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2005

www.insead.edu

Europe Campus Boulevard de Constance 77305 Fontainebleau Cedex France

In Profile

Tel: +33 (0)1 60 72 40 00 Fax: +33 (0)1 60 74 55 00/01 Asia Campus 1 Ayer Rajah Avenue 138676 Singapore Tel: +65 6799 5388 Fax: +65 6799 5399 The figures contained in this booklet are correct as of December 2004, unless otherwise indicated. Photo credits Robin Grierson, Oistin Mac Bride, Liselott Nissen, PSV Morel, P. Aubry Design and artwork by Timothy Guy Design [email protected]

Printed by INSEAD 02/05

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1 Welcome from the Dean

INSEAD is today one of the world’s largest top-tier graduate business schools. Founded in Fontainebleau, France, in 1957, we remain unique in the cultural diversity of our participants, faculty and staff, which we continue to develop through our physical presence on three continents. Leveraging our campuses in Europe and Asia, and our alliance with the Wharton School in North America, we maintain and promote a non-dogmatic learning environment in which to educate and inspire tomorrow’s business leaders and entrepreneurs. As a truly independent entity, both self-funded and unaffiliated with a larger institution, we at INSEAD value our autonomy. In fact, the entrepreneurial spirit that led to the school’s creation remains one of our key values and a growing area of academic research here. It is this belief in the ability of individuals to drive management change and innovation that motivates our teaching, research and closeness to the international business community. Welcome to our school!

Gabriel Hawawini Dean

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2 INSEAD Milestones 1957 1960

INSEAD founded, three months after the Treaty of Rome. First MBA graduates in Fontainebleau: 52 participants from 14 countries. INSEAD Alumni Association created.

1968

First executive education development programme.

1969

Opening of the school’s campus in Fontainebleau.

1971

Creation of CEDEP, the European Centre for Continuing Education.

1974

First programme on Asian business.

1976

Launch of the INSEAD Alumni Fund.

1980

INSEAD Euro-Asia Centre opens in Fontainebleau.

1989

Launch of the PhD programme.

1995

Launch of the first INSEAD development campaign.

2000

Official opening of the INSEAD Asia Campus. First Singapore MBA class: 53 participants from 26 countries. INSEAD’s first development campaign achieves €120 million in corporate and private sponsorship.

2001

Announcement of the INSEAD-Wharton Alliance.

2003

Launch of the INSEAD Executive MBA programme: 54 participants from 22 countries.

2004

Opening of the Plessis Mornay Learning Space in Fontainebleau. Launch of the second development campaign: “The INSEAD Campaign: a business school for the world.”

“We believe in the role of business as a force for improving people’s lives.”

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3 INSEAD Today ◆

One-year full-time MBA programme: 870 participants, representing more than 70 countries

◆

The second INSEAD Executive MBA Programme begins with 58 participants from 26 countries

◆

Executive education programmes: More than 7,000 participants per year, representing more than 90 countries and 2,000 companies

◆

PhD in Management: 71 participants, representing 24 countries

◆

Two fully integrated campuses in Asia and Europe

◆

Academic alliance with the Wharton School

◆

16 research centres and initiatives

◆

29 endowed chairs

◆

Faculty: 144 permanent and approximately 50 visiting, representing 31 countries

◆

Alumni: more than 32,200 present in 150 countries

◆

Staff: 505

All figures refer to both campuses, unless otherwise stated.

Five-year overview

2000 2001 2002 2003 2004

Faculty members

135

145

141

147

144

14

19

25

31

33

of whom are resident faculty on Asia Campus R&D output Books

15

20

24

19

14

Papers in journals

89

111

106

93

105

Case studies

61

67

89

123

110

681

773

836

829

870

53

114

244

244

281

54

56

MBA Programme participants of whom started on Asia Campus EMBA Programme participants Executive Education Number of weeks

365

378

364

374

426

of which given in Asia

60

72

74

73

94

PhD students

52

58

66

73

71

126

Financial (in € millions as of August 31) Revenues

80

94

102

114

Cash flow from operations

2

5

10

17

20

Endowment (market value)

44

41

43

51

56

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4 Our Mission As an educational institution, our mission is to promote a non-dogmatic learning environment that brings together people, cultures and ideas from around the world, changing lives, and helping transform organisations through management education.

