iese annual report 2013/2014

IESEANNUAL REPORT 2013/2014

ANNUAL REPORT 2013/20142 ANNUAL REPORT 2013/20142

IESE BUSINESS SCHOOL 3

CONTENTS

From the Dean

1Positive and Lasting Impact on Society

2Programs

3Faculty and Research

4Alumni

5The Foundations: Mission, People and Governance

6Financial Information

7Exhibits

ANNUAL REPORT 2013/20144

In a rapidly changing world, with individuals and societies with so many needs, what role should companies play in all this? How can business schools help entrepreneurs and senior managers face these challenges?

At IESE, from the moment we set out to launch our first general management program, we made sure the person would be at the center of decision making. We sought to create a context where business leaders would learn, not just the technical aspects of leadership and management, but more important, how to become a responsible leader. That is to say, one who made decisions based on ethical values, and who would have a positive impact on society. We have been trying to do this for over half a century. I am not sure if we have succeeded, but we keep trying every day.

Our challenge today remains the same: to help business

leaders around the world manage companies for the long-term, with professionalism and integrity. It is now more important than ever. The ideas behind our tag line, “A Way to Learn, A Mark to Make, A World to Change,” are affirmations of our identity that come from the very depth of our selves. They are three fundamental characteristics that represent us: to learn by discovering, a desire to leave a positive mark, and to improve the world.

In this report we feature key achievements in the 2013-2014 academic year such as the launch of the Global Executive MBA track in New York; the graduation of the first class of the EMBA in São Paulo; several curricular innovations in the MBA program, like the Summer Entrepreneurship Camp, the overseas module in Nairobi (Kenya), and the increased

FROMTHE DEAN

A Long-Term Perspective


number of MBA Career Forums around the world. We also launched this year the “Value through Effective Boards” program with Harvard Business School, and new programs in Africa, New York and São Paulo.

In the area of research, two new chairs were started - the Indra Chair in Digital Strategy, held by Professor Josep Valor, and the Jaime Grego Chair of Healthcare Management, managed by Professor Núria Mas. Furthermore, this year we celebrated the 18th International Symposium on Ethics, Business and Society where 200 professors convened to discuss the timely topic of ethics in accounting, finance and banking.

Some of the year’s initiatives have a special impact on society: the initiatives around job creation and fighting unemployment, new start-ups developed with the support of FINAVES and the Business Angels Network; the conferences, programs and research on corporate governance and women in executive positions; reinventing management in the public sector; and programs which give a boost to emerging countries in Africa, Asia or Latin America.

We celebrated this year the 50th anniversary of the HBS-IESE Committee, which oversaw the launch of the full-time MBA in 1964, the first in Europe. The event was

marked by a number of activities including the visit of HBS Dean, Nitin Nohria. In this regard, I would like to thank the generosity of many professors from Harvard Business School since 1963. They made a commitment

and had a major impact on the programs and culture of IESE, as well as on educational programs around the world.

In Munich, next spring we move into a new place in one of the most iconic quarters, next to Bavaria’s Houses of Parliament. IESE has been in Germany since 2005 with the Advanced Management Program.

The Alumni Association continues to work hard to add value to its members. We launched a new “Entrepreneurship” platform for those starting their own firms. The 52nd Global Alumni Reunion held on Nov 7-8 in Barcelona under the theme, “Decide. Taking on Tomorrow’s Opportunities Today,” had 2,700 participants - another remarkable success and opportunity to learn from each other.

The report that follows outlines these and other noteworthy developments of the last academic year. Many of this would not have seen fruition if not for the support of our alumni, corporate partners and clients, board members, faculty, staff, students, participants and friends. Together, we realize the IESE mission of developing leaders who aspire to have a deep, positive and lasting impact on people, business and society. We are hopeful that good leadership and management can help build a better future for the next generations.

Jordi CanalsDean, IESE Business School


HIGHLIGHTS OF THE 2013-2014 SCHOOL YEAR

50th Anniversary Harvard-IESE Committee This academic year marked the 50th anniversary of the Harvard-IESE Committee, which oversaw the launch of the MBA Program in 1964. The Committee today serves as a platform for the exchange of ideas, analyze trends in business education around the world, and develop new joint projects. In January, we had the honor of HBS Dean Nitin Nohria visiting our Barcelona campus for a special session on innovative leadership.

Stream of Innovation in the MBA Several curricular innovations to complement existing learning and career development opportunities were undertaken: the Summer Entrepreneurship Boot Camp; an overseas module in Nairobi (Kenya); and new courses focusing on critical thinking, action orientation and integration of the human and ethical dimensions of business. Career Services organized two career fora outside Spain for the first time, in NY and Singapore. Additionally, fora for careers in Asia

and Latin America were held with other business schools in London and Barcelona respectively.

EMBA Brazil Graduation Thirty students from 9 countries comprised the first graduating class of the IESE EMBA Brazil. Luiz Carlos Trabuco, Chairman of Bradesco, made the formal address. Offered in collaboration with our associate school in Brazil, ISE, this is the first IESE EMBA offered outside Spain and reinforces our presence in Brazil and Latin America.

Global Executive MBA in New York We began the US track of the Global Executive MBA on the New York campus. The program now commences on two continents simultaneously, complementing the European Track with modules in Barcelona, New York, Shanghai, Silicon Valley and São Paulo.

Executive Education TrendsGlobal expansion and cross-border custom programs marked the year. New clients and programs include Anglo America (Singapore-São Paulo), BMW (New York-Los Angeles), Danone (Istanbul-

Warsaw), European Broadcasting Union (Barcelona-New York-Los Angeles), Oracle (Barcelona-Hong Kong-New York), SAB Miller, among others. Worth noting were the African Experiential Week (Cape Town, South Africa-Accra, Ghana) and the first Sports Management Summit held in the Brazil campus. Innovative learning technologies were introduced to clients such as BBVA, Carlsberg and the Haniel Group. Moreover, a new platform, Coursera, offered two massive open online courses on Corporate Finance and Globalization of Business.

Harvard -IESENew Program for Boards “Value through Effective Boards" adds to the portfolio of programs that we offer in conjunction with HBS. The program addresses the importance of building and designing strong corporate boards to promote sound governance.

Africa InitiativesAn optional module began on Africa for the Africa Global CEO Program and the seventh edition of the Pan-African AMP and EMBA Pan-African, which convenes participants from Strathmore


Business School and Lagos Business School. Moreover, in 2014 an additional MBA overseas elective module in Kenya was started.

New Chairs Two new Chairs in partnership with Indra and Jaime Griego were created this year to generate novel strategies to transform the digital and healthcare sectors, and guide companies as they respond to current challenges. The Indra Chair of Digital Strategy is held by Professor Josep Valor, who specializes in the latest technologies and their impact in the workplace; and the Jaime Grego Chair in Healthcare Management is held by Professor Núria Mas, an expert in health economics.

International Symposium on Ethics, Business and Society Under the theme “Ethics in Accounting, Finance and Banking,” the Symposium was dedicated this year to a timely topic which encourages us to rethink the current situation in the aftermath of the global financial crisis that started in 2008. Some 200 professors came to Barcelona for the event.

Munich Campus Having been in Germany since 2005, we announced the new Munich campus in May. It is the first time that an international business school opens a fully-functioning executive education campus in Germany and underscores IESE’s commitment to Central Europe. The campus will be operational by spring 2015.

Global Leadership Conference on Innovation & Entrepreneurship Business leaders and educators joined forces in April for a two-day conference tasked with rethinking how businesses should respond to the challenges of today´s highly disruptive and uncertain environment. Faculty from CEIBS,

HBS, HEC, IMD, Insead and Oxford discussed how successfully business education could adapt and develop leaders with enhanced entrepreneurial and innovation competencies to meet these challenges.

Alumni A new Entrepreneurship Platform for alumni wishing to explore another career path was launched, further strengthening the Alumni Association’s digital presence. Furthermore, 14 Continuous Education program cycles were held during the academic year, comprising over 300 sessions in 46 cities. The annual Global Alumni Reunion held in Barcelona in November gathered 2,700 registrations.


1. POSITIVE AND LASTING IMPACT ON SOCIETY


In recent years, IESE has developed several initiatives with an important social impact which are quite significant in today’s society. This impact is across the school’s portfolio of programs, its research initiatives, its action-oriented learning, its work in emerging countries and its cross-disciplinary research projects.


POSITIVE AND LASTING IMPACT ON SOCIETY

THE HUMAN DIMENSION OF COMPANIES: MANAGEMENT BASED ON ETHICAL VALUES

General Management Programs, Custom Programs, Industry Specifi c Programs, Focused Programs and Industry Meetings – is infused with a humanistic approach to business refl ected in course curricula. The approach places people at the center of business decisions and highlights the importance of values such as professional excellence, integrity and service.

◗ In 2013-2014, IESE offered 224 programs on the Barcelona, Madrid, New York and Munich campus and in the São Paulo executive center. IESE’s entire program – MBA, Leadership and

The Global Leadership Conference on Innovation and Entrepreneurship

● In April 2014 in Barcelona, business leaders and academics from the world’s top business schools convened to discuss ideas to inspire innovative corporate cultures and promote entrepreneurship within companies.

They also shared insights on how to help leaders incorporate a humanistic dimen-sion in management to achieve profes-sional and personal excellence. Business school faculty from CEIBS, HEC, IMD, IN-SEAD, HBS and Oxford Saïd and senior leaders including Isak Andic (Mango), Bruno di Leo (IBM), Denise Kingsmill (IAG) and Kees Storm (InBev) participa-ted in The Global Leadership Conference on Innovation and Entrepreneurship.

Nitin Nohria Dean of HBS visited IESE on January 13, 2014

“The values of integrity, of people who are committed to making a positive difference in the world, these are the values that actually unite our two schools together. More than our shared interest in the case method is our shared interest in the same values.”


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Denise Kingsmill Board member of International Airlines Group and IESE IAB

“The great recession was caused by group thinking… diversity on boards can break that. In general a more diverse board can help change mindsets, in order to really leverage diversity, it really needs to go beyond gender or nationality. It’s not about ‘your’ diversity, but about inspiring and releasing diversity in others. It has more to do with helping others to tap into new ways of thinking."

Colin Mayer Peter Moores Professor of Management Studies, Saïd Business School at the University of Oxford. Keynote speaker, 18th Edition, Symposium on Ethics, Business and Society

“The company is in no single person's interest and so management runs riot. We need to promote the interests of all stakeholders and to address conflict within stakeholders. The firms we can trust, the so called 'trust firms', tended to be those with long-standing shareholders.”

International Symposiumon Ethics, Business and Society

● This year's conference, entitled “Ethics and Accounting, Finance, and Banking: Toward a More Comprehensive Integration,” took place in June 2014. Organized by IESE’s Chair of Business Ethics, the symposium brought together speakers from 20 countries around the world, including Colin Mayer, Professor of Management Studies at Saïd Business School, University of Oxford and John R. Boatright, Professor of Business Ethics and Management at the Graduate School of Business at Loyola University of Chicago.

“The symposium aims to help compa-nies, and the banking sector improve the way they work, with professiona-lism and ethics, but also within a com-petitive framework so that they are pro-fitable and may contribute to progress and humanizing society as well,” said Professor Domènec Melé, Chairman of the International Symposium on Ethics, Business and Society.

In addition to the International Sym-posium on Ethics, Business and Society, this year the Chair of Business Ethics de-livered sessions for the continuous edu-cation program, “Legality and morality: the law and personal responsibility,” and “Reforms in the criminal code in the bu-siness realm: ethics and efficacy.” Moreo-ver, in 2013-2014, some of the notewor-thy articles in journals on ethics and business include: “The Cultural Roots of Ethical Conflicts in Global Business,” by professor Carlos Sanchez-Runde pu-blished in the Journal of Business Ethics;

“Organizations as Human Communities and Internal Markets: Searching for Dua-lity,” by Professor Antonino Vaccaro pu-blished in the Journal of Business Ethics, or “Antecedents and Current Situation of Humanistic Management,” by Professor Domènec Melé published in the African Journal of Business Ethics.Representatives from top business school met

at IESE in April 2014



Alberto Duran (MBA ’96 and PADE ’08)Executive Vice President of the ONCE Foundation

“These grants aim to enhance the actual inclusion [of those with disabilities] and avoid ghettos. They represent a pedagogical challenge for others to accept learning disability as normal at all stages of life. IESE is a leading management school and these people deserve to be there.”

“la Caixa” Chair of Corporate Social Responsibility and Corporate Governance

IESE and the ONCE Foundation Facilitate Access to Management Education

● With the purpose of fostering, promoting and disseminating new knowledge about corporate social responsibility (CSR), the chair’s work is aimed at applying CSR in both an academic and business environment, as well as to the training of managers and entrepreneurs.

During the 2013-2014 academic year the chair, held by Professor Antonio Argan-doña, organized several Continuous Edu-cation sessions: “Ethics after the crisis: how to put it into practice;” and “The importance of compliance in business and its strategic nature today: General principles.” The chair also published five reports: Corporate Volunteering; Green-washing: Being Green or Appearing to Be; Socially Responsible Investing (SRI); Ethical Banking: A Viable Alternative; and Decent Work: The Social Side of Develop-ment.

● IESE and the ONCE Foundation have been collaborating since 2005 on various projects with the aim of promoting full inclusion of people with disabilities in society.

“One of the best ways to achieve this is through professional work,” points out Professor Javier Quintanilla. “And that means access to regulated and formal training, and why we offer the EMBA and other management development programs.” Last year, two scholarships were awarded to an EMBA alumnus and a student of the PDG.

"la Caixa" Chair held by professor Antonio Argandoña

Iñaki Pertusa and Martín Vergara, IESE EMBA students granted ONCE Foundation scholarships


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Pedro Alonso Director of the Barcelona Center for International Health. IESE Global Alumni Reunion 2013

“If we want equality for the quality of life, we have to act...If you want to go fast, go alone. If you want to go far, go together.”

Ibukun Awosika (GCP ’13), CEO of The Chair Center Group. IESE Global Alumni Reunion 2013

“Make companies profitable, but change the world.”

52nd Global Alumni Reunion

● Over 2,700 IESE alumni and exe-cutives met in Barcelona to parti-cipate in the 52nd global reunion. Under the theme, “Decide, Taking on Tomorrow’s Opportunities Today,” renowned international experts dis-cussed current business challenges, outlining what to expect on the hori-zon and how to tackle future issues.

Bruno Di Leo, SVP of the IBM Corpo-ration; Siegfried Russwurm, Member of the Board and CEO of the industry sector at Siemens; Francisco Reynés, CEO of Abertis; Markus Langes-Swaro-vski, Board Member Swarovski; Ibukun Awosika, CEO of The Chair Center Group; José Viñals, Financial Director and Director of monetary affairs and capital markets at the IMF; Dr. Keith Dreyer, VP at the Massachusetts Gene-ral Hospital and Josep M. Piqué, Direc-tor of the Hospital Clínic in Barcelona, were among the speakers taking part. “The Global Alumni Reunion inspired a sense of purpose and a resolve to act now,” said Prof. Marc Sachon, academic director.

Global business leaders discuss the challenges in store



Doing Good & Doing Well Conference

● Under the theme “Innovate. Impact. Inspire,” the 11th edition brought more than 500 participants from around the world to IESE’s Barcelona campus in February. The conference showed how social impact, sustainabi-lity and profi ts are not mutually exclu-sive. “Change happens because a few people decide to act,” said Jo Confi no, executive editor at the Guardian news-paper and speaker at the conference.

Since 2003, the school has hosted the “Doing Good & Doing Well” (DGDW) Conference every year. IESE MBA stu-dents, and the Responsible Business Club in particular, are to thank for the creation of this event and its yearly execution. The conference has become an international reference within the CSR sector.

Executives from BASF, BBVA, Bertels-mann Spain, Indra, SEAT and Siemens participated in the forum. At the event, Professor Sandalio Gómez, an expert at international best practices for job crea-tion and employment in Europe, unders-cored the need for social accord between trade unions, business people and the government in Spain, similar to that in Austria, Denmark, Germany and The Netherlands. In his report entitled “The part-time contract in the Netherlands and its application in Spain” published in February 2014, Professor Gómez says that there are lessons to learn from the Dutch experience of part-time employ-ment which could actually be an engine for job creation in Spain, bringing it to the European average on part-time hiring.

In December 2013, the Internatio-nal Research Center on Organizations (IRCO), directed by IESE's José R. Pin, presented the report, "Lowering Youth Unemployment in Spain: What Should Public Administrations, Companies, Educational Centers and Young People Do?" Done in collaboration with the CITI Foundation, the study refl ects the views and recommendations of business

Ana Laura Virzi (MBA ‘14), vice president of the organizing team of DGDW

“We hope to inspire professionals from every sector to be better and more responsible leaders.”

JOB CREATION, EDUCATIONAND ENTREPRE-NEURSHIP

● The Employment Forum took place on July 2 during the IESE Alumni Day in the Madrid campus. Business people, academics and members of the Spanish government discussed best practices regarding job creation, addressing youth unemployment, capability building and dual profes-sional training.

MBA students who organized the confe-rence

Anda Sáenz de Miera, director of Ashoka for Spain and Portugal


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Job Creation: FINAVES and Business Angels Network

leaders on the role that the government should take in order to increase the em-ployability of young Spaniards.

● Through the school’s venture capi-tal fund, FINAVES, and the Business Angels Network, IESE has created some 3,500 jobs.

Since its founding in 2000, FINAVES has helped created and fi nance over 30 startups. Together these have generated more than 1,500 jobs.

This academic year marked the tenth anniversary of the founding of the Bu-siness Angels and the Family Offices Network. The Business Angels Network serves as a nexus, bringing together en-trepreneurs, alumni and private inves-tors. Overall, entrepreneurs have pre-sented more than 700 projects to the network. Collectively, investment in these projects has reached 18.3 million euros and created 2,000 jobs.

Siegfried Russwurm CEO of Industry at Siemens and Member of IESE’s International Advisory Board. IESE Global Alumni Reunion 2013

Thomas Roggendorf Jaume Betrian Oriol Carreras (MBAs ’12) Founders of Ofertia

“Making real things creates employment and therefore social stability”

“‘FINAVES’ participation in the development of Ofertia has been essential because it gives us constant support. Their suggestions and recommendations add value. Furthermore, they bring us contacts within the industry, which is fundamental when you’re setting up a business.”

Pedro Nueno,Professor of Entrepre-neurship andFounder of FINAVES

“Spain is only seeing the beginning of an economic recovery. Politicians will have to do much more in the years ahead to stabilize the country, improve long-term competitiveness and bring down the dramatic unem-ployment numbers” Dean Jordi Canals Financial Times, October 2013



BOOSTING ENTREPRENEURSHIP

The Summer EntrepreneurshipBoot Camp

● The MBA program added one more opportunity for students who are entrepreneurially inclined: The Sum-mer Entrepreneurship Boot Camp, which allows students to spend the summer between fi rst and second year preparing a business plan.

In addition, the school has continued to expand its MBA curriculum with a variety of new courses involved with starting and managing a new business. Among these are Fundamentals of En-trepreneurial Management, Entrepre-neurial Strategies for Social Impact, En-trepreneurial Negotiations, Financing Entrepreneurial Opportunities, and the most recent addition, Social Innovation and Social Entrepreneurship. The lat-ter course allows MBA students to work directly with companies from various sectors and discover what it means to run a social enterprise from a hands-on perspective.

