Annual Report

2018 1 C Contents ontents

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

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

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

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Board of Di of Board Leadership Directors rectors ANNUAL REPORT 2017/2018

Honorary Chairman Sadia Khan Permanent Invitees From the Chairman President, INSEAD Alumni Association CEO, Selar Enterprises (Pvt) Ltd Claude Janssen Ilian Mihov Daniel Labrecque Dean Chairman, INSEAD International Council INSEAD Professor of Economics When I reflect on the decisions taken by the Board over this Chairman Chairman, DNA Capital The Rausing Chaired Professor of Economic and Business Transformation time, I realise the extent to which they will shape the future Andreas Jacobs Daniel Lalonde François Hériard Dubreuil of INSEAD. This year, we wholeheartedly embraced the Member of the Board, Jacobs Holding AG CEO & Director, SMCP (Sandro, Maje, Claudie Pierlot) President, Fondation INSEAD launch of our most ambitious fundraising campaign to date. Chairman, Orpar Christina Law Chairman, Rémy Cointreau Vice Chair Group President, Asia & Latin America, We commended the creation of The year-long celebration of women General Mills Anil Gaba the Hoffmann Global Institute at INSEAD, or iW50, which culminated Emma Goltz Faculty Representative for Business and Society and its in the Summit of summer 2018, is Chair, INSEAD Alumni Fund Frédéric Lemoine INSEAD Professor of Decision Sciences mission to influence every facet another historic moment. It sends Former Chairman of the Executive Board, The Orpar Chaired Professor of Risk Management of the school’s activities. We not an important signal to the world and Wendel Group only approved but applauded Dean heralds a new era of gender diversity Members Susan Lloyd-Hurwitz D. Charles Galunic Ilian Mihov’s bold new five-year across INSEAD – extending to the Chair, INSEAD Campus Renewal Faculty Representative strategy. And, in endorsing the Board itself. Already we have taken Jolyon Barker Committee INSEAD Professor of Organisational vast undertaking to renovate our it to heart and are in the process of Global Leader, Clients & Industries CEO and Managing Director, Behaviour The Aviva Chaired Professor of entire campus in Fontainebleau, we replacing retiring male directors Chairman, INSEAD Audit, Finance & Mirvac Group Ltd Risk Committee Leadership and Responsibility reaffirmed our commitment to our with female talent, targeting at least R. Todd Ruppert much-loved European home. 35% representation over the next Rémy Best Founder & CEO, Ruppert International Inc. Brigit Soccard few years. Chairman, INSEAD Campaign Board Staff Representative These are truly transformative and Chairman, Fondation Mondiale Mika Salmi Executive Assistant to the CCO and far-reaching developments. But there As we approach our 60th anniversary Managing Partner, Pictet Group Senior Advisor, Raine Group Communications Department are many, many others deserving of next year, we will start to see the Chairman, INSEAD Remuneration Karen Fawcett celebration. It was another exceptional impact of 2017/2018 developments Committee Co-founder, Katfish Holdings year for Executive Education, for throughout the school. These are Mirjam Staub-Bisang example, with strong growth and exciting times, indeed, to be part of Deepak Gupta Chair, Endowment Management higher performance than ever before. the global community that is INSEAD. Founder & Chairman, Denita Group Committee Our innovations in online education of Companies Managing Director, BlackRock are a particular source of pride. Chairman, INSEAD Nominations Switzerland Committee Digital remains a small flower, but Fernando Zobel de Ayala it is blooming brightly – broadening Philippe Houzé President & COO, Ayala Corporation our audience and widening our Chairman of the Executive Board, portfolio. It is also worth adding that, Galeries Lafayette Group compared to other business schools, Andreas Jacobs our record of attracting and retaining MBA’90D the world’s very best faculty was Chairman of the Board outstanding in 2017/2018 and has taken our number of resident professors to an all-time high. LEADERSHIP

4 5 F From the Dean t rom h e D ean ANNUAL REPORT 2017/2018

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

Environmental pressures, new INSEAD Brand The Campaign In this year’s annual report, I am geopolitical forces and technological pleased to share more about advance are reshaping global Evolution for INSEAD these milestones, along with business. These challenges require This year, we renewed the INSEAD In October, INSEAD launched a facts, figures and highlights from leaders to think differently and brand so the world can see us for €250 million fundraising Campaign, around the school. act differently. who we truly are. We placed our our most ambitious to date. The The achievements reflected in the The INSEAD founding principles name in a logo that represents our Campaign is grounded in our 2017/2018 Annual Report belong can and must guide us as we position as the business school for distinct values, vision and ventures. to the INSEAD community – our equip leaders to face today’s the world. We updated the colours Campaign support fortifies our faculty, students, alumni, donors, global challenges. Looking to to reflect our diverse and vibrant academic excellence, drives supporters and staff. They are the past shapes how we prepare community. We made a brand breakthrough innovation and holds the result of hard work, incredible leaders for a dynamic and promise to strive for excellence in the potential to transform society Rethinking Business anniversary of our first female MBA talent, deep collaboration and unpredictable future, which has everything we do. on a global scale. graduates. It was the culmination commitment to our mission. I made this a year of renewal. and Society of a year of showcasing the want to thank everyone who has experiences and ideas of INSEAD In August 2018, we established been a part of this chapter of the We have renewed our commitment women. The successes shared the Hoffmann Global Institute INSEAD success story. to lead cutting-edge business refocused our work on gender for Business and Society. Our education, to promote gender balance, with emphasis on This year has been a year to newest INSEAD institute explores balance and to launch new initiatives, elevating and empowering women celebrate, and it has been an the intersection of business and such as a permanent space in San leaders. This work will be carried inflection point. Together, we can society. The challenges of our times Francisco. We started a process to forward by the Gender Initiative. build on what has been done and are immense, and the decisions renew our school by modernising transform the world. made today determine the future. our Europe Campus and enhancing The Institute will work across the offerings in Asia and the Middle East. LaunchPad for I thank you for your continued school and with our partners to We have renewed our community support. enable leaders to deliver positive Start-ups engagement, seeking support to outcomes for their organisations achieve greater success. The year kicked off in January with and their communities. the opening of the LaunchPad at This year, we redoubled our effort STATION F in Paris. The LaunchPad to inspire, innovate and expand is a hub for INSEAD start-ups to our global influence – and this Celebrating Ilian Mihov benefit from the expertise of our Dean of INSEAD effort has been marked by several INSEAD Women entrepreneurship community milestones. and ecosystem at STATION F, the The iW50 Summit held on our world’s biggest start-up campus. Europe Campus in June was With this idea incubator space, we the celebration of the 50th put innovation in focus. LEADERSHIP

6 7 Laurence Capron Dean of Faculty N ew Professor Laurence Capron has been appointed as Dean

Executive New L eaders of Faculty. Laurence joined INSEAD in 1997, served as INSEAD Board Faculty Representative since 2016 and is a Committee Leadership leading expert on M&As, alliances and business portfolio

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

MBA Best Teacher Award. ip ANNUAL REPORT 2017/2018

Ilian Mihov The INSEAD Executive Committee Dean welcomed six new members this year. Peter Zemsky Deputy Dean and Dean of Innovation Ziv Carmon Dean of Research Laurence Capron Dean of Faculty Professor Ziv Carmon is our new INSEAD Dean of Research. An expert in judgment and decision-making, Ziv Carmon and its public policy, strategic and tactical implications, Dean of Research his research has been extensively published in leading academic journals. Ziv also served as Chair of the R&D Urs Peyer Committee over the past five years. Dean of Degree Programmes

Ben M. Bensaou Dean of Executive Education

Nida Januskis Associate Dean of Advancement Lukas Thalhammer Katy Montgomery Chief of Staff Associate Dean of Degree Programmes Lukas Thalhammer MBA’17J has been appointed Mark Roberts Ben M. Bensaou Chief of Staff. His role is to align the Dean’s priorities Associate Dean of Executive Education Dean of Executive Education and agenda with the school vision and strategy, manage the Dean’s Office and lead school-wide Attila Cselőtei Professor Ben M. Bensaou has been appointed to the INSEAD strategic projects. Lukas is a member of the Executive Katy Montgomery Chief Operating Officer Executive Committee as Dean of Executive Education. Committee and acts as its general secretary. Associate Dean of Degree Programmes Lukas Thalhammer Ben is a long-serving professor at INSEAD, a pioneering thought leader in innovation and Asian business and has Katy Montgomery is our new Associate Dean Chief of Staff received many Executive Education Awards for outstanding of Degree Programmes. She has 14 years of programme direction and teaching. experience in higher education, most recently serving as Associate Dean of Student Development at Johns Hopkins Carey Business School before joining INSEAD in 2017 as INSEAD Global Director Attila Cselőtei of Career Development. Chief Operating Officer Attila Cselőtei has been appointed Chief Operating Officer, a step towards achieving our strategic goals and improving operational effectiveness. For the past eight years, Attila served as Chief Information Officer, where he increased student satisfaction, digitalised many of our processes and improved our digital agility. SPECIAL FEATURES

8 9 IN INSEAD Brand Evolution INSEAD Brand Bra SEAD Special Evolution A Transformation for Good – maturation n of the INSEAD mission and values has d E vo

prompted an update of our visual identity. l ut i ANNUAL REPORT 2017/2018 Features The Business School for the World now has o a logo for the world. n

The Campaign for INSEAD We can achieve what our founders envisioned – a more peaceful society, prosperous world and sustainable future. Join this exciting journey as we transform the world for the better. Rethinking Business and Society Our newest institute, the Hoffmann Global Institute for Business and Society, is poised to take our positive social impact to the This latest evolution of the brand reflects our position as a next level. global leader in innovative business education.

In October 2018, INSEAD A Mission-driven ideas and ideals behind the INSEAD Communications updated the identity with an eye on how to iW50 - A Year of school’s brand assets to give Process represent these concepts visually, the INSEAD visual identity a look while building on the INSEAD One of the first steps in this INSEAD Women and feel that fits with the ideas brand established over decades transformation was to articulate and initiatives coming in the new of leadership. On the 50th anniversary of the first women a new direction for growth and academic year and beyond. to graduate from the MBA programme, we development. In 2017/2018, INSEAD This knowledge drives a better At the heart of this brand evolution adopted a new, direct mission understanding of our brand, which reflect on strength in diversity and renew lies a transformation and maturation statement that inspires leaders to is outlined in our first-ever Brand our commitment to empower women. of the INSEAD mission and values, be more responsible, with a vision Book, a deep dive into the brand which is given a more prominent built on the idea that business promise and philosophy that voice by an updated logo, colour can change the world for good. accompanies the core elements of palette, typefaces and other Our updated branding is the visual the brand and guidelines for their INSEAD LaunchPad elements of our visual identity. manifestation of this mission. use. This approach integrates the The new look is a subtle change, Dean’s vision and school’s mission The process to update our brand at STATION F but it is meaningful. The evolution into a visual identity that is global began with a deep look at the of the INSEAD brand is a testimony yet focused, open and inclusive, We have lift-off! The world’s most revised mission. We then made of our maturity and an inclusive and representative of the cycle a formal promise from which entrepreneurial business school joins the representation of all that our of transformation at INSEAD and we designed our new brand school stands for. around the world. planet’s biggest start-up campus. framework. We examined the 10 11 IN Bra SEAD n d E vo l WE BRING TOGETHER ut i ANNUAL REPORT 2017/2018 o n

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

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The Campaign C for INSEAD ampaign for INSEAD ANNUAL REPORT 2017/2018

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

The goal of The Campaign for As befits a global school, the INSEAD: A Force for Good is not launch events have been rolling Values Vision Ventures Contributing to just to transform the school but out across the planet – in Europe – Championing Business – Promoting Academic – Enabling Creativity the Campaign also to inspire business itself to on 5 October 2018, in Asia on 10 as a Force for Good Excellence and Thought and Innovation All gifts to INSEAD until 2023 – promote peace and prosperity November 2018 and in the Middle Leadership around the world. With a target of East on 24 February 2019. A North INSEAD shapes students into To remain at the forefront of from contributions to the Dean’s €250 million to be raised by 2023, America launch event is planned for leaders who are equipped to INSEAD faculty are consistently innovation, we must focus our Innovation Fund and scholarships this is the school’s most ambitious autumn 2019. These celebrations tackle world-scale challenges and recognised for their innovative efforts. We have to continue to to major endowed donations and campaign to date. As of the initial are paired with conferences, champion business as a force teaching methods, ground-breaking design new learning experiences, legacy commitments – will count launch event in October 2018, 59% reunions and forums designed for good. Our institutional values research, impactful business cases create platforms and programmes towards the total. It is now much of the total had been achieved to spread the word that business have been clear from the start. We and global thought leadership. To for online learning, leverage easier to give online than ever – thanks to more than 11,000 really can be a force for good in the are open as we strive to create a sustain this innovation, we must new technologies for our MBA before. Our alumni and friends’ donors and the devoted work of the modern world. rich environment of diversity and attract and retain international curriculum, develop new spaces support broadens INSEAD’s reach, 33-strong Campaign Board, who inclusion. We are rigorous as we scholars, support our academic to inspire creativity and build on deepens our impact and advances serve as ambassadors and role The Campaign has three pillars for seek fundamental understanding of Centres of Excellence and our strong tradition of encouraging business as a force for good models of philanthropy. promoting its message and driving business practice and leadership. strengthen our partnership with top entrepreneurship. This includes throughout the world. the fundraising effort – Values, We are entrepreneurial as we establishing a flexible, multipurpose institutions around the world. Visit the Campaign website and Vision and Ventures. pioneer new ways of learning, facility in San Francisco, a world engage with us on social media teaching and creating value. To accomplish these objectives, we centre of innovation. are taking action that promotes true using the hashtag #INSEADforGood We focus on two areas that reflect thought leadership through chairs, Developing our own facility in to learn more and follow our our values. Research, teaching professorships and PhD scholarships. San Francisco opens space progress. partnerships and programmes We are fostering teaching excellence for teaching, lifelong learning, around the theme of business and through new advances in the alumni events and research in forceforgood.insead.edu society is a priority. As are MBA classroom and beyond. And we are one of the planet’s most dynamic scholarships to promote cultural, transforming the physical space of business microclimates. Digital facebook.com/inseadalumni socio-economic and gender transformation of our activities our INSEAD campuses, including twitter.com/inseadalumni diversity, as well as an environment an essential update of our Europe and development of insights helps of excellence. Campus in Fontainebleau. organisations of all kinds respond instagram.com/inseadalumni to challenge through technological innovation. Leading-edge research and teaching initiatives on the themes of entrepreneurship and innovation inspire students and our community to embrace the entrepreneurial spirit. SPECIAL FEATURES

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Rethinking Business & Society ANNUAL REPORT 2017/2018