◆

Through teaching, we develop responsible, thoughtful leaders and entrepreneurs who create value for their organisations and their communities.

◆

Through research, we expand the frontiers of academic thought and influence business practice.

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5 Our Values Diversity as a source of learning and enrichment We are free from any dominant culture or prevalent dogma. We are open to and respectful of other views. We learn through the exchange of ideas and experiences.

Independence as a governance principle We believe in intellectual freedom and are autonomous in our financial, institutional and academic planning and decision-making process.

Rigour and relevance in teaching and research We encourage diversity in research and teaching methods, with no single school of thought or methodology predominating. What matters is rigour and impact on management as an academic discipline, on business practice and in the classroom.

Closeness to the international business community We partner with the international business community to explore and disseminate management knowledge. We believe in the role of business as a force for improving people’s lives.

Entrepreneurial spirit We are willing to experiment and innovate. We are ready to take risks and manage well the results of our actions.

Contact Nick Barniville

Director of Communications Tel: +33 (0)1 60 71 26 94 [email protected]

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6 Our People and Governance The school is governed by a board of directors and managed by the Dean. Four committees support the Dean in the management of the school: the Committee of Deans, the Operations Committee, the Committee of External Relations and the Committee of Area Coordinators. The school is also supported in its mission by its three major international networks: the International Council, the Advisory Committee for Management Education and the INSEAD Alumni Association – and by several legally independent foundations.

THE BOARD OF DIRECTORS as of January 17, 2005: Honorary Chairman

Claude Janssen, Chairman of the International Council

Chairman

Cees J. A. van Lede, Member of the Supervisory Board, Akzo Nobel NV

Vice-Chairman

Claude Rameau, Professor Emeritus, Former Dean of INSEAD

Members Rolf Abdon, Chief Executive, Abdon Mills; Chairman, INSEAD Alumni Fund Helen Alexander, Chief Executive, The Economist Group Roland Berger, Chairman and Global Managing Partner, Roland Berger & Partners GmbH Baron Berghmans, Chairman of the Executive Committee, Lhoist Group Ana Patricia Botín, Presidente, Banesto J. Frank Brown, Global Leader, Advisory Services, PricewaterhouseCoopers LLP Michael Butt, Chairman, AXIS Capital Holdings Ltd; Chairman of the Campaign Board John S. Clarkeson, Chairman, The Boston Consulting Group Inc Paul Desmarais Jr, Chairman and Co-CEO, Power Corporation of Canada Dr Jean-Pierre Garnier, Chief Executive Officer, GlaxoSmithKline Claire Gouzouli, Partner, First Consulting Ltd; President of the INSEAD Alumni Association Frederik W. Huibregtsen, Senior Counsellor, PricewaterhouseCoopers NV Baron Daniel Janssen, Chairman of the Board of Directors, Solvay SA Barbara Kux, Chief Procurement Officer, Koninklijke Philips Electronics NV Igor Landau, Director, Sanofi-Aventis SA Sir Andrew M.B. Large, Deputy Governor, Bank of England BG Lee Hsien Yang, President and CEO, Singapore Telecom Charles Mackay, Chairman, TDG plc Georges Muller, Chairman of the Board, Bearbull (Suisse) SA

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7

Rob J. Routs, Group Managing Director, Royal Dutch/Shell Group of Companies Dr Ronaldo Schmitz, Former Member of the Board of Managing Directors, Deutsche Bank AG Ernest-Antoine Seillière, Président, Wendel Investissement; Président, MEDEF (Mouvement des Entreprises de France) Lord Simon of Highbury CBE Paul Skinner, Chairman, Rio Tinto plc Teo Ming Kian, Chairman, Economic Development Board Dr Shoichiro Toyoda, Honorary Chairman, Member of the Board, Toyota Motors Corp Ltd François Vachey, Executive Vice President, Human Resources, L’Oréal; President of CEDEP Dr Daniel L. Vasella, Chairmand & CEO, Novartis AG Philippe Vindry, Président du Groupe HEC Christian Vulliez, Conseiller du Président de la CCIP, Chambre de Commerce et d’Industrie de Paris