◗ IESE’s Entrepreneurship Department drives the school’s activities in this area. Among these are programs, research projects, knowledge dissemi-nation, program content, and supporting startups, through FINAVES and the IESE Business Angels Network. Over the last ten years, Faculty members worked on 108 research projects, published 36 ar-ticles in refereed journal, 119 cases, 12 books and 82 working papers, monographs and studies.

Anna-Maria Harling (MBA ’12), Investment Manager for Promotora Social, Mexico

Jordi Mayals Founder of L’Estoc Program IESE –“la Caixa”, Social Entrepreneurship

“It feels great to be using all the insights from the MBA, and also knowing that you're having a positive impact.”

“We don’t allow them to impose self-limitations. What we attempt to do at L’estoc is to prove that these kids have the ability to carry out completely normal jobs.”


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IESE’s New Social Entrepreneurship and Innovation Platform

IESE and the “la Caixa” Social EntrepreneurshipProgram

Global EntrepreneurshipWeek

● In 2014, IESE’s Center for Business and Society launched the Social Entrepreneurship and Innovation Platform, in collaboration with the Entrepreneurship and Innovation Center, the Bertrán Foundation Chair of Entrepreneurship, FINAVES and the Business Angels Network.

The platform’s main objectives are: to emphasize the importance of social en-trepreneurship and innovation in the management community, and more broadly, in civil society; to facilitate connections between members of the IESE community and with those; and to support social entrepreneurs, who intend to pursue new, innovative and high impact projects.

● IESE also works with “la Caixa” on a program that offers management education and financing for the best social enterprise ideas. Launched in 2011, the program helped 60 entrepre-neurs get off the ground.

The program offers support to entre-preneurs and social enterprises who wish to make a social impact, that is, to individuals or organizations who have decided to set up a profitable and sustai-nable business with the aim of solving an existing social problem.

The projects that the program sup-ports often start small, but they have a huge potential to achieve their aims: to hire people who are in particular need. The program offers these entrepreneurs training, mentoring and grants.

● IESE organizes and coordinates the Global Entrepreneurship Week (GEW) in Spain, an event that is held simultaneously in 132 countries.

The event in Spain, under the slogan “Entrepreneurship isn't about age,” encompassed 230 activities with over 20,000 participants this year. “IESE's in-volvement in GEW is further proof of its ongoing interest in creating companies,” said Professor Antonio Dávila.

As a part of the GEW, IESE organized two entrepreneurship workshops for its alumni and a conference entitled "Entrepreneurship in Africa". Profes-sor Albert Fernández Terricabras, the director of FINAVES, discussed the con-tribution of IESE’s associate schools to business development in Africa. “Bu-siness schools give access to finance, technologies, enterprise support servi-ces, assets, markets, and education and training,” he said.



Roberto García Castro Associate Professor of Managerial Decision Sciences

Gaizka Ormazabal Assistant Professor of Accounting and Control

Mireia Giné,Assistant Professor of Financial Management

Miguel A. AriñoProfessor of Managerial Decision Sciences

PROMOTING GOOD CORPORATE GOVERNANCE

The program’s aim is to promote good practices within corporate governance. Recently all eyes have been on boards of directors. The fi nancial crisis revealed gaping defi ciencies in corporate gover-nance, unleashing a debate on the role of boards’ structures and mechanisms for the functioning of the fi rm. IESE is working on improving governance fully aware that only with strong governing bodies can corporations survive and succeed in the long run.

The school also promotes good cor-porate governance practices through

the Grupo Santander Chair of Financial Institutions and Corporate Governance, and faculty research and publications. Professors Gaizka Ormazabal, Roberto García Castro, Mireia Giné and Miguel A. Ariño published on this topic in refe-reed journals recently. In addition, IESE Insight Review (issue 21) includes a range of articles that examine corporate gover-nance from various perspectives.

● In May 2014, the school delivered the new Focused Program “Value Creation Through Effective Boards,” a joint endeavor with Harvard Business School.

Paul Polman CEO of Unilever at the Continuous Education session held at IESE’s Barcelona campus on November 26, 2013

“Companies can no longer be mere bystanders. Indeed, we need to grow and generate employment, but we must do so in a more sustainable way. We need to be part of the solution.”

“Stakeholders are looking for assurances that lessons have been learned from the global economic crisis and that past activities will not repeat themselves, brin-ging any more unpleasant surprises.” Professor José M. Campa Forbes, December 2013


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REINVENTING PUBLIC LEADERSHIP AND MANAGEMENT

Since its founding the CPLG has had a close relationship with Harvard’s Ken-nedy School of Government, running joint programs such as Driving Gover-nment Performance; the Communica-tion, Leadership and Campaign Ma-nagement Program; and Evaluation of Public Policies and Social Programs.

Two new programs were launched in 2013-2014: Leading Management Growth, and Policy Development and Integration Capabilities. The former was organized for the Institute of Fiscal Studies and the latter, for the Secretary of State for Security.

Forty-one participants took part in the Strategic Management and Social Leadership Program. This was the fourth edition of the program. Pro-moted by IESE Business School and the Rafael del Pino Fundation, it is de-

signed to give leaders of foundations, non-governmental organizations, think tanks and social entrepreneurs the skills needed to manage their organi-zation and talent.

● This year, more than 400 parti-cipants enrolled in nine programs organized by IESE’s Center for Public Leadership and Government (CPLG). These programs are designed for senior offi cials holding public offi ce in the Spanish central, regional and local governments, as well as senior offi cials throughout Europe, Africa, Latin America and from multilateral institutions like the World Bank.

A session of the Center for Public Leadership Development (CPLG)

Shehu Misau (Driving Government Per-formance ’13) Managing Director, Public Service Institute, Nigeria

“The program exposed you to new ways of doing things, new ways of solving specifi c policy problems and new ways of implementing policy decisions. You realize you can positively impact people, communities and society.”



The seventh edition of the Pan African AMP was organized in November 2013

THE AFRICA INITIATIVE

As testament to this, in November 2013 IESE organized the seventh edition of the Pan African AMP Module, which brings together participants of the Ad-vanced Management Programs at two African business schools (Strathmore Business School and Lagos Business School) as a means of fostering colla-borative ties between participants as well as between the two schools. And in September 2013 IESE delivered the Pan African EMBA Module.

In 2014, the school added Kenya to the existing MBA overseas elective modules. From April 21 to May 2, 45 MBA students participated in the MBA Nairobi Module that took place in Strathmore Business School (SBS). The fi rst edition, entitled “Doing Business in Africa, New Realities Immersion, and Social Innovation and Social Entrepreneurship in Africa,” offe-red students the opportunity to improve their knowledge about doing business in this continent.

The Global CEO Program also laun-ched an optional module about Africa. In October 2013 in Cape Town and Accra, 37 senior executives from all over the world attended the 2013 Africa Experimental Week. This program module provides practical insight on how investors and companies operate in two fast-growing regions. The Africa Experimental Week combined lectures with onsite visits and interaction with local senior executives from leading fi rms.

Among the programs dedicated to this initiative are the Inside Africa program and the Europe-Africa Business Summit.

"Through this initiative we aim to pro-vide information, ideas and support to help coordinate the full range of African initiatives being developed by IESE facul-ty, chairs and research centers, as well as provide support to business schools de-veloped with IESE’s support on the con-tinent. In addition, the initiative serves as a platform for the development of new projects and programs while also raising awareness of IESE's latest activities in Africa," said Professor Lluis Renart.

● Through the Africa initiative, IESE reaffi rms its commitment to improve the quality of management educa-tion on the African continent. In fact, Africa has always been an important focus of IESE's attention. IESE helped create Lagos Business School in 1991, Strathmore Business School in 2005, and MDE Business School in the IvoryCoast in 2011.

Collin Mutambo (Pan African AMP ’12) General manager Radion Simba, Uganda

“I think Africa needs to position itself strategically as a new kind of supplier of something, we just have to fi nd out what – something that will take Africa out of poverty. Black gold, oil are going to be big catalysts for development. Africa could also become a food exporter.”


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1967 Instituto Panamericano de Alta Dirección de Empresa (IPADE), Universi-dad Pan-Americana, Mexico City, Mexico1977 Business School, Universidad del Istmo (UNIS), Guatemala City, Guate-mala1978 Escuela de Dirección y Negocios (IAE), Universidad Austral, Buenos Aires, Argentina1979 Escuela de Dirección de la Univer-sidad de Piura (PAD), Lima, Peru1980 Associaçao de Estudos Superiores de Empresa (AESE), Lisbon, Portugal 1986 Instituto de Estudios Empresaria-les de Montevideo (IEEM), Universidad de Montevideo, Montevideo, Uruguay1991 Lagos Business School (LBS), Pan-African University, Lagos, Nigeria1992 Instituto de Desarrollo Empresarial (IDE), Guayaquil, Ecuador1994 China Europe International Busi-ness School (CEIBS), Shanghai, China1995 School of Business Administra-tion, University of Asia and the Pacific (UA&P), Manila, Philippines1996 Instituto Superior da Empresa (ISE), São Paulo, Brazil1999 Escuela de Negocios (ESE), Uni-versidad de Los Andes, Santiago, Chile2005 Strathmore Business School (SBS), Strathmore University, Nairobi, Kenya2011 MDE Business School, Institut de Hautes Etudes (IHE- Afrique), Abidjan, Côte d'Ivoire

BUSINESS SCHOOLS DEVELOPEDWITH IESE’S SUPPORT

IESE’s global spirit has led it to establish close relationships and alliances with in-ternational business schools, and in many cases to take on a key role in their founding and development. Specifically, IESE has helped develop 14 schools of management in Africa, Latin America, Asia and Europe.



DEVELOPING YOUNG PROFESSORS IN EMERGING MARKETS

WOMEN IN MANAGEMENT

● In June 2014, the International Faculty Program (IFP) celebrated its 23rd edition. Twenty-eight professors from 16 different countries throughout Africa, Asia, Europe and Latin America gathered at the Barcelona campus for the occasion.

During the three-week program, they studied teaching methodologies, how to teach the case method and how to defi ne and outline course curriculums.

The IFP’s main objective is to further the leadership and teaching talents of business school faculty members so that they can maximize the value they con-tribute to their respective institutions.

PhD ProgramIESE also supports young faculty develo-pment through its PhD Program, offering

students the tools and knowledge to stay at the cutting-edge of research. In 2013-2014, the PhD Program had 24 students, and 8 of them had successfully defended their theses.

● Activities organized by IESE to promote the advancement of women in the corporate world included the Focused Program “Women on Boards,” the Women Leadership Program, the Alumni Breakfast “Women in Power” and the Biannual International Acade-mic Conference.

These activities, as well as research on women in management, are supported by the International Center for Work and Family (ICWF). The center’s mission is to foster Family Corporate Responsibility (FCR) in companies, supporting policies that facilitate fl exibility and the ability for employees to reconcile and integrate work and family life.

The center’s research focuses on the following areas: women’s leadership and women on boards, career paths, compe-

IFP academic director, Prof. Javier Santomá, discusses the case method

IESE organized sessions and activities to promote the advancement of women in the corporate world

Syed Imran Saqib (IFP ‘13) Professor of the Institute of Business Administration in Karachi, Pakistan

“IESE and its faculty are offering a great service to the world by sharing so many years of experience in graduate-level teaching.”


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tences, salary discrimination, pension system and conciliation, as well as best practices for companies, policy and legis-lative change towards FCR. In particular, the center’s research supports the UN, EU, national, regional and local gover-nments’ and companies’ commitment towards FCR, and IFREI.

In 2013-2014, the ICWF published the following research: “The impact of pensions on women;” “Retirement and the quality of life in Spain;” “Women on boards of IBEX companies;” and “Ma-nagement profi les, leadership skills and employability.”

IMPROVING THE PUBLIC SECTOR: THE HEALTHCARE INITIATIVE

The Jaime Grego Healthcare Management Chair and the recent Indra Chair of Digital Strategy are two new additions to IESE’s research chairs which now total 20.

The Jaime Grego Healthcare Manage-ment Chair and the Center for Research on Healthcare Innovation Management are part of IESE’s Healthcare Initiative which hopes to have a transformational impact in this sector through training and applied research.

Furthermore, the Healthcare Initia-tive encompasses activities such as the Healthcare Industry Meeting and the Healthcare Management Program, with the second editions of both programs ta-king place this year.

In cooperation with the biophar-maceutical company Abbvie, this year Professor Jaume Ribera and researcher Javier Mur created the AMPHOS 2013 report, aimed to encourage hospital ins-titutions to adopt a more transparent, results-oriented approach to healthcare management.

In June 2014, IESE joined forces with the Social and Healthcare Consortium of Catalonia (Consorcio Social y de Salud de Cataluña) to organize the conference “Governance in Healthcare Institutions: Attaining Effi ciency in Service Delivery to Citizens.”

● In 2013-2014, the school launched the Jaime Grego Healthcare Manage-ment Chair held by Professor Núria Mas. The chair’s research focuses on generating new frameworks for innovation within the health sector and on health care management in companies, institutions and key pla-yers within the sector.

Jaime Grego Healthcare Management Chair held by Professor Núria Mas



Dean Nohria lectured alumni in the Continuous Education session, “Inno-vative Leadership: Learning from Asian Companies,” where he discussed how the competitive advantages enjoyed by emerging countries have as much to do with innovative management and lea-dership as with low wages adding,"we try and teach people how subtle and how important it is for business leaders to be mindful of their obligations to so-ciety and to all constituents in society, even if they operate a company with the belief that shareholder maximization is their most important principle."

The Harvard-IESE Committee was es-tablished to launch the MBA program in 1964. Over the years, the committee has evolved, becoming a forum to analyze major trends in business and leaders-hip education throughout the world; to share experiences and to discuss new joint projects.

Harvard Business School and IESE continue to share the same clear objec-tive: “Improving the development of executives and leadership around the

world,” said Jordi Canals. Both schools maintain this tradition and continue developing joint programs, such as the Global CEO Program for China, which is carried out in collaboration with the China Europe International Business School (CEIBS), and the focused pro-gram Value Creation through Effective Boards.

50TH ANNIVERSARY HARVARD-IESE COMMITTEE

Alumni session with Nitin Nohria at IESE

◗ During academic year 2013-2014, the Harvard-IESE Committee celebrated its 50th anniversary. To commemorate the occasion, in January Har-vard Business School Dean Nitin Nohria visited IESE for several meetings including a discussion with faculty and a session with alumni.


1

Munich Campus is located in one of Munich’s most iconic quarters and next to Bavaria’s Parliament houses

MUNICH CAMPUS

● IESE continues to expand interna-tionally with the opening of the Mu-nich campus planned for the spring 2015. This decision reinforces IESE’s global strategy and expresses its com-mitment to Germany, a country where IESE has been running the Advanced Management Program since 2005.

As the first international business school to establish permanent facili-ties in Germany, with the opening of the campus, IESE seeks to leverage its

presence in the German and Central European market.

IESE has been in Munich since 2005, when it launched its Advanced Mana-gement Program (AMP). Since then the school has continued to grow, launching new open programs, including the Pro-gram of Management Development (PMD), and in-company programs with top German fi rms such as Allianz, BASF, Bertelsmann, BMW, Deutsche Bank, Haniel Group, Henkel, MAN, Opel, and Phoenix, among others.

IESE’S IMPACT AROUNDTHE WORLD

BER

KELEY

, USA

N

YU, U

SA MIC

HIGAN

, USA

KEL

LOGG, U

SA

TUCK

, USA

WHAR

TON, U

SA

YALE

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UCL

A, U

SA

MIT,

USA

IAE,

ARGEN

TINA

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E, M

EXIC

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MBIA, U

SA

CORNEL

L, U

SA

DAR

DEN, U

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PAD

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BRAZ

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UNIS

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A

IEEM

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AES

E, C

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ARGEN

TINA

ARGEN

TINA

CHIL

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USA

CAN

ADA

MEX

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BRAZ

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URUGUAY

MIA

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NEW

YORK C

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READINGTHIS MAP

Each location where IESE has presence is color-coded

CAMPUS ALUMNI CHAPTER ASSOCIATED BUSINESS SCHOOLS MBA PROGRAM PARTNER SCHOOLS EXECUTIVE EDUCATION CENTERS

LBS,

UK

CEI

BS, C

HINA

YONSE

Y, SO

UTH K

OREA

NUS,

SIN

GAPORE

HEC

, FRAN

CE

HKU, H

ONG-KONG

KEI

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HKUST

MBS,

AUST

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ISB, I

NDIA

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LBS,

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(AES

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KEN

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GER

MANY

AUST

RIA

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SCA

NDINAV

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RUSS

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CHIN

A

INDIA

MUMBAI

WAR

SAW

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GAPORE

/ MAL

AYSI

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HONG K

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SWIT

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ND

POLA

ND

PORTU

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SPA

IN

FRAN

CE

BAR

CELO

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NAI

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SHAN

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REC

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RSM

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LBS,

UK

HEC

, FRAN

CE

HEC

, FRAN

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ISB, I

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AES

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AES

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LBS,

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(AES

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MANY

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Lech Walesa Former President of Poland and Nobel Peace Prize recipient

Leonard A. Lauder

Mario Monti President Università Commerciale Luigi Bocconi, former Italian prime minister and European Commissioner

Frank Bennack, Executive Vice-Chairman of Hearst Corporation

Valeria Budinich, VP of Ashoka

Chairman Emeritus of the Estée Lauder Companies

Patricia Francis, former CEO of the International Trade Center (ITC), and member of IESE's IAB*

Ángel Cano, CEO of Grupo BBVA

José María Álvarez-Pallete, CEO of Telefónica

Umran Beba, SVP and Chief HR offi cer of PepsiCo AMEA

Pedro Alonso, Director of the Barcelona Center for International Health

Peter Bart, Editor-in-Chief of Variety (1989-2009)

Ibukun Awosika, CEO of The Chair Center Group

Isak Andic, Chairman and CEO of Mango, and member of IESE's IAB*

GUEST SPEAKERS

*IAB: International Advisory Board

OPEN AND SEETHE FULL MAP

IESE’S MILESTONESSINCE 1958

1958 IESE is founded and the PADE program (Programa de Alta Dirección de Empresas – Advance Management Program) launched. 1959 The fi rst PDD (Programa de Desarrollo Directivo – Pro-gram for Leadership Develop-ment) begins as well as the fi rst Continuous Education Program for alumni.1961 The IESE Alumni Associa-tion is established.1963 The Harvard-IESE Com-mittee is set up.1964 IESE launches the MBA, the fi rst full-time program in Europe. 1967 IESE helps establish IPA-DE in Mexico, with an additional 15 schools on 4 continents to follow in the years to come.1969 The PhD program begins.1974 The fi rst executive edu-cation programs begin in IESE Madrid.1980 The school launches the bilingual MBA.1981 The fi rst EMBA Madrid is launched.1989 The IESE International Advisory Board (IAB) is esta-blished.

1991 The International Faculty Program begins.1991 Lagos Business School becomes IESE’s fi rst associated school in Africa.1993 IESE launches Inter-national Executive Education Programs.1994 IESE’s fi rst international alliances with the University of Michigan and MIT Sloan School of Management is established.1995 IESE’s fi rst joint program with Harvard takes place.1996 IESE launches its fi rst Focused Program.2000 FINAVES, a venture capital fund that provides seed money for selected entrepre-neurs is founded. 2001 The Global Executive MBA begins.2002 The fi rst AMP takes place in São Paulo and the fi rst PMD the following year.2003 IESE launches the Busi-ness Angels Network. 2005 The school begins its acti-vity in Munich with the Advan-ced Management Program.2006 IESE launches the AMP Warsaw and begins the Global CEO Program for China together with HBS and CEIBS.