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

In August 2018, INSEAD launched Knowledge Engagement Immediate Impact Our Priorities Members of the the Institute with an aim to equip The Hoffmann Institute supports We engage our alumni community Moving forward, the Hoffmann leaders to make decisions that development of new theories, and build partnerships for real-world The Institute opened with a goal Hoffmann Institute Institute will sponsor more deliver positive outcomes to insights and business models that change as leaders implement new to have immediate impact. The educational innovations, spur Advisory Board business, communities, people drive private sector prosperity practices with social impact. We ChangeNOW Summit – with the more research and convene more and our planet – in line with the and societal progress through a are proud academic partners of the Hoffmann Institute joining one of André Hoffmann MBA’90D, Chair conferences – both academic and globally agreed UN Sustainable dedicated research fund. This builds ChangeNOW Summit, an alumni-led the world’s largest positive impact Vice Chairman of Roche Holdings non-academic. To do so, we will Development Goals. on the longstanding INSEAD tradition positive impact conference where conferences as academic partner focus on our current priorities. Mark Carney of producing research that addresses leaders explore solutions to our most – is one example of early success The Institute aims to transform Governor of the Bank of England social and environmental problems. urgent global issues. for the Institute. At the summit, we business education and the unique The Institute’s research, teaching engaged in the conversation on Cheryl Carolus INSEAD value proposition offers and engagement priorities are Learning Walk the talk how leaders can make decisions Chair, Peotana Group Holdings the opportunity to achieve that dynamic to respond to the world’s We strive to educate inspired, The Institute is tasked to consider that are good for business, goal. Our global reach, academic changing challenges. Our initial Wiebe Draijer MBA’91D diverse and analytical leaders who societal impact in INSEAD communities, people and assets, integrated approach and priorities build on pioneering work CEO of Rabobank create value for their organisations operations to showcase how we are our planet. engaged community enable us to done at INSEAD. Our priorities and for society – from our MBA, leading by example and inspiring Edouard Janssen MBA’09J forge leaders who seek prosperous include: other masters and PhD programmes action. Our goal is to reduce our In October 2018, we carried this Senior VP and GM, Solvay companies, vibrant communities and to Executive Education and lifelong carbon footprint while increasing the conversation forward at The • Ethics a healthy environment. Paul Polman learning. One third of our MBA core wellbeing of everyone on campus Force for Good Conference. The conference was an opportunity to • Humanitarian operations CEO of Unilever (2008-2018) he Institute will work across the curriculum addresses business and lifting up our communities. share insights from our research • Sustainability school – and with our partners – to and society, and we offer Executive Jean Rogers and promote business as a force tap into our great transformative Education programmes on social • Wealth inequality Sustainability Accounting Standards for good. We convened a diverse Board Founder potential. Our vision is a world entrepreneurship, gender diversity set of leaders and prominent • Gender balance where businesses deliver value and and other pressing topics. academics to discuss different Pavan Sukhdev positive societal impact. • Social impact views, experiences and strategies WWF President on how business can prosper • Tech for good Caroline Barlerin Impact Areas and produce positive outcomes Global Head of Innovation, Eventbrite for society. High levels of alumni Our Leadership The Institute brings together engagement ensure that leaders The Hoffmann Global Institute for the world-class INSEAD faculty put the ideas discussed at the The Academic Director of the Business and Society was founded and staff, researchers, business conference into practice. Hoffmann Institute, Dean of through a generous donation by leaders, alumni and diverse student INSEAD Ilian Mihov, and Executive André Hoffmann MBA’90D and body. We are active in creating Director Katell Le Goulven oversee his wife Rosalie. We are grateful new knowledge, curricula and operations of the Institute, and proud to name the Hoffmann engagement opportunities to equip supported by a dedicated team. Institute in recognition of their leaders with tools to address our Our Advisory Board is involved foundational gift. common global challenges. in decision-making and provides strategic advice to amplify impact Visit the Hoffmann Institute and accelerate action. webpage to find out more inse.ad/hgibs. SPECIAL FEATURES

16 17 i iW50 – A Year of – A Y W50 INSEAD Women INSEAD W INSEAD of ear ANNUAL REPORT 2017/2018

This year marked 50 years since the first women omen graduated with an MBA from INSEAD.

In 1967, INSEAD welcomed Hélène have investigated gender and diversity Lessons Learned The INSEAD Gender Initiative Through solution-focused research, Ploix MBA’68 and Solange Perret topics and engaged corporate, public- inspires a vision of businesses giving more women a platform and MBA’68 to the Europe Campus in sector and non-profit stakeholders in and Leveraged across all cultures empowering voice and elevating women in our Fontainebleau, joining what was a dialogue about the importance of women to unlock the full potential innovative teaching approaches, One message that resonated from then a small movement of business gender balance. for business success and positive our pursuit of gender-balanced the iW50 Summit and a year of schools advocating for women in social impact. This Initiative, led by education is rigorous and robust. engaging on this issue was that management education. Professor Zoe Kinias, focuses on we all have a role to play in making The Year of iW50 four pillars of action, which starts This is just the beginning. We gender equality our new normal. Today, the case for empowering with leading by example. will continue to develop future women in business has never been Highlighting faculty and academic This is why INSEAD actively business leaders who are passionate stronger, not just because it is the research, the 50 Years, 50 Women, pursues gender balance. Female We are also integrating a gender- and equipped to drive gender right thing to do, but because it is 50 Ideas initiative shows big ideas participation is rising across our balanced approach to education to balance within their organisations. the smart thing to do. A growing that have emerged over 50 years of degree programmes, women help students understand the value We will strive to empower women body of evidence shows that academic excellence at INSEAD. represent 33% of the INSEAD board in diversity. We are tapping into leaders to positively impact business improving gender diversity can and, for the first time, the Dean of alumni leadership to raise awareness and society. Students have been engaging positively impact both economic Faculty is a female academic. and empower more people to be through the Women in Business and growth and social progress. gender champions. We engage the The year of iW50 has underlined Manbassador clubs, which expand Yet there is still much to do if we private and public sector, as well the fact that every leader in every the networks and resources women truly want balanced representation as non-government partners on the organisation can do more to need to succeed and help men of women at INSEAD, and if we The Case for Action issue for knowledge creation and empower women. In doing so, they become champions for gender parity. want to fully empower women as knowledge sharing on how to realise unleash the full potential of their The World Economic Forum’s leaders in the business world. the benefits of gender balance. workforce and lay a foundation for Global Gender Gap Report 2016 The Limitless outreach campaign In autumn of 2018, we launched sustained and sustainable growth. shows how championing gender profiled leading alumnae to our INSEAD Gender Diversity parity can add trillions of dollars to showcase strong female role Visit our Gender Initiative webpage Programme for business leaders to global GDP, while lifting women and models. INSEAD also published to find out moreinsead.edu/ apply research-based strategies for girls out of poverty and opening up articles on the Knowledge platform centres/gender-initiative. developing gender balance. untold opportunity. to give leaders actionable solutions.

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

18 19 IN INSEAD LaunchPad Lau SEAD at Station F n c h Pad at S ANNUAL REPORT 2017/2018 tat i o n F

The launch event in January 2018 in entrepreneurial ventures in their message was reinforced by the set the tone for a successful first careers. Start-ups can benefit from ChangeNOW Summit at STATION F year. The launch featured an alumni meeting those who have transformed in September 2018. With more than panel on the “Do’s and Don’ts small French ventures into globally 6,000 attendees from 80 countries of Scaling Globally”. Successful recognised household brand names learning from 200 speakers and 500 INSEAD graduates took the – Michel de Rovira MBA’04D, innovators, this is one of the largest microphone and shared their stories co-founder of the food company positive impact conferences in the – Frédéric Mazzella MBA’07D, Michel & Augustin; Robert Keane world. It was co-founded by INSEAD founder and President of BlaBlaCar, MBA’94D, who started VistaPrint in MBA’15J alumni and LaunchPad a long-distance carpooling platform Paris; and Reinold Geiger MBA’76, residents Santiago LeFebvre and with 60 million members in 22 who in 1996 acquired little-known, Kevin Tayebaly, and for this year’s countries; Taavet Hinrikus MBA’10D, niche French retailer L’Occitane Summit our new Hoffmann Global the co-founder and Chairman of en Provence. Institute for Business and Society London-based TransferWise, joined as Academic Partner. which has two million customers In other words, there is a well- and operates in 45 countries; travelled trajectory of success in Our thought leaders benefit from and Jo Bertram MBA’08D, who place for the 23 alumni businesses the start-up ecosystem that has PHOTO BY PATRICK oversaw the expansion of Uber powered by the LaunchPad to grown up around STATION F. This TOURNEBŒUF, date. Current residents include is where we can support start-ups COLL. TENDANCE into 10 countries. FLOUES an e-learning provider, a medical that are poised to make a positive Since January, the school has device company, a face-to-face difference in the world. It is a place hosted six community events professional networking facilitator where we can convene thought for 300 resident entrepreneurs, and an end-to-end service for smart- leaders and bring big ideas to life. including masterclasses by charging electric vehicles. For these INSEAD professors and a talk by ventures, the INSEAD LaunchPad The ability of INSEAD Mo Gawdat, former Chief Business at STATION F can open doors that entrepreneurs to create new Imagine a building the size of the Eiffel Tower resting on its Officer of Google X. In addition, would otherwise remain shut. value – social, environmental side. Now fill the 34,000 square metres of space with desks more than 350 participants and economic – is undeniable. The LaunchPad accepts new It is hardly rocket science… but for entrepreneurs, along with all the infrastructure you attended an INSEAD forum on the “Rise and Impact of AI & Machine applications every year from a LaunchPad definitely helps. need to launch a successful business. alumni who are poised to create Learning in Business and Society”. For more information, please LaunchPad start-ups have raised – or already have in place – a minimum viable product or service. visit our website or engage with This is the bold vision – and A Start-up LaunchPad residents get support millions in capital, with more us on social media. reality – of STATION F in Paris, from a dedicated team onsite fundraising expected for 2019. Our goal is to host start-ups from just up the autoroute du soleil for Start-ups that leverages INSEAD and many different industries and insead.edu/launchpad-station-f from Fontainebleau. From meeting STATION F resources for them. entrepreneurs of many different The INSEAD LaunchPad has 37 rooms and a prototyping workshop The programme offers workshops, Powered by INSEAD nationalities, with at least one of our linkedin.com/company/ desks reserved for alumni founders to resident investors and event connections and mentoring INSEAD alumni on site in Paris. insead-launchpad – a hive of entrepreneurial energy The LaunchPad has emerged as space to host thousands of people, sessions based on specific start- at the heart of the bigger STATION a place where new start-ups can twitter.com/INSEADlaunchpad it has everything a start-up needs up needs and brand goals. In the F buzz. Like STATION F itself, the engage with some of the well-known Ventures with Purpose for success. And, since January first year, our LaunchPad residents [email protected] INSEAD venture is much more than names among the estimated 53% of 2018, it is also home to a little joined more than 35 mentoring and a physical working space. INSEAD alumni who have engaged Ventures with a social purpose piece of INSEAD. workshop sessions. are particularly welcome. This 20 21 F Financial indicators inances In €’000 2018 2017 2016 INSEAD is a not-for-profit Total Income 261,350 245,414 219,895 Finances & institution with entities in various Operating Cash Flow 18,295 16,422 5,505 countries. Therefore we are not Cash Flow from Endowment required to publish consolidated 8,885 8,187 8,057 (transfer to operations) accounts, but all our statutory Endowment accounts are audited. We maintain Net cash flow from Financing (1,927) (2,852) 3,623 ANNUAL REPORT 2017/2018 a governance structure that Net cash flow used in Investing (16,585) (10,436) (7,658) includes several committees of Interest paid (1,458) (1,574) (1,816 ) the Board of Directors responsible Changes in working Capital for Auditing, Finance and Risk, 15,429 5,254 7,044 & exchange losses/gains Endowment Management and Remuneration. These financial Cash Flow 9,157 14,932 14,754 Finances indicators are directly extracted Cash at year end 91,718 82,561 67,629 from audited combined accounts Endowment at beginning of the year 212,544 185,976 189,660 based on IFRS accounting Donations received, net 17,120 16,426 4,700 standards. Please note that financial indicators from previous Gains and losses from investment activities 18,128 18,329 (327) As an independent, not-for-profit institution, INSEAD must years may change. Transfer to operations (8,885) (8,187) (8,057) generate income to sustain our continued academic excellence. Endowment at year end 238,907 212,544 185,976 Endowment performance rate 8.4% 9.5% -0.2% The main source of the school’s at €239M. The strong growth of resulted in a VAT adjustment Spending rate 4.2% 4.2% 4.5% revenues is tuition, but we also the endowment and support by our for shorter Executive Education rely on donations, the return on donors confirm it is our bedrock programmes. We are also no investment from our endowment for long-term growth. Many of the longer eligible to receive a research and other activities, including core activities that contribute to tax credit that we had claimed commissioned research. This is our academic excellence, such as previously. The outcome is an why the Campaign for INSEAD is so scholarships, research and teaching accounting provision of €20.6M. important. The Campaign enables are enhanced with funding from the This means that the overall financial Total revenue in 2017/2018 us to make strategic investments in endowment. It is fundamental in results for the year show a one-time the future of the school that would achieving our mission. loss of €8.1M. INSEAD leadership not otherwise be possible. is appealing these rulings and has On the expenditure side, innovation taken steps to minimise tax risk Revenues saw strong performance and growth initiatives remain key €261M going forward. across all areas in academic year areas for investment – online 2017/2018. Highlights included the education, new faculty members Based on revenue performance near-doubling of online revenues, up and the Personal Leadership and growth projections, INSEAD 48%, with an 8% growth in revenue Development Programme of the launched two major capital Facilities, IT and from Customised Programmes. revised MBA curriculum, to name investments in 2017/2018. The six- Gifts and Other support functions An increase in Executive MBA just a few. The school’s significant year transformation of the Europe endowment Degree Faculty and participant numbers led to a 9% spending on scholarships to Campus represents a renewal of yield programmes research rise in the programme’s annual complement the generosity of commitment to our European roots, 6% revenues. Total revenues for the year our donors is another strategic and we are putting down new roots 7% reached €261M, an improvement of investment that brings huge returns by establishing a permanent space 27% 7% on the previous year. in terms of the quality and diversity in San Francisco. Work is already of our students. well underway on this latest phase 45% 42% This year marked our second of the school’s global expansion and Revenue Eendiure successive year of record One large provision on the we will provide more information on philanthropic donations. This in expenditure side this year came these exciting initiatives throughout turn boosted our endowment, the from two tax rulings by the French the coming year. market value of which now stands tax authorities. The first ruling 42% 31%

Executive education Degree and executive programmes education programmes FINANCES & ENDOWMENT

22 23

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

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

ANNUAL REPORT 2017/2018 INSEAD Investment -3.0% -11.8% +6.6% +5.4% +8.7% +7.4% -11.5% +10.9% -0.5% +9.6% +9.6% +65.8% +5.2% Portfolio return2

INSEAD -1.9% -11.2% +5.7% +4.7% +7.8% +7.0% +10.8% +10.6% -0.2% +9.5% +8.4% +61.4% +4.9% A strong year for the endowment is a strong year for INSEAD. Endowment Return3

INSEAD Composite -2.0% -13.6% +4.0% +8.3% +6.4% +9.1% +12.0% -0.3% +5.3% +9.0% +7.9% +53.1% +4.4% The INSEAD endowment has had Investment strategy This portfolio was the key driver Benchmark4 another strong year. The 4%-4.5%, of the endowment’s returns in long-term annual spending rate The endowment remains broadly 2017/2018. In aggregate, the private diversified across both traditional allows the school to plan for and market portfolio returned +19% in 5 invest in faculty chairs, research and alternative asset classes, the year, led by the private equity Total assets of the endowment portfolio including equities, corporate credit, August 2003 – August 2018 projects, programmes, scholarships portfolio, which was up +23%. 1 The academic year starts on 1 September and facilities. Thanks to both hedge funds and private market and finishes on 31 August. This is reflected the generosity of donors and the strategies. Our investment strategy The portfolio has a 49% allocation in the table above. For example, the year to public equities, which, along with labelled 2018 reflects performance from 1 performance of our investment has several tenets: September 2017 to 31 August 2018.

the private market portfolio, is the 2

strategy, the total value increased by 239.0 INSEAD Investment Portfolio consists of • Relatively high equity risk level €200 €26.5M to €239M this year. During portfolio’s key return-generating the portfolio managed by Partners Capital. given the school’s long-term 212.5 3 this period, the INSEAD investment allocation over the long term. The The INSEAD Endowment consists of the €160 portfolio managed by Partners Capital and time horizon public equity portfolio consists of a 189.7 portfolio returned 9.6%, outperforming 186.0 all other assets including direct property,

combination of long-only and long- 174.2 its benchmark by 1.7%. • Diversification across multiple cash and other assets. 161.0 4 short actively managed mandates, 151.5 asset classes including €120 The INSEAD Composite Benchmark is a 142.3 custom benchmark comprised of asset As of August 2018, INSEAD’s which invest in stocks based 135.6 meaningful allocations to private class indices (e.g. MSCI World NR 100% endowment is comprised of a on fundamental analysis of the markets where the potential for €80 Hedged to EUR for the equity allocation or 105.9 105.1 €233.8M investment portfolio and underlying companies, and passive 97.2 State Street Private Equity Index for the outperformance is greatest private equity allocation) and weighted to

a further €5.2M in directly held index trackers to express tactical 75.4 reflect the long-term strategic asset