Permanent invitees from INSEAD: Dr Gabriel Hawawini, Dr Arnoud De Meyer, Dr Landis Gabel, Dr Erin Anderson, Dr Anil Gaba, Mrs Martine Vassy

THE MANAGEMENT OF THE SCHOOL Dean

Gabriel Hawawini

THE COMMITTEE OF DEANS

Its role is to support the Dean of INSEAD in the definition and implementation of the academic and strategic directions for the school and to act as an advisory body to the Dean and the Dean of Faculty on all matters related to faculty management. Gabriel Hawawini

Dean (Chair)

Arnoud De Meyer

Deputy Dean, Dean of Administration and External Relations

Landis Gabel

Deputy Dean, Dean of Faculty

Soumitra Dutta

Dean of Executive Education

Antonio Fatás

Dean of MBA Programme

Anil Gaba

Dean of Faculty and Research, Asia Campus

Hubert Gatignon

Dean of PhD Programme/Wharton Alliance

Dominique Héau

Associate Dean of Executive MBA Programme

Hellmut Schütte

Dean of Asia Campus

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8

THE OPERATIONS COMMITTEE

This committee brings together senior administrative directors in charge of day-to-day operations, in order to maintain and improve participant satisfaction, faculty support, and employee motivation within financial and legal constraints. Eric Ponsonnet

Director of Operations and Administration (Chair)

Eric Daguet

Director of Information and Telecommunication Systems

Arnoud De Meyer

Deputy Dean, Dean of Administration and External Relations

Sylvain Daudel

Director of the Executive MBA Programme

Betty Flasch

Director of Human Resources

Isabelle Jauny

Director of Faculty Affairs

Fadi Mehio

Director of Campus Services

Albert Nguyen

Control and Audit Manager

Narayan Pant

Associate Dean of Executive Education, Asia Campus

Doris Sohmen-Pao

Director of the MBA Programme

Suzanne Weeks

Director of Open-Enrolment Programmes

THE COMMITTEE OF EXTERNAL RELATIONS

The role of this committee is to coordinate the school’s marketing activities as well as its internal and external communications and relations with outside constituencies. Claire Pike

Secretary General, Director of External Relations (Chair)

Nick Barniville

Director of Communications

Sylvain Daudel

Director of the Executive MBA Programme

Arnoud De Meyer

Deputy Dean, Dean of Administration and External Relations

Joelle du Lac

Director of Alumni Relations

Ian Edwards

Executive Director of Development

Gabriel Hawawini

Dean

Isabelle Jauny

Director of Faculty Affairs

Narayan Pant

Associate Dean of Executive Education, Asia Campus

Hellmut Schütte

Dean of Asia Campus

Doris Sohmen-Pao

Director of the MBA Programme

Suzanne Weeks

Director of Open-Enrolment Programmes

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THE COMMITTEE OF AREA COORDINATORS The Committee of Area Coordinators represents the faculty in general in academic matters of relevance to them. It serves as a channel of communication between area members and the academic administration and as a faculty recruitment committee. It also complements the direct faculty involvement with the Dean that comes via faculty meetings.

Landis Gabel

Deputy Dean, Dean of Faculty (Chair)

Ex-officio:

Anil Gaba, Gabriel Hawawini, Isabelle Jauny

Ben Bensaou

Asian Business and Comparative Management

Philippe Delquié

Decision Sciences

Gareth Dyas

Strategy

Morten Hansen

Entrepreneurship and Family Enterprise

Herminia Ibarra

Organisational Behaviour

David Midgley

Marketing

Deigan Morris

Accounting and Control

Tim Van Zandt

Economics and Political Science

Theo Vermaelen

Finance

Enver Yücesan

Technology and Operations Management

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10

INTERNATIONAL NETWORKS AND FOUNDATIONS THE INTERNATIONAL COUNCIL (IC) The International Council is INSEAD’s forum for maintaining top-level dialogue between the School and the international business community. Its mission is to: ◆

Counsel and support INSEAD in its major policies and strategic direction.

◆

Help INSEAD achieve its mission to promote an open learning environment that brings together people, cultures and ideas from around the world.