2007 IESE establishes its New York Offi ce.2009 The school launches the Global CEO Program for Latin America.2010 IESE inaugurates its New York campus.2010 Global CEO Program IESE-CEIBS-Wharton begins2011 The fi rst edition of the AMP Media & Entertainment takes place in the U.S. 2012 The Executive MBA in São Paulo is launched.2013 The fi rst edition of the Fast Forward Program takes place and the PMD Munich and PLD New York are launched.2014 The Global EMBA offers the US track in New York.

Many of these initiatives came about thanks to Bishop Alvaro del Portillo, Prelate of Opus Dei and Chancellor of the University of Navarra between 1975 and 1994. Not only did he encourage the development of IESE Business School, but moreover, its eventual expansion to support management education in other areas of the world. His beatifi cation was decided by Pope Francis and took place in Madrid on September 27, 2014.

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27


1

Arthur O. Sulzberger

Publisher of the New York Times

Paul Polman

CEO of Unilever

Surinderdeep Singh, General Manager of Shell Marine

Mariano Puig, former Chairman of Puig, and member of IESE's IAB*

Simon Liang, CEO of SinoPacific

Bruno di Leo, Global VP Sales and Distribution of IBM, and member of IESE's IAB*

José Manuel Lara Bosch, Chairman of Grupo Planeta

Emilio Botín, Executive Chairman of Grupo Santander

Julio Rodríguez, EVP of Schneider Electric

Andrea Morante, CEO of Pomellato

Hans Ulrich Maerki, Chairman of the Gover-nance of Nomination & Compensation Committee of ABB, and member of IESE's IAB*

Ermenegildo Zegna,CEO of Ermenegildo Zeg-na Group, and member of IESE’s IAB*

Edson Arantes do Nas-cimento "Pelé", Retired Brazilian footballer

Kees Storm, Chairman of InBev, and member of IESE's IAB*

Francisco Reynés, CEO of Abertis

Daniel L. Doctoroff, CEO of Bloomberg

Jeff Bewkes, CEO of Time Warner

Reimund Pohl, CEO of PHOENIX Group

Rosa García, Chairwoman and CEO of Siemens Spain

George Yeo, Chairman of Kerry Logistics, and member of IESE's IAB*

Siegfried Russwurm, CEO Industry Sector, Siemens, and member of IESE's IAB*

Romano Prodi, former President of the European Commission

Pablo Isla, Chairman and CEO of Inditex

2. PROGRAMS

IESE’s program portfolio is designed to provide participants with an international, general management perspective that fosters critical thinking, professionalism and ethics. The school strives to enlighten every participant about the pivotal role they could play in society when creating and growing business opportunities with social impact and long-term sustainability.


PROGRAMS

MBA◗ During the 2013-2014 academic year, a total of 560 students were enrolled in the full-time MBA program. This year IESE launched several innovations in the program curriculum to complement existing learning and career development opportunities: new courses, overseas modules and the Summer Entrepreneurship Boot Camp.

MBA students take 900 total class hours throughout the program


2

THE SCHOOL added Kenya to the existing overseas elective modules. Together with São Paulo, Shanghai and New York, students can now choose among four different global locations.

From April 21 to May 2, 45 MBA students partici-pated in the MBA Nairobi Module that took place in Strathmore Business School (SBS). The first edition, entitled “Doing Business in Africa, New Realities Immersion, and Social Innovation and Social Entrepreneurship in Africa,” offered the following courses: The African Way to Business; African Macro-Economic and Political Context; New Business Models and Local Innovation; Africa Infrastructures & Energy; Consumer Goods Strategies in Africa; Investment and Financial Opportunities in Kenya. Students also par-ticipated in a negotiation exercise with SBS EMBA students.

Students enrolled during the 2013-2014 academic year

560THE NEW improvements in first-year curriculum were especially focused on clear thinking, action orientation, integration and the human and ethical dimensions of business.

The Communication Skills Development course chan-ged structure and was held within an entire week.

The new additions to the second year curricu-lum were: Enterprise Risk Management, Internet Marketing, Industry and Competitive Analysis, Orga-nizational Risk Manage-ment, Real Estate Finance and Working for a Startup.

NewCourses

New Overseas Modules

“IESE has fundamentally been a springboard that has completely changed my professional life. It’s a place that is going to give you much more than you put into the experience; it’s a space that allows you to experience and expe-riment without the fear of making a mistake. In the end, you emerge with a renewed vision of leadership and with a clear, ethical com-pass.”

Stefanie Cunha (MBA ’14), GE Capital in London

4.5 Years experience


PROGRAMS

THIS YEAR, IESE launched the Summer Entrepreneurs-hip Boot Camp. The program is an unique opportunity for students to boost their insights into creating an en-trepreneurial venture while simultaneously adding a new summer internship option.

During the 2013-2014 aca-demic year, PepsiCo, HP, In-termon OXFAM, Ivoox, Club Esportiu Sabadell and Sanofi were the companies in which fi rst year MBA students participated in the Capstone in-Company Project. The program is an opportunity for students to apply their knowledge and experience to assess and resolve real company problems.

On May 16, Pablo Isla, Chairman of Inditex, gave the commencement address to the class of 2014. He urged the 285 graduates to “Appreciate people as a company’s most important asset, and remain passio-nate and committed while framing every endeavor with ethics.”

THE 2013-2014 academic year marked an important milestone in the history of the school with the 50th anniversary of the Harvard-IESE Committee. Harvard Business School Dean Nitin Nohria visited IESE in Ja-nuary to celebrate the occa-sion. Originally established to oversee the launch of

IESE’s MBA program, today the Harvard-IESE Commit-tee is a platform for the two schools to exchange ideas and discuss new projects. The next MBA program mi-lestone – the celebration of its 50th Anniversary – will take place during the new academic year.

This year, the Financial Times ranked IESE seventh in the world, while The Eco-nomist placed the school at number fi ve globally.60

Countries represented

EUROPE 24%

ASIA 25%

SPAIN 20%

MIDDLE EAST 3%

NORTH AMERICA 12%

AFRICA 2%

LATIN AMERICA 14%

MBA

NORTH AMERICA 12%

LATIN AMERICA 14%

SPAIN 20%

EUROPE 24%

EUROPE 24%SPAIN 20%

ASIA 25%

MIDDLE EAST 3%

Students by geographic areasPercentage

Summer Entrepreurship Boot Camp

MBA Program Mi lestones

Pablo Isla, Chairman of Inditex, keynote at MBA graduation


2

THE YOUNG Talent Pro-gram (YTP), which gives recent university gradua-tes a chance to secure pre-admission to the IESE MBA program, continues to attract budding mana-gerial talent. This summer aspiring MBA students from 22 countries came to the Barcelona campus for the YTP’s Next Steps Seminar, a weeklong pro-gram that allows them to experience IESE and meet future classmates. The YTP currently has 175 new candidates enrolled.

BERKELEY: Haas School of Business, UC Berkeley, US CEIBS: China Europe International Business School, Shanghai, ChinaCHICAGO: The University of Chicago, Booth School of Business, US COLUMBIA: Columbia Business School, Columbia University, USCORNELL: Johnson Graduate School of Mana-gement, Cornell University, US DARDEN: Darden Graduate School of Business, University of Virginia, US DUKE: The Fuqua School of Busi-ness, Duke University, US HEC: HEC School of Management, France HKU: Hong Kong Univer-sity - Hong Kong HKUST: Hong Kong University of Science and Technology - Hong KongIAE: Escuela de Dirección y Negocios, Universi-dad Austral, Argentina IPADE: Instituto Paname-ricano de Alta Dirección de Empresa, MexicoISB: Indian School of Business, Hyderabad, In-dia KEIO: KEIO University, Yokohama City, JapanKELLOGG: Kellogg School of Management, Nor-thwestern University, US LBS: London Business School, University of London, UKMBS: Melbourne Business School, The University of Melbourne, Australia MICHIGAN: Stephen M. Ross School of Business at the Univ. of Michigan, US MIT: MIT, Sloan School of Management, US NUS: National University of Singapore, Singapore NYU: New York Univer-sity, Leonard N. Stern School of Business, US RECANATI: Recanati, University of Tel Aviv, Israel RSM: Rotterdam School of Management, The Netherlands TUCK: Tuck School of Business at Dartmouth, US UCLA: The Anderson School at UCLA, US UNC: The Kenan-Flagler Business School, University of N. Carolina, US WHARTON: The Wharton School of the University of Pennsylvania, US YALE: Yale School of Mana-gement, US YONSEI: YONSEI University School of Business - South Korea

This year, the number of MBA Career Forums increased signifi cantly to a total of seven major recruiting events globally.

• For the fi rst time, the Career Services Division organized two off-campus career fora (New York and Singapore).

• In conjunction with other top Euro-pean business schools, IESE orga-nized two fora focused on careers in Asia (held in London) and one event focused on Latin American companies (held in Barcelona).

The expansion of recruiting opportu-nities has produced solid results this year: within three months of graduation, more than 90% of the class of 2014 had received job offers.

INTERNATIONAL EXCHANGE PROGRAM PARTNER SCHOOLS

EXPANDED CAREER SUPPORT

Job offers to MBAsPercentage

Young Talent Program

90% of students receive a job offer within three months of graduating.


PROGRAMS

Executive

MBA◗ IESE’s Executive MBA Program (EMBA) is a general management degree with a humanistic focus that helps working professionals deepen their knowledge of global business and develop the executive abilities and entrepreneurial insights to manage their companies. With a total of 509 students enrolled this year, IESE delivers the EMBA in Madrid, Barcelona and São Paulo.

The EMBA includes intensive modules in New York City and Shanghai, in addition to residential courses in Barcelona, Madrid and São Paulo


2

THE GRADUATION ce-remony of the first class of the IESE EMBA Brazil took place in São Paulo on June 7. Luiz Carlos Trabuco, chairman of the country's largest bank, Bradesco, gave the commencement address to the program’s thirty graduates.

In May, both the EMBA Madrid and Barcelona classes of 2014 celebrated their graduations. José M. Lara, chairman of Grupo

Planeta, gave the commen-cement speech to the 100 graduates in Barcelona, while Ángel Cano, CEO of BBVA, addressed the 135 EMBA students in Madrid.This year, IESE introdu-ced several innovative changes to the EMBA to enhance participants’ experience and internatio-nal learning opportunities. Three intensive, compul-sory weeks are now an important component of the program’s second year. Students can choose to take part in these compre-hensive weeks in New York City, São Paulo, Shanghai, Madrid or Barcelona.

In addition, the program

delivers courses that en-courage entrepreneurship. EMBA graduates continue nurturing the entrepre-neurial spirit through the alumni-run Club de Emprendedores del EMBA (CEEMBA).

First IESE EMBA Brazil Graduation

Luiz Carlos Trabuco, Chairman of Bradesco Bank speaks at EMBA Brazil Graduation (center)

Angel Cano, BBVA CEO, Keynote at EMBA Madrid gra-duation

José Manuel Lara, Chairman of Grupo Planeta speaks at EMBA Barcelona graduation

“When I think about what diffe-rentiates the IESE EMBA, the first things that occur to me are: a di-fferent style of management and a sense of responsibility and deep engagement. Behind every complex organization are its people; and it is people that make a company genui-nely stand out.”

Ricardo Fernández-Mazarambroz (EMBA ‘14) Director of Financial Sponsors Group of Bancomer

509 33 Students Average age


PROGRAMS

GlobalExecutive

MBA

◗ The Global Executive MBA targets senior international executives and is designed to deliver significant career impact and personal leadership growth. The program offers a unique collaborative learning experience that delivers important actionable takeaways: well-balanced, advanced decision-making skills relevant to the complex context of international business; attainment of a general management perspective of strategy, planning, execution and control of actions; and an integrated humanistic viewpoint of leadership and manage-ment of organizations. This year, 106 students were enrolled in the program.


2

THE CLASS of 2015 is a major step forward for the Global Executive MBA as it is the first time that the program started on two continents simultaneously: America and Europe.

The Global Executive MBA includes five compulsory modules (held in Barcelo-na, New York, Shanghai and Silicon Valley) where both tracks come together. Another novelty this year was the introduction of an elective module in São Paulo.

Between each program module, the participants continue working through IESE’s e-learning program. This allows them to study

with their classmates and professors from anywhere in the world.

Because of the innovative nature of the program, in 2013-2014 IESE selected the Global Executive MBA as an ideal context to introduce new learning technologies and tools that the school’s Learning Innovation Unit is developing. Among these are pre/post residential e-sessions, interactive simulations, audio cases and modern online discussion tools.

In his May 30 commence-ment address, Abertis CEO Francisco Reynés reminded the 44 graduates of the class of 2014 that excellence “is not so much the result of ins-piration or a fantastic idea, but rather of persistence.”

“The GEMBA has tremendously reinforced my desire to undertake endeavors that have the power to produce a positive impact. The program has given me confidence in my abilities and has opened my eyes to new abilities that I was unaware of. IESE is a testing ground that forces us to relentlessly and sincerely be self-critical so that we may improve. There is an authentic debate between business and society; here it is evident that business is attempting to learn new ways to interact in the world, and I believe that we need more people from both sides of the fence to broaden the conversation so that it can be more fruitful.”

Sanaz Amidi (GEMBA ’14), Director of the Rosetta Art Centre in London

830/038 106 International students

Average age Students

One Program, Two Tracks

Abertis CEO Francisco Reynés keynote at GEMBA graduation


PROGRAMS

Programs

PhD & MRM

◗ IESE’s PhD in Management and MRM (Master’s in Research Manage-ment) attracts students with a pas-sion for research who are inspired to create a deep impact in management thinking at the world’s top business schools and universities.

THIS YEAR, 12 MRM stu-dents and 24 PhD students from the Americas, Asia and Europe were enrolled at IESE with areas of interest across academic disciplines.

Many of these students at-tended and submitted their papers at diverse conferen-ces and symposiums this year, including the Strategic Management Society Confe-rence, Academy of Mana-gement Annual Meeting, Marketing & Innovation Science Conference, Ameri-can Economic Association Conference, Society for In-dustrial and Organizational Psychology Conference and Strategy Research Initiative.

New this year is the “PhD & Junior Faculty Brownbag Seminar Series,” a forum for discussion of early-stage academic research at IESE for both faculty and PhD students across departments. The aim of the program is to stimulate an exchange of ideas and promote opportunities for learning and cooperation among IESE faculty mem-

bers and PhD students. The IESE-CEIBS joint

PhD further enhances the program’s diversity and global reach. Created in 2012, the program brings together European management know-how with in-depth knowledge, and market expertise focused on China. The joint program’s aim is to develop future faculty mem-bers capable of preparing MBA students and execu-tives to thrive in today’s complex global context.


2

IESE’S PhD in Management and MRM also earned seve-ral awards and distinctions including: • The Heizer Dissertation

2014 Award from the Academy of Management went to Yuliya Snihur (PhD '13), Toulouse Business School, Assistant Professor Strategic Management

• The Outstanding Reviewer 2014 Award from the Organizational Behavior Division of the Academy of Management went to Pablo Escribano, IESE PhD candidate

• Horacio Rousseau (IESE MRM Student) won the

Best Paper Award for his paper “Let's Talk” at the 2014 Academy of Manage-ment Conference

• IESE PhD candidates Federica Foce Massa and Bilgehan Uzunca were selected as finalists in the Strategic Management So-ciety 2014 Best Conference PhD for their respective papers “When Complexity Clarifies: Sensemaking in an Institutionally Com-plex Setting,” and “From Decanter to Bottleneck? How Industry Evolution and Governance Inse-parability Shape Value Migration in Ecosystems.”

• The Journal of Business Research accepted IESE MRM student Felipe Guzman’s paper “Dispo-sitional and Situational Differences in Motives to Engage in Organizational Citizenship Behavior” (co-authored with Álvaro Espejo, IESE PhD '05) for publication in a Special Issue on Latin American Studies

Awards and Distinctions

As of July 22, 2014, eight PhD students had successfully defended their theses:

• SONG, DONGMEI (China) October 2013 “Essays on Embedded Social Networks and Individual and Group Outcomes.” Dis-sertation Director: Prof. Carlos Sánchez-Runde

• FOLLE, CARLOS (Uruguay) December 2013 “Essays on Interorganizational Governance in Marketing Channels.” Dis-sertation Director: Prof. Francisco Iniesta

• OSUNA, IGNACIO (Colombia) May 2014 “Customer Response to a Targeted Cou-poning Program in a Retail Context: What and How Coupons Work.” Dissertation Directors: Profs. Julián Villanueva and Jorge González

• FERRÉS, DANIEL (Uruguay) June 2014 “Essays on Corporate Governance and Cartel Prosecution.” Dissertation Director: Prof. Gaizka Ormazabal

• TORRES, ELIZABETH (Mexico) June 2014 “On the Relationships Between Family Activities and Work/Health Outcomes for Parents and Children.” Dissertation Direc-tor: Prof. Marta Elvira

• DEUTZMANN, FLORIAN (Germany) July 2014 “Essays on New Product Launch in System Markets.” Dissertation Director: Prof. Stefan Stremersch

• GUITART, IVÁN (Chile) July 2014 “Quantitative Models to Guide Advertising

and Innovation Decisions in the Automo-tive Industry.” Dissertation Director: Prof. Stefan Stremersch

• GÜÇLÜ, BURÇIN (Turkey) July 2014 “Decision Making of a Business-Intelligent

Manager.” Dissertation Director: Prof. Miguel A. Canela

THESES

“My experience at IESE was defined by its solid anthropological foundations and the strong focus on general management. Equa-lly important was the underlying support from faculty members who at all moments encourage students to share their ideas and develop them together.”

Alejandro Moreno (PhD ’13), Professor of Managing People In Organizations, INALDE Business School

950/0 International


PROGRAMS

Executive

EDUCATION


2

◗ IESE continues to expand its execu-tive education program portfolio glo-bally and grow its custom program client base. This year IESE offered more than 10,000 senior executi-ves an array of executive programs around the world: Open Programs in Spanish, International Open Pro-grams, Focused Programs, Custom Programs, Industry Meetings, and Public Leadership and Government Programs. Venues included Brazil, China, Germany, Ivory Coast, Kenya, Poland, Spain, and the US. ◗ This year the Financial Times ranked the school second position overall.

IN 2013-2014 IESE introdu-ced new programs in Africa, New York and São Paulo. The Africa Experiential Week took place in October 2013 in Cape Town (South Africa) and Accra (Ghana). Thirty-seven senior exe-cutives from around the world attended this optional module of the Global CEO Program to gain practical in-sights on how investors and companies operate in these two fast-growing regions.

Meanwhile, New York hosted two new industry meetings: Media & En-tertainment, and Sports Management. São Paulo also

hosted its first industry mee-ting on Sports Management.

“Value through Effective Boards” adds to the portfolio of programs that IESE offers in conjunction with HBS.

The custom programs de-signed for BBVA, Carlsberg and The Haniel Group are among the few that benefi-ted from innovative learning methodologies. In addition, this year, the school offered two Massive Open Online Courses (MOOC) through the Coursera platform. Prof. Pankaj Ghemawat delivered the course “Globalization of Business Enterprise” in February, while Prof. Javier Estrada launched “Corpo-rate Finance Essentials” in September 2014.

SPAIN ● IESE’s general management programs continued to grow this year. The Advanced Management Program in Barcelona offered two editions: one beginning in November, and the other in May. The Program for Leadership Development also held two editions.

● Apart from these programs in Barcelona and Madrid, the school delivered 20 different senior executive education programs in a variety of locations: Bilbao, Santiago de Compostela, Valencia and Zaragoza.

GERMANY ● This year activity in Munich continued to grow. The ninth edition of the Advanced Management Program (AMP) Germany graduated participants from companies including Eli Lilly, Lenzing and Telekom ●

Meanwhile, this city also hosted the second edition of the Program for Management De-velopment (PLD). This year’s class included participants from Bristol-Myers, Ferrero, Opel, Schott Solar and Squibb. Women made up 30% of the participants ● In recent years, IESE has designed and offered programs for Allianz, BASF, Bertelsmann, BMW, Deutsche Bank, Haniel Group, Henkel, MAN, Opel and Phoenix, among others.

“What I got from the IESE program was knowledge. With the AMP you learn to view things from other perspectives. It was intellectually enriching and it confirmed for me certain ideas about leadership.” Jaime Vives (AMP ’08) CEO of Roche Diagnostics Spain

“I learned a lot about myself and can now see the impact of my behavior on other people much more clearly, especially as a leader.” Juliane Müller (PMD Munich ’13) Regional Manufacturing Chief Engineer of Opel

ProgramInnovations


PROGRAMS

THE UNITED STATES

● The US was the venue for the Advanced Ma-nagement Program in Media & Entertainment, Senior Executive Program New York-Miami and Programs for Leadership Development (PLD) ● The New York campus hosted the Focused

“The stress factor that the course gives in order to simulate a real work situation is also a great way to train participants in the decision-making process.” Carolina Lambrechts (PLD New York ’13) Counsel at Discovery Communi-cations

EXECUTIVE EDUCATION

Programs Advanced Digital Media Strategies and Doing Business Globally, while expanding the course offering with Managing People Across Cultures ● Custom programs for BMW, Eurovision, SAB Miller and UNICEF, among others took place in the US this year. In addition, the Global CEO Program was another multi-location leadership and general management program that held modules here. The US also hosted the Global Leadership Breakfast Series, HR Breakfast Series, HR Think Tank and the Sports Management and Media & Entertain-ment Industry Meetings. ● Overall, close to 1,000 participants enrolled in programs in the US this year.

THE SECOND edition of this unique program was held in June 2014. Desig-ned to give participants an intense, tailor-made experience lasting over one week, participants may avail of a variety of sessions and themed tracks with keynote speakers relevant to their industry, function level and corporate con-cerns.

This year keynote speakers included: Lech Walesa, Nobel Laureate and Former President of Poland; Steve Capus, For-mer President, NBC News; Sheila Heen, Founder of

Triad Consulting Group and Lecturer at Law at Harvard Law School; and Herman Daems, Chairman of the Board, BNP Paribas and Fortis.

In the final two days of the program, the HR Think Tank participants joined the Fast Forward program and followed their own the-med track.

Fast Forward

Former President of Poland spoke at the Fast Forward program held at IESE in June 2014


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BRAZIL

● São Paulo continues to host AMP, PMD and Global CEO module. In April 2014, the school launched the First Sports Management Summit. IESE is increasing São Paulo’s executive education course offerings to include industry meetings.

CHINA

● IESE partnered once again with Wharton and the China Europe International Business School (CEIBS) to deliver the Global CEO Program with modules in Shanghai, Barcelona and Phi-ladelphia. ● IESE continued to join forces with

Harvard Business School and CEIBS to deliver the Global CEO Program for China.The program is designed for a top executives representing an array of industries and fast-growing companies in China. ● The Global Executive MBA delivered a residential module in Shanghai. The city also hosted a second-year, full-time MBA elective module.

“The quality of teachers, the practical way of lear-ning through case studies and the level of the other students, create optimal conditions for an exchange of ideas and networking.” Alexandre Azevedo (AMP São Paulo ’10), CEO of Seculu

“The professors are top-notch, and it’s interesting to have the classes taught in three locations. There are lots of opportunities to network and to learn from each other. It is a unique and well-designed program.” Norman Lui (Global CEO for China ’14), CEO of Lumi Holdings

WITH IESE’S international expansion, Custom Pro-grams have been growing its client base globally. The design of many of these pro-grams continues to evolve, incorporating experiential learning within a modular structure.

New opportunities have been emerging during this last year in the US market. The school delivered a program for BMW in New York and Palo Alto, and a Program for SAB Miller in Miami.

Sustaining its close relationship with Oracle, an IESE custom program client

for six years, this academic year a new program was de-signed in partnership with the Ross School of Manage-ment (University of Michi-gan) called the Oracle Global Accelerated Executive In-sight Program. Three of the modules were administered by IESE, with other modules taking place in Hong Kong and Michigan.

The European Broadcas-ting Union was another cross-border program. IESE ran module I of the three-

THIS YEAR, IESE hosted three new meetings: the first Sports Management Summit (São Paulo), the first E-Commerce Industry Meeting (Barcelona) and the first Media & Entertainment In-dustry Meeting (New York). The second Sports Summit was held in New York.

Through its industry meetings, IESE continues to provide a platform for business leaders and experts to discuss the latest trends and challenges in specific sectors, share insights on best practices, and anticipa-te shifts on the horizon.

module program in Bar-celona in May. Meanwhile, module II will take place in Los Angeles and module III in New York in October.

Other global clients that sought out IESE for their development needs in 2013-2014 included Carlsberg, Danone, Deutsche Bank, Honda, IBM, Nokia China, Opel and Wal-Mart. In addi-tion, IESE become the first executive education supplier for two of the three largest private banks in Brazil.

CustomPrograms

IndustryMeetings

Cross-border custom programs marked the year

Participants in the 2014 Global CEO for China program at IESE's campus in Barcelona


PROGRAMS

IESE LAUNCHED the new Focused Program “Value through Effective Boards” that the school offers in conjunction with HBS. The program addresses the importance of building strong corporate boards to promote sound governance.

POLAND● This year the seventh edition of the AMP Warsaw brought together 33 participants from diverse companies and industries. The city hosted six of the program’s modules, with two modules taking place in Barcelona.

“I am convinced that develo-ping your capabilities is ab-solutely indispensable; it is fulfilling on so many fronts and something we should undertake throughout our entire life. What I wanted to get out of the program was an exchange of ideas and unique points of view, in addition to familiarizing myself with different areas and the opportunity to work closely with high-level executives representing diverse industrial sectors.” Marzena Bielecka (AMP Warsaw ’08), CEO of Raiffeisen Investment Poland

EXECUTIVE EDUCATION

DURING THE 2013-2014 academic year, the Center for Public Leadership and Government (CPLG) consoli-dated and expanded its port-folio of courses targeting top government officials in international institutions in Africa, Europe, Latin Ame-rica and Spain. Some of the center’s activities, like the programs Driving Govern-ment Performance, Evalua-

tion of Public Policies and Social Programs, Seminar on Evaluation of Public Poli-cy and Social Programs, and Communication, Leadership and Campaign Management Program are delivered in cooperation with the Harvard Kennedy School of Government.

The school also deliver-ed the following public sector programs during

the 2013-2014 academic year: Leadership Program for Public Sector Mana-gement; Strategic Mana-gement and Social Lea-dership Program; Public Sector Conference: Public Management and Econo-mic Growth; and Leading Management Growth (or-ganized with the Institute for Fiscal Studies).

Public Leadership and Government Programs

Focused Programs

Some programs are delivered in coopera-tion with the Harvard Kennedy School of Government


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THIS YEAR, for the program’s 23rd edition, 28 fa-culty members of 16 different nationalities participated in the three-week program. Par-ticipants this year came from a range of positions including Associate Director of the Bank of Pakistan, Associate Dean of Warsaw Universi-ty of Technology Business School, and the Secretary General of the European College of Economy and Management in Bulgaria.

Since its inception, the In-ternational Faculty Program (IFP) has been developing business school faculty from around the world to make contributions to their home

institutions through building critical leadership skills and gaining insights into distinct learning methodologies. Al-together the IFP has trained 500 participants from more than 70 different countries throughout the years.

International Faculty Program

AFRICA● In October 2013, the Global CEO Program, jointly run with Wharton and CEIBS, organized an Africa Experiential Week in Cape Town (South Africa) and Accra (Ghana). Thirty-seven senior executives from around the world attended this optional module to gain practical

insights on business in the region ● Another important event was the PMD graduation in the Ivory Coast, a joint program between IESE and the MDE Business School in Abidjan (Ivory Coast). Fernando Morán, the Spanish ambassador to that country, awarded the 40 participants their diplomas ● This year, IESE delivered the seventh edition of its joint AMP with Strathmore Business School in Nairobi (Kenya). Participants from Lagos Business School (Nigeria) also took part in the program for the optional Pan-African AMP module.

23 faculty members of 16 different natio-nalities participated in the program

“The program has helped me improve my decision making skills and identify the critical elements of business problems.” Gérard Attoungbre (PMD Ivory

Coast ’13), Finance Director for ADM Cocoa in West Africa

3. FACULTY &RESEARCH

IESE faculty continues to develop new knowledge and concepts and prepare business leaders with potential to have a deep impact on academia and the practice of management. They integrate different roles: teaching, research and consulting. This blend of activity allows them to optimize students’ learning opportunities while contributing new findings to the advancement of knowledge across disciplines.One of the highlights of 2013-2014 was the creation of two new research chairs: Indra Chair of “Digital Strategy” and Jaime Grego Chair of “Healthcare Management.” The school also created a new research center: The Center for Innovation Marketing and Strategy (CIMS).


FACULTY & RESEARCH

This year, the school welcomed six new professors into a faculty of 104

full-time members from 31 different countries, 100% of whom hold doctoral de-grees. In addition, this year six visiting professors, 68

external collaborators, five post-doctoral students and 45 research assistants contri-buted to IESE programs and research.

Organization Science, Journal of Finance, Strate-gic Management Journal, Journal of Accounting & Economics, Journal of Management, Journal of Management Studies, MIS Quarterly, Research Policy, 6

New Professors

FACULTY

Overview

◗ IESE faculty apply academic rigor to understand and resolve managerial challenges, thus sharing with students and corporate partners unique lear-ning experiences and generating new ideas for the business and academic communities.


3

The Academy of Manage-ment Annals, Communica-tions of the ACM, Journal of Computer-Mediated Communication, Journal of Financial Stability, Manage-ment Accounting Research, Nucleic Acids Research, Personnel Psychology and Review of Financial Studies are some of the journals in which research of IESE appeared this year.

NEW FACULTY

Professors during the MBA Graduation Ceremony

ÍÑIGO GALLO, Marketing, Assistant Professor, PhD in Marketing, University of California, Los Angeles (US)

ROBERT GREGORY, Information Systems Assistant Professor, PhD in Business Administration, Goethe University Frankfurt (Germany)

THOMAS KLUETER, Entrepreneurship Assistant Professor, PhD in Management, University of Pennsylvania – The Wharton School (US)

WEI LUO, Production, Technology & Operations Management Assistant Professor, PhD in Operations Management, Fuqua School of Business, Duke University (US)

MASSIMO MAORET, Strategic Management Assistant Professor, PhD in Organization Studies, Boston College (US)

MANUEL MUELLER-FRANK, Economics Assistant Professor, PhD in Economics, Northwestern University (US)


FACULTY & RESEARCH

During the 2013-2014 academic year, the fo-llowing faculty

members made substantial progress in their respective fields, officially receiving awards and honors for their efforts:

ANTÓN, M., UAM 2013 Accenture Prize for his working paper “Dealing with Dealers: Sovereign CDS Co-movements in Europe.”

BERRONE, P., Honorable Mention Recogni-tion by the Family Business Review (FBR) Best Article Award Committee for his article “Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approa-ches, and Agenda for Future Research.”

CALVO, E., Ranked as one of the top 40 professors under 40 by the popular business school website Poets & Quants.

GHEMAWAT, P., Booz Eminent Scholar 2014 Award awarded by the International Manage-ment Division of the Academy of Management.

KLUETER, T., 2014 Academy of Management Best Paper Proceedings for his paper “No Strings Attached: Examining the Relationship Between Loosely Coupled Research Partner-ships and Innovation.”

NUENO, P., Outstanding Contribution Award from the Chinese government for his contribu-tions to the country’s education system over an intense 30-year period.

PAUNOVA, M., Finalist for the Barry M. Rich-man Dissertation 2014 Award awarded by the International Management Division of the Academy of Management.

PIN, J.R., Best Paper Award of Stream 4 “Di-versity Policies and Practice: Cross-Cultural and Comparative Perspectives” in the 7th Equality Diversity and Inclusion International Conference for the paper “Youth labor mar-ket exclusion: A comparative study on youth

in Spain, Mexico and Colombia,” co-autho-red with Lourdes Susaeta, Paula Apascaritei, Esperanza Suarez Ruz, Isis Gutiérrez-Martí-nez and Sandra Idrovo Carlier.

REICHE, S., Best Track Paper and Nomina-tion for 2014 Temple/AIB Best Paper Award, Academy of International Business, for “Towards a Taxonomy of the Global Leader-ship Construct,” coauthored with Allan Bird, Mark Mendenhall and Joyce Osland.

REICHE, S., Arnon Reichers Best Student Paper 2014 Award awarded by the Careers Division of the Academy of Management for a supervised paper of PhD student Claudia Holtschlag (University of Barcelona); other coauthors: Aline Masuda and Elizabeth Garriga.

REICHE, S., Best Reviewer 2014 Award awarded by the Academy of International Business.

REICHE, S., Best Reviewer 2014 Award awar-ded by the Journal of International Business Studies.

SNIHUR, Y., winner of the Heizer Dissertation 2014 Award awarded by the Entrepreneurs-hip Division of the Academy of Management.

TORTORIELLO, M., 2014 Academy of Manage-ment Best Paper Proceedings for his paper “Lost in transition: knowledge acquisition and knowledge loss in interpersonal exchanges.”

VROOM, G., 2014 Academy of Management Best Paper Proceedings for his paper, “Business Model Diversification, Resource Relatedness, and Firm Performance.”

FACULTY

AWARDS & HONORS

Accolades for IESE Research


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Since 2002, the Alumni Association has been recognizing IESE professors for their research contributions in the following three categories: best article, best book and best course. In 2013-2014, the Alumni Asso-ciation granted John Almandoz, Josep M. Rosanas and Eduardo Martínez Abascal the Prize for Research Excellence.

• In the first category The Association recog-nized Almandoz for his article “Arriving at the Starting Line: The Impact of Community and Financial Logics on New Banking Ventures,” which appeared in the Academy of Manage-ment Journal. The article examines the role of financial and community logic in founding a bank.

•In the second category, the jury selected Prof. Rosanas’ book Decision-Making in an Organizational Context: Beyond Economic Criteria. Rosanas outlines how decision-ma-king processes have to go beyond financial considerations. He calls upon decision makers to be conscious of the far-reaching consequences of their roles, especially on people.

•The third category prize went to Prof. Martínez Abascal for his Corporate Finance Course and corresponding textbook. His course is designed to use simple tools to explain the financial consequences (on the income statement and balance sheet, for example) of any corporate decision, while allowing any manager to comprehend the task of the CFO.

ALUMNI ASSOCIATION AWARDS

John Almandoz, best article

Eduardo Martínez Abascal, best course

Josep M. Rosanas, best book


FACULTY & RESEARCH

In addition to their in-house responsibilities and consulting pro-jects with companies,

many IESE professors sit on boards or head interna-tional organizations and conferences that provide cutting-edge research and debate on a number of re-levant topics. This year the following faculty members held such roles:

FACULTY

ARIÑO, A., Member of the Board of Directors, Strategic Management Society

ARIÑO, A., Program Chair of the 34th Annual Inter-national Conference of the Strategic Management Society

BERRONE, P., Associate Program Chair of the 34th Annual International Conference of the Strategic Management Society

BERRONE, P., Vice-President, Iberoamerican Academy of Management

ELVIRA, M., Member of the Jury for the Social Science Award – Premio Fundación Principe de Asturias 2014

FERRARO, F., Member of the Editorial Board, Academy of Management Discovery

MAS, N., Member of Honor, Asociación Españo-la de Economía

MAS, N., Member of the Advisory Committee for the Sustainability and Progress of the Healthca-re System (CASoST), Catalan Government

PEÑALVA, F., Member of the Experts’ Committee to Improve the Spanish Governance Code of Publicly Traded Companies. Appointed by the Government of Spain on behalf of the Ministry of Economics

REICHE, S., Associate Editor, Human Resource Management Journal

REICHE, S., Member of the Editorial Board, International Journal of Human Resource Management

TORTORIELLO, M., Member of the Editorial Board, Academy of Management Journal

VIVES, X., Member of the Committee to Identify the Future Members of the European Research Council’s (ERC) Governing Body

VROOM, G., Member of the Editorial Board, Strategy Science

VROOM, G., Member of the Editorial Board, Strategic Management Journal

VROOM, G., Member of the Editorial Board, Journal of Management

ACADEMICAPPOINTMENTS

Far-Reaching Influence

Xavier Vives, Professor of Economics and Financial Management

Fernando Peñalva, Professor of Accounting and Control

África Ariño, Professor of Strategic Management

Pascual Berrone, Associate Professor of Strategic Management

Marta Elvira, Professor of Strategic Management and Managing People in Organizations


3

20RESEARCH

Meanwhile, the new Cen-ter for Innovation Marke-ting and Strategy (CIM), led by Prof. Stefan Stremersch, will provide thought leader-ship in the field of innova-tion marketing and strategy. To carry out its mission, the center will partner with Ghent University, Erasmus University and MIT’s Digital Business Center, with com-panies like Alcatel-Lucent Bell Labs and General Motors.

In 2013-2014, IESE inaugurated two new research chairs and a new research center.

As the Indra Chair of Digital Strategy, Prof. Josep Valor will focus on generating new ideas relating to digital transformation and its effect on productivity and client relationships. Prof. Nuria Mas, as the Jaime Grego Chair of Healthcare Management, will lead and disseminate research to create new frameworks for innovation within the sector.

108 14New cases Research centers

◗ Over the last several years, IESE fa-culty has increased its research out-put, making contributions not just to publications, but also at conferences and seminars. This research is based on the solid, ethical foundation that defines the school and its mission.

Chairs


FACULTY & RESEARCH

RESEARCH

With this year’s newcomers - the Center

for Innovation Marketing and Strategy (CIM), the In-dra Chair of Digital Strategy, and the Jaime Grego Chair of Healthcare Management - IESE now is home to 20 endowed chairs and 14 research centers dedicated to generating new knowled-ge that can bring positive change to people, companies and society as a whole.

The 18th International Symposium on Ethics, Business and Society entitled “Ethics in Accoun-ting, Finance and Banking: Toward a More Compre-hensive Integration,” organized by Professor Domènec Melé, took place in June 2014.

In February 2014, IESE launched the Social En-trepreneurship and Social Innovation Platform (SESI), led by Profs. Joan Fontrodo-na and Nino Vaccaro. The new platform emphasizes the importance of social en-trepreneurship and social innovation in the manage-ment community, and more broadly, in civil society.

Another contribution this year was the Second Cities in Motion Think Tank: Smart Cities Using Big Data, which the Center for Globalization and Strategy organized in November. In continuation, in April Pro-fessors Joan E. Ricart and Pascual Berrone presented a new city ranking based on the Cities in Motion Ini-tiative, which has received significant national and international attention.

The Center for Research in Healthcare Innovation and Management (CRHIM) published the report “Mo-ving Forward in Clinical Management,” part of the AMPHOS13 research project and produced in collabora-tion with the biopharma-ceutical company AbbVie. AMPHOS13 is aimed at encouraging hospital institutions to adopt a more transparent, results-orien-ted approach to healthcare management and identified ten activities to overcome key clinical management challenges.

The Center for Work and Family (ICWF) together with Vida Caixa published “The Impact of Pensions on Women: Retirement and Quality of Life in Spain.” The report analyzes the ne-eds of individuals and fami-

lies, with special emphasis on the situation of women, and recommends formulas to maintain their standard of living.

Other conferences included the 21st Annual Symposium of the Center for International Finance in March and the 13th Public-Private Service Colloquium: Barcelona, Engine of Reco-very organized by the Public Private Sector Research Center in June.

Research Centers and Academic Chairs

Prof. Núria Mas holder of the Jaime Grego Healthcare Management Chair

Prof. Josep Valor holder of the Indra Chair of Digital Strategy


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Abertis Chair of Regulation, Competition and Public Policy PROF. XAVIER VIVES

Alcatel-Lucent Chair of Technology ManagementPROF. ANTONIO DÁVILA

Anselmo Rubiralta Chair of Strategy and GlobalizationPROF. PANKAJ GHEMAWAT

Banco Sabadell Chair of Emerging MarketsPROF. ALFREDO PASTOR

Bertrán Foundation Chair of EntrepreneurshipPROF. PEDRO NUENO

CELSA Chair of Competitiveness in ManufacturingPROF. FREDERIC SABRIÀ

Carl Schroeder Chair in Strategic ManagementPROF. JOAN ENRIC RICART

Chair of Business EthicsPROF. DOMÈNEC MELÉ

Chair of Family-Owned BusinessPROF. JOSEP TÀPIES

Center for Business in Society

Center for Globalization and Strategy

Center for International Finance

Center for Public Leadership and Government

Center for Innovation Marketing and Strategy

Center for Research in Healthcare Innovation Management

Center for Sport Business Management

Entrepreneurship and Innovation Center

Institute for Media and Entertainment

International Center for Competitiveness

International Center for Logistics Research

International Center for Work and Family

International Research Center on Organizations

Public-Private Sector Research Center

Crèdit Andorrà Chair of Markets, Organizations and HumanismPROF. JOSEP MARIA ROSANAS

Eurest Chair of Excellence in ServicesPROF. PHILIP MOSCOSO

Grupo Santander Chair of Financial Institutions and Corporate Governance (Currently in the process of appointing a new chair)

Indra Chair of Digital StrategyPROF. JOSEP VALOR

Jaime Grego Chair in Health Care ManagementPROF. NÚRIA MAS

José Felipe Bertrán Chair of Governance and Leadership in Public AdministrationPROF. JOSÉ RAMON PIN

Nissan Chair for Corporate Strategy and International CompetitivenessPROF. BRUNO CASSIMAN

PricewaterhouseCoopers Chair of Corporate FinancePROF. PABLO FERNÁNDEZ

Schneider Electric Sustainability and Business Strategy ChairPROF. PASCUAL BERRONE

SEAT Chair of Labor RelationsPROF. CARLOS J. SÁNCHEZ-RUNDE

“La Caixa” Chair of Corporate Social Responsibility and Corporate Governance PROF. ANTONIO ARGANDOÑA

CHAIRS RESEARCH CENTERS


FACULTY & RESEARCH

RESEARCH

In 2013-2014, IESE organized and/or hosted 26 academic events and 56 events

geared toward practitio-ners. Approximately 4,307 participants attended in these activities.

IESE’s New York Center hosted the 2014 Strategy Research Initiative (SRI) Annual Conference or-ganized by Prof. Bruno Cassiman. Barcelona was the venue for the 18th In-ternational Symposium on Ethics, Business and Socie-ty entitled “Ethics in Accou-nting, Finance and Banking: Toward a More Comprehen-sive Integration,” organized by Prof. Domènec Melé and the Conference on Financial Stability and Regulation, organized by Prof. Xavier Vives in collaboration with the Public Private Sector Research Center (PPRSC).

1st EUROMA Workshop on Practice-Oriented Research in Operations Management, organized by: Prof. Jaume Ribera,IESE BCN, OCTOBER 14-15, 2013

Conference on Financial Stability and Regulation, organized by Xavier Vives in collaboration with the PPSRC, IESE BCN, MARCH 27-28, 2014

2014 PhD Boot Camp of the Strategy Research Initiative (SRI), organized by: Prof. Bruno Cassiman, IESE NEW YORK, JUNE 2-3, 2014

2014 Strategy Research Initiative (SRI) Annual Conference, organized by: Prof. Bruno Cassiman,IESE NEW YORK, JUNE 3-4, 2014

Conference on “The Impact of Institutions and Regulation on Public Services,” organized by the Public Private Sector Research Center (PPSRC), together with the University of Bristol, SORBONNE BUSINESS SCHOOL AND UNIVERSITÉ PARIS-DAUPHINE, CLIFTON (UK), JUNE 13-14, 2014

18th International Symposium on Ethics, Business and Society on “Ethics in Accounting, Finance, and Banking: Toward a More Comprehensive Integration,” organized by Dr. MelèIESE BCN, JUNE 30 – JULY 1, 2014

The Supply Chain and Finance 4th Annual Symposium, organized by Profs. Victor Martínez de Albeniz and Wei Luo,IESE BCN, JULY 7-8, 2014

Global Leadership ConferenceIESE BCN, APRIL 3-4, 2014

ACADEMIC CONFERENCES AND WORKSHOPS

ResearchEvents


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6D

uring this aca-demic year, IESE faculty began six new competitive

research projects. These in-cluded a Marie Curie grant awarded to Prof. Massimo Maoret; a Citi Foundation grant awarded to Prof. José R. Pin and his re-search team for the project “Corporate Training and Employability of Young People;” three projects for the impact of the Business Angels Network awarded to Prof. Juan Roure and his research team; and a collaborative European Commission project on Independent Living and Active Aging in which Mag-da Rosenmöller and Prof. Jaume Ribera participated.

Magda Rosenmöller, Senior Lecturer of Production, Technology and Operations

Jaume Ribera, Professor of Production, Technology and Operations Management

Juan Roure, Professor of Entrepreneurship

Competitive Projects

New competitive research projects

José R. Pin, Professor of Mana-ging People in Organizations and Business Ethics


FACULTY & RESEARCH

RESEARCH

IESE Publishing

IESEInsight

This year, IESE publishing increased its output through

all of its main distribution channels, especially ECCH and Harvard Business Publishing. The school continues to be a leading distributor of management and business leadership teaching materials in the Spanish-speaking world, an important achievement that has furthered the school’s participation in Harvard Business School’s Latin American Case Competition.

The range of cases produced better refl ects

a more globalized world with greater infl uence of emerging economies. Over the last six years, almost 60% of the cases that IESE produced have dealt with international companies; 13% of these are focused on emerging markets such as Brazil, China and India.

To support on-campus research, the Academic Material Unit introduced the cases in audio format. This Unit performed two pilot tests and projects plans to incorporate this format in course curriculums in the coming years.

To expand the portal’s reach, IESE Insight, the school’s knowled-

ge portal and review, has agreements with IEDP – Ideas for Leaders, Adminis-tradores (Brazilian review), EIU, Forbes, NYT, China Busi-ness Review, and The Hindu and Eurasia Review.

The goal of IESE Insight is to disseminate research that provides relevant strategies, insights and frameworks in a format that makes knowledge user-friendly both to a general manage-rial audience as well as to academics.

IESE Insight ReviewFour issues of the magazine were published in 2013-2014. These issues focused on topics request by our subs-cribers: “Leading the Digital Transformation,” “Making Decisions: More than You Think,” “Competencies for Positive Impact” and “Why Good Governance Matters.” The articles combine both the work of IESE faculty members and other scholars from prestigious business schools around the world: Diane E. Bailey, School of Information at the Univer-sity of Texas; Stephen R. Barley, Stanford’s School of Engineering; Kim Cameron, University of Michigan’s Ross School of Business; Felipe Caro, UCLA Ander-son School of Management; Sheena Iyengar, Columbia Business School; Kirstie

The distribution of IESE Insight Review standalone articles has continued to grow through HBP and IESEP


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The IESELibrary

The performance indicators show that the library’s collection is

becoming more and more digital. Service usage increased considerably during the past year, espe-cially online. Aimed to be a 100 percent digital library, a decrease in usage of our print collection is a direct consequence of the increa-se in the overall usage of our e-collection.

To achieve complete digitalization, during 2013-2014, the school subscribed to two new e-book packa-ges: EBSCO Academic and Elsevier eBook Collection. These subscriptions helped to expand the library’s e-book collection to 120,000+ titles. Currently, the collection of e-books is 77% while the print collection

represents 23%. Meanwhi-le, the journal collection is 99.7% digitalized.

As part of the school’s goal to simplify access to information and services, this year IESE installed a new mobile app called Boo-kMyne. Available for both Apple and Android devices, the app facilitates quick, easy access to the library catalog on the go. The app allows users to search the catalog, consult their user status, renew loans, place

materials on hold as well as receive notifi cations about their loans and on-holds status.

McAllum, Université de Montréal; Allan L. McCall, Stanford Graduate School of Business; and Cuno Puem-pin, St. Gallen University.

Electronic subscription this year was signifi cant: 15,842 members with 14,466 non-members who receive the newsletter. The distribu-tion of IESE Insight Review standalone articles has also continued to grow through HBP (Harvard Business Pu-blishing) and IESEP (IESE Publishing).

IESE Insight PortalThe IESE Insight portal is an online resource that offers a wide range of research docu-ments, technical notes, case studies, surveys and books.

This year the portal has published over 2,900 articles attracting 18,242 subscribers. On a monthly basis, the portal receives 30,000 visits (for the material both in the portal and Review) and more than 70 article reprints have been published in books, manage-ment magazines and media.

2,900 Articles published by the IESE Insight Portal in 2013-2014

4.ALUMNI

In the spirit of inspiring continuous improvement, this year the association launched new services including a website with a better range of options. In addition, the school launched the new Entrepreneurship Platform for alumni.


ALUMNI

The IESE Alumni Association was founded in 1959 to support entrepre-

neurs and managers who had completed an IESE program. The association’s goal is to nurture and stren-gthen a lifelong relationship between the school and its growing alumni communi-ty around the globe.

As of August 2014, IESE has 43,552 alumni represen-ting 129 nationalities and working in 116 countries. This represents a 4.04% overall increase compared with the previous year. Membership to the Alumni Association also grew this year by 2.14%, bringing an additional 16,118 alumni to the association.

ALUMNI EXECUTIVE COMMITTEE

43,552 Total

Alumni KEEPGROWING

PRESIDENT•JorgeManuelSendagorta(PADE-II-90),

SENER

VICE-PRESIDENTS•JoanMolins(PDG-I-71),CementosMolins•TomásGarcíaMadrid(MBA’88), Grupo

Villa Mir

MEMBERS•SalvadorAlemany(PDD-I-74),Abertis

Infraestructuras•JuanAsúa(MBA ’89), BBVA•AlejandroBeltrán(MBA ’98),

McKinsey&Company•JoséFelipeBertrán(PADE-I-65),

Fundación Bertrán

•NúriaCabutí(MBA ’92), Random House Mondadori

•JordiCanals,IESE•AuroraCatá(MBA ’89), Seeliger y Conde•CarlosCosta(MBA ’86), Mango •AntonioEsteve(PDD-I-87),Laboratorios

Esteve•BaldomeroFalcones(MBA ’72), FCC•JoaquínFaura(MBA ’78), Telefónica•AntonioGonzález-Adalid(MBA ’75), Cartera

Industrial Rea •GloriaPerrier-Chatelain(EMBA ’93), SAP•MªdelMarRaventós(PADE-I-01),Codorníu•MireiaRius(MBA ’94), IESE Business

School•JavierEmilioRobles(PDG-I-90),Danone•JulioRodríguez(PDG-I-97),Schneider

Electric Europa•JoséLuisdeRojas(MBA ’88), Zertem

Communication Group•MªdelPinoVelázquez(MBA ’91), Unisono

Business Solutions •RafaelVillaseca(MBA ’76), Gas Natural

Fenosa


4

Learning is a lifelong journey that is better undertaken with continuous

support. The Alumni Association accompanies its members wherever they are and wherever they go, in both literal and figurative terms. Continuous Education is one of the main pillars upon which the Alumni Association’s activities are based.

In 2013-2014, Continuous Education organized 247 sessions in 46 cities in 30 different countries. These sessions were grouped into 14 thematic categories including professional development, entrepreneurial initiative, family business and leadership. The association broadcasts many of these conferences via Internet streaming so that they are available to alumni anywhere in the world.

Sales Management Series Business and the Digital World

Professional Development SeriesFinding Your Career Path

Finaves SeriesInvestment and Entrepreneurship

Major Sectors Series - Present and Future

Financial Management Series Finance and Investment

Tax Series - Business and Taxes

5th Ethics and Responsible Business Series Legality and Morality In Business Management

Family Business SeriesFamily Businesses: Managing Complexity

Economic SeriesThe Current Situation: Present and Future

IT Series - The Digital Leader

Entrepreneurial Initiative SeriesEntrepreneurship

Strategy Series - Strategies for Intelligent Cities

CONTINUOUS EDUCATION PROGRAM SERIES

CONTINUOUS EDUCATION SESSION LOCATIONS

A CoruñaAmsterdamBarcelonaBilbaoBogotàBuenos AiresBrusselsCairoCambridgeDüsseldorfGuayaquilHong KongLimaLisbonLondonMadridMajorcaManilaMexico CityMiamiMilan

MunichNew York CityNew DelhiPalma de MallorcaPamplonaParisOportoQuitoSan SebastianSantiago de ChileSantiago de CompostelaSão PauloSevilleShanghaiTokyoValenciaViennaWarsawZaragozaZurich

KEEPLEARNING 68

E-conferences

29,406 Participants


ALUMNI

The Alumni As-sociation keeps them connec-ted no matter

where they are in the world through numerous yearly events. With the aim of strengthening links between the school and alumni and among alumni themselves, IESE organi-zes 32 major meetings by program on the Barcelona and Madrid campuses. In addition, the school organi-zes national, regional and international meetings. In 2013-2014, these meetings brought together a total of 8,000 alumni.

THE LARGEST of these was the 2013 Alumni Reunion held in Barcelo-na from November 7 to 8. Under the slogan, “Decide. Taking on Tomorrow’s Opportunities Today,” 2,700 participants attended the meeting. Among the speakers taking part were José Viñals, Financial Direc-tor and Director of mone-tary affairs and capital mar-kets at the IMF; Dr. Keith Dreyer, VP and associate professor of radiology at the Massachusetts General Hospital; Josep M. Piqué, Di-rector of the Hospital Clinic in Barcelona; Bruno Di Leo,

SVP of the IBM Corporation; Siegfried Russwurm, Mem-ber of the board and CEO of the industry sector at Sie-mens; Catalina Hoffmann, Founder and CEO of Vitalia;

Francisco Reynés, CEO of Abertis; Markus Langes-Swarovski, Board Member Swarovski; Ibukun Awosika, CEO of The Chair Center Group; the IESE Dean, Jordi Canals; and IESE Professors, Antonio Argandoña, José M. González-Paramo, Alfredo Pastor and Marc Sachon.

Alumni also gathered for smaller class reunions and events organized through the association’s 30 regional chapters. This year 2,768 IESE graduates participated in such events around the world.SVP of the IBM Corpora-tion; Siegfried Russwurm, Member of the board and CEO of the industry sector at Siemens; Catalina Hoff-mann, Founder and CEO of Vitalia; Francisco Reynés, CEO of Abertis; Markus Langes-Swarovski, Board Member Swarovski; Ibukun Awosika, CEO of The Chair Center Group; the IESE Dean, Jordi Canals; and IESE Professors, Antonio Argandoña, José M. Gonzá-lez-Paramo, Alfredo Pastor and Marc Sachon.

Alumni also gathered for smaller class reunions and events organized through the association’s 30 regional chapters. This year 2,768 IESE graduates participated in such events around the world.

Major meetings

32KEEPINGALUMNICONNECTED

Global AlumniReunion

in Barcelona


4

IESE launched the Entrepreneurship Platform, along with other Alumni

Association actions to support its members throughout their entire career trajectory. Designed in conjunction with the faculty, the platform combines all the available educational, research and other relevant resources,

and places them at the fingertips of IESE entrepreneurs.

Alumni can view new features and forthcoming events for entrepreneurs and investors on the platform’s home page, orga-nized along four main areas: the entrepreneur, oppor-tunity, launch and growth. In each of these areas, the information and links

are structured under five headings: education (offline sessions); assessment ser-vice; research documents; useful resources; and IESE & Co., where the user can find institutions that work in this field with IESE.

THIS NEW platform com-plements the SUCCEED Platform, IESE’s career ma-nagement, e-learning tool. Available 24/7, SUCCEED provides practical advice, interactive exercises, tools and resources for alumni. This year the school boosted SUCCEED services with education, online tools and personalized assessment. The system logged 927

consultations during this academic year.

In addition, members can access different types of career support in the form of the Alumni Job Board and career-focused events. In 2013-2014, IESE organized eight educational workshops, eight webinars and nine communication campaigns with recrui-ters geared specifically for alumni.

To expand international opportunities for alumni, worth noting this year is the development of alliances with five institutions - Ivy Exec, Bluesteps, MBA Ex-change, QS Globalworkplace and Infojobs Executive.

IESE ALUMNI CHAPTERS

EUROPEAustriaBelgiumFranceGermanyItalyLuxemburgThe NetherlandsPolandPortugalRussiaScandinaviaSwitzerlandUK

THE AMERICASArgentina-UruguayBrazil

CanadaChileColombiaMexicoMid Atlantic

Regional ClubPacific South West

Regional ClubPeruSouthern Atlantic

Regional ClubUS

ASIAChinaHong KongIndiaJapanSingapore-Malaysia

SPAINAndaluciaAragonBalearic IslandsCataluñaGaliciaLevanteMadridNavarre-the Basque

Region-La Rioja

KEEPON TRACK

Gloria Perrier- Châtelain (EMBA '93 & AMP '10), Senior Global Director at SAP, France

“IESE is the safe haven, you can be mobile and live in many countries, but wherever you go, you can find your IESE friends and learning opportunities.”


ALUMNI

This academic year 32 large program meetings have been organized on the Barcelona and Madrid campuses, as well as national and inter-national and regional meetings. These meetings have brought together a total of 8,000 alumni.

GALLERY

8,000 Alumni coming back


4

Alumni unable to attend events can stay connec-ted to their alma

mater and get the latest in business and research through the Alumni Maga-zine, the monthly Economic Overview, the monthly Alumni newsletter, and the IESE Insight Portal and Review.

Alumni MagazineAlumni receive the IESE Alumni Magazine, a quarterly publication that highlights the latest news on the school’s activi-ties and vibrant alumni community. Published in English and Spanish, the magazine has a print run of more than 40,000 copies.

Economic OverviewEconomic Overview analy-zes the macroeconomic indicators in a concise and easy way for Members of the Alumni Association. It is edited by IESE Faculty on a monthly basis and has ear-ned a reputation for quality and rigorous content.

Alumni NewsletterThe monthly Alumni newsletter aspires to be the direct channel of communication between IESE Business School and its graduates. It features IESE-related news in a quick and easy-to-read format.

IESE InsightIt brings together the latest and most relevant research conducted at IESE. The arti-cles summarize the content of research documents in-cluding books and articles by professors published in specialized journals.

COMMUNICATIONSAND PUBLICATIONS

PublicationsIESE Alumni Magazine (left) and IESE newsletter (top)

Kristian Pedersen (GEMBA ’08), Founder Elborn Management and BOPA Microfi nance

“Being a member of the Alumni Association has helped me to extend my network of professional contacts and to form lasting friendships. At the same time it’s a valuable learning experience.”

5. THE FOUNDATIONS: MISSION, PEOPLE AND GOVERNANCE

5. THE FOUNDATIONS: MISSION, PEOPLE AND GOVERNANCE

IESE’s mission is to develop leaders who want to have a positive, deep and lasting impact on people, business and society. Since its founding in 1958, this mission has guided all of its activities - the belief that management education must strive to have a transformational impact on individuals; it must inspire leaders to work with a spirit of service and integrity, basing their actions on the highest standards of professionalism and accountability.


THE FOUNDATIONS: MISSION, PEOPLE AND GOVERNANCE

IESE is committed to supporting staff members through continuing education

and development, improving the professional and human quality of all people who work at the school, and providing an enlightened approach to personal and family needs. IESE offers the activities and tools to help each individual work more effectively while being inspired and fulfilled by the school’s mission to serve.

The school helps members of its community at every stage of their careers, and enable them to develop leadership and self-management skills, while helping them to become stronger team contributors. There are many components

to this process, including mentoring and cross-functional job assignments.

In 2013-2014, 42 people joined the school. A mentoring program ensures that new hires receive the proper orientation and a warm welcome. Twenty-eight people acted as mentors to new employees.

Currently, 22% of IESE staff are non-Spaniards, 74% are women, 52% of executive positions are held by women, and the average length of service is 10 years.

Every December the University of Navarre and IESE award the Silver Medal to employees who have completed 25 years of service. This year, eight staff and faculty received the medal.

Educational Opportunities and Capabilities DevelopmentWith the aim of further developing skills, each year IESE identifies staff members in coordination and management roles to participate in some of its programs. This year, six staff enrolled in IESE’s general management programs offered at either the Barcelona, Madrid, New York or Munich campuses. Moreover, 41 staff attended short focused programs and Industry Meetings, including the Fast Forward course.

A Learning and Development (L&D) plan is offered for staff to assist in capabilities development. It is a series of complementary training modules with regularly updated contents and which focus on skills the school wants to strengthen in staff. It includes competencies development, IT and internal technology tools, language development, work-life balance, and current and management affairs.

Staff are also offered Functional Workshops

for a better understanding of the running of each of the divisions at the school. Moreover, Cross Division Workshops to facilitate the work among different areas by having a more comprehensive view of the school.

This year, 47 sessions and three workshops were undertaken, 80% of them administered by IESE faculty and HR staff. There were 1,502 attendees, and the average score obtained was 4.4.

Professional and Personal GrowthPersonal and professional growth are central to IESE’s HR policies on all campuses (Barcelona, Madrid, Munich and New York) and key regions.

To help each staff member improve professionally, an assessment process is in place. It outlines the goals to be achieved, an action plan, and a professional development plan.

A Sustainable, Friendly EnvironmentOne of the school’s key priorities is to create a

OURPEOPLE

IESE awards the Silver Medal to employees who have completed 25 years of service


5

work environment that lends itself to integrating work, family and other personal responsibilities. The policies that help make this priority a reality for IESE employees include:• Educationand

professional development• Flexibleworkhours• Flexibleholidays• Financialassistancefor

parents with children up to age three to help defray the cost of daycare or pre-school

• Counselingandsupportfor expatriates and their families

• Fellowshipsandscholarships for the spouses and children of employees to attend IESE and University of Navarra programs

• AccesstoservicesoftheUniversity of Navarra Hospital

In January 2014, IESE began offering a flexible compensation system to ease financial pressure for employees; additionally, information on social and compensation benefits have been provided.

IESE has the Family Responsible Company (FRC) certificate, which recognizes companies with

policies that facilitate work-family balance.

IESE is committed to the principles of equal opportunity. Therefore, the institution’s policies lend themselves to providing opportunities and supporting disabled employees and suppliers.

SustainabilityThroughout its operations, IESE is focused on the environment and sustainable innovation, and continuous improvement. One of the main projects of the Environmental Projects Plan has been the Energy Audit, which led to the implementation of a range of energy efficiency improvements. Furthermore, IESE has introduced measures to reduce energy consumption and CO

2 emissions, thus

reducing its carbon footprint.This year, IESE reduced:• 20%inelectricity

consumption• 15%ingasconsumption

Social Responsibility InitiativesIESE employees collaborated

with the Eastlands College of Technology in Kenya through donations, Christmas gifts and the lunch rate.

IESE encourages employee engagement in social responsibility initiatives by offering

a series of solidarity activities such as toy collection campaigns, donations, and volunteer work in NGOs among other options.

WOMEN IN LEADERSHIP

Women in management roles at the school has risen to 52%

Standing behind its commitment to encourage the increasing participation of women in senior leadership roles, IESE promotes several policies and initiatives.IESE offers the same professional development opportunities to all its staff. In recent years the number of women in management position in the school has risen to 52%.The school offers outstanding female applicant scholarships to its degree programs, the MBA, Global Executive MBA and Executive MBA, as well as to some executive education courses. Within the school, IESE’s Gender Equality Plan provides a framework to ensure that women are promoted to senior positions.



For it is through training managers – no matter how early or advanced

in their career – and deve-loping their awareness of their responsibility and role in society, that management education has the power to equip companies, nations and society with skilled individuals capable of gene-rating growth, employment and creating social impact.

This mission and core va-lues are articulated in IESE’s programs and its culture by faculty and staff who try to work with professional excellence and a spirit of ser-vice, whether in Barcelona, Madrid, New York, Munich, Warsaw or São Paulo. These values emphasize respect for others, commitment to the common good of compa-nies and society, empathy, authenticity, helpfulness, teamwork and to look be-yond the bottom line.

With these as a founda-tion, IESE programs are structured around five pillars of leadership develo-pment:• Humanandethicalvalues• Aninternationalmindset• Ageneralmanagement

perspective• Transformationalimpact• Knowledgedevelopment

IESE, as the Graduate Business School of the University of Navarra, is an initiative of Opus Dei, a Personal Prelature of the Roman Catholic Church. The school’s ethical values stem from the Christian tradition and emphasize respect for the intrinsic rights and dignity of every person, which underlie the success of any organization and society at large.

IESE SENIORMANAGEMENT TEAM

IESE's senior management team defines and executes the strategy of the school while overseeing operations. IESE’s Dean reports to the president of the University of Navarra, the Alumni Association’s Executive Committee, and the International Advisory Board. Meanwhile, the US Advisory Council helps guide the school’s development in North America, where it established a permanent presence in 2007.

The Dean also reports to Senior Faculty Members four times a year and counts on their views regarding academic promotions, new programs, operations budget and investments.

An executive committee governs IESE’s Alumni

Association and approves educational activities, alumni reunions and budget. The governing board is comprised of

Alumni chapter presidents, the Executive Committee (see the members in Alumni chapter) and class presidents and secretaries.

DEANJordi Canals

ASSOCIATE DEANEric Weber

SECRETARY GENERALFernando Peñalva

GENERAL ADMINISTRATOR/CFOJaime Alonso

DIRECTOR OF THE MADRID CAMPUSFrancisco Iniesta

ASSOCIATE DEAN FOR MBA PROGRAMSFranz Heukamp

ASSOCIATE DEANFOR EXECUTIVE EDUCATIONJosep Valor

ASSOCIATE DEANFOR THE PHD PROGRAM & RESEARCHMarta Elvira

ASSOCIATE DEAN FOR FACULTYFrederic Sabrià

CORPORATE MARKETING& COMMUNICATIONTeresa Gener

ASSOCIATE DIRECTOROF THE MADRID CAMPUSJuan A. Galán

ALUMNI DIVISIONMireia Rius

GOVERNANCE


5

IESE INTERNATIONALADVISORY BOARD

The International Advisory Board (IAB) is made up of presidents and CEOs as well as board members from all over the world. Since 1989, this advisory board has met periodically to analyze the evolving challenges in today’s socioeconomic context, and the trends and ad-vancements in the field of management edu-cation. The members of the IESE International Advisory Board gathered for its annual meeting at the Barcelona campus on April 4, 2014.

Andrea Christenson Kathe Kruse Puppen Germany

Mariano Puig Fundación Puig Spain

Bruno Di Leo IBM US

María del Mar Raventós CodorniuSpain

Brian Duperreault Marsh & McLennan Companies, US

Helena Revoredo Prosegur Spain

Oscar Fanjul Omega CapitalSpain

Franck Riboud Groupe DanoneFrance

Isak Andic MangoSpain

Liz Mohn Bertelsmann Germany

Hans-Jacob Bonnier BonnierSweden

Stanley Motta Motta InternacionalPanama

Michel Camdessus Banque De FranceFrance

N.R. Narayana Murthy Infosys Technologies India

Jordi Canals IESE Spain

Rafael del Pino Ferrovial Spain

Patricia Francis International Trade Center, Switzerland

Siegfried Russwurm SiemensGermany

Victor K. Fung Li & Fung Group China RobertoServitje BimboMexico

Toyoo Gyohten Institute for Internat. Monetary Affairs, JP Johan Shrøder Shrøder Foundation Denmark

Janne Haaland-Matlary Univ. of Oslo, Norway

Martin Sorrell WPP Group, UK

Franz HanielMetro Germany

Kees J. Storm Aegon The Netherlands

J. Gerhard HeibergNorscan Partners Norway

Francesco Vanni D'archirafi CitiUS

Franklin P. Johnson Asset Management Company, US

Eric Weber IESE Spain

Denise Kingsmill IAG, UK

Werner Wenning Bayer Germany

Hans Ulrich Maerki ABB Switzerland Yeo GeorgeKerry Group China

Klaus Mangold DaimlerGermany

Ermenegildo Zegna Ermenegildo ZegnaItaly

International Advisory Board Members during the April 2014 meeting



THE US ADVISORYCOUNCIL

HARVARD-IESECOMMITTEE

With its expansion into the US and the inau-guration of New York Center in 2010, IESE established the Advisory Council to guide its activities and development in the US. The committee brings together business and civic leaders from diverse sectors in the US. The members of IESE’s US Advisory Council held their annual meeting at the Barcelona campus in March 2014.

The Harvard-IESE Committee guided the launch of IESE’s full-time MBA Program in 1964, the first of its kind in Europe. The committee has played a key role in developing joint international executive education programs. Having celebrated its 50th anniversary this year, it continues to be an important source of idea exchange for both institutions.

William BakerChannel Thirteen

Kate O’SullivanMicrosoft Corporation

Gerry ByrnePenske Media Corporation Carlos PadulaStelac Advisory Services

Jordi CanalsIESE

HBS

Srikant Datar Arthur Lowes Dickinson Professor of Accounting

Carl Keste George Fisher Baker Jr. Professor of Business Administration

Richard Vietor Paul Whiton Cherington Professor of Business Administration and Senior Associate Dean for the Asian Initiative

IESE

Jordi CanalsDean

José L. NuenoProfessor of Marketing

Joan E. RicartProfessor of Economics and Strategic Management

Eric WeberAssociate Dean and Professorof Accounting and Control

Juan PujadasPwC, Consulting

Tom CastroTime Warner

Edward T. ReillyAmerican Management Association

Carmen Di RienzoV-Me Network

Tom RogersTiVo

Alan GlazenGlazen Creative John SchmitzBingham Consulting, LLC

Frank J. HagerOpp CAP

John SturmUniversityof Notre Dame

Claire HuangJP Morgan Chase & Co. Chris VollmerStrategy &

Jay IrelandGE Africa Kathryn WildePartnership for NY

Tom KaneCBS

Eric WeberIESE

US Advisory Council members during the March 2014 meeting in Barcelona

HBS-IESE Committee during the annual meeting in Boston


5

To fulfill its mission, IESE relies on the generous support of many orga-nizations. Over 200 companies cooperate with IESE in the development of short and long-term projects, including the generation of new ideas, development of faculty members, improvement and advancement of campuses, and innovation of new learning technologies.

•ABERTIS

•ACCENTURE

•ACCESO GROUP

•ADECCO TT

•ADP

•AEGON

•AENA

•AF STEELCASE

•AGBAR

•AGROLIMEN

•AGRUPACIÓN

ESPAÑOLA

DE CONCESIONARIOS

RENAULT- ANCR

•AIRBUS MILITARY

•AIR LIQUIDE

MEDICINAL

•ALCATEL LUCENTL

•ALLIANZ

•ALPHABET

•ALTAIR MANAGEMENT

CONSULTANTS

•AMERICAN EXPRESS

SPAIN

•ANFABRA

•ANUNTIS

•ARBORA & AUSONIA

•ARDANUY INGENIERIA

AREAS

•ARTEOLIVA

•ASCENSORES ERSCE

•ASEPEYO

•A.T. KEARNEY

•ATRIAN

•AYESA

•BACARDI

•BALAGUER-MORERA

& ASOCIADOS

•BANC SABADELL

•BANCO ESPIRITO

SANTOINVESTMENT

•BANCO MADRID

•BANCO MEDIOLANUM

•BANCO POPULAR

GROUP

•BANKIA

•BANKINTER

•BARCELÓ GROUP

•BARCLAYS

•BASF

•BBDO

•BBK

•BBVA

•BERTRÁN

FOUNDATION

•BP

•CAIXABANK

•CAJA RURAL

CASTILLA-LA MANCHA

•CAMBRA DE

BARCELONA

•CAPRABO

•CARAT

•CASER

•CATALANA

OCCIDENT GROUP

•CELSA GROUP

•CEMENTOS MOLINS

•CITIBANK

•CLEAR CHANNEL

•COALIMENT

GRANOLLERS

•CODORNÍU RAVENTÓS

•COFACE

•COMSA EMTE

•CORPORACIÓN

ASESORA

•COVAP

•CRÈDIT ANDORRÀ

•CUATRECASAS

•DAMM GROUP

•DANONE

•DELOITTE

•DEUTSCHE BANK

•DIAGEO

•DKV (PREVIASA)

•DOW CHEMICAL

•ECOEMBALAJES

•EL CONSORCI DE LA

ZONA FRANCA DE

BARCELONA

•ELOGOS

•ELOSA GROUP

•ENAGÁS

•ENDESA GROUP

•ENCOFRADOS J.

ALSINA

•ESTEVE GROUP

•EPSON IBERICA

•ERES RELOCATION

•ERICSSON

•ERMENEGILDO ZEGNA

•ESTATES & WINES

•EUREST

•EURO-FUNDING

ADVISORY GROUP

•EUROSTAR

MEDIAGROUP

•EVERIS

•EY

•FERROVIAL

•FICOSA

INTERNATIONAL

•FMC FORET

•FOSTER WHEELER

•GARRIGUES

•GAS NATURAL

FENOSA

•GENERAL CABLE

•GENERAL ÓPTICA

•GESTESA GROUP

•GFT IT CONSULTING

•GORDILLO

PROCURADORES

•GUINEU INVERSIÓ

•HENKEL IBÉRICA

•HEWLETT-PACKARD

•HORIZONTE XX II

FOUNDATION

•IBERDROLA

•IBM

•ICL

•IDOM

•IMS HEALTH

•INDRA

•INFORPRESS

•INGESPORT HEALTH &

SPA CONSULTING

•INTERMAS NETS

•INVERSIONES

SINFIN HOLDING

•IN2

•ISS FACILITY SERVICES

•IZASA

•JOHN DEERE

•JOHNSON CONTROLS

•KELLOGG

•KONSAC

•KPMG

•LA CAIXA

•LETI LABORATORIES

•LEAR CORPORATION

•LECHE PASCUAL

GROUP

•LENER

•LINEA DIRECTA

INSURANCE

•LOGISTA GROUP

•LUCTA

•MAHOU-SAN MIGUEL

•MANGO

•Mª.FRANCISCA

DE ROVIRALTA

FOUNDATION

•MARTINSA-FADESA

•MECALUX

•MERCAPITAL

•META4

•MICRO-BLANC

•MICROSOFT Iberica

•MIQUEL Y COSTAS

& MIQUEL

•MUTUA MADRILEÑA

•NATIXIS

•NEGOCENTER

•NESTLÉ

•NEXTRET

•NISSAN

•NOVARTIS GROUP

•PALEX MEDICAL

•PANRICO

•PARERA GROUP

•PENTEO ICT ANALYST

•PEOPLEMATTERS

•PEPSICO

•PERSONA GROUP

•PHILIP MORRIS

•PLÁSTICOS TA-TAY

•PORT DE BARCELONA

•PPG IBERICA

•PRONOVIAS

•PROSEGUR

•PUIG GROUP

•PWC

•RANDSTAD

•RAFAEL

DEL PINO

FOUNDATION

•RAMÓN ARECES

FOUNDATION

•RAY HUMAN CAPITAL

•RED ELÉCTRICA

•REDUR

•REINFORCE

CONSULTING

•REMITSA INVEST

•REPSOL

•RICOH

•ROCA

•ROCHE

•ROLAND BERGER

•SABA

INFRAESTRUCTURAS

•SANITAS

•SANTANDER GROUP

•SANOFI AVENTIS

•SCHNEIDER ELECTRIC

•SDL-TRIDION

•SEAT-VOLKSWAGEN

•SENER INGENIERIA

& SISTEMAS

•SEUR

•SIEMENS

•SOCIAL TRENDS

INSTITUTE

•SOCIÉTÉ GÉNÉRALE

•SOLVAY

•SONY

•STAIG GRUPO

INMOBILIARIO

•SWAROVSKI

•TALDE

•TANDBERG

•TECHNO TRENDS

•TELEFÓNICA GROUP

•TETRA PAK

•TEXSA

•THE ROYAL BANK

OF SCOTLAND

•THOMSON REUTERS

•TOUS

•URALITA

•VALINSA

•VESTAS

•VILLAR MIR GROUP

•VORTAL CONNECTING

BUSINESS

•WILLIS

•WÜRTH

•ZANINI AUTO GRUP

•ZARDOYA OTIS

•ZURICH

PARTNER COMPANIES



AACSB (THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS)

Founded in 1916, AACSB is the longest serving global accrediting body for business schools that offer undergraduate, master's and doctoral degrees in business and accounting. Less than fi ve percent of the world’s business schools hold an AACSB accreditation.

EQUIS(THE EUROPEAN QUALITYIMPROVEMENT SYSTEM)

EQUIS is the accrediting body of the European Fund for Management Development (EFMD), and is dedicated to raising the standard of management education worldwide.

AMBA (THE ASSOCIATIONOF MBAS)

AMBA is based in the UK and accredits graduate business programs worldwide.

ACCREDITATIONS

IESE HAS ACCREDITATION FROM THE FOLLOWING ORGANIZATIONS:


FINANCIAL INFORMATION

6. FINANCIALINFORMATION


6


6

6. FINANCIALINFORMATION

EXECUTIVE SUMMARY

From a financial perspective, 2013-2014 was a complex year, with the European economy still slowly recovering from the crisis. Total revenue was €88.9 million, up from €86.8 million in 2012-13. Income from programs increased to €79.7 mi-

llion of the total income of €90 million. It represents a 2.5% increase on 2012-13 and 17% more than the income four years ago in 2009-10.

Spending was €88.7 million, up from €86.5 in 2012-13. The drivers are related with sales and marketing activity.

The increase in spending and revenue were similar, making it possible to close the year with a positive result after earmarking €2.1 million for development projects.

IESE aims at balancing the budget and allocate any surplus to investment plans, research, and future academic initiatives.

Accounting CriteriaThis fi nancial report is based on IESE’s accounting records from all programs and activities, and reflect all the related economic fl ows. Legal requirements and accounting princi-ples have been applied to refl ect the school’s assets, refl ect the school's assets and fi nancial situation accurately.

As the graduate business school of the University of Nava-rra – a not-for-profi t entity – IESE accounts are audited with those of the rest of the University. See the audited profi t and loss statement in Exhibit IV.

The accounts are compiled in accordance with the provisions specified in the Corporate Law Code in Spain and the New General Accounting Standards, whose main administrative framework is that of a nonprofit organization. In addition, fi nancial statements follow the standards and procedures of

the Spanish Association of Accounting and Business Admi-nistration and the pertinent fi scal regulations. The fi nancial statements obtained using Spanish accounting standards are not substantially different from those obtained when US GAAP or International Financial Reporting Standards (IFRS) apply. Due to its nonprofit status and in accordance with current legislation, IESE is exempt from corporate taxes.

Revenue comes from programs and research projects. In addition to its teaching and research revenue and alumni con-tributions, IESE receives funding for research from public competitive bids, strategic partners, individuals and corporate sponsors.

The IESE Alumni Association allocates part of its net revenue to initiatives such as MBA scholarships, the development of young faculty and research projects. Corporate partners sup-port IESE through gifts allocated to similar activities. Lastly, “Other Income” refl ects fi nancial revenue such as the inter-est on funds earned to support scholarships, research and academic chairs. Program and research expenses include all direct expenses related to these activities except for faculty and support staff.

IESE USA Inc. and IESE GmbH carry out the school’s activi-ties in the United States and Germany, respectively, and keep their own accounts.





2009/10 2010/11 2011/12 2012/13 2013/14

REVENUE 76,232,955 87,251,462 88,120,669 86,797,180 88,957,848Programs 68,041,553 78,102,921 79,355,441 78,739,090 79,670,638 Research projects 2,096,921 1,943,636 2,341,622 2,850,840 3,678,830 Alumni and sponsoring companies 5,031,783 5,026,110 4,644,386 4,414,190 4,441,520 Other income 1,062,698 2,178,795 1,779,221 793,060 1,166,860 EXPENSES 75,089,521 85,932,713 87,550,254 86,484,689 88,730,222Faculty and staff 33,859,449 38,045,061 40,155,630 40,345,718 40,908,697Programs and research 16,097,804 17,393,646 19,146,631 18,522,375 20,221,637General services* 7,294,346 8,145,139 8,461,956 8,617,435 8,701,190Facility services** 7,923,564 8,199,380 8,214,955 8,041,431 7,981,797Other expenses 2,291,805 4,593,598 3,112,506 3,058,210 3,685,311Extraordinary expenses 505,326 952,915 864,126 955,560 832,550Depreciation 4,117,228 4,352,975 4,511,121 4,943,950 4,299,030Development projects 3,000,000 4,250,000 3,083,329 2,000,010 2,100,010

EXPENSES 75,089,521 85,932,713 87,550,254 86,484,689 88,730,222

* Includes the expenses of library administration, publishing, marketing, communications, information technology and services.

** Includes all expenses associated with use of the buildings, such as maintenence, supplies, building insurance, etc.

IESE BUSINESS SCHOOLINCOME STATEMENTin euros


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Degree ProgramsThanks to the efforts of the recruitment team, the number of MBA students in 2013-14 was similar to the previous academic year, in spite of an overall decrease in the number of GMAT test-takers globally. The total income from the MBA programs was €38.7 million, of which half derived from the full-time MBA and the rest from the Executive MBA and GEMBA programs

Other degree programs include the Master of Research in Mana-gement and PhD in Management, which in 2013-2014 enrolled 39 students from 20 countries. Also, the International Faculty Program (IFP), designed to enhance the teaching and leadership compe-tencies of junior economics and business management professors. The IFP enrolled 35 professors from 24 countries.

Executive EducationThe Executive Education program's revenue was €41.4 million in 2013-14, an increase of €1.6 million on the previous school year - mostly from Custom Programs. It is an indication that com-panies trust IESE to train senior managers through the design and execution of programs addressing their needs and circumstances.

The open programs portfolio includes also Long Open Enrollment Programs (AMP, PMD, SEP, PADE, PDG and PDD) and Focused Programs, Seminars, industry meetings and others. Some of the long extended programs have been offered uninterruptedly for many years and in multiple locations: Barcelona, Madrid, Miami, Munich, Nairobi, New York, São Paulo, Santiago, Shanghai or Warsaw.

This increase in international programs, together with the growth in custom programs, was instrumental in diminishing the negative effect that the economic crisis had on the other executive education programs, particularly those offered in Spain.

Resources for ResearchIn 2013-14, IESE allocated €13 million to direct research and personnel expenses, comprised of research and administrative support and faculty salaries corresponding to research activity. This amount is roughly 15% of annual outgoings. Funding was primarily derived from IESE competitive research grants, agre-ements with companies and institutions and other sources. In addition, the Alumni Association contributed roughly €340,000.

The school’s global research efforts led to the publication of more than 350 documents, including books, articles, cases, conference papers and other publications, both scientifi c and scholarly. This body of knowledge is available to IESE alumni, sponsors and the international business and academic com-munity at large.

Chairs and Research Centers Academic departments, academic chairs, and research centers (see the Faculty and Research section) coordinate research at IESE. These foster the exchange of knowledge among several areas and encourage the development of interdisciplinary pro-jects. IESE currently has 20 academic chairs and 14 research centers.

Chairs are endowed by an individual or company which names the position. Every year, holders of IESE chairs invest the net yield of that endowment into their research projects. A typical chair endowment is between €1-2 million.

IESE professors, some of whom have their staff to conduct research and develop academic activities, head the research centers. Although not established as separate entities, each center is self-fi nanced, through competitive public research funding and agreements with companies and institutions. During the 2013-14 academic year, IESE research centers raised more than €1.5 million for research projects.

MAIN AREAS OF ACTIVITY

RESEARCH





Dissemination of Intellectual Output The school’s intellectual production, including teaching materials and the business management review, IESE Insight, is produced and disseminated through IESE Publishing.

IESE Publishing distributes business-related cases and tea-ching materials in Spanish, in addition to cases from IESE, Har-vard Business School, INSEAD, Stanford, Darden and several schools in Latin America. It also disseminates other educational materials, including books, technical notes, DVDs and articles. The IESE Publishing catalog currently includes over 31,800 business management products.

In 2013-14, the sales of business cases grew to 272,064 copies, a 9% increase over the previous year. Also worth noting is the number of subscribers, which has almost tripled over the last six years, increasing from 14,400 in 2006-07 to more than 49,000 in 2013-14.

IESE Insight, which doubles as the school’s business knowled-ge portal and its management magazine, aims to become a go-to source of information for the international academic community. The portal received an average of more than 30,000 monthly visits in 2013.

IESE ALUMNI ASSOCIATION

IESE's Alumni Association is led by its Executive Committee. During the 2013-14 academic year, the association’s income totaled €4.31 million. An important highlight this year was the overall effort to increase income from sponsors, an endeavor that yielded a 61% increase with respect to last year.

The level of affi liation to the Alumni Association remained very high, helping keep revenue stable.

Thanks to the streamlining of the following costs, this year the Association cut expenses by 5%:•ContinuousEducationProgramsexperienceda4%costreduc-

tion. The division, however, carried out 247 sessions during this academic year. The savings are a result of promoting sessions exclusively online, therefore, eliminating monthly printing of brochures and other materials, and postage expenses. The strategy to strengthen sponsorship and corporate support has also had an important impact.

•TheGlobalAlumniReunioninBarcelonarepresenteda41%expense decrease compared to the previous reunion that took place in Brazil.

•Five-yearreunionsandotherclassreunionswitnesseda12%expense decrease. So that alumni have greater networking opportunities per course, recently the association has organized reunions according to program type.

Special Projects Alumni continue contributing principally to the following initia-tives: junior faculty development, scholarships, and research. In 2013-14, the Executive Committee allocated €1.13 million to these categories.

During the previous academic year, the association granted six scholarships to the MBA program which together totaled €165,000.

27% of the Alumni Association’s net revenue was earmarked to research projects.


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56% was devoted to developing junior faculty. The associa-tion dedicated the largest portion of the surplus to this category because it is the cornerstone to the school's teaching and re-search efforts.

The Alumni Association allocated €30,000 to faculty research awards. These awards, created in 2002, recognize excellence in IESE faculty research in three areas: articles, books and courses.

2011/12 2012/13 2013/14

INCOME 4,253,344 4,249,906 4,317,695Alumni contributions 4,184,160 4,121,489 4,110,655Sponsorships 69,184 128,417 207,040

EXPENSES 3,417,480 3,361,209 3,180,455Association services 1,944,569 1,879,041 1,628,722Faculty and staff expenses 970,812 987,589 1,058,454Other expenses 502,099 494,579 493,279

FUNDS AVAILABLE FOR IESE SPECIAL PROJECTS 835,864 888,697 1,137,240

IESE ALUMNIASSOCIATIONin euros





IESE works continuously to attract donations to fund strate-gic projects aimed at developing junior faculty, student grants, large-scale research projects, etc. These efforts help ensure sustainable growth and competitiveness on an international level while at the same time allowing the school to exercise corporate responsibility with its alumni, academic community and society in general.

One of the priorities of corporate development is to fund stu-dent grants and scholarships. Each program establishes specifi c criteria for awarding fi nancial support, with the overall objective of attracting the best candidates and promoting diversity among participants.

With the help of several institutions, IESE dedicates approxi-mately 4% of its academic income to an ambitious scholarship program aimed at promoting enrollment among students from emerging economies, especially women.

Moreover, to increase the enrollment of students from Africa. In 2013-14, the school allocated €3.3 million to this program (detailed information may be found on each of the programs’ websites).

Other entities that benefi t from this scholarship program inclu-de NGOs, foundations and other non-profi t organizations, which

receive partial scholarships for executive education programs for their managers. In 2013-14, €307,000 was allocated for this purpose, which has a positive impact on both the participants and the organizations that they serve.

In collaboration with the IESE International Foundation, IESE offers a scholarship program aimed at helping professors from emerging countries in their doctoral studies.

During the past academic year, €720,000 in scholarships was awarded to 39 students from 20 countries. The fi nancial support package includes tuition and fees (€440,000) and a yearly stipend to cover living expenses €280,000.

Some contributions are donated exclusively to fund grants while others are unrestricted donations that the school allocates to student grants. Among the grant donors is the Alumni Asso-ciation, which donates €165,000 toward MBA grants. Lastly, a portion of these donations proceeds from the interest generated from the IESE endowment fund. The fund is the result of the generous contributions from alumni and corporate sponsors destined mainly to fi nance research initiatives and scholarships.

Other important grant contributors are the Fundación Rafael del Pino, the Fundación Ramón Areces, Abertis and the Gover-nment of Canada.

SCHOLARSHIPSAND OTHER FINANCIAL AID PROGRAMS


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In addition to scholarships, IESE’s areas of social action include development initiatives in emerging countries and education. IESE, as an institution, and its faculty members on a personal level, are committed to the development of academic institutions in distinct regions around the world. The school works closely with these institutions to promote their development, and in many cases, also has an academic alliance with them.

In this regard, the projects that commenced years back with two African schools are particularly noteworthy: Lagos Business School in Nigeria and Strathmore Business School in Kenya. Over the last three years, IESE has also helped launch and consolidate MDE Business School in Ivory Coast. IESE professors have taken an active role during the schools’ fi rst phases and have also organized executive education modules.

This aid has an important social multiplying effect, since the ins-titutions in question exercise considerable infl uence in the societies that they serve. Furthermore, they transmit a notion of professional excellence and an ethical perspective to companies and society. The economic impact of this aid, around €1.5 million, including executive education scholarships granted to the schools’ faculty and managers, is substantial.

Another important initiative is the fundraising campaign held every December with the academic community (students, faculty and staff). The annual campaign organized in collaboration with the IESE Foundation, aims to help different social initiatives in Africa. For the last two years, funds were raised for the Kimlea School, a center that promotes women’s health and education in Kenya. Moreover, the Eastland College of Technology, which offers profes-sional development programs in IT and management to the poor in the suburbs of Nairobi. In January 2014, as a result of the 2013 campaign, €10,400 in aid was sent to the Strathmore Educational Trust (SET).

The school benefi ts from contributions from several foundations, which are independent entities with their governing bodies, and as such, have no legal ties to IESE. These foundations contribute to the school in accordance with their statutes. More information about these foundations is in their annual reports.

IESE International Foundation The IESE International Foundation is dedicated to promoting exce-llence in teaching, research and innovation with a humanistic foun-dation and at the highest global standards. One of the Foundation’s initiatives in 2013-14 was to raise scholarship funds for qualifi ed students who had recently enrolled in the IESE’s Master of Research in Management or PhD program, and the MBA. Furthermore, the Foundation collaborates with the research that IESE leads through the endowed chairs. And lastly, the Foundation also works with the African business schools with which IESE has a strategic alliance. www.fi iese.org

Fundación IESE Fundación IESE promotes and develops comprehensive academic, cultural and professional activities. Among other initiatives, it provides funding for tuition, board and grants for university students and re-searchers. The Fundación IESE has also contributed for many years to the construction of some of IESE’s facilities. Currently there are fundraising campaigns for the expansion of the Madrid campus and to refurbish the executive education center in Munich. www.fi ese.org

COOPERATION FOR DEVELOPMENT

OTHER SUPPORTING ORGANIZATIONS





The US IESE Foundation The US IESE Foundation is a US 501[c]3 nonprofi t organization whose mission is to support management-related research and education programs in the fi elds of economics, sociology, psychology and other areas. It pursues these objectives by supporting nonprofi t organizations in the US and other countries with programs and ac-tivities aligned with its mission.

The activities carried out by the IESE Foundation include the support of the Continuous Education Program sessions for IESE alumni. The Foundation is continuing its fundraising campaign in the US and around the world to help IESE establish a research center in New York and fund other activities.

International Foundation for Educational Development The International Foundation for Educational Development supports culture and training by awarding university scholarships. Moreover, providing funding for cultural and educational centers; promoting scientifi c research; supporting university and educational initiatives and school libraries; and leading social and economic development and volunteer work.

Since partnering with IESE 10 years ago, the foundation has helped build some of the school’s facilities, including the expansion of the Barcelona campus in 2007. The Foundation led an extensive fundraising campaign that benefi ted the school.


67. EXHIBITS


EXHIBITS


EXHIBITS

EXHIBIT IIESE FACULTY ARTICLES IN INTERNATIONAL REFEREED JOURNALS 2013-2014

ANTÓN, M., ALLEN, F., VAYANOS, D., AND VIVES, X., “Introduction to Financial Economics,” Journal of Economic Theory, Vol. 149, 2014, pp. 1-14.

ANDERSON, A. AND BRION, S., “Perspectives on Power in Organizations,” Annual Review of Organizational Psychology and Organizational Behavior, Vol. 1, 2014, pp. 67-97.

ANTÓN, M. AND POLK, C., "Connected Stocks," Journal of Finance, Vol. 69, No. 3, 2014, pp.1099-1127.

ARANDA, C., ARELLANO, J., AND DÁVILA, A., “Ratcheting and the Role of Relative Target Setting,” Accounting Review, Vol. 89, No. 4, 2014, 1197-1226.

ARIÑO, A., REUER, J., MAYER, K., AND JANE, J., “Contracts, Negotiation, and Learning: An Examination of Termination Provisions,” Journal of Management Studies, Vol. 51, No. 3, 2014, pp. 379-405.

AYUSO, S., RODRÍGUEZ, M.A., GARCÍA-CASTRO, R., AND ARIÑO, M.A., “Maximizing Stakeholders’ Interests: An Empirical Analysis of the Stake-holder Approach to Corporate Governance,” Business and Society, Vol. 53, No. 3, 2014, pp. 414-439.

BEDNAREK, Z. AND MOSZORO, M., “The Arrow-Lind Theorem Revisited: Ownership Con-centration and Valuation,” Applied Financial Economics, Vol. 24, No. 5, 2014, pp.357-375.

BELDERBOS, R., CASSIMAN, B., FAEMS, D., LETEN, B., AND VAN LOOY, B., “Co-Ownership of Intellectual Property: Exploring the Value-Ap-propriation and Value-Creation Implications of Co-Patenting with Different Partners,” Research Policy, Vol. 43, No. 5, 2014, pp. 841-852.

BERRONE, P., GERTEL, H., GIULIODORI, R., BERNARD, L., AND MEINERS, E., “Determinant of Performance in Micro-Enterprises: Preliminary Evidence from Argentina,” Journal of Small Business Management, Vol. 52, No 3, 2014, pp. 477-500.

BOSCH, M.J., LEE, Y.T., AND CARDONA, P., “Multicultural validation of a three-dimensional framework of managerial competencies: A comparative analysis of its application in Asian versus non-Asian countries,” Asian Business & Management, Vol. 12, No. 4, 2013, pp. 433-453.

BURKERT, M., DÁVILA, A., MEHTA, K., AND OYON, D., “Relating Alternative Forms of Contingency Fit to the Appropriate Methods to Test Them,” Management Accounting Research, Vol. 25, No. 1, 2014, pp. 6-29.

CAIAZZA, R. AND NUENO, P., “Corporate Stra-tegies of Automotive Firms: How to Become Global Leaders,” Competitiveness Review, Vol. 24, No. 2, 2014, pp.119-123.

CAMPOS, R:, REGGIO, I., AND GARCÍA PÍRIZ, D., “Micro Versus Macro Consumption Data: The Cyclical Properties of the Consumer Expenditu-re Survey,” Applied Economics, Vol. 45, No. 26, 2013, pp. 3778-3785.

CAMPOS, R. AND REGGIO, I., “Measurement Error in Imputation Procedures,” Economics Letters, Vol. 122, No. 2, 2014, pp. 197-202.

CANALS, J., “Global Leadership Development, Strategic Alignment and CEOs Commitment,” Journal of Management Development, Vol. 33, No. 5, 2014, pp. 487-502.

CHATURVEDI, A., BEIL, D.R., AND MARTÍNEZ DE ALBÉNIZ, V., “Split-Award Auctions for Supplier Retention,” Management Science, Vol. 60, No. 7, 2014, pp. 1719-1737.

CHEN, YP., SHAFFER, M., WESTMAN, M., CHEN, S., “Lazarova, M., and Reiche, S.Family Role Performance: Scale Development and Validation,” Applied Psychology: An International Review, Vol. 63, No. 1, 2014, pp. 190-218.

CORRADIN, S., FILLAT, J., AND VERGARA, C., “Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs,” Review of Financial Studies, Vol. 27, No. 3, 2014, pp. 823-885.

CUGUERÓ, N., FORTIN, M., AND CANELA, M.A., “Righting the Wrong for Third Parties: How Mo-netary Compensation, Procedure Changes and Apologies Can Restore Justice for Observers of Injustice,” Journal of Business Ethics, Vol. 122, No. 2, 2014, pp. 253-268.