€40 64.9 • Selection of the most skilled asset allocation adopted by the committee.

property, cash and other assets. geographical positioning. The long- 55.7 While the Endowment Management managers within each asset class short equity portfolio performed 49.7 5 Total endowment portfolio assets €0 include donations. Committee of the Board is • Consideration of environmental, particularly strongly in 2017/2018, responsible for the endowment, social and governance issues, generating a 9% return, which was experts from Partners Capital – our broadly in line with global equity Aug ‘11 Aug ‘15 Aug ‘12 Aug ‘13 Aug ‘16 Aug ‘17 Aug ‘14 Aug ‘18 Aug ‘10 Aug ‘07 Aug ‘05 Aug ‘06 Aug ‘08 Aug ‘03 Aug ‘09 widely known as ESG principles, Aug ‘04 advisers since 2007 – manage the in the investment decision making markets despite the managers investment portfolio on our behalf. process taking around 50% of the risk. This outperformance was driven I have served on the Endowment The portfolio has 29% allocated predominately by sector-specialist Management Committee since to private market strategies, managers in healthcare and 2011 and stepped up to chair the including private equity, real estate technology, whose deep knowledge Committee in 2016. I am honoured and private debt. This percentage of their chosen industries provided Long-term performance to serve the school and its has increased over the last five insights into portfolio companies. stakeholders in this role. I thank all years based on our belief that From August 2008 to the end Our endowment still has a long donors for their kind contributions, it will continue to generate an The remainder of the portfolio is of August 2018, the investment way to go before it matches the which are pivotal to the INSEAD illiquidity premium of around 3% predominately invested in inflation- portfolio returned positive growth comparable funds of our leading endowment growth. This, in turn, to 5% compared to public markets. linked government bonds that of +65.8% cumulatively after competitors. However, 60 years ago is of paramount importance to the The private markets portfolio protect the fund from unexpected deduction of all fees and expenses. there was no INSEAD, let alone an school’s future success. is well diversified, ranging from rises in inflation and a diversified This represents +12.7% cumulative endowment. In this light, the size venture capital investments in suite of absolute-return hedge-fund outperformance of the INSEAD of the INSEAD endowment is very early-stage technology companies, strategies, which aim to generate Mirjam Staub-Bisang Composite Benchmark, a custom impressive indeed. We look forward European real-estate investments returns with minimal correlation to measure adopted by the Endowment to the Campaign taking it to even MBA’99J and private-equity investments in traditional asset classes. Management Committee. greater heights. Endowment Management middle-market US firms. Committee Chair 24 25 O verv A Virtuous Circle Management of Faculty & i

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

26 27 R Recognition & A ecognition & Awards wards

QUY HUY IVANA NAUMOVSKA SAMEER HASIJA ANNUAL REPORT 2017/2018

Faculty are our finest asset, underpinning the Best Paper Awards Nominated for the Best Paper Prize Runner-up, Jack Meredith Best Finalist, 2017 Organization Paper Award and Management Theory Best INSEAD reputation for research and teaching Strategic Management Society Sao Paulo Journal of Operations Management Entrepreneurship Paper excellence, combining rigour with relevance. 2018 Best Paper Award, Strategy as “Headquarters’ Parenting Styles: “On the Unique Features of Post-Disaster Academy of Management Meeting Practice Examining Headquarters’ Positive & Humanitarian Logistics” “Is Homophily Always Beneficial? Task- Academy of Management Monitoring Attention to Subsidiaries” Relevant Homophily and VCs’ Valuations As thought leaders and Five INSEAD professors have Jose Holguin-Veras, William H. “Shaping Top Managers’ Moods: Board and Returns” knowledge creators, our faculty been named in The Case Felipe Monteiro and Amalia Nilsson Hart, Miguel Jaller, Noel Perez, Emotion Regulation in the Strategy- work at the cutting edge of Centre’s top 40 best-selling Balagopal Vissa and Kim Claes Formulation Process” Tricia Wachtendorf and Luk N. Van research. This year, many faculty authors of academic year Finalist, 2018 Doing Good with Wassenhove members have been recognised 2017/2018, based on sales Timo Vuori and Quy Huy Good OR Competition Case Awards for their academic contributions. volume from the preceding year. INFORMS 2017 Best Working Paper Award, Finalist, 2018 CGIO Best Paper in Behavioral Operations In June, Luk Van Wassenhove #7 – W. Chan Kim and “Inconvenience, Liquidity Constraints, and International Corporate Governance the Adoption of Off-Grid Lighting Solutions” Best Case Study Award by AFM/ received the Degree of Honorary Renée Mauborgne INFORMS Academy of Management CCMP Doctor of Mechanical Engineering Ioana Popescu, Serguei Netessine “Modeling Newsvendor Behavior: A “I Did it My Way: An International “Who’s #1: INSEAD, Harvard, Wharton, from the Aristotle University #18 – Pierre Chandon and Bhavani Shanker Uppari Prospect Theory Approach” Analysis of Deviation from Corporate LBS? (A & B)” of Thessaloniki in recognition #31 – Wolfgang Ulaga Governance Norms” Bhavani Shanker Uppari of his profound and enduring 2017 Best Paper Award and Sameer Hasija Joerg Niessing and Pierre Chandon contributions in the scientific #37 – David Dubois Michael A. Witt Strategic Entrepreneurship Journal Winner, 2017 Latin American domain of Management Science “What Makes a Process a Capability? Finalist, 2017 Best Student Paper This year, Pierre Chandon was and Engineering. 2018 Best Paper Award Heuristics, Strategy, and Effective Competition, IBM Service Science Business Cases Category at the also named 2018 Outstanding EFMD Case Writing Competition Strategic Management Society Capture of Opportunities” INFORMS Luk Van Wassenhove was also Case Teacher by The Case Centre “EBX: The Rise and Fall of a Billionaire “Adaptation in Replicating Organizations: “Selling Off-Grid Light to Liquidity named Fellow of INFORMS in and was nominated for the Christopher Bingham, Kathleen - Eike Batista” How Augmentation and Incomplete Constrained Consumers” October for his pioneering work 2018 Silver Medal by the French Eisenhardt and Nathan Furr Replication Affect Unit Performance” Felipe Monteiro and on closed loop supply chains, National Centre for Scientific Bhavani Shanker Uppari, Ioana Dimo Ringov, Haibo Liu Anne-Marie Carrick sustainability, and humanitarian Research. 2017 Best Paper Award Popescu and Serguei Netessine and Gabriel Szulanski operations, making him the 7th Israel Strategy Conference Second Prize, oikos Case Writing first professor in history to Technion Haifa Finalist, 2017 Best Student Paper 2018 Best Paper, Proceedings Competition 2018, Corporate be recognised by five major “When the Going Gets Tough, Will the Competition, IBM Service Science Strategy as Practice Division Sustainability Track professional societies. Stars Get Going? Investigating the INFORMS Academy of Management Meeting “Volkswagen’s Emissions Scandal: How Interdependencies Between Strategic “Outcomes-Based Reimbursement Could It Happen?” “Shaping Top Managers’ Moods: Board Human Capital Utilization and Retention” Policies for Chronic Care Pathways” Emotion Regulation in the Strategy- Arianna Marchetti and Ithai Stern Craig Smith and Erin McCormick Formulation Process” Sasa Zorc, Stephen E. Chick and Sameer Hasija Quy Huy and Timo O. Vuori 2017 Best Paper Award Third Prize, oikos Case Writing Competition 2018 China International Conference Finalist, 2017 Pierskalla Best Runner-up, 2017 Best Paper “Candy Crush? Aligning Health, Business, in Finance Paper Award Strategic Management Society and Pleasure in the Chocolate Industry” “Financial Innovation and Asset Prices” INFORMS “Who Bears the Brunt When the Books are Pierre Chandon, Laura Heely Adrian Buss, Raman Uppal “Outcomes-Based Reimbursement Cooked?” and Nouha Touati and Grigory Vilkov Policies for Chronic Care Pathways” Ivana Naumovska Sasa Zorc, Stephen E. Chick and Sameer Hasija FACULTY & RESEARCH

28 29 Abhishek Bora India Marketing Ne Europe Campus New Faculty Sharon Katz Israel, USA w F

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

use big data to create value and how they manage brand t y Having previously taught at Columbia and Harvard crises. He is a Marketing Science Institute (MSI) Young Universities, Sharon earned his MBA from UCLA and his Scholar – MSI believes he will be among the leaders of the PhD from Columbia. Prior to his academic career, he next generation of marketing academics. worked in Citigroup’s New York Investment Banking Division ANNUAL REPORT 2017/2018 specialising in M&A transactions and worked as a corporate Annet Aris Netherlands lawyer in Israel. Sharon also served in the Israeli Air Force. Strategy Europe Campus

Annet is a Senior Affiliate Professor of Strategy, her area of expertise is the digital transformation of companies. Antoine Desir France Prior to INSEAD, she was a partner with McKinsey & Co. Annet is a Supervisory Board member of Randstad Technology & Operations Management NV, Rabobank Group, ASML NV and Jungheinrich AG. Europe Campus She was named one of the top 10 most influential board Antoine’s research focuses on revenue management members in The Netherlands in 2018. and choice modelling. After getting his PhD in Operations Research from Columbia University, he spent a year as a post-doctoral researcher at Google NYC. His thesis was recognised by the 2018 INFORMS Revenue Management and Pricing Section Dissertation prize.

Wesley Koo China, USA Portugal Frederico Belo Strategy Finance Asia Campus Europe Campus Wesley studies how digitisation affects firm strategy. He Frederico joins us from the University of Minnesota. He gained is particularly interested in the ‘online-offline interface’ his PhD and MBA from the University of Chicago Booth School of – how a firm’s offline environment shapes its online Business. His research investigates the economic determinants strategy and performance. For instance, he looks at of firms’ risk. In recent work, he studies how this risk is affected how rural entrepreneurs leverage digital platforms to by the interplay between labour market conditions and the promote local goods. Wesley obtained his PhD from the characteristics of their labour force. Stanford Technology Ventures Program. Georgina Hall Canada, France, UK Decision Sciences France Michaël Bikard Europe Campus Strategy Europe Campus Prior to joining INSEAD, Georgina obtained her PhD from Princeton University. Georgina’s research Michaël’s research focuses on how individuals and focuses on developing algorithms for optimal firms use new scientific knowledge as a source decision-making and can be applied to a wide range of competitive advantage. He was previously on of problems that arise in statistics, machine learning, the faculty of the London Business School and epidemiology, network theory and pricing. completed his PhD at MIT. 30 31 Phebo Wibbens Netherlands Ella Miron-Spektor Israel Strategy Organisational Behaviour Ne Europe Campus Europe Campus w F

Following a career in strategy consulting, Phebo Ella studies various companies to discover how creativity can acu completed his PhD at The Wharton School at be improved and sustained over time, and how managers and l

the University of Pennsylvania. His research entrepreneurs can form effective teams that generate and t y uses formal modelling to better understand how implement breakthrough ideas. Ella obtained her PhD from companies can build the resources they need to Technion, Israel Institute of Technology. create long-term value. ANNUAL REPORT 2017/2018

Lin Tian Singapore Economics Asia Campus

Lin received her PhD in Economics from Columbia University, having worked as an urban planner with Victoria Sevcenko Czech Republic, UK the Singapore planning authority for six years. Her Strategy research examines spatial distribution of economic Europe Campus activities, having previously analysed factors that drive productivity in cities and studying the labour Victoria studies how organisations use labour market frictions market impact of immigration inflows. to gain competitive advantage from skilled human capital. She has conducted projects examining the behaviour of mutual fund managers, security analysts and federal lobbyists, and is currently studying auction houses and restaurant chefs. She holds a PhD from London Business School. Dimitrije Ruzic Serbia, USA Economics Europe Campus

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

Wolfgang Ulaga Germany Marketing Maria Ana Vitorino Portugal Europe Campus Marketing Europe Campus Prior to INSEAD, Wolfgang taught at Arizona State University, HEC Paris and IMD Lausanne. His research focuses on Having previously taught at The Wharton School at the product-to-service transitions and customer solutions in University of Pennsylvania and the University of Minnesota, B2B markets and service excellence in B2C and services Maria Ana earned her MBA and PhD from the University of industries. He gained his PhD from Panthéon-Sorbonne Pavel Kireyev USA Chicago. In 2014 she was named one of Exame magazine’s ‘Top University, his habilitation from Université Paris-Dauphine and Marketing 40 Portuguese Stars in Business under 40’. Her most recent an Honorary Doctorate from Turku School of Economics. research investigates price obfuscation strategies used by firms. Europe Campus

Pavel conducts research with data-driven companies and studies innovative marketing technologies and Chengyi Lin China, USA platforms. Prior to INSEAD, he led machine learning Strategy projects, formed partnerships with corporate AI labs, and Europe Campus worked with large organisations in the US and Japan. Pavel holds a doctorate from Harvard Business School. Chengyi’s teaching and research focus on digital transformation and innovation. Chengyi is a board member of and adviser to various multinational corporations and start-ups on digital execution. He successfully launched and has grown INSEAD Online Education since 2014. Chengyi holds a PhD from Northwestern University, a certification from Kellogg and a BSc from Tsinghua University. FACULTY & RESEARCH

32 33 INSEAD K INSEAD INSEAD Knowledge iW50 – Highlight of the year The undoubted highlight of the year was the iW50 Summit and related events of 2017/2018, which nowledge brought together alumni, faculty and leading external experts to address one of the most pressing issues in business – gender equality in organisations. Thanks to solid journalistic work by the Knowledge ANNUAL REPORT 2017/2018 team, the platform was able to give INSEAD’s ground- breaking research on gender equality an optimistic, INSEAD Knowledge showcases the latest thought practical focus. In this way, INSEAD Knowledge has made its own small contribution to encouraging leadership and diverse perspectives from our award- some long overdue changes in the world of business. winning faculty and global contributors. Here are the recommended top iW50 articles from the INSEAD Knowledge team, including an After a stellar performance the Over the course of the year, there Just as satisfying as these metrics article on gender balance that was published on previous year, the popularity of was a 20 to 25% increase in two key is the way in which INSEAD International Women’s Day. INSEAD Knowledge continued to metrics – unique monthly users is Knowledge was able to support grow throughout 2017/2018. The currently up to 120,000 and annual so many of the school’s research secret of its success lies in the page views are now over 4 million. and institutional strategic priorities Promoting Gender Balance Wisely distinctive combination of cutting- The platform also gained 5,000 in 2017/2018 – turning them into edge insights from faculty and the new social media followers during newsworthy stories and engaging Researchers are identifying powerful, yet sometimes professional skills of our in-house the year, while the dedicated mobile headlines that captured the nuanced, interventions that can improve outcomes team of editors who know exactly app was downloaded 74,000 times. imagination of a global audience. for women and the businesses and societies they what practitioners want to read. Small wonder that we were able serve. to attract numerous new editorial partners, including most notably The Truth about Gender Stereotypes the World Economic Forum Global Agenda Blog. Negative stereotypes and misinterpretations of research findings can reinforce myths about gender difference.

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

How Leading CEOs are Tackling Gender Inequality 10 0K+ 80K+ Organisations can overcome harmful social norms unique monthly followers across social media, and and deeply ingrained stereotypes by persistently website visitors, setting new norms.

What Women on the Board Need 4M 10 6K+ to Know Knowledge app downloads Three INSEAD alumnae share their wisdom page views annually, since its launch in 2015. as board directors.

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

34 35 I n st

Alliances & Institutes, Centres i tutes, C tutes, Partnerships & Initiatives e n tres & I tres ANNUAL REPORT 2017/2018 ni t i at i

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

The Wharton School at the Fundação Dom Cabral Kellogg School of Management University of Pennsylvania Brazil at Northwestern University USA Executive Education programmes USA MBA and academic exchange launched in 1990 MBA exchange programme launched programme launched in 2001 in 2010 Johns Hopkins School of Advanced Tsinghua University School of International Studies China Europe International Economics and Management USA Business School China Dual Degree MA and MBA launched China Dual Executive MBA programme in 2011 MBA exchange programme launched in 2006 launched in 2013 Teachers College at Columbia Sorbonne University Alliance University Cartier Women’s Initiative Awards France USA International social impact business plan competition for women entrepreneurs INSEAD is a partner in the multi- Dual Degree MA and MBA launched – partner since 2006 disciplinary alliance launched in 2012 in 2014 36 37 D

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

will be remembered for their record Asia and Middle East Campuses. all ages and backgrounds. We are P

Degree numbers. We saw the most ever particularly pleased the three ‘waves’ rogrammes Spanish and Brazilian students join In this year of iW50, we focused on of 36 students that joined us this year INSEAD in January 2018 and a record- the growth of female participants, average 50% female. equalling 34% of women start in resulting in a record 45% women in Programmes September. This impressive group of the Tsinghua-INSEAD Executive MBA In 2017/2018, we embarked on ANNUAL REPORT 2017/2018 female students is also notable for its (TIEMBA) class. The incoming Global a major study on how EMCCC diverse range of nationalities, hailing Executive MBA (GEMBA) class also participants view the programme. from countries that include Armenia, recorded all-time highs for female We found that the words ‘Consulting’ Cameroon, Iran, Slovenia, Syria, Togo, participation in each of its three and ‘Coaching’ in the title can be Uganda, Uruguay and Zimbabwe. sections, with 37% in Europe, 30% in misleading. After much consideration, Asia and 20% in the Middle East. we have decided to rename the In July 2018, 503 students were programme Executive Master in Master Degree transformed into INSEAD alumni. We We are particularly pleased that Change (EMC), with the tagline held our third graduation ceremony applications for the TIEMBA ‘Transforming Self and Organisations’. Programmes at the Château de Fontainebleau – remained buoyant in 2017/2018. The The next wave of incoming students complete with caps, gowns and green programme remains very high in in 2019 will be the first to graduate hoods affixed with salamander pins. the rankings, garnering the #3 spot with the new degree title. It was every bit as successful as globally in the Financial Times. Our full-time MBA programme curriculum develops our previous Château graduations, In July 2018, the joint GEMBA Coming Soon: Master successful, thoughtful leaders and entrepreneurs who especially due to live streaming for and TIEMBA elective module in those unable to attend in person. In create value for organisations and communities. Fontainebleau welcomed Executive in Management December 2017, 536 proud students Master of Finance (EMFin) students each received their INSEAD degree. for the first time. The combined In 2017/2018 the INSEAD faculty and The 2017/2018 year saw continued MBA The graduation ceremony at the classroom experience enhances board approved the launch of the high performance by INSEAD Master Ritz-Carlton Millenia Singapore was all three programmes. Indeed, this first new INSEAD degree since 2013. Programmes, with a #2 global MBA The new MBA curriculum was rolled another elegant event. feature, along with the new EMFin The new Master in Management ranking from the Financial Times out smoothly and successfully curriculum and name, have proved (MiM) is a one-year, pre-experience and total revenues of €114.5 million throughout the year with high to be very attractive with a record programme that will expand our – exceeding €100 million for the satisfaction levels among students. Executive Master 42 participants due to graduate in impact and reach in a growing second time in school history. In particular, we trialled the Period 0, Degree Programmes February 2019. market. We are currently designing or ‘P0’ online module, which had its a rich international curriculum and The administrative team also has first full run in August 2018 with more The two INSEAD Executive MBA Meanwhile, INSEAD’s most expect to welcome our first class of a new leader. Katy Montgomery, than 80% of the incoming MBA class programmes continue to attract distinctive programme, the Executive 80 to 100 students in August 2020. former INSEAD Global Director of participating. This innovation, designed impressive, senior-level talent from Master in Consulting and Coaching We look forward to a younger group Career Development, assumed the in collaboration with the online learning around the world. They offer a truly for Change (EMCCC) is going from of future business leaders joining role of Associate Dean of Degree team from Executive Education, helps global educational experience with strength to strength. Its application of INSEAD and further enriching our Programmes on 1 September 2018 students prepare for the rigours of ‘Key Management Challenge’ courses psychodynamic methods to business unique educational experience. and became the third woman on the the programme before they arrive school’s Executive Committee. on campus. It includes an optional multidisciplinary course, based on In 2017/2018 the INSEAD faculty and BlaBlaCar, a start-up conceived at board approved the launch of the INSEAD and taking the world by storm. first new INSEAD degree since 2013. The new Master in Management In September, we also introduced the (MiM) is a one-year, pre-experience Personal Leadership Development programme that will expand our Programme (PLDP), which runs in impact and reach in a growing parallel with the academic curriculum. market. We are currently designing The sessions include individual a rich international curriculum and and group coaching to prepare expect to welcome our first class of students for leadership challenges 80 to 100 students in August 2020. by enhancing self-awareness, team We look forward to a younger group effectiveness and communication of future business leaders joining skills. We will evolve and enrich the INSEAD and further enriching our PLDP, which is truly breaking new unique educational experience. ground in MBA education. .. DEGREE PROGRAMMES DEGREE PROGRAMMES

38 39 D Class Statistics Doctoral octoral

Programme P rogramme ANNUAL REPORT 2017/2018

MBA’18D and ’19J Our purpose is not simply to provide the very best MBA 1,033 29 33% 709 training for tomorrow’s business professors, but to enrich Designed for early- to mid-career professionals, Students Average age Women Average and featuring an accelerated 10-month curriculum, GMAT score INSEAD’s vibrant research community. We currently have our MBA programme develops successful leaders and entrepreneurs. 89 6 With just 13 graduates and 16 prestigious competitions for his Nationalities Average years of experience new entrants in 2018, the PhD in work on rechargeable, subsidised Management is the most selective lightbulbs in the world’s poorest GEMBA’19 of all INSEAD programmes. The communities – a far safer alternative 81 Global Executive MBA 235 38 30% growing reputation of our doctoral than flame-based sources like programme over the past three kerosene lamps and candles. In students with Our Global Executive MBA programme is tailored Students Average age Women for experienced professionals who wish to develop their decades has helped attract top another example, current student leadership skills while they continue to 60 14 faculty to INSEAD and place our Isabelle Solal MBA’08J, a former advance their current careers. own graduates in the world’s corporate lawyer and INSEAD MBA Nationalities Average years of experience leading institutions. In 2018, our graduate, is investigating the effect students were recruited by Stanford, of gender on investment decisions 20 TIEMBA’20 Bocconi, HEC Paris, University of and evaluations in financial markets. Washington Foster Business School, nationalities and Tsinghua-INSEAD Executive MBA 45 35 44% University of Virginia Darden School Our other doctoral candidates are This dual degree combines INSEAD’s global Students Average age Women of Business, Rotterdam School of researching topics as diverse as perspective and Tsinghua University’s in-depth Management at Erasmus University, reducing food waste in commercial expertise of business in China to produce highly 18 12 University of Maryland Robert H. kitchens, providing contraceptive successful business leaders and entrepreneurs. Nationalities Average years of experience Smith School of Business and services in developing countries and 42% blockchain technology applications Singapore Management University, are women, with to name a few. to source goods more responsibly. EMCCC’18 In 2017/2018, the number of INSEAD Executive Master in Consulting We are particularly proud of the 106 44 55% fact that 42% of our academic year PhD alumni crossed the 200 and Coaching for Change Students Average age Women 2017/2018 PhD students are female, threshold for the first time. As they The INSEAD Executive Master in Consulting and which means that we are helping pursue their careers in academia, all 211 Coaching for Change takes participants deep into the 45 19 redress gender imbalance, 211 are taking the school’s research basic drivers of human behaviour and the hidden alumni, in Nationalities Average years of experience a longstanding issue for academia. reputation and message of business dynamics of organisations. as a force for good out into the Another cause for celebration is world. In 2019, we look forward to MFin’19D the number of our students and the programme’s 30th anniversary alumni involved in researching celebration, where we will recognise Master in Finance 43 33 28% strategically important areas, our alumni contributions and 45 Blending cutting-edge theory and best practice, Students Average age Women such as business and society. For showcase their success. the programme is for professionals with work instance, 2018 graduate, Bhavani countries. experience in finance-related roles. 28 9 Shanker Uppari, was a finalist in two Nationalities Average years of experience DEGREE PROGRAMMES

40 41 C Career Development areer D

Centre l eve o pm e n t ANNUAL REPORT 2017/2018 C e n tre

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

The changes in the job market This mix of high-tech and high- Many individual success stories Executive Degree A similarly diverse – but otherwise continued apace in 2017/2018, touch is becoming a trademark of of the year rested on the efforts of very different – group that we as technological innovation our Career Development Centre. It the Employer Engagement staff, Participants and now serve is the INSEAD alumni and movement in the global improves student career prospects who have built a diverse range Alumni population. This year, we launched 91% political landscape showed no when they leave INSEAD by of experiential opportunities for the Alumni Extra resources platform, signs of slowing. Fortunately, enhancing their experiences while students as well as continuing to The presence of Executive Degree which provides recorded online of MBA students helping navigate change Career they are still here. cultivate recruiters. This year, the participants at our March Talent webinars and alumni experience were employed within Development Centre. Our success team accompanied 391 participants Networking Forum highlights videos. This platform complements Indeed, the outcomes for the 3 months, in is evidenced by a 32% rise in on 46 career treks across Asia- a further ongoing evolution at the CareerGlobe job board and MBA’17D and ’18J classes were student satisfaction rates this Pacific, Europe, the Middle East and the Career Development Centre. premium access on MBA-Exchange very positive, with 91% reporting year – and in the career paths the Americas – often co-organised Executive participants, who have that already benefit alumni. It is a at least one job offer within three our alumni take. with student clubs. They also worked already achieved a high degree challenging task to support more months of graduation. Consulting with the Digital@INSEAD team of professional success, have than 57,000 alumni worldwide, but remains the most popular to support the ‘Summer Start-up diverse needs and aspirations the Career Development Centre 65 destination, with 36% of 2017/2018 MBA Students Tour,’ which gave small groups that require a tailored approach had 1,424 individual interactions in countries, with an graduates going into consulting of students inside access to the 2017/2018, including online career In 2017/2018, we rolled out the to career development. average base salary of and another 16% returning to the entrepreneurship ecosystems of workshops and 319 coaching new ‘Careers Core’ as part of our sector – increasingly to focus major tech hubs. Throughout 2017/2018, we sessions, a 60% increase over the reengineered MBA curriculum. The on technology and business provided GEMBA students with previous year. The Centre also courses continue to evolve and transformation, as well as more Another new initiative was the 15 online webinars, 580 hours of designed and delivered career- introduce innovative features such traditional areas such as strategy. Singapore and Paris Talent career coaching and numerous themed events in two reunions and as online polling and social media We also saw a growing appetite Networking Forum, pioneered online resources, education panels two alumni forums and plans to be $110K to stimulate lively class discussions among students for start-up and previously in Dubai, and held and opportunities to cultivate even more visible at these and other and engage students in careers US dollars scale-up ventures. Across all for the first time in March 2018. executive search firms. These events moving forward. electives. Meanwhile, personal sectors, it is particularly interesting Across the two cities, 752 students activities are designed to meet both coaching launched a few years ago to note the emergence of new job – including several GEMBA and individual career goals, regardless remains a resounding success with titles for which INSEAD graduates EMFin participants – met 310 of whether or not the participants’ a 99% engagement rate and a 100% seem supremely fitted, such as executives and HR representatives ambitions lie within their existing increase in the number of sessions ‘chief of staff’, ‘international growth from 140 companies. This added organisations or elsewhere. over the last two years. consultant’ and ‘change manager’. to the INSEAD total of hosting 328 recruiters on our three campuses this year, some of them returning to visit us several times. DEGREE PROGRAMMES

42 43 Employers of MBA’17D and MBA’18J graduates Employment E mployment Statistics 131 8 4 S 78 7 4 tatistics

ANNUAL REPORT 2017/2018 65 6 4

36 5 4

31 5 4

23 5 4

The Career Development Centre is a global team of professionals based on our three INSEAD campuses 23 5 4 and made up of personal career coaches, employer engagement specialists and operations support staff. 16 5 4 Together, the team delivers thousands of career core courses, electives and workshops, while hosting 10 5 4 hundreds of companies on campus and co-organising treks with career clubs around the world. 8 4 4

Unrivalled global network Employment transformations Employment sectors

The CDC has strong relations with 600 49% changed sector 52% Consulting companies and our 59% changed function 17% Tech/Media/Telecomms 5 7, 25 4 51% changed country 15% Financial Services alumni in 26% changed all three dimensions 16% other corporate sectors

17 5 changed at least one dimension countries. 78% 44 45 E xecut i Executive 10,000+ 115 + ve E

participants in 2017/2018 participant nationalities ducat i o

Education n ANNUAL REPORT 2017/2018 2,500+ 50+ client organisations open programmes partnered with INSEAD Open & Customised Programmes

Strong growth and performance reflects our focus on Customised innovation, client-centric approach and strong collaboration Programmes between faculty and staff. 2017/2018 was a particularly good year for programmes tailored to 2017/2018 was the second annual runs of our Leading Digital Along with Leading Across Borders the needs of individual companies, outstanding year in a row for Transformation and Innovation and Cultures directed by Professor particularly in our home markets Executive Education, with revenues programme, which – along with our Erin Meyer, these programmes of Western Europe, East Asia and rising by 7% to €108 million – taking other programmes in the area of are helping executives lead in an the Middle East. Performance in total growth over the past two years Digital Transformation – continues increasingly diverse global market, France was our strongest ever. to 21%. In May 2018, the Financial to be in very high demand. and high participation numbers Unanticipated growth was seen Times ranked INSEAD #3 in the demonstrate the interest in in Indonesia and India, and the An example of an INSEAD world for Open and Customised these topics. number of clients and participants innovation for 2017/2018 is a new Programmes combined, our highest on the Middle East Campus programme designed and delivered Demand for our suite of Corporate position ever. This performance is exceeded expectations. Further by Professor Subramanian Rangan, Governance Programmes is still a direct result of an approach that afield, we saw continued growth in Integrating Performance and soaring. We are leaders in Director meets client needs, collaboration by the US, where demand is poised to Progress. It was created for senior Education and have not only faculty and staff, and innovation in rise even further in the coming year. our portfolio and delivery methods. leaders who want to understand added a new cohort of the flagship how to combine business results International Directors Programme, INSEAD strength and durability with positive societal change. but have also launched a specialist in the Customised Programmes Open Programmes This programme is unique and offering, the Advanced Strategy for marketplace is built on relationships partners participants with leading Directors programme. Furthermore, with clients who have partnered During the year, we piloted our new philosophers who help them reflect in response to requests from past with us on multi-run programmes at Certificate in Coaching, directed on the challenges they face and participants of the International multiple management levels, often by Professor Derek Deasy, to find solutions for a better future. Directors Programme, an Advanced over many years. We would like to great acclaim from participants. Certificate in Corporate Governance take this opportunity to thank our Thanks to the unique content and Another new programme focused was launched to enable board long-standing partners. Our fruitful programme design, each class is on contributing to business impact members to continue their collaborations go far beyond co- now running at full capacity and we and societal progress is the Women directorial development journey designing and delivering programmes are exploring expansion to three Leaders Programme, directed by with INSEAD. to complete business transformation. cohorts a year. We increased the Professor Jennifer Petriglieri. EXECUTIVE EDUCATION

46 47 O Online nline P

Programmes rogrammes ANNUAL REPORT 2017/2018

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

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

Reflecting the stellar performance of our digitally delivered executive education over the past few years, the online team has now been fully integrated into the department. This exciting development enables us to react to market needs more rapidly and improves our online capability. It also drives face-to- face and online programmes in a single strategic direction. 48 49

2018 Alumni Award Recipients A dva n ce

Advancement INSEAD Alumni Force for INSEAD Alumni Emerging m e

Good Award Entrepreneur Award n Marcelle Speller MBA’82 Harjeev Kandhari MBA’02J t Founder and CEO of Localgiving Founder and CEO of Zenises and Zenises Foundation

ANNUAL REPORT 2017/2018 Denis von der Weid MBA’61 Founder and Director of Antenna INSEAD Alumni Volunteer Foundation Leader Award Leonidas Los MBA’75 Sameer Hajee MBA’04D Retired Shipping Agent and Broker Co-founder and CEO of with Tri-Marine Shipping Co. Nuru Energy Alumni Alexandra von Schroeter INSEAD Alumni Global MBA’87J, IDP-C’17Feb Engagement Entrepreneurship Award Partner, Head of Strategic Business and Kevin Ryan MBA’90D Portfolio Manager with Cumberland Founder, Chairman and CEO, Private Wealth Management AlleyCorp Tsunehiro Nakayama MBA’75 Retired Chairman with Merrill Lynch Japan Securities Co.

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

50 51 Giving in 2017/2018 Increasing trust and

commitment from G i v our community (annual Giving to INSEAD IN to ing €54.8M donations in € millions) SEAD raised in gifts and pledges, representing a €11.1M €14.2M €23.8M €33.6M €54.8M ANNUAL REPORT 2017/2018 63% The year that led up to the launch of The Campaign for INSEAD: A increase in giving results over Force for Good was an extraordinary time for the school’s combined the last year. More than fundraising and outreach efforts. The total amount raised in gifts and pledges was €54,843,402 – the most successful year of philanthropy in INSEAD history. The outpouring of support reflected the school’s 4,006 dynamic engagement with its alumni. donors contributed to this achievement, and The school, in collaboration with for Business and Society. The expanded the school’s capabilities the INSEAD Alumni Association, Hoffmann Institute ushers in a new in major domains, including wealth facilitated 128 events with faculty era for INSEAD research, teaching, inequality and gender balance. speakers for alumni throughout outreach and business impact. the world and launched a suite Business and society was not the 1, 3 8 8 of dedicated online programmes The creation of the Institute only area of research to receive donors gave to the designed to make studying at inspired many other gifts for significant donations. The Centre research in business and society for Decision Making and Risk Dean’s Innovation Fund. Aug’14 Aug’15 Aug’16 Aug’17 Aug’18 INSEAD a lifelong experience. from friends and alumni alike. Analysis, for example, received The Janssen Family Endowed a leadership gift to advance Major Donations Professorship, the Patrick and understanding of biases and Valentine Firmenich Fellowship devise tools to overcome them. The highlight of the year was the and Research Fund, the Goltz The Cornelius Grupp Fellowship milestone €40 million commitment Fellowship, the Mirjam Staub- in Digital Analytics for Consumer Where did donors from André Hoffmann MBA’90D and Bisang Fund, the Jacques Garaïalde Behaviour was established to direct their gifts? Dean's Innovation Fund his wife Rosalie – the largest ever Research Fund, the Dirk Luyten recognise and support innovative & Unrestricted Endowment individual alumni gift – to establish Research Fund and the Cyril research in marketing. €2,125,409 the Hoffmann Global Institute de Bournet Fund significantly

Facilities €6,140,803

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

Faculty and research €41,211,627 ADVANCEMENT

52 53 O Strengthening and change individual lives by donors in 78 countries – doubling utreac enabling outstanding applicants the number of gifts and amount Outreach Diversity and and candidates of limited means – raised at the inaugural event just Excellence often from developing economies or a year earlier. Unrestricted gifts, h unconventional career backgrounds. promoted by Giving Day, gives the Thanks to new and current school flexibility to channel funds The renovation of the original donors, 17 new MBA scholarship where they are most needed. INSEAD Europe Campus in awards were established and ANNUAL REPORT 2017/2018 Fontainebleau, one of the The annual Robin Hood others were renewed. The average Campaign’s major priorities, campaign, in which current MBA amount received by students received a significant financial students give scholarship support increased more than 13% to boost through a leadership to the classes that follow, broke a €17,000, up from €14,900 in 2017. pledge. In addition, we received a record in 2017/2018 with the The new Ian Potter MBA’93D PhD legacy commitment towards the highest ever amount raised from Scholarship will stimulate our renovation of the Euro-Asia Centre the class of MBA’18D. INSEAD annual alumni forums engaged participants vibrant academic community by building on the Europe Campus, supporting current and future in interactive debates, creative workshops and mini- which is where INSEAD’s close New fundraising records were doctoral students in their research. electives on themes from digital frontiers to inclusion relationships with Asian business also set this year at reunions. The In the year of iW50, it was great truly flourished. MBA’13J class raised the highest in a changing world. to see that women’s scholarships ever total for a five-year reunion. received significant support both 12 8 The MBA’68 class achieved the Led by groups of dynamic alumni to engage more young alumni, for in terms of funds raised and new highest total and participation alumni events Regular and volunteers and faculty, the three example, we launched one- and scholarships established. rate for a 50-year reunion; and alumni forum events once again two-year reunions in Singapore, Reunion Giving the MBA’98Ds made the fastest In May 2018, the second annual drew large audiences – this year which were both well attended. ever collection of €250,000 – in Scholarship Dinner paired donors The second annual Giving Day in to Hong Kong, San Francisco just eight weeks – to create an and current students in Paris March 2018, a joint collaboration and a coastal resort town close The largest event of all was Global endowed class scholarship. The for an inspiring evening. The between INSEAD, the INSEAD to Amsterdam. The INSEAD INSEAD Day. On 12 September 2,800+ number of Salamanders awarded personal stories shared at the Alumni Association and the Visionaries Conference also 2017, the INSEAD community alumni connected in recognition of cumulative giving event highlighted how scholarships INSEAD Alumni Fund, raised a brought major donors together in gathered in 59 cities across 43 and loyalty rose by more than 100. raise standards, nurture diversity remarkable €681,453 from 1,507 London to discuss key topics at countries to launch the flagship the intersection of business and iW50 yearlong event in celebration society in a world café discussion of INSEAD’s female pioneers. The format of rotating groups. iW50 activities concluded with the Summit in June 2018, where more 7,6 0 0 + Reunions continue to grow in terms than 500 men and women, many five-year engagement of both numbers and innovation, of them alumni, reaffirmed their with record attendances and new commitment to gender balance. formats. As part of the initiative INFRASTRUCTURE

54 55 E Europe uro p e C

Infrastructure Campus a mp us ANNUAL REPORT 2017/2018

Digital Infrastructure

Our school’s progress towards digital transformation accelerated this year. In Fontainebleau with our roots in the heart of the forest, and in Paris, shining bright in the City of Lights. The trajectory is now formally In 2017/2018, for example, we began practical on-boarding support, which mapped out in our Digital rolling out the Canvas learning eases their arrival on campus. We are pleased to announce Thanks to similar renovations at This is the beginning of an all- Transformation 2023 application management system, first in Similarly, as of 2017/2018, the that the much-heralded campus the Hôtel Clos Saint Merry just encompassing transformation migration roadmap. This charts Executive Degree programmes and renovation in Fontainebleau is now across the boulevard, INSEAD of our Europe Campus. We look the course to push the frontiers of now for MBA participants. The new admissions process for Open Enrolment Programmes is entirely underway. This six-year project is is now able to offer Executive forward to sharing more details education by applying pragmatic, platform gives students easy access a major investment in our historic Education participants as the project develops over the innovative and agile information to course materials and preparation paper-free, which enables INSEAD to provide a high-speed and high-quality home. To oversee the project, 211 rooms of the highest next six years. technology to core activities of for classes, while enabling professors we have tapped award-winning business-hotel standards. research and teaching. We aim to introduce new kinds of interactivity service to programme participants Fontainebleau is not our only through more sustainable operations. Swiss-based architects Herzog & to drive operational efficiency and video content. Faculty can de Meuron, best known for their Meanwhile, the beloved Camembert location in Europe. The INSEAD- gains, improve learner experience even entirely ‘flip the classroom’ to From planning and implementing dramatic transformation of a meeting point at the heart of Sorbonne University Behavioural and contribute to the ongoing maximise time spent with students a new customer relationship London power station into the the Europe Campus has been Lab, opened in 2002, has seen so development of a seamless one- on applying concepts, rather than management system for Executive Tate Modern museum. rejuvenated, along with several much demand that new research school culture. In short, we want teaching fundamentals. Education to rollout of a new amphitheatres, or amphis. So facilities were added in 2017/2018 to go beyond future-proofing our The impact of campus has much of the Plessis-Mornay to increase capacity. In Paris in The new MBA Period 0 is another resource scheduling tool, digital technology and lead innovation by transformation across the school transformation on INSEAD Learning Space – which makes January, we opened the INSEAD democratising data. case in point. Much more than an participant satisfaction and a direct and significant impact LaunchPad at STATION F, the online course and careers platform, it shows the increasingly pivotal role played by technology at INSEAD. reputation will be significant on the Executive Education world’s largest start-up campus. provides students with a great deal of – and can already be glimpsed experience in Fontainebleau. Alumni are now able to apply for in the hotel renovations and Several sustainability and technical six-month residencies to get new expansions completed this year. innovations are also now complete, ventures off the ground with the In March 2018, the on-campus including food recycling initiatives, direct support of the INSEAD Hôtel Ermitage reopened after 20 climate control improvements and faculty and STATION F ecosystem. months of construction work with introduction of a computerised 80 additional rooms and a new maintenance management system. rooftop restaurant, the Treehouse. INFRASTRUCTURE INFRASTRUCTURE

56 57 M i Asia Middle East dd l e E

Campus Campus C ast a mp us ANNUAL REPORT 2017/2018

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

Located at the heart of Singapore’s The warm and welcome feel was vibrant One North district, the extended throughout the campus school attracts top talent and has and the INSEAD Residence. The bar become a place where leaders and restaurant were given a fresh convene to discuss the future new look, making it a great place to of business. This year, the Asia meet with friends or colleagues, to Campus saw upgrades that study or to relax. Families will enjoy significantly enhanced the learning the new children’s play area that The first year of the new Middle East Campus journey and participant experience. was added to the family lounge. The Leadership Development surpassed all expectations. One primary focus was to improve Centre continues to be popular with the educational experience for executive education participants Our Middle East Campus lies in period in January and February region relating to innovation, digital students and professors alike. who enjoy the spacious amphis the perfect location at the heart for the July-graduating class. The transformation, entrepreneurship Three amphis, two flatrooms and top-floor dining with fantastic of Abu Dhabi Global Market, the results are positive, with 83 INSEAD and venture capital. and several break-out areas views. A total of 80 hotel rooms city’s financial centre, it also looks MBA graduates starting careers in were improved technologically were given a makeover during the stunning and regularly achieves the region. That figure should rise Following ten years of sustainable with updated IT and audio-visual year, which provides a top-tier evaluations of 4.8 or 4.9 out of 5 as more and more students come growth and consolidation in Abu equipment. In addition to this business-class hotel experience to from participants. through our doors. Dhabi, INSEAD is the undisputed upgrade in functionality, aesthetic visitors and a similar experience top business school in the Middle improvements give the teaching across campuses. The number of Executive Education Research capacity at the campus East. Our focus now shifts to even spaces a new form and feel. To and Global Executive MBA continues to develop. Notably, the greater ambition for the next ten complement the natural light that The vibrant and thriving Asia participants has grown steadily over INSEAD Randomized Controlled years. As we look ahead, we are permeates the space, our branding Campus has matured into a place several years, and we are now set Trials Lab is based in the Middle fortunate to have the support of the team brought the natural world for students from around the world to double the annual total of MBA East Campus, and supports Abu Dhabi government in the form inside with a living moss wall that to learn to lead in a global economy students attending their Period 3 on research projects across all school of capital rather than operational features the new INSEAD logo that is more and more focused the campus. In October 2018, the campuses with logistical support expenditure. This enables us to and connects the interior with the on Asia. Our vision, events and opportunity to complete a module for field work and rigorous scientific maintain full autonomy and apply natural green walls of the outside upgrades strengthen our position as in the Middle East was extended methodology. The Innovation Works the rigorous quality standards that courtyard. the business school for the world. to the December-graduating class, project was launched in 2018 to are synonymous with the INSEAD complementing the residential develop INSEAD activities in the name throughout the world. 58 59 C

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

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

Investment Bank Group Director, Wiphold Woolworths Ltd i Constituencies tue

Chairman Yutaka Nakamae Shoichiro Toyoda John Lydon n c i Daniel Labrecque Legal Representative and Honorary Chairman, Member Director, McKinsey & Co Inc Founder and CEO, DNA Capital Vice-President, Transatlantic of the Board, Toyota Motor es Reinsurance Co Corporation David Mair Members Managing Director, Republic

ANNUAL REPORT 2017/2018 Maurice Amiel Jacques Nasser Michael Ullmann Consulting Managing Director, One Equity Jeremy J.G. Brown Partners LLC; Chairman, Pan- Tony van Kralingen Paul O’Sullivan Director, Matheson & Co Ltd African Capital Holding Pty Ltd Managing Director, South Chief Executive, SingTel Optus African Breweries Ltd Pty Ltd Michael A. Butt Alfredo Novoa-Peña Chairman, Axis Capital Chairman, EcoEnergias del Daniel L. Vasella John Pollaers Holdings Ltd Peru SAC Chairman and CEO, Novartis CEO, Pacific Brands Holdings Pty Ltd Advisory Council Michael Pragnell Patrick Firmenich Maria Guadalupe International AG 40 Founder Chief Executive Vice-Chairman of the Board of Professor of Economics and John Cutts Lubna S. Olayan Heather Ridout Officer, Syngenta AG Directors, Firmenich SA Political Science; Academic Chief Executive, Pall Mall CEO, Olayan Financing Co LLC Philippe Vindry Chairman Independent, Non-Executive Director of the INSEAD Capital Ltd Sir Andrew Large Jonathan Oppenheimer Director, Australian Securities Claude Rameau Christine Hirzel Randomized Control Trials Christian Vulliez Former Deputy Governor, Jean-Pierre Garnier Managing Director, De Beers Exchange Ltd Professor Emeritus, INSEAD Global Head of Boards and (RCT) Laboratory, INSEAD Consultant, CHV Conseils Bank of England Former Dean, INSEAD External Relations, INSEAD CEO, Pierre Fabre SA Consolidated Mines Ltd Patrick Snowball Benoît Habert Guy Wais Members Bernard-Philippe Giroud Alix de Poix CEO, Suncorp Group Ltd Ernest-Antoine Seillière Ilian Mihov Deputy Managing Director, President, Excel Contact SA Rolf Abdon Advisor, LVMH Founder and President, Honorary Chairman, Wendel Dean; Professor of Economics; Dassault Group Juliana Warner Chief Executive, Abdon Mills The Rausing Chaired Professor Apexes SA Philip Yeo Ian Goldin Partner, Freehills Cees J.A. van Lede of Economic and Business Lilia Jolibois Chairman, Agency for Science Baron Jean-Pierre Berghmans President, J. Martin 21st Michael Pragnell Board Director, Philipps and Transformation, INSEAD Board Director, Futuren (EDF Technology & Research Chairman of the Executive Century School Founder & CEO, Syngenta AG Air France- KLM Renewables) France Board, Lhoist Group Mirjam Staub-Bisang Jürgen Zech Claire Gouzouli Willem J. Prinselaar Austria Permanent Invitees Chair, INSEAD Endowment Vincent Lapras Chairman, Denkwerk Michael A. Butt Partner, First Consulting Ltd Managing Partner, Ilian Mihov Management Committee; Owner & Founder, COVILA Chairman, Axis Capital Privast Capital Partners SA President Dean; Professor of Economics; Managing Director, BlackRock (Real estate investment) Holdings Ltd. Koichi Hashida Cornelius Grupp The Rausing Chaired Professor Switzerland National Managing Director, Kyushu Michael Prym CEO, CAG Holding GmbH of Economic and Business Jean-Marc Le Roux Councils John Clarkeson Electric Power Co Inc Consultant, Prym Consulting Transformation, INSEAD Partner, Bain & Company Chairman Emeritus, Members Fondation INSEAD Franz B. Humer M. Cyril Ramaphosa Matthias Calice The Boston Consulting Group Olivier Giscard d’Estaing Laurence Capron Chairman, Diageo Plc; Former President, Republic of CEO, Gampen Sarl Honorary Chairman, Dean of Faculty; Professor of Australasia Paul Desmarais Jr. Honorary President Chairman, Roche Holding Ltd South Africa INSEAD Fondation Strategy; The Paul Desmarais Chairman and Co-CEO, Power Olivier Giscard d’Estaing Sebastian Heinzel Chaired Professor of Partnership President Corporation of Canada Permanent Invitee, INSEAD Sven Kado Claude Rameau Chief Strategy Officer, Wilfried Andreas Jacobs and Active Ownership, INSEAD Non-Executive Chairman, Professor Emeritus; Former Susan Lloyd-Hurwitz Heinzel AG Chairman, INSEAD; Member of Advisory Council Claude Janssen Marsh and Mercer Dean, INSEAD CEO and Managing Director, the Board, Jacobs Holding AG Government Representatives Honorary Chairman, INSEAD President Mirvac Ltd; Chair, INSEAD Georg Kapsch French Home Office François Hériard Dubreuil Stephen Koseff Michael S. Roskothen Campus Renewal Committee CEO, Kapsch-Group Baron Daniel Janssen French Ministry of Finance Beteiligungs GmbH Fondation Mondiale Chairman, OrparChairman, CEO, Investec Ltd Managing Partner, Atlantic Honorary Chairman of the Rémy Cointreau and Industry Century Innovation Network Members Board of Directors, Solvay SA INSEAD Barbara Kux Erich Fraunschiel Rudolf Knuenz French Ministry of Foreign Vice-President Board Member, Firmenich, Florian Schilling Director, WorleyParsons Ltd CEO, Unternehmens Invest AG and European Affairs Sven Kado President Lionel Sauvage Henkel, Total and Umicore Partner, Board Consultants (Foreign Office) Peter Mitterbauer Non-Executive Chairman, Rémy Best President, AFHI-ART (Amis du International Todd Hannigan CEO and Chairman, MIBA AG Marsh and Mercer Chairman, INSEAD Campaign Festival de l’Histoire de l’Art) Concetta Lanciaux Director, T2 Resources Board; Managing Partner, Advisor to the Chairman, Ronaldo Schmitz International Council Bernadette Inglis Florian Niedersuess Barbara Kux Pictet Group Members LVMH; Executive Vice- Former Member of the CEO, EWW AG Board Member, Firmenich, Christine Blondel President Synergies, LVMH Managing Board, Deutsche Group General Manager, Westpac Honorary Chairmen Henkel, Total and Umicore Vice-President Adjunct Professor of Family Bank AG Banking Corporation Ltd Claude Janssen Wolfram Senger-Weiss Claude Janssen Business and Family Igor Landau Honorary Chairman, INSEAD Mark Johnson Managing Director, Gebrueder Charles Mackay Honorary Chairman, INSEAD Governance, INSEAD Jorge Stecher Navarra Chairman, Opera Holland Park Saki J. Macozoma Member of the Board, Senior Advisor, Gresham Weiss GmbH Didier Kling Trust Members Hubert Gatignon Chairman, Stanlib bancopopular-e.com Partners President, Paris Île-de-France H.E. Dr Ali Rashid Al Nuaimi Emeritus Professor of Regional Chamber of Commerce Graham Kraehe Edward Mork Director General, Abu-Dhabi Marketing; The Claude Rick P. Menell Hideya Taida CBE and Industry Chairman, BlueScope Steel Ltd Former Executive VP, Department of Education and Janssen Chaired Professor Chairman, The Carrick Executive Vice-President, The Royal Ahold Knowledge (ADEK) of Business Administration, Foundation Japan Foundation Emeritus, INSEAD 60 61 C Belgium Nestor Casado Kamal Hassan Markku Komsi Benoît Habert Ralph Heuwing Dimitris Papalexopoulos Italy o n

CEO, Capital Invest Founder and CEO, IncMind Design for Excellence Process Deputy Managing Director, CFO and Director, Duerr Managing Director, Titan st

Manager, Nokia Solutions & Dassault Group Aktiengesellschaft Cement Company SA i President President tue Carlos Cavalcante Peter Kruyt Networks Jean Vandemoortele Roger Abravanel

Superintendente, IEL Nacional Vice-President, Power François Hériard Dubreuil Carl Pfeffer Minas Tanes n c i Chairman, Vandemoortele NV Corporation of Canada Mikko Kosonen President, Fondation INSEAD; CEO, Aluminium-Werke Chairman of the Board, Director Emeritus, McKinsey & Co Ana Maria Diniz President, Sitra Chairman, Orpar; Chairman, Wutöschingen AG & Co KG Athenian Brewery SA es Members Members Board Member, Companhia Daniel Labrecque Rémy Cointreau Baron Jean-Pierre Berghmans Brasileira de Distribuição Chairman, INSEAD Mikael Lilius Michael Phillips Takis Theocarakis Nerio Alessandri Chairman of the Executive President and Founder,

ANNUAL REPORT 2017/2018 International Council; Founder Chairman, Huhtamaki Oyj Claude Janssen MD, Castik Capital Sarl. Deputy Managing Director, NIC.J. Board, Lhoist Group David Feffer and CEO, DNA Capital Honorary Chairman, INSEAD Theocarakis SANissan Greece Technogym Group SpA Chairman and CEO, Suzano Juha Ilari Rantanen Sebastian Reschke Nicolas Boël Group Brett Miller Advisor, IK Investment Partners Eric Labaye Owner, Reschke Advisory Michele Appendino Chairman, Solvay SA President, Jones Lang LaSalle President, Ecole Polytechnique Services Chairman and CEO, A.M.E. Luiz Fernando Furlan Kari Stadigh India Ventures Bert De Graeve Co-Chairman of the Board, Alain Miquelon Group CEO and President, Frédéric Lemoine Wolfgang Schaefer Chairman, NV Bekaert SA BRF Brasil Foods SA President and CEO, Bourse de Sampo Oyj Former Chairman of the Member of the Executive President Barbara Giulia Belloni Montréal Inc Executive Board, Wendel Group Board & CFO, Continental AG Narayana Murthy Managing Director, Russell Bernard Delvaux José Carlos Grubisich Filho Mitti Storckovius Chairman and Chief Mentor, Reynolds Associates Inc CEO, SONACA SA Loudon Owen Head of Global Business Jean-Marc Liduena Peter Schuh Infosys Technologies Ltd Alexandre Hohagen Managing Partner, Operations of Mobile Phone, Senior Partner, Monitor Deloitte Partner, Stratfields Diana Bracco Roland D’Ieteren Vice-President of Sales, McLean Watson Capital Inc Microsoft 42 Members Chairman and CEO, Bracco Chairman, SA D’Ieteren NV Facebook Latin America Arthur Sadoun Anu Aga Imaging SpA Charles Sirois Maarit Toivanen-Koivisto Chairman & CEO, Publicis Groupe Director, Thermax Ltd Baron Daniel Janssen Gustavo Marin Chairman and President, President of the Board, Onvest Oy Greece Massimo Capuano Honorary Chairman of the President, Banco Citibank SA Telesystem Ltd Bernardo Sanchez Incera Shyam Bhartia Managing Director, Board of Directors, Solvay SA Board Member President Chairman and Managing Centrobanca SpA Maurizio Mauro Guthrie Stewart Ulysses A. Kyriacopoulos Director, Jubilant Organosys Ltd Christophe Hamal Managing Partner, TTLM Senior VP and Global Head France Philippe Schaus Chairman, S&B Industrial Luigi Consiglio CEO, Buy Way Personal Finance of Private Investments, PSP CEO Moet Hennessy Minerals Dinesh Dayal President, GEA SpA Bernard Mencier President COO, L’Oreal India Pvt Ltd Thomas Leysen Investments Philippe Houzé Pascale Witz Members Luca D’Agnese Chairman, KBC Group NV Ulrich Otto Alexandra von Schroeter Chairman of the Executive Board, Non-Executive Director and Yiannis Akkas Adi Godrej Galeries Lafayette Group Board Member, Perkin Elmer Managing Director, Hellenic Chairman, Godrej Group Carlo De Benedetti Dirk Luyten CEO, Otto Holding International Head of Strategic New Instruments LLC Fabrics SA President, CIR Compagnie Managing Director, Levante Business and Client Portfolio Paolo Picchi Members Ashwini Kakkar Industriali Riunite SpA Capital Management Management, Cumberland President Latin America, Private Wealth Management Inc Antoine Arnault Takis Arapoglou Executive Vice-Chairman, President, Berluti Mercury Travels Ltd John Elkann Martine Reynaers McCain Foods Germany Spyros Capralos Chairman, Fiat SpA Managing Director, Reynaers Marcio Andrade Schettini Thomas Bittner President, Hellenic Olympic Kiran Mazumdar-Shaw Aluminium NV President Guido Frisiani Executive Vice-President, Denmark President, INSEAD Alumni Committee Chairman and Managing Association France Ines Kolmsee Director, Biocon India Ltd Director, McKinsey & Co Michèle Sioen Itau-Unibanco SA President COO and CTO, EWE AG George David CEO, Sioen Industries NV Gabriele Galateri di Genola Claudio Szajman Niels B. Christiansen François Bouriez Chairman, Leventis Group Aman Mehta Co-CEO, Louis Delhaize Company Members Director, Tata Consultancy Chairman, Assicurazioni Jean-Christophe Tellier Chairman, Grupo VR Vale President and CEO, Danfoss A/S Dominik Asam Dakis Joannou Services Generali SpA CEO, UCB SA Refeição Ltda Members Thierry Breton CFO and Member of the Chairman, Joannou & Chairman and CEO, Atos Managing Board, Infineon Hital Meswani Luca Garavoglia Alexandre van Damme Waldemar Verdi Morten Eldrup Jorgensen Paraskevaides (Overseas) Ltd Technologies AG Executive Director, Reliance Chairman, Davide Campari- Administrateur, InBev NV Chairman and CEO, Partner, Nielsen Norager Law Grégoire Chertok Milano SpA Grupo Rodobens Firm LPP Leonidas Los Industries Ltd Managing Partner, Markus Conrad Shipbroker, Trimarine Shipping Vittorio Giaroli Christoffer Galbo Rothschild & Cie CEO, Tchibo GmbH Company Sunil Bharti Mittal Managing Director, Value Brazil & Latin America Partner, Copenhagen Counsel Chairman and Managing Canada Geoffroy de La Bourdonnaye Lutz Goebel Anastasios Manos Director, Bharti Airtel Ltd Partners Management Consulting President Peer Kolendorf CEO, Chloe Managing Director & Shareholder, Logistics, Shipping, Exports & Luigi Gubitosi Sergio Franco Averbach President President and CEO, Comitel Henkelhausen GmbH & Co KG Terminals Manager, Lafarge SA Deepak Parekh Jean-Frédéric de Leusse General Manager, RAI President, South America and Jean-François Sauvé Holding A/S Chairman, HDFC Ltd President, UBS France Franz Haniel Radiotelevisione Italiana SpA Senior Client Partner, Korn/ Managing Partner, Cheverny Nicholas Nanopoulos Chairman of the Supervisory Raja Parthasarathy Ferry International Capital Inc CEO, Eurobank Ergasias SA Olivier Giscard d’Estaing Board, Franz Haniel & Cie Managing Director, Morgan Paolo Guidelli Guidi Honorary President, Chairman, Quadra Members Members Finland GmbH Calypso Nomikos Stanley India Co Ltd Fondation INSEAD Management Consulting Gustavo Abelenda Paul Desmarais Jr President, AM Nomikos Chairman and Co-CEO, Members Immanuel Hermreck Transworld Maritime Agencies Malvinder Mohan Singh President, Latin America, Roger Godino Eero Heliövaara Executive Vice-President Chairman, Fortis Healthcare Francesco Loredan Mondelez International Inc Power Corporation of Canada SA President, Holding International Human Resources, (India) Ltd Managing Partner, BC Partners de Développement Andrew Hanff Arto Hiltunen Bertelsmann SE and Co KGaA Doucas-Paul Paleologos Emerson de Almeida Paolo Merloni Partner, Roland Berger Montréal CIO and Vice-President, IT Dean, Fundação Dom Cabral Jean-Jacques Guilbaud CEO, Ariston Thermo Group SpA Management, Kesko Oy Secretary General, Total SA 62 63 C

Carlo Montenovesi Anton Rutten Christopher Cheng Jon Erling Tenvik Carlos Jorge Ramalho dos Doris Susan Sohmen-Pao Fernando Ruiz Richard Bissonnet o n

Chairman, Cross Border SRL COO Wholesale, Rural & Retail, Chairman, Wing Tai Santos Ferreira Executive Vice-President of President, Deloitte Senior Advisor, st

Rabobank Corporation Ltd Oyvind Torpp Chairman of the Executive Board Administration, YALE-NUS Quarton International i tue Nicola Pianon Senior Partner & Managing of Directors, Millennium BCP College José Sainz Armada

Senior Partner and Managing Feike Sijbesma Kim Jung-Tai Director, The Boston CFO, Iberdrola SA Georges Burki n c i Director, The Boston CEO and Chairman of the Chairman and CEO, Hana Consulting Group Inc José Maria Ricciardi Pramukti Surjaudaja Private Investor Consulting Group Inc Managing Board, Royal DSM NV Financial Group Chairman of the Executive Chairman, PT Bank OCBCNISP Miguel Sanz es Committee, Banco Espírito Santo Tbk Director, SUSI Partners Veit de Maddalena Gian Luca Rana Jacques van den Broek Siu-Chuen Lau Executive Vice Chairman, Portugal Antonio Viana Baptista

ANNUAL REPORT 2017/2018 Amministratore Delegato, CEO and Chairman of the Deputy Chairman and CEO, Alexandre Soares Dos Santos Sukanto Tanoto Rothschild Bank AG Pastificio Rana SPA Executive Board, Randstad Hysan Development Co Ltd Chairman of the Board, Founder and Chairman, RGE CEO, Credit Suisse (Espana) SA Holding NV Members Jeronimo Martins AD. Pte Ltd Patrick Firmenich Corrado Sciolla Michael Leung Américo Amorim Vice-Chairman of the Board, Joost van Heijningen Executive Chairman, Onwel Chairman and CEO, Amorim Fernando Ulrich Oliver Tonby Sweden Firmenich SA Francesco Starace Group of Companies Holding II President of the Executive Managing Partner, McKinsey President, Enel Green Power SpA Jan Derck van Karnebeek Commission, Banco BPI SA South-East Asia André Hoffmann President President CEE Region & Chief Vincent Lo Álvaro Barreto Non-Executive Vice-Chairman Finn Rausing Sales Officer, Heineken Chairman, Shui On Group Ltd Administrator, Grupo Portucel Francis Sock Ping Yeoh of the Board, Roche Holding Director, Tetra Laval Group Soporcel Managing Director, YTL Ltd; Non-Executive Vice- Japan Cees J. A. van Lede Firdaus A. Siddik South-East Asia Corporation Bhd President, Givaudan SA Members Board Director, Philips and Air Owner, PT. Jafra Mexindo João Carvalho Talone Rolf Abdon Members France-KLM General Partner, Magnum Capital President Fernando Zobel de Ayala Andreas Jacobs Susumu Fujimoto John R. Slosar Hsien Yang Lee President and COO, Ayala Chief Executive, Abdon Mills Chairman, INSEAD; Member of Vice-President, MS&AD Annemarie Johanna van Neck Chairman, Swire Pacific Ltd Vasco de Mello Special Advisor, Corporation the Board, Jacobs Holding AG Mikael Ahlström Insurance Group Holdings Inc Country Manager Netherlands, Chairman of the Board, Jose General Atlantic LLC Kan Trakulhoon Founding Partner, Procuritas AB Coloplast de Mello SGPS SA Carolina Müller-Möhl Yasuhisa Fujita President and CEO, Siam Members President, Müller-Möhl Group Jonas Berglund President, Toyota Finance Dirk-Jan van Ommeren Cement Public Company Ltd Manuel Ferreira de Oliveira Yoon Chiang Boon Spain IT Procurement Manager, Corporation Executive Director, Oranje- President of the Executive Chairman and Managing Eric Tveter TeliaSonera AB Nassau Groep BV Commission, GALP Energia SA Director, Jardine Matheson Members CEO and Co-Founder, Ichiro Miyake Eduardo Berastegui UPC Cablecom Norway (Singapore) Ltd Stefano Dell’Orto President and CEO, Allianz Life Diederik van Rappard Luis Gravito CEO, Comunicare Online Senior Manager, Vattenfall AB Japan Owner, Capitalize BV Senior Partner, The Boston Cintia Travella Marketing Alexander Wyss President Partner, Baker McKenzie Zurich Consulting Group Inc President, INSEAD Alumni Claes Dinkelspiel Hiroshi Nonomiya D.P.M. Verbeek Birger Magnus José Bogas Association, Singapore Chairman, E. Öhman J:or Partner, Crosspoint Advisors Inc Vice-Chairman Emeritus, Founder and Owner, Birger Miguel Horta e Costa Managing Director, Endesa SA Fondkommission AB Aon Group Netherlands Magnus R&I Vice-Chairman of the Board, Jamaludin Ibrahim Ryoichi August Ueda Jaime Carvajal Urquijo UK Banco Espírito Santo Managing Director, President Boerje Ekholm Member of the Board, Senior Merel van Vroonhoven Members President, Advent International and CEO, Axiata Group Berhad President and CEO, Investor AB Executive VP & CFO, Mitsubishi Chairman of the Executive Christian Berg Antonio Horta Osorio President Senior Partner, Hitec Vision AS Leopoldo del Pino John B. Singer Corporation Board, Autoriteit Financiele Group Chief Executive, Lloyds Khun Chatchaval Jiaravanon Joakim Olsson Markten Banking Group Plc Member of the Board, True President, Estacionamientos Managing Director, Egil Hogna CEO, SAG Group GmbH Corporation Public Company Ltd Iberpark Advent International Eugenie van Wiechen President and CEO, Sapa Group Belmiro Mendes de Azevedo Netherlands Managing Director, FD Chairman of the Board, Sonae Christina Law Carlos Dexeus Sanpere Members Siri Hatlen Mediagroep SGPS SA Group President, Asian & Latin Partner, Altex Partners Switzerland Jack Boyer CEO, Oslo University Hospital Presidents America, General Mills Chairman of the Board, Ilika Plc Wiet HM Pot Joop Wijn Luis Nazaré Jorge Gallardo Jens P. Heyerdahl President CEO, IMC Int Marketmakers Managing Board, ABN AMRO Chairman & CEO, CTT Correios Colin Low President, Almirall SA Paulo Cartucho Pereira d.y. Carl Otto Loevenskiold Mirjam Staub-Bisang Combin B Holding NV de Portugal SA President and CEO, Singapore Partner, Perella Weinberg President, Loevenskiold- Christian Gut Revoredo Chair, INSEAD Endowment Investment Development Management Committee; Neil McArthur Jan Zijderveld Vaekeroe A/S Joaquim Paiva Chaves CEO and Managing Director, Vivienne Cox Corporation (SIDC) Managing Director, BlackRock Former CEO, Arcadis NV President, Unilever Europe, CEO, MALO Clinic Group, Prosegur Compañía de Chairman and Non-Executive Helge Lund Switzerland Unilever NV SGPS SA Azman bin Hj. Mokhtar Seguridad SA Director, Vallourec Members Group Chief Executive, BG Managing Director, Members Dirk Benschop Group Plc Fernando Pinto Pedro Larrea Paguaga Philip R. Hampton Khazanah Nasional Berhad John Atkin President, Shell Netherlands BV CEO, Transportes Aereos CEO, Ferroatlantica SL Non-Executive Director, GSK Dag Opedal Member of the Board, North-East Asia Portugueses SA Shanti Poesposoetjipto Juan Ramon Llorente Perez Syngenta Foundation Andrew Large Koenraad Jacob De Heus Senior Business Advisor, PT CEO, Koninklijke De Heus President Silvija Seres Francisco Pinto Balsemão General Manager, Educamigos Chairman, INSEAD Advisory Praweda Ciptakarsa Informatika Anat Bar-Gera Ben Keswick Managing Director, TechnoRocks President, Impresa SGPS Council; Former Deputy Marta Malo Chair, Cyverse AG Charles Kotting Executive Chairman, Jardine H.R.H. Abdul Qawi Governor, Bank of England Investment Director, Gilde Equity Kristin Skogen Lund Pedro Queiroz Pereira CEO, Grupo Epelsa SL Matheson Holdings Ltd Director, Supremo Management Rémy Best Management (GEM) Benelux Director General, NHO - Chairman and CEO, Semapa - Charles Mackay Services Sdn Bhd José Oliú Creus Chairman, Fondation Mondiale Members Confederation of Norwegian Sociedade de Investimento e Chairman, Opera Holland Park Chairman and CEO, INSEAD; Chairman, Campaign Carla Mahieu Mao-Song Chang Enterprise Gestao SGPS Trust Banco de Sabadell SA Board INSEAD; Managing Global Head Human BU Director, Roche Products Ltd Resources, Aegon NV Partner, Pictet Group 64 65 Graduat Charles Manby Julio Pekarovic Advisory Director, Goldman CFO, Dataminr Sachs International Ltd Kevin Ryan Graduating Cl ing John Phizackerley Chairman and CEO, AlleyCorp Co-COO, Nomura Bank John A. Thain International Plc asses Chairman and CEO, CIT James Pike Classes G. Richard Thoman

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

Paul Skipworth David Weinstein Partner, L Capital Management Emeritus Professor of Marketing, INSEAD MBA Class of Raghdan Al Khoury Borislav Bedic Ryan Cannell Cristina David Mark Spelman December 2017 Driss Alaoui Mrani Alexander Behar Guilherme Freitas Flavio de Almeida Future of the Internet, Capparelli Mota Alexandre Alcântara Serge Bejjani World Economic Forum Serdar Çepniler Eliseo De Lucchi Vedat Alce Lara Salwa Bekhazi Tejinder Kaur Chahal Jennifer DeBerardinis A Yousif Al-Khder Mathieu Béland Philippe Marie François Maher Del-lero Moreau USA Christine Lea Allen Elias-Mahfoud Belkadi Icíar Ania Elosúa Chambert-Loir Tunç Demiralp Catarina Almeida Adnane Benitto Members Aram André Apovian Chan Brian Yik Ming Sousa Calha Steffen Dempfle Thomas C. Barry Emma Bernal Shruti Arora Ka Ieng Chan President and CEO, Zephyr Abdulrahman Manzanilla Peter John DeNavi Shamin Asaikar Al-Samarrai Miranda Chan Management, L.P. Kathrin Sophie Bhalla Ming Deng Adrien Audoin Amal Alsuhaibani Abhishek Shankar Frank Brown Anvay Bharat Devarajan Santhosh Chawdhry Monika Awasthi Abhinay Anand Managing Director and COO, Juan Manuel Blazquez Ankur Dhamija Karim Chehade General Atlantic LLC Cem Berk AydinMontaha Jadapa Anantanikorn Marcel Boezaart Sidhartha Dhar Abboud Chun Hui Chen Fabian Angstmann Roberto Buaron Lorenzo Bonino Pietro Di Filippo Chairman and CEO, Anthony Abdel Sater Chen Feng Fabien Luca Borsani Edoardo Di Luzio First Atlantic Capital Ltd Almunthir Abdullatif Rishitha Chennupati B Marie Boutillier David Albert Dianda Claude R. Charles Maciej Adamus Ibrahim Cherkaoui Rbati Olga Boykova Frederic Dib President, Azur Capital Ltd Sri Malini Adapureddi Raphaël Bacal Joy Weilin Chiang John Boylston Alexey Dinkevich John Clarkeson Nicole Adarme Henri Badaro Sujeong Cho Felipe Martins Brand Kathlene Djuang Chairman Emeritus, The Nathalie Adel Shweta Bagchi Spandana Chopra da Costa Boston Consulting Group Inc Alphonse Ghattas Katherine Cheri Domash Domantas Bagusis Vikas Chopra Lana Marcela Gardini Rona Admi Jiejia Dong Vivien Godfrey Oscar Baito Brandão Kar-Yan Choy CEO, MilkPEP Ghida Adra Sebastian Donnelly Andrew Lane Baker Vanessa Moura Bras Hung-Yen Chu Ryan Stephen Africa Lesley-Ann Downes Frederick M. Goltz Lama Balaghi Pamela Brent Denise Hazelyn Tan Chua Founder, Hattington Capital Manya Aggarwal Krishna Pratheek Elena Ballabriga Anna Katharina Brock Martin Chudoba Dronamraju Prerna Aggarwal John W. Jackson Aldo Ballarini Ellis Wolthera Broeks Hoyeun Chung Marco Arnold de la Chairman, The Liana Foundation Akmal Ahatov Karan Bangia Elena Butler Julie Colinet Cruz Duay Hammad Ahmar Tim Kingston Sagar Bansal William Byrne Andrian Coseru Giovanna Dughera Managing Director, Goldman Myriam Nathalie Amit Baranwal Jae Min Byun Aidan Jonathan Cross Vladimir Dugin Sachs & Co Ahmed Wassim Barbar Miguel Cunto Andre Rangan Kaushik Dutta Victor Menezes John Hyung-Joon Ahn Maximilian Barco Senior Advisor, New Silk Route Sean Saehee Ahn C Partners, LLC Ricardo Barguñó Ankur Ahuja D E Guerra Gabriel Camargo de Michael A. Neal Artemis Ailianou Barros Oliveira Former Vice-Chairman, GE Sébastien Barthelemy Sara Daher Javier Echeverria Pratik Akhairamka Alexander Cameron Commercial Finance Olympe Marie Caroline Panagiotis Dandolas Yiannis Eftychiou Mohamad Al Husseini Dominique Bédier Andre Canelas 66 67 Graduat Katharina Eidmann Ivan Gladstone Yuhei Ishiguro Rishabh Kumar Neha Malagi Shengning Ni Helena de Almeida Hamza Shahid Jackson Tan W Prado Steinbruch Susiana Ekasari Luiz Victor Goncalves Tetyana Ivanova Philip Kwong Benedikt Johann Tom Niblock Wild Ying Shang James Tandy Rodrigues Manigold Pallavi Punvani Carl El Hage Firas Noueihed Abhinav Sharma Rui Si Grace Tang Ian Peter Wagner Cl ing Hanyuan Gong Ning Mao Jon Elizburu Garmendia J L Adhika Nurul Samarth Sharma Tiffany Julie Tang Liang Jun Wan Ajay Gopalakrishnan Horisane Bohane Gloria Eppstein Q Shantanu Sharma Yanjie Tang I-Hsin Wang Marivate asses Alyssa Victoria Apoorva Jain Sabrina Lakhani Deniz Erol Swati Sharma Hsiaoyi Tao Junfeng Wang Goutama Sebastien Marlier O Muhammad Ahsan Nadim Jalbout Andrea Ying Lam Min Wang Doruk Hasan Erol Qamar Evgeniya Thiago Targino de ANNUAL REPORT 2017/2018 Akshay Goyle Alexandra Marsanu Heta Jangla Alexandros Lamprou Osikhena Gabriel Shcherbakova Albuquerque Ruonan Wang Carlos Martin Jose Qi Qin Leonhard Graf von Andrew Martin Oguah Esguerra, Jr. Michael Alexander Fabian Lange Lisha Sheng Renato Teixeira Burin Shan Wang Klinckowstroem Patrick Quensel Janov Ward Masclee Nao Ohira Mikhail Evdokimovskiy Ernesto Daniel Lopez Ja’far Shennar Ashley Rose Thomas Jingyuan Wei Tunuka Gray Madiha Javaid Layug Luca Mattei Gentili Tracy Ngozi Okoroike Aleksei Sheredega Huishan Ting Lisa Wei Amaïa Guillé Gregory Jessner Eunbi Lee Mátyásfalvi Kristóf Jose Pedro Oliveira de R Nivedh Shetty Sukalp Tipre Leonor White Vilardell F Sousa Afonso Axel Gunaltun Jia Jia Jeongeun (Jenny) Lee György Sajeed Rahman Rohan Bhagawati Pejman Tirehkar James Wicker Bryan Gunawan Wissam Mecherkany Jorge Olle Makram Faddoul Shobha Joshi Josh Jae Lee Shetty Soumya Raja Luca Toffoli Maria Magdalena He Guo Pedro Egidio Menegaz Lucien Ong Xinyan Fang Jimmy Joy Timothy Soon Jae Lee Mai Shimada Winarni Paganella Marcos Arturo Christopher Toft Apurva Gupta Seri Orfali Fouad Farah Jivesh Juneja Ang Li Ramírez Gundelach Rishabh Shukla David Wolle Salvador Elias Miano Marcel Lapido Tome Ashima Gupta Marcos André Da Wanyi Joy Feng Luís Felipe Borges Li Chen Sriram Rangarajan Nikolay Silaev Kristen Wrobel Costa Pamplona de Oscar Carlos Torrico Junqueira Jan Patrick Milo Marina Fenner Xinxin Li Castro Osório Shivek Ranjan Marina Santos Silva Foronda Hao Wu Mohamed Mimet Daniele Ferrigni H Yan LI Mounir Oulad Ali El Natalia Rialucky Amandeep Singh Moni Anne Trac Galen Wyn Davies HyeJung Min Natalia Feshakova K Zhi Li Jibari Peter James Roberts Dhruv Singhal Philippa Tregear Colin Haeusler Kohei Minami Diederik Jacob Daniel Yuan-Yu Liao Manna Ozawa Lucinda Robinson Gabriel Rodrigues Shaina Trotta Jean-Charles Hage Sanaa Kaidi Rohit Mittal X Françoys Siqueira Boutros Lim Liqian Giorgio Rocca Stephanie Tsjim Aliaksei Kaluhin Miro Mo Alexander Franzen Yasmin Sitoto Lin Xia Omar Hallak Hsia-Ping Liu P Lucía Rodríguez de Rui Kang Umer Mohammad Otaola Taylor Thomas Sloane Shengjia Xiang Xiuji Han Jonathan Liu Nikolaos Kanonis Remco Mol Catarina Pais U G Sisi Liu Alexis Rog Stéphane Smets Edgar Wangshu Xie Sebastian Hannecker Rabie Kanso Cristina Aurora Katerina Paligianni Camila Udihara Xiaoran Liu Graham Alexander Kateryna Smuk Jingyao Xu Paul Robert Gabriel Aditya Harit Karan Kapani Moldovan Himanshu Panwar Rosen Irakli Urushadze Yufeng Liu João Paulo Barreiro Meng Xu Javier Galatas Emilie Haspeslagh Jakub Kaplan Federico Mongelli Luana Paranhos Giulio Rossi Prodi Soares Ali Ahmed Usmani Long Si Ken Vivienne Xiameng Xu Arnau Gallard-Agusti Mark Güven Heath Nidhi Kapoor Daniela Mordetzki Alberto Pardo Aguilar Adele Rossouw Samantha Si Mun Soh Kadambari Luis Hinrichs Khetarpal Jacqueline Spolador Peng Gao Sanaz Mortazavi Uthayasankar Lopes Yann Bruce Parer Davide Roveda Somasundaram Faysal Hjeily Vaibhav Kashyap Y Pingjie Gao Keshlan Mudaly Sankar Ryan Uy Pedro Miguel Lopes Francesco Pasini Gandharv Chitrarath Marc Hochar Anton Kashyrkin Arthur Muguet Roy Arthur Man-Wei Soong Weiyi Gao Loreto dos Santos Jordan Paton Tarun Yadav Noelle Homsy Zarir Khambatta Hashim Muntazar Soumee Roy Vladimir Soukup Yiming Gao Lu Yang Daria Pavlova V Hind Yahia Edgard Byung Woo Farhan Yasin Khan Andrey Muratov Edward Russell Artem Starovoytov Ekaterina Gaponenko Silvere Bruno Lucquin Andrea Patricia Elcio Mitsuru Yanaga Hong Kimi Khanchandani Guilherme Steinbruch Lukas Vaeth Alexandre Nuno Garcia Dmytro Lukash Pedraza Arias Tony Yang Yingkun Hou Takorn Khempila Moritz Steinle Ellen Maria Vafeades Vittorio Gargiulo Xiaochan Luo N Celso Roberto Pereira S Zhen Yang Rong Hu Morelli Elizabeth Kim Filho Justin Straub Loes van Egmond Fabian Lux Evelyn Yeh Tingting (Teresa) Youmna Nahas Mayank Gauri Tae Kang Kim Carolina Perissinotto Ernar Sagatov Alexis Suberville Quirine Sophie van t Eind Huang Cecilia Lv Xi Doğan Yiğiner Stephane Nakhle Antoine Gautier Jan André Marie Denitza Petrov Maria Belen Said Xiaolu Sun Viknesh Varan Henning Bruno Hans Henry Hang Yin Wenceslas Kinsky Jad Naoum Tushar Gavishter Vittorio Pierangeli Salman Saleem Jan Svoboda Masis Vardanyan Huenteler M Teresa Tzin Hui Yong Lea Kiriakos Saad Aditi A Nath Georgios Piliounis Jorge San Martín Joshua Charles Geron Sarah Hughes-McLure Robert Jan Alisha Varde Busturia Dian Yu Benedict Koehncke Georges Nehme Anup Pillai Szustkowski Kumud Ghimire Dong Hoon Hyun Joana Maria Nuno Vasconcelos e Sá Nitant Kohli Magalhães da Silva| Deepika Saravanan Ankur Ghosh Alicia Ng Miguel Pinto dos Marco Vassallo Aanchal Kotwaney Irena Mahdavi Santos Maxim Savin Z Maximilian Carsten Ivana Chienciew Ng T Lucas Vaz Porto de I Giers Willemijn Christine Torkia Mahloul Siaw Lei Ng Sesilia Yenny Plavina Lorenz Scheiwiller Andrade Md Zubayer Ibna Zahir Elisabeth Majella Mark Nicholas Pomroy Harald Schweitzer Thy-Diep Ta Romuald Gillard Hirohisa Iijima Lucas Maia Nguyen Hoa Mai Juan Camilo Vega Kremer Pacheco Larisa Zaitseva Fani Pournara Natalya Tacheci Aldana Adrien Gilquin Daichi Inoue Sahil Makker Tra-My Nguyen Simon Kriechbaum Sébastien Semaan Rafael Zanardo Dawid Przemyslaw Tulio Koji Takeda Marion Verborg Maria Gilsanz Grandas Pasarn Intarangsi Veronika Maksimova Nguyen Thuy Mai Nascimento Simona Kulakauskaite Pozniak Jamil Semhat Farah Tamer Christina Vopal 68 69 Graduat Tomas Zbynovsky Manish Arora Jacob Breen D Walter Daniel Dushyant Gupta Sangya Kalia Dong Yi Lee Luis Miñambres Anudeep Pendem Fernandez Romero Zhanna Rami Imad Arrabi Giacomo Maria Bressa Rishabh Gupta Nuri Mert Kalkavan Henry Leitzinger Shuvadeep Mitra Isaac Evarts Perkins Zhanarbekkyzy Shehan Angelo Mohammed Ashgar Doris Florentine Yunhan Dai Kevin Kang Ruichong Li Stephan Modrejewski Isabelle Emma Fernando Cl ing Yue Zhang Broersen Josephine Pestourie Michel Assaad Ashish Rao Damerla Oded Kaplan Yandong (Leon) Li Massimo Montes Eduardo Romeu Ferraz H Hao Zhang Patrick Edward Brown Benjamin Tapper Mira Walid Assaf Gian Karlo Rosales Kristin Karlisch Yaqi Li Siddharth Morakhia Ricardo Miguel de Pickering asses Zhang Jiaming Pierluigi Bruni Dapul Benjamin Hamilton Vijai Atal Paiva Ferreira Nathaniel Karp Khai Wern Lim Alexandre James Francisco José Alves Jiefu Zhao Thu Thuy Bui Isha David Poul Hansen Moreillon Jose Manuel Athie Marjorie Kauffmann Christian Lippke