◆

Maintain contact with and recognise the wide range of individuals, institutions and corporations with whom INSEAD is connected around the world.

The IC is composed of 390 chairpersons, chief executives, board members and owners of major corporations who are members of one of 23 National Councils, or members of the Council at large and the Board.

Honorary Chairmen

Sir David Scholey, Senior Advisor, UBS Investment Bank Pierre Simon, President, CCIP

Chairman

Claude Janssen, Honorary Chairman of the INSEAD Board

National Council Presidents Australia

Mark Johnson, Deputy Chairman, Macquarie Bank Ltd

Austria

Dr Franz J Leibenfrost, Chairman, Eisenwerk Sulzau Werfen- Weinberger AG

Belgium

Baron Berghmans, Chairman of the Executive Board, Lhoist Group

Brazil

Antônio Roberto de Azevedo Muller, Board Member, Dedini S/A Indústrias de Base

Canada

Daniel Y Labrecque, President & CEO, NM Rothschild & Sons Canada Ltd

Denmark

Jan Oscar Frøshaug, Chairman, Scandinavian International Management Institute

East Asia

Dr David K P Li, Chairman and Chief Executive, The Bank of East Asia Ltd

Finland

Dr Krister Ahlström, Chairman of the Board, Ahlstrom Corp

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France

Ernest-Antoine Seillière, Président, Wendel Investissement; Président, MEDEF (Mouvement des Entreprises de France)

Germany

Prof Roland Berger, Chairman of the Supervisory Board, Roland Berger Strategy Consultants GmbH

Italy

Luca Garavoglia, Chairman of the Board of Directors, Davide Campari Milano SpA

Japan

Taizo Nishimuro, Chairman of the Board, Toshiba Corporation

Netherlands

Dirk Verbeek, Chief Executive Officer, Aon Risk Services International

Norway

Jens P Heyerdahl d.y. Orkla ASA

Portugal

Dr Antonio Horta Osorio, Executive Vice President, Santander Central Hispano

Singapore

Teo Ming Kian, Chairman, Singapore Economic Development Board

South Africa

M Cyril Ramaphosa, Shanduka Group

Spain

Jaime Carvajal Urquijo, Presidente, Advent International

Sweden

Carl Bennet, Chairman of the Board, Elanders AB

Switzerland

Guy Wais, General Manager / Member of the Management Committee, Rothschild Bank AG

United Kingdom

Christopher A Bielenberg, Chairman, REL Consultancy Group Ltd

USA

J Frank Brown, Global Leader Advisory Services, PricewaterhouseCoopers LLP

West Coast

Eric Benhamou, Chairman, Benhamou Global Ventures

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12

THE ADVISORY COMMITTEE FOR MANAGEMENT EDUCATION (ACME) The Advisory Committee for Management Education ensures that INSEAD remains at the leading edge of management education by virtue of its understanding of business needs in this area. Its role is to:

◆

Advise INSEAD on the needs and trends in management education.

◆

Provide feedback on existing and planned INSEAD programmes and policies.

◆

Comment on INSEAD’s research and development agenda.

ACME comprises senior human resources professionals from 100 major corporations across a spectrum of industries and sectors.

THE INSEAD ALUMNI ASSOCIATION (IAA)

The INSEAD Alumni Association is an international entity that, in partnership with the school, is dedicated to the support and engagement of the school’s alumni worldwide. Alumni are mobilised to support each other and the strategic and financial goals of the school. There are today national alumni associations in 41 countries and informal networking groups in another 11 countries. The now more than 250 volunteers contributing to the national associations, the regional activities and a variety of clubs and interest groups are living proof of the strength of the global alumni network. President

Claire Gouzouli, MBA’85D

NATIONAL ALUMNI ASSOCIATION PRESIDENTS Argentina

Roberto Werner, MBA’76

Australia/New Zealand

Jill Atherton, MBA’90J

Austria

Wolfgang Fenkart-Froeschl, MBA’71

Belgium

Karsten M De Clerck, MBA’91J

Brazil

Bernd Rieger, MBA’73

Canada

Philippe Castonguay, MBA’89J

Chile

Andrew Hanff, MBA’99J

China

Eric Guichard, MