,”European Capital Flow from Institutions to Entrepreneurs: The • Capital, Vol. 13,No.2,2011, pp.175-194. and PrivateEquityLimitedPartnerships,” Venture Allocations to Central Eastern Europe Venture Capital • Approach,” PlosOne,Vol. 6,No.3,2011. Uncertainty inDecisionMaking: An InformationTheory “The Neural Substrate andFunctionalIntegration of Seara, M.,Loayza,F.R., Heukamp,F., andPastor, M.A., • Annals, Vol. 5,No.1,2011, pp.653-707. Preservation inFamilyFirms,”AcademyofManagement Castro, J.,“TheBindthatTies:SocioemotionalWealth • Psychology, Vol. 41, No.2,2011, pp.252-269. in Recorded Interviews,” JournalofAppliedSocial “Reviewers and the Detection of Deceptive Information • and Society,Vol. 50,No.3,2011, pp.428-455. Consequences ofStakeholderManagement,”Business “Over theLong-Run?Short-RunImpactandLong-Run • Review, Vol. 32,2011, pp.54-68. Revealed by Set-Theoretic Methods,” - FirmPerformance Link:WinningConfigurations • Family BusinessStrategy, Vol. 2,No.1,2011, pp.15-25. Publicly ListedandMajorUnlistedFirms,”Journalof Analysis oftheComponentsFamilyInvolvementin • Management, Vol. 28,No.1,2011, pp.230-248. at aUnitedStatesAirline,”InternationalJournalof Nature ofSustainedCompetitiveAdvantage:Test • of AccountingStudies,Vol. 16,No.2,2011, pp.247-271. “Conditional Conservatism and Cost of Capital,” • 401-404. Database,” and Vallès, J.,“GSAD:AGenomeSizeintheAsteraceae J., Sánchez-Jiménez,I.,Siljak-Yakovlev, S.,Vitales,D., • Decision Making,Vol. 6,No.1,2011, pp.73-88. Crowds, andRepresentative Polls,” Judgmentand A ComparisonofCollectiveRecognition,Wisdom with Mere Recognitionfrom Small,LousySamples: • Review, Vol. 30,2011, pp.12-21. panorámica de la ética empresarial”, • 2012, pp.35-38. Delays,” Harvey, M.,Reiche,S.,and Moeller, M.,“Developing Haan, M.A.andMoraga, J.L., “Advertising forAttention Gual, J. and Mas, N., “Industry Characteristics Groh, A. and Liechtenstein, H., The First Step of the Groh, A. and Liechtenstein, H., “Determinants for Goni, J., Aznárez-Sanado, M., Arrondo, G., Fernández- Gómez-Mejía, L.R., Cruz, C., Berrone, P., and de Giordano, G., George, G., Marett, K., and Keane, B., García-Castro, R.,Canela,M.A.,andAriño, García-Castro, R.andSharma,P., “FamilyInvolvement García-Castro, R. and Casasola, M.J., “A Set-Theoretic García-Castro, R. and Ariño, M.A., “The Multidimensional García Lara, J.,García Osma,B., andPeñalva, F., Gamatje, T., Canela,M.A.,García S.,Hidalgo,O., Pellicer, Gaissmeier, W. andMarewski, J.,“Forecasting Elections Fontrodona, J.andArgandoña, A,“Unavisión Journal ofAirTransport Management,Vol. 20, Cytometry (Part A),Vol. 79A,No.6,2011, pp. Universia Business Universia Business Review 67 Exhibits 68 IESE Exhibits Organization Science,Vol. 23,No. 2, 2012, pp.547-563. Growth in the Nashville Legal Industry, 1933-1978”, Bridging Ties Are Equal: Network Imprinting and Firm • Journal of Trust Research, Vol. 1, No. 1, 2011, pp. 23-63. Organisational Research: Review and Recommendations,” • Vol. 33,No.5,2011, pp.975-986. Market: Evidencefrom SouthKorea,” Energy Economics, Volatility andStockPriceFluctuationsinanEmerging • Science, Vol. 57,No.6,2011, pp.1078-1093. Price CompetitionwithFixedCapacities,”Management • Management, 2012, onlineversion. Supply Chain Efficiency,” Buyer NegotiationGames:EquilibriumConditionsand • Vol. 20,No.1,2011, pp.32-46. Shelf Space,”Production and Operations Management , • 2012, pp.130-145. Acquisitions,” Activism and the Hidden Incentives Behind Bank • 6, No.1,2011, pp.1-6. Special Issue(II),”JudgmentandDecisionMaking,Vol. Based JudgmentsandDecisions:Introduction tothe • Vol. 6,No.2011, pp.439-519. of DecisionMaking,”Judgment and Decision Making, Architecture toSpecify39QuantitiativeProcess Models • 346-369. of MathematicalEconomics, Vol. 47, No. 3, 2011, pp. Complementarity, and Equilibrium Multiplicity,” Learning from Prices,Strategic Substitutabilityand • Review, Vol. 30,2011, pp.80-94. for SMEs:Paradox orPossibility?,” Universia Business • Marketing, Vol. 29,No.1,2012, pp.81-92. Product Growth,” International Journal of Research in in theInternationalMarketSegmentationofNew • Differences, Vol. 50,No.7,2011, pp.1110-1115. on Work Performance,” Personality and Individual Validity andIndirect EffectofEthicalDevelopment • 2012, onlineversion. Moderates Person JobFit,”JournalofManagement, Satisfied but the Individual Is: How Power Distance • Practice, Vol. 4,No.3,2011, pp.22-425. Organizational Psychology:Perspectives onScienceand Learning from ThosewhoHaveDoneIt,”Industrialand • of FinancialEconomics,Vol. 101, No.2,2011, pp.431-448. Reaction toCorporate GovernanceRegulation,”Journal • No. 6,2011, pp.39-54. Game ConsoleIndustry,” Two-Sided Markets:AnEmpiricalInquiryintheVideo • Vol. 100, No.1,2011, pp.155-170. for SubjectiveWell-Being?,” • McEvily, B., Jaffee, J., and Tortoriello, M., “Not All McEvily, B. andTortoriello, M.,“MeasuringTrust in Masih, R., Peters, S., and de Mello, R., “Oil Price Martínez deAlbéniz,V.andTalluri, K.,“Dynamic Martínez deAlbéniz,V.andSimchi-Levi,D.,“Supplier- Martínez deAlbéniz,V.andRoels,G.,“Competingfor Marquis, C.,Guthrie,D.,andAlmandoz,J.,“State Marewski, J.,Pohl, R.F., andVitouch,O., “Recognition- Marewski, J. and Mehlhorn, K., “Using the ACT-R Manzano, C.andVives,X.,PublicPrivate MacGregor, S.andFontrodona, J.,“Strategic CSR Lemmens, A., Croux, C., and Stremersch, S., “Dynamics Lee, Y.T., Stettler, A.,andAntonakis,J.,“Incremental Lee, Y.T. andAntonakis,J.,“WhenPreference IsNot Las Heras, M. and Grau, M.,“HavinganImpact: Larcker, D.,Ormazabal,G.,andTaylor, D.,“TheMarket Landsman, V.andStremersch, S., “Multihoming in Heukamp, F. andAriño,M.A.,“DoesCountryMatter Social Science Research, Vol. 41, No.1, Journal of Marketing, Vol. 75, Production and Operations Social Indicators Research , Journal Repatriation: A LongitudinalStudyofInternational • Resource Management,Vol. 50,No.3,2011, pp.365-389. The RoleofInpatriates’Boundary Spanning,”Human • pp. 928-947. Journal ofKnowledgeManagement , Vol. 15, No. 6, 2011, P.A., “Innovation as a Knowledge-Based Outcome,” • Review, Vol. 54,No.4,2012, pp.118-142. Different Growth Scenarios,”CaliforniaManagement • Board Performance, Vol. 11, No.4,2011, pp.429-445. Governance: The International Journal of Effective Responsibility inEmerging Markets?,”Corporate is Corporate GovernanceandCorporate Social • Vol. 162,No.3,2011, pp.E99-E103. Use inMedicineandPhilosophy,” ClínicaTerapéutica , Marinis, M.,“A BriefHistoryoftheQualityLife:Its • Revue Economique et Sociale, Vol. 69, 2011, pp. 95-103. mécanisme decoordination managérialinefficace,” • 87, No.2,2012, pp.423-448. Securitizations andCredit Risk,”Accounting Review , Vol. • Universia BusinessReview,Vol. 32,2011, pp.96-101. familiar: emprendiendo através delasgeneraciones”, • Emotion, Vol. 35,No.3,2011, pp.328-337. An American-ChineseComparison,”Motivationand and Status as Stimuli for Arousing Power Motivation: • Dynamics, Vol. 40,No.2,2011, pp.85-95. Multicultural Communication,”Organizational “Seeking CommonGround: Strategies forEnhancing • Planning, Vol. 44,No.1,2011, pp.4-25. Including Divestitures intheDebate,”LongRange • pp. 1-11. the Sea,”JournalofTransport Geography, Vol. 24,2012, Freight Distribution Improvements Using Motorways of • World Business,Vol. 47,No.4,2012, pp.493-503. “Defining the “Global” in Global Leadership,” • 2011, pp. 1-4. for Business,”JournalofBusinessEthics,Vol. 99,No.1, “Facing theCrisis:Toward aNewHumanisticSynthesis • Ethics, Vol. 106, No.1,2012, pp.89-101. Pillar ofHumanisticBusinessEthos,”Journal of Business • 544-547. Management Development,Vol. 30,No.6,2011, pp. Holistic Understanding of Management,” • pp. 1-7. Journal ofBusinessEthics, Vol. 100, Supl. 1, 2011, “Caritas inVeritate”: EthicalChallengesforBusiness,” • 30, No.6,2011, pp.582-593. Program,” Community Involvement: Walgreens/MEF One-On-One • Reiche, S.,“Knowledge BenefitsofSocialCapital Upon Reiche, S.,“KnowledgeTransfer inMultinationals: Quintane, E., Casselman, R.M., Reiche, S., and Nylund, Prats, M.J.,Sosna,M.,andVelamuri, R.,“Managingin Peters, S.,Miller, M.,andKusyk,S.,“HowRelevant Pennacchini, M.,Bertolaso,Elvira, M.,andDe Papart, J.P. and Lee, Y.T., “La peur au travail: Un Ormazabal, G., Barth, M.E., and Taylor, D., “Asset Nueno, P., “Iniciativaemprendedora yempresa Ng, I.,Winter, D.G.,andCardona, P., “Resource Control Nardon, L.,Steers, R.M.,andSánchez-Runde,C., Moschieri, C.andMair, J.,“Adapting forInnovation: Morals-Fusco, P., Saurí, S., and Lago, A., “Potential Mendenhall, M.E.,Reiche,S.,Bird, A.,andOsland,J.S., Melé, D., Argandoña, A., and Sánchez-Runde, C., Melé, D.,“TheFirmasa“CommunityofPersons”: A Melé, D.andSánchez-Runde,C.,“Towards an Melé, D.andNaughton,M.,“TheEncyclical-Letter Melé, D.andMammoser, T.L., “HumanisticCorporate Journal of Management Development, Vol. Journal of Journal of • Ownership andControl, Vol. 9,No.1,2011, pp.40-59. Director inCEOSupervision andTurnover,” Corporate • Vol. 9,No.1,2011, pp.9-39. Mapping the Debate,” • Business Review,Vol. 18,No.3,2012, pp.425-439. Cognition, andManagerialLeadership,” Asia Pacific • Business, Vol. 47,No.4,2012, pp.479-482. Research andTheoryDevelopment,”JournalofWorld “Leadership in a Global Context: New Directions in • 2012, pp.207-210. Management’,” Virtue and the Common Good in Business and “Introduction to the Special Issue ‘Reviving Tradition: • Ethics Quarterly,Vol. 22,No.2,2012, pp.211-246. Firm intheAristotelian-ThomisticTradition,” Business • Universia BusinessReview,Vol. 30,2011, pp.110-119. • No. 3,2011, pp.207-213. for GlobalManagers,” Organizational Dynamics , Vol. 40, “Looking Beyond Western Leadership Models: Implications • and Evolution,Vol. 298,No.6,2012, pp.1085-1099. Evolution in a Phylogenetic Frame,” Aspects ofNuclearDNAAmountAssessmentandGenome Cardueae) intheAegeanandBalkanRegions:Technical Size and Chromosome Number in Echinops (Asteraceae, Yakovlev, S.,Solic,M.E.,Vallès, J.,andGarnatje,T., “Genome • No. 2,2011, pp.14-39. Journal ofTechnology Management&Innovation,Vol. 6, Business Results:Evidencefrom theElectronics Industry,” Management Practices, Strategic Adaptation,and • pp. 821-852. Selling,” • Universia BusinessReview,Vol. 30,2011, pp.44-55. de losincentivosylaéticasistemascontrol”, • and Economics,No.36,2012, pp.8-19. Management,” • Management, Vol. 22,No.3,2011, pp.550-554. in European BusinessSchools,”BritishJournalof • Review, Vol. 101, No.2,2011, pp.900-926. Pressure: AnEye-Tracking Study,” AmericanEconomic “SearchDynamics in Consumer Choice Under Time • Business Studies,Vol. 42,No.4,2011, pp.521-544. Embeddedness Perspective,” Do InternationalAssigneesStay?AnOrganizational • 6, 2012, pp.1052-1077. Assignees,” Taddeo, M.andVaccaro, A.,“Analyzing Peer-to-Peer Stein, G.andPlaza,S.,“TheRoleoftheIndependent Stein, G.andCapape,J.,“Factors ofCEOFailure: Steers, R.,Sánchez-Runde,C.,andNardon, L.,“Culture, Steers, R., Sánchez-Runde, C., and Nardon, L., Sison, A., Hartman, E.M., and Fontrodona, J., Sison, A.andFontrodona, J.,“TheCommonGoodofthe Segarra, J.A.,“LaFageda:Otra empresa esposible…,” Sánchez-Runde, C., Nardon, L., and Steers, R.M., Sánchez-Jiménez, I., Hidalgo, O., Canela, M.A., Siljak- Sánchez, A., Lago, A., Ferràs, X., and Ribera, J., “Innovation Saffi, P. andSigurdsson, K.,“PriceEfficiencyandShort Rosanas, J.M. and Cugueró, N., “La disfuncionalidad Rosanas, J.M., “Methodology and Research in Ricart, J.E., “A Push for Research and Internationalization Reutskaja, E.,Camerer, C.,Nagel,R.andRangel,A., Reiche, S., Kraimer, M.L., and Harzing, A.W., “Why Review ofFinancialStudies,Vol. 24,No.3,2011, Journal ofManagementStudies,Vol. 49,No. Business EthicsQuarterly,Vol. 22,No.2, International JournalofManagement Corporate Ownership and Control, Journal ofInternational Plant Systematics • Research inMarketing,Vol. 28,No.4,2011, pp.295-308. Launch Window and Price,” Entry ofNewPharmaceuticals:AJointInvestigation • 234, 2012, pp.97-129. Estate MarketsandViceVersa?,” MonedayCrédito,No. • Studies, Vol. 48,No.1,2011, pp.99-122. in the Automotive Industry,” Problem Framing, and Innovation: An Empirical Study • 2011, pp.17-27. in Veritate’,” Perspective ofCatholicSocialTeaching andthe‘Caritas • of BusinessEthics,Vol. 106, No.1,2012, pp.23-35. and the Fight Against the Mafia’s Extortionists,” • Technology, Vol. 25,No.2,2012, pp.133-151. Issues intheInternetEnvironment,” Philosophyand • Science, Vol. 23,No.4,2012, pp.1024-1039. Knowledge BetweenOrganizational Units,”Organization Network Cohesion, and Network Range on the Transfer of the KnowledgeGap: The Influenceof Strong Ties, • Journal, Vol. 29,No.5,2011, pp.335-346. Ties andStatusDifferentiation,” European Management Among Competitors as Status-Seeking Behavior: Network • and DecisionMaking,Vol. 6,No.1,2011, pp.89-99. 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Journal ofBusinessEthics, Vol. 100, Supl. 1, Strategic ManagementJournal, No. 33, International Journalof Journal of Management Journal ofInteractive Oxford Review Journal 69 Exhibits 70 IESE Exhibits Antonio Tavira, Elzaburu,EMBA-90 Pablo Sagnier, EgonZehnderInternational,MBA-90 Mireia Rius,IESEBusinessSchool,MBA-94 Catalina Parra, Philanthropic Intelligence,MBA-96 Amparo Moraleda, PDG-95 Carlos Mas,PricewaterhouseCoopers, PDD-98 Jesús MartínezdeRioja,Narruri,PADE-06 Javier Marín,AENA,PADE-02 Francisco Iniesta,IESEBusinessSchool,MBA-90 Ignacio Gómez-Llano,GrupoSantander, EMBA-94 Juan CarlosGarcía Centeno,SigrunPartners, EMBA-95 Francisco García, BestinverSociedaddeValores yBolsa,MBA-89 Juan AntonioGalán,IESEBusinessSchool,EMBA-92 Miguel Escrig,Telefónica, MBA-90 Alberto Durán,Corporación Empresarial ONCE,MBA-96/PADE-08 Juan AntonioCastellanos,Apple,GEMBA-02 Jordi Canals,IESEBusinessSchool Monika Borgers, IESEBusinessSchool,MBA-03 Carmen Becerril,Acciona,PADE-00 Juan IgnacioApoita,BBVA,PDG-95 Javier deAndrés,Indra Sistemas,EMBA-91 Esther Alcócer, FomentodeConstruccionesyContratas, PADE-10 Board Members Tomás García-Madrid, GrupoVillarMir, MBA-88 President Exhibit II.MadridAlumniChapterBoard * Chapterrepresentatives Japan India China Asia Peru Mexico Colombia Chile Brazil Argentina/Uruguay Latin America Canada Western Region South AtlanticRegion United States Navarre-Basque Country Madrid Levante Galicia Balearic Islands Aragon Andalusia Spain United Kingdom The Netherlands Switzerland Russia Portugal Poland Scandinavia* Italy France Belgium-Luxembourg Germany Austria Europe Director President IESE AlumniAssociation Exhibit III.AlumniChapterPresidents

Kenji Tomino, MBA-08 Vinay Kothari, MBA-92 Myra Yu, MBA-99 Hugo Alegre, MBA-91 Gérard Schoor, MBA-91 Luis FernandoJaramillo, MBA-86 Lionel Olavarría,MBA-75 Adriano C.Amaral, MBA-94andAMP-07 Martín Agramonte, MBA-99 Alfonso Soriano,MBA-84 Robb BittnerStuart,MBA-98 Francisco Larenas, GEMBA-05 Alan Pace, MBA-94 Jose M.Aracama, MBA-79 Tomás García-Madrid, MBA-88 Íñigo Parra, MBA-90 Luis FernandoQuiroga, PADE-83 Raúl González,MBA-86 Juan AntonioGarcía Toledo, PDG-95 Pedro Guerrero, MBA-90 Chris Daniels,MBA-00 Philip Alberdingk Thijm,MBA-89 Bence Andras, AMP-07 Andrey Smirnov, GEMBA-07 José GabrielChimeno,PDG-95 Piotr Kaminski, AMP-07 Erik BoyterKoch, GEMBA-05 Martin N.Knudsen,MBA-05 Marco Morgese, MBA-03 Gloria Perrier-Châtelain, MBA-93 Laurence Battaille,MBA-95 Alexander Mettenheimer, AMP-05 Markus Schwarz,MBA-96 Mireia Rius,MBA-94 Jorge Sendagorta,PADE-90 71 Exhibits 72 IESE Exhibits Exhibit IV . IndependentAuditReport IESE’s Barcelona Campus

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