ANNUAL REPORT 2017/2018 Ignacio Ferrero Parreirinha Bento Kai Zhao Natividad Nikita Bukreyev Shezaan Daya Alexander Weldon Yosuke Morishita Bryden Keeley Alex Little Pinto Charles Gabriel Hare Peng Zhao Alain Azar Jaclyn Paige Bulbuck Dauren Dayembayev Priyanka Motadoo Feutray Akhil Kejriwal Zizheng Kevin Liu Céline Piolot Christopher Hartman Huiting Zheng Emerson Burke-Murphy Alberto De Antoni Daniel M. Mühle García Yan Fidler Malik Kellal Xiao Liu Karthik Pitani Fahad Hasan Steven J. Zika Nestor III Manuel Michael Müller B Enrique Fontana Vardan Khachatryan Thais Lobato de Mello Niraj Poduval Santiago Villar de Castro Vicente Hernandez Chenting Zou Arroyo Atanas Mukov C Ruiz Anam Khan Geneva Andrée Locke Jean-Philippe Hasan Bahja Frederic Delannoy Inês Sofia Sevivas James Mullen Pogorzelski Mohamed Hidri Faizan-ur-Rehman Khan Nikolaos Loulis Prakher Bajpai Diego Canal Sáez Louis Deleforge Fontoura MBA Class of Francis Myladoor Jesus Alberto Poncela Viacheslav Kholodov Ana Lozano Uriz Jean-Baptiste Derycke Pedro Framis Bofill- William Ryan Higgins July 2018 Yazad Balaporia Matheus Carvalho de Thomas Charles Prickaerts Souza Gasset Clara Katharina Fahd Azim Kidwai Arianna Lu Caroline Ballaloud Cyrille Deschamp Hoffmann Andreas Steinsvoll Rafael Cezar Garcia Qiang Fu Aziz Yigit Kilinc Yijia Lu Mathieu Balleron Dragos Octavian Proesch Ludovic Holderbeke N A Jaâfar Chafai El Alaoui Diaconu Wooshuk Kim Yiqing Lu Cayetano Barnechea Nicholas Emory Yintao Hu Ganoza Parnashi Chakraborty Carl Julian Diederichs Ross Alexander Christie Theresa Inbal Nachman Putnam Hermine Abdon G Tiffany Huang Kinmont Hotmaida Lumban Richard Barsk Oriane Chamoun Sahand Dilmaghani Mikhail Nadezhdin Gabriel Adriazola Arze Gaol Prithvi Jayadev Gade Dongni Huang Thrasyvoulos Eva Bartok Chih Hung Chan Delia Marlena Jin Nagase Priyam Agarwal Kipourgos Chen Luo Q Dornescu Audrey Gaffet Julian Dominik Hügl Mohamed Bassiouny Hewitt Wai Kin Chan Jorrit Teun Nagelsmit Sachi Agarwal Takatoshi Kojima Guillaume Luu Raluca Dragan Ignacio Gámez Sainz Ashley Hunter Gustavo Quintella Claire Beatley Jian Wen Chan Narune Nakayama Usamah Mohammad Poornima Kolhar Correia Muyu Duan Antonio García- Clement Hurpin Jean-Antoine Bechara Matthieu Chartier de la Dhawal Nanda Agha Mochales Casas Toni E. Kondakji Marnierre Nina Duarte Anaruma Wu M Kieran Francis Beck Muhammad Safwan Puneet Agrawal Lorelei Gertz Parul Kothari Siddharth Chauhan Sudeshna Dutt Naqi R Sepideh Behrouzi I Christy Man Ling Ma Sara Aguiar de Oliveira Dafni Giannikou Andrey Kotov Jingya Chen Erwin Dwi Saputra Syed Ali Naqvi Ricardo Oleg Belkin Shachi Madhogaria Janani Raghu Zachary Willard Svetla Iaramova Gordon Kramer Shuangshuang Chen Anis Nasr Mohammad Ahmad Talia Bellido Calmet Gidwitz Temirgali Makatov Karthik Bharadhwaj Beñat A. Idoyaga Reinis Krams Jia Chen Silvia Nelba Rajeswaran Ridwana Ahmed Omer Ben Shach E Jérôme Philip François Takao Makijima Burón Aishwarya Lakshmi Chieh-Wei Chen Isar Ramaswami Sameer Ahmed Pranay Bery Goblet Gianluca Manca Fanny Ehrmann Michael Oluwasegun Krishnan Tiffany Chen Julian Ramirez Beatriz Aiex Andrade Brahim Marc Betraoui Samuel Goddard Oyetayo Isola Jayanth Kumar Mantri O Paul Otto Karl Tomasz Krzewina Zixian Samantha Thiago Gomes Amorim Gal Ramot Ann Alampi Matthew Bevens Eisenberg Miguel Izu Viñuales Alda Kule Dale Thalita Kassner Cheok George Oborne Lais Gondim de Alencar Marcondes Ryan Frank Ramseyer Saskia Gertrude Yash Bhalerao Maria El Jichi Yuna Kwon Yui Kuen Cheung Eunice Ofori Quirine Albers Paixao Sara Mari Abishek Rangadorai Ashwin Bhat Kim El Kehdy J Trevor Siu Kai Kwong Kenneth Chiu Weirong Ekrem Murat Okyay Mohammad Basel Prashanth Gopalan Nicolas M. Martin Ragini Rangarajan Shradha Bhatia Samer El Mardini Alfahad Pierre-Louis Christiane Frederic Philippe Arush Goyal Oluwasola Jagun Silvia Mata Nestares Nicole Rapuzzi Akshay Bhimrajka Antonio Olbert Camila Alhadeff Jane Chun L Ritika Goyal Rohan Jain Alejandro Matthei Hugo Carlos Monteiro Lisa Bittar Joel O’Neill Michal Cieslikowski F Rassweiler Schneider Van Heerden Greeff Daniel Jaramillo Giuseppe Lacerenza Andrea Elizabeth Haya Al-Husry Mazin Biviji Eric Ong Soo Chien Antoine Jean-Bernard Restrepo McCormick Koloina Jules Fakhoury Chenchen Gu Salima Ladhani Salma Ali Tyson Edward Bodkin Francois Clavier George H. Owen Razafindratsita Jaskirat Singh Jassal Brendan McCullough Thomas Martens Charles-André Gonzalo Laffitte Ageo Renato Alves Mathias Boons Vincent Paul Henri Burak Ozyazgan Duarte Nuno Reis Falck-Pedersen Guénette Thomas Jeegers Alexander McFaull Jon-Michael LaGray Laura Amin Maikol Borsetti Cochet Boavida Martins Lima Nourhan Farhat Jan Alexander Yaesong Jung Laura McMullen Seema Lalloo David Oliver Ammann Dmitry Bortvin Diogo Moreira da Günthner Bixuan Ren Philippa Jane Swati Mehra P Costa Nicholas C F Lam Camille, Mary, Nicholas Boswell Farrington Jose Renato Guerra Alaknanda Renukuntla K Pranav Mehrotra Madeleine Ané Pierre Courgeon de Avila Maxim Lampe Sagar Pandit Jade Bouhmouch Céline Fauconneau Allison Shelton Rhines Sascha Meijers Rafael da Silva Tessari Marc Joseph Guinez Brendan Lannoye Mihai Andrei Sylvia Boulos Dufresne Omar Kaakani SangYeoul Park Joana Rita Simões Anghelescu Margot April Javier Fernández Yan Da Guo Anthony Le Luis Felipe Parro Cidra Ribeiro Arthur Jean Raymond Sami Charbel Kahale Mendelsohn Catarina Araujo Bozon Goitia Deep Gupta Lee De Hong Gijs Pelt Vinicius Ribeiro Erika Audrey Kahn Georges Meouchy Heena Arora Marques 70 71 Graduat Erik Alexander Opedal Jacob Nathan Craig Stephen Tomsett W Zhang Qiaodie C Henry Goodwin L Trisha Naidoo Evgeniya Setrakova Ringvold Murdoch M Smith Federica Torgneur Qiyao Zheng Edouard Guillou Kok Hwee Ng Ying Shi Elina Paola Ruiz Oliver Bjørner Søe Vincent Tourangeau Jiri Waldhauser Wenqing Zhou Matthew Campbell Celso Guimaraes Miguel Laburu Kathrin Neiderlaender Marwan Shurrab Mendoza Cl ing Pietro Sofia Ferrer Junior Arthur Tourme Bo Wang Yingqiong Zhou Gil Eduardo Aymeric Lacroix Ujjwal Singh Rafael Rydin Gorjao Schonmann Carrasquinho Santos Tuna Gulenc René Toussaint López Lala Wang Michelle, Meihua Zhu Muhammad Akbar Mattijs Slee Ardiansyah Solaiman Silva O asses Nikita Gulyaev Laghari Philippe Toutoungi Hanhua Wang Andrey Zimin Puneet Kumar Jacob Alexander Christopher Cartwright S Avadhesh Gupta Ramy Lahoud Samuel Ocheho Srivastava Adrien Tran Xiaoyi Wang Balázs Zoletnik

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

Y Mira Zhang Executive Master Project Director Robin Zhou in Consulting Axel Tagliavini Erika Yuniarti Josephine Zhou and Coaching Editor Ruslan Yunusov Yu Zhou for Change Cody Gildart Thierry Zysset Nawaf Abalkhail Writer Z Argyro Arapidou Elin Williams Master in

ANNUAL REPORT 2017/2018 Sophie Benfredj Marie-Line Zakhour Finance Project Manager Anita Zielina Marnix Boorsma Robert Loxham Roohi Bansal Nanne Bos Project Administrator Tsinghua-INSEAD Paul Birkett Helen Brophy Linda Furtado Executive MBA Daniel Brescia Mauricio Carrillo Graphic Designer Vy Bui Alessandra De Carlo Kay Baik Thomas Piemontese Pei Ying Chang Georges De Mullewie Joanne Ban Principal Photography Kevin Cho Mohamad Rafi Doris Bao Richard Davies Matt Croasdaile Dudekula Sarah Bao Juraj Gallo Nikola Engelhardt Creative Agency Sylvain Beltzung Perfect Day Becky Guo Markus Peter Erb Eric Chan perfectdaylondon.com Ahsan Hammad Kristina Fluegel Han Chen Cheah Web Development Han Na Han Markus Graf Jiwoo Choi Zyxware Songyi Han Gregory Grobler Arina Divo zyxware.com Xiangle Heng Severine Guilloux Giorgio Fortunato David Ho Florence Gum Bill Guo Melissa Joyce-Yeow Patrick Jungo We also recognise the INSEAD Jason Ho Praful Katta Cornelia Kausch digital communications team Vincent Hoong and IT department for web Noah lee Silvia Lago Simon Komizo development support. Dick Lee Eric Le Gal Jean-Christophe Laneri Warren Lee Mayia Le Texier Alex Lau Lewis Lin Giovanna Manto Johnny Lee Victor Liu Diana Morais Ivan Lim Veronica Mao Eilish O’Hagan Ysing Lu Jiwoong Park Samir Sathe Denni Manzatto Hasan Pasha Maria Schmitt Dmitry Mikhnov Vijay Rajendran Anne Sérode Thomas Malgaard Mallika Sachdeva Neslihan Sezer Yosuke Oshima Bede Schubert Vladimir Soloviev Oliver Riebartsch Akhand Singh Carsten Stolz Stephanie Roquand Ronald van Eldik Antar Harsh Solanke Henric van Weelden Aiwen Sheng Joseph Song Kapil Vardhan Andrew Song Dez Tan Brigitte Vasty-Gauthier Hua Su Deepak Venkatanarasimhan Roland Tambou Molly Wang Russell Thomas Shih Ming Yip Marcel Vonarburg Veronica Yun Ludan Wang Gokhan Yurtacan Sue Wang Evgeny Zubrilin Sanjeet Waravedekar INSEAD Europe Campus Boulevard de Constance 77305 Fontainebleau Cedex, France T +33 1 6072 4000

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