DAS NEVES, J.C. AND MELE, D., “Managing Ethi-cally Cultural Diversity: Learning from Thomas Aquinas,” Journal of Business Ethics, Vol. 116, No. 4, 2013, pp. 789-780.


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DOKKO, G., KANE, A.A., AND TORTORIELLO, M., “One of Us or One of My Friends: How Social Identity and Tie Strength Shape the Creative Generativity of Boundary-Spanning Ties,” Organization Studies, Vol. 35, No. 5, 2014, pp. 703-726.

ESTRADA, J., “Rethinking Risk,” Journal of Asset Management, Vol. 15, No. 4, 2014, pp. 239-259.

ESTRADA, J., “Stocks, Bonds, Risk, and the Holding Period: An International Perspective,” Journal of Wealth Management, Vol. 16, No. 2, 2013, pp. 25-44.

ESTRADA, J., “The Glidepath Illusion: An Inter-national Perspective,” The Journal of Portfolio Management, Vol. 40, No. 4, 2014, pp. 52-64.

FITZSIMMONS, S.R., LEE, Y.T., AND BRANNEN, M.Y., “Demystifying the Myth about Marginals: Implications for Global Leadership,” European Journal of International Management, Vol. 7, No. 5, 2013, pp. 587-603.

GARCÍA LARA, J.M., GARCÍA OSMA, B., AND PEÑALVA, F., “Information Consequences of Ac-counting Conservatism,” European Accounting Review, Vol. 23, No. 2, 2014, pp.173-198.

GARCÍA-CASTRO, R. AND AGUILERA, R., “Family Involvement in Business and Financial Perfor-mance: A Set-Theoretic Cross-National Inquiry,” Journal of Family Business Strategy, Vol. 5, No. 1, 2014, pp. 85-96.

GARCIA, S., LEITCH, I.J., ANADON-ROSELL, A., CANELA, M.A., GALVEZ, F., GARNATJE, T., ET AL, “Recent Updates and Developments to Plant Genome Size Databases,” Nucleic Acids Research, Vol. 42, No. D1, 2014, pp. D1159-D1166.

GHOSH, A., MARTIN, X., PENNINGS, J, AND WEZEL, F. “Ambition Is Nothing without Focus: Compensating for Negative Transfer of Expe-rience in R&D,” Organization Science, Vol. 25, No. 2, 2014, pp. 572-590.

GREGORY, R., BECK, R., AND KEIL, M., “Control Balancing in Information Systems Development Offshoring Project,” MIS Quarterly, Vol. 37, No. 4, 2013, pp. 1211-1232.

JIALIN SUN, K., CHIN, A., EDLESON, M. E., AND ESTRADA, J., “Quantitative Investment and Risk Management: Where Does it Go from Here?,” Journal of Applied Finance, Vol. 23, No. 2, 2013, pp. 23-35.

KAGANER, E., GIORDANO, G., BRION, S:, AND TORTORIELLO, M., “Media Tablets for Mobile Learning: Friend of Foe?,” Communications of the ACM, Vol. 56, No. 11, 2013, pp. 68-75.

KOVALENKOV, A. AND VIVES, X., “Competiti-ve Rational Expectations Equilibria without Apology,” Journal of Economic Theory, Vol. 149, 2014, pp. 211-235.

LARCKER, D., MCCALL, A., AND ORMAZABAL, G., “Proxy Advisory Firms and Stock Option Repri-cing,” Journal of Accounting & Economics, Vol. 56, No. 2-3, 2013, pp. 149-169.

LEE, Y.T. AND ANTONAKIS, J., “When Preference Is Not Satisfi ed but the Individual Is: How Power Distance Moderates Person −Job Fit,” Journal of Management, Vol. 40, No. 3, 2014, pp. 641-675.

LEONARDI, P.M. AND RODRÍGUEZ-LLUESMA, C., “Occupational Stereotypes, Perceived Status Differences, and Intercultural Communication in Global Organizations,” Communication Mono-graphs, Vol. 80, No. 4, 2013, pp. 478-502.

LOPES-ESPINOSA, RUBIA, A., VALDERRAMA, L., AND ANTON, M., “Good for One, Bad for All: Determinants of Individual Versus Systematic Risk,” Journal of Financial Stability, Vol. 9, No. 3, 2013, pp. 287-299.

LÓPEZ-VIÑAS, M.L., COSTA, N., TIRVIÓ, C., DAV-INS, J., MANZANERA, R., RIBERA, J., CONSTANTE, C., AND VALLÈS, R., “Modelo de acreditación de centros de atención hospitalaria aguda de Cataluña,” Medicina Clínica, Vol. 143, No. supl. 1, 2014, pp. 68-73.

MCCANN, B.T. AND VROOM, G., “Competitive Behavior and Nonfinancial Objectives:Entry, Exit, and Pricing Decisions in Closely Held Firms,” Organization Science, Vol. 25, No. 4, 2014, pp. 969-990.

MCEVILY, B., SODA, G., AND TORTORIELLO, M., “More Formally: Rediscovering the Missing Link Between Formal Organization and Informal So-cial Structure,” The Academy of Management Annals, Vol. 8, 2014, pp. 299-345.

MELÉ, D., “Antecedents and Current Situation of Humanistic Management,” African Journal of Business Ethics, Vol. 7, No. 2, 2013, pp. 52-61.


EXHIBITS


EXHIBITS

MELÉ, D., “Human Quality Treatment”: Five Or-ganizational Levels,” Journal of Business Ethics, Vol. 120, No. 4, 2014, pp. 457-471.

MELE, D. AND SANCHEZ-RUNDE, C., “Cultural Di-versity and Universal Ethics in a Global World,” Journal of Business Ethics, Vol. 116, No. 4, 2013, pp. 681-687.

MOSCHIERI, C. AND CAMPA, J.M., “New trends in mergers and acquisitions: Idiosyncrasies of the European market,” Journal of Business Re-search, Vol. 67, No. 7, 2014, pp. 1478-1485.

MOSZORO, M., “Effi cient Public-Private Capital Structures,” Annals of Public & Cooperative Economics, Vol. 85, No. 1, 2014, pp. 103-126.

MOSZORO, M., “Microeconomic Foundations of Bailout,” Jourmal of Natural Resources Policy Research, Vol. 6, No. 1, 2014, pp. 109-112.

PASTORIZA, D. AND ARIÑO, M.A., “Does the Ethi-cal Leadership of Supervisors Generate Internal Social Capital?,” Journal of Business Ethics, Vol. 118, No. 1, 2013, pp. 1-12.

PINA E CUNHA, M., REGO, A., AND VACCARO, A., “Organizations as Human Communities and Internal Markets: Searching for Duality,” Journal of Business Ethics, Vol. 120, No. 4 2014, pp. 441-455.

RAFECAS, M., ARRANZ, L., GARCIA, M., AND CANELA, M.A., “Anthropometric Characteris-tics and Other Dietary Aspects of a Group of Spanish Women Looking for Weight Loss and Enrolled in a Weight Management Program,” Journal of Pharmacy and Nutrition Sciences, Vol. 4, No. 3, 2014, pp. 177-182.

REICHE, S., CARDONA, P., LEE, YT., CANELA, M.A. ET. AL., “Why Do Managers Engage in Trustwor-thy Behavior? A Multilevel Cross-Cultural Study in 18 Countries,” Personnel Psychology, Vol. 67, No. 1, 2014, pp. 61-98.

REUER, J., TONG, T., TYLER, B., AND ARIÑO, A., “Executive Preferences for Governance Modes and Exchange Partners: An Information Economics Perspective,” Strategic Management Journal, Vol. 34, No. 9, 2013, pp. 1104-1122.

ROBERTS, J.H., KAYANDE, U., AND STREMERSCH, S., “From Academic Research to Marketing Practice: Exploring the Marketing Science Value Chain,” International Journal of Research in Marketing, Vol. 31, No. 2, 2014, pp. 127-140.

ROBERTS, J.H., KAYANDE, U., AND STREMERSCH, S., “From Academic Research to Marketing Practice: Some Further Thoughts,” International Journal of Research in Marketing, Vol. 31, No. 2, 2014, pp. 144-146.

ROURE, J., SEGURADO, J.L., WELSH, D., AND ROS-PLOCK, K., “Toward a Conceptual Model of the Role of Entrepreneurship in the Family Offi ce,” Journal of Applied Management and Entrepre-neurship, Vol. 18, No. 4, 2013, pp. 42-63.

SANCHEZ-RUNDE, C., NARDON, L., AND STEERS, R.M., “The Cultural Roots of Ethical Confl icts in Global Business,” Journal of Business Ethics, Vol. 116, No. 4, 2013, pp. 689-701.

SOOD, A., KAPPE, E., AND STREMERSCH, S., “The Commercial Contribution of Clinical Stu-dies for Pharmaceutical Drugs,” International Journal of Research in Marketing, Vol. 31, No. 1, 2014, pp. 65-77.

SPIETH, P., SCHNECKENBER, D., AND RICART, J.E., “Business Model Innovation – State of the Art and Future Challenges for the Field,” R&D Management, Vol. 44, No. 3, 2014, pp. 237-247.

VAAST, E. AND KAGANER, E., “Social Media Affordances and Governance in the Workplace: An Examination of Organizational Policies,” Journal of Computer-Mediated Communication, Vol. 19, No. 1, 2013, pp. 78-101.

VALLÈS, J., CANELA, M.A., GARCIA, S., HIDALGO, O., PELLICER, J., SÁNCHEZ-JIMÉNEZ, I., SILJAK-YAKOVLEV, S., VITALES, D., AND GARNATJE, T., “Genome Size Variation and Evolution in the Family Asteraceae,” Caryologia, Vol. 66, No. 3, 2013, pp. 221-235.

WELSH, D., MEMILI, E., ROSPLOCK, K., ROURE, J., AND SEGURADO, J.L., “Perceptions of Entrepre-neurship Across Generations in Family Offi ces: A Stewardship Theory Perspective,” Journal of Family Business Strategy, Vol. 4, No. 3, 2013, pp. 213-226.

ZHU, G., WOLFF, S.B., LAS HERAS, M., GUTIE-RREZ, B., AND KRAM, C., “Too Much or Too Litt-le? A Study of the Impact of Career Complexity on Executive Adaptability,” Career Development International, Vol. 18, No. 5, 2013, pp. 457-483.

ZOTT, C. AND AMIT, R., “The Business Model: A Theoretically Anchored Robust Construct for Strategic Analysis,” Strategic Organization, Vol. 11, No. 4, 2013, pp. 403-411.


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MADRID ALUMNI CHAPTER BOARD

PRESIDENTTomás García Madrid, Grupo Villar-Mir, MBA ‘88

BOARD MEMBERS• Esther Alcócer, Fomento de Construcciones y

Contratas, PADE ‘10• Javier de Andrés, Indra Sistemas, EMBA ‘91• Juan I. Apoita, BBVA, PDG ‘95• Carmen Becerril, Acciona, PADE ‘00• Jordi Canals, IESE Business School• Juan A. Castellanos, Apple, GEMBA ‘02• Alberto Durán, Corporación Empresarial

ONCE, MBA ‘96/PADE ‘08• Miguel Escrig, Telefónica, MBA ‘90• Juan A. Galán, IESE Business School, EMBA

‘92• Francisco García Paramés, Bestinver Socie-

dad de Valores y Bolsa, MBA ‘89• Juan C. García Centeno, Sigrun Corporación,

EMBA ‘95• Ignacio Gómez-Llano, Grupo Santander,

EMBA ‘94/PADE 05• Francisco Iniesta, IESE Business School,

MBA ‘90• Javier Marín, AENA, PADE ‘02• Jesús Martínez de Rioja, Narruri, PADE ‘06• Carlos Mas, PwC, PDD ‘98• Amparo Moraleda, SSIE, PDG ‘95• Catalina Parra, Philanthropic Intelligence,

MBA ‘96• Mireia Rius, IESE Business School, MBA ‘94• Pablo Sagnier, Egon Zehnder International,

MBA ‘90• Antonio Tavira, Elzaburu, EMBA ‘90

EXHIBIT IIALUMNI BOARDS

US ALUMNI CHAPTER BOARD

GERMANY ALUMNI CHAPTER BOARD

PRESIDENTAlan Pace, Citibank New York, MBA ‘94

BOARD MEMBERS

Mid Atlantic Regional Club• Dye-Sun Chen de Swaan, Glocap Search,

MBA ’08• Charles Davlin, Corporate United, MBA ’89• Morid Kamshad, Massif Partners, MBA ’89• Anosha Lewis, Tiffany, MBA ’07• Lorraine Merghart, Events, Development &

Creativity, MBA ’84• Noelle Robins Sadler, Mac Cosmetics, MBA

‘07

Southern Atlantic Regional Club• Francisco Larenas, UBS International, GEM-

BA ’05• José Ramón Aragón, NBC Universal, MBA

’01• Ignacio Fiterre, International Realty Marke-

ting, MBA ’72• Fernando García Verdejo, Ingenium Latin

America, GEMBA ’03• Montserrat Garrido, Citibank, MBA '94/ AMP

'10• Steven Hickson, Atlanta Technology Angels,

GEMBA ’02• Carlos Lemos, Banco Santander, GEMBA '07• Víctor Sopena, JP Morgan, MBA '09• Clemencia Inés Restrepo de Tobón, MCTR &

Associates, MBA ’76

Pacifi c South West Regional Club• Robb Bittner, Autodesk, MBA ’98• Anna Binder, MuleSoft, MBA ’05

• Wim den Tuinder, IESE Business School, MBA ‘89

PRESIDENTAlexander Mettenheimer, Conmit Wertpapierhandelsbank, AMP ’05

BOARD MEMBERS• Till Blaessinger, Josef Blässinger Gmbh & Co,

MBA ’99 • Franz Borgers, Johann Borgers Gmbh & Co,

AMP ’05 • Ralph Bräunlein, Bridging People, MBA ’00 • Bernhard von Canstein, Gieseck & Devrient

Gmbh, MBA ’98 • Andrea Klette Christenson, Andrea Christen-

son, MBA ’83 • Klaus Peter Müller, Roland Berger, MBA ’96 • Rudolph Repgen, IESE Business School,

GEMBA ’02 • Wim den Tuinder, IESE Business School,

MBA ‘89• Sven Wahle, Accenture, MBA '99


EXHIBITS


EXHIBITS

ALUMNI CHAPTER PRESIDENTS

IESE ALUMNI ASSOCIATIONPresident, Jorge Sendagorta, PADE ‘90Director, Mireia Rius, MBA ‘94

EUROPEAustria Markus Schwarz, MBA ‘96Germany Alexander Mettenheimer, AMP ‘05Belgium-Luxembourg Laurence Battaille, MBA ‘95France Gloria Perrier-Châtelain, EMBA ‘93/AMP ‘10Italy Marco Morgese, MBA ‘03Poland Piotr Kaminski, AMP ‘07Portugal José Gabriel Chimeno, PDG ‘95Russia Mikhail Ivanov, GEMBA ‘10Scandinavia Martin N. Knudsen, MBA ‘05 Erik Boyter Koch, GEMBA ‘05Switzerland Bence Andras, AMP ‘07The Netherlands Philip Alberdingk Thijm, MBA ‘89United Kingdom Chris Daniels, MBA ‘00

SPAINAndalusia Pedro Guerrero, MBA ‘90Aragon Javier Loriente, PDD ‘91Balearic Islands Raúl González, MBA ‘86Galicia Luis Fernando Quiroga, PADE ‘83Levante Íñigo Parra, MBA ‘90Madrid Tomás García Madrid, MBA ‘88Navarre-Basque Country Javier Chocarro, MBA ‘88

NORTH AMERICAUnited States Alan Pace, MBA ‘94South Atlantic Region Francisco Larenas, GEMBA ‘05Western Region Robb Bittner Stuart, MBA ‘98Canada Alfonso Soriano, MBA ‘84

LATIN AMERICAArgentina-Uruguay Martín Agramonte, MBA ‘99Brazil Adriano C. Amaral, MBA '94/ AMP ‘07Chile Lionel Olavarría, MBA ‘75Colombia Luis Fernando Jaramillo, MBA ‘86Mexico Gérard Schoor, MBA ‘91Peru Hugo Alegre, MBA ‘91

ASIAChina Myra Yu, MBA ‘99Hong Kong Luis Go MBA ’96India Vinay Kothari, MBA ‘92Japan Ken Inouye MBA ’10Singapore-Malaysia Juan Claudio Laya MBA ’03


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EXHIBIT IIIINDEPENDENT AUDITOR’S REPORT


EXHIBITS


EXHIBITS

BALANCE SHEET in euros

ASSETS

Intangible non-current assets 5,092,214 Computer software 4,604,044 Rights over leased assets in use 488,170

Tangible non-current assets 6,903,407 Land and buildings 1,697,135 Technical installations and other items 3,227,464 Under construction and advances 1,978,808

Non-current investments 13,896,044 Equity instruments 10,348,490 Debt securities 1,375,050 Other fi nancial assets 2,172,504

TOTAL NON-CURRENT ASSETS 25,891,665

Trade and other receivables 11,625,814 Trade receivables 8,743,926 Other receivables 2,035,281 Personnel 825,193 Public entities, other 21,414

Current investments 2,978,088 Equity instruments 172,826 Debt securities 466,338 Other fi nancial assets 2,338,924

Prepayments for current assets 3,036,144

Cash and cash equivalents 7,361,707 Cash 6,612,418 Cash equivalents 749,289

Total current assets 25,001,753 TOTAL ASSETS 50,893,418


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LIABILITIES AND NET ASSETS

Funds and reserves 20,299,979 Retained surplus 20,072,353Surplus/(defi cit) for the year 227,626

Valuation adjustments 854,621 Available-for-sale fi nancial assets 854,621

Grants, donations and bequests received 1,770,292

TOTAL NET ASSETS 22,924,892

Non-current liabilities 2,736,132 Long-term employee benefi ts 2,569,517Other provisions 166,615

Total non-current liabilities 2,736,132

Current liabilities 1,386,225 Other fi nancial liabilities 1,386,225

Trade and other payables 10,272,511 Current payables to suppliers 4,181,239Other payables 143Personnel (salaries payable) 4,862,847Public entities, other 1,228,282

Deferred revenues 13,573,658 Total current liabilities 25,232,394 TOTAL LIABILITIES AND NET ASSETS 50,893,418


EXHIBITS


EXHIBITS

Revenue from ordinary activities 86,396,116 Services rendered 84,202,499 Grants, donations and bequests recognised in surplus for the year 2,193,617 Other operating income 1,276,635 Non-trading and other operating income 1,276,635 Personnel expenses (43,454,111) Salaries and wages (35,913,150) Employee benefi ts expense (7,540,961) Other operating expenses (40,692,865) External services (40,677,211) Taxes (-15,654) Losses, impairment and changes in trade provisions - Depreciation and amortisation (4,299,025) Grants, donations and bequests taken to surplus for the year 112,655 Other income (expenses) (78,515) Results from operating activities (739,110) Financial income (expense) 404,096 Finance costs (15,000) Foreign exchange gains/(losses) (14,376)

Impairment and gains (losses) on disposal of fi nancial instruments 592,016 Impairment and losses (188,216) Gains (losses) on disposal and other 780,232

Net fi nancial income 966,736 Surplus before tax 227,626 Income tax expense Surplus from continuing operations and surplus for the year 227,626

INCOME STATEMENTin euros

CONTINUING OPERATIONS 31.08.2014


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iese annual report 2013/2014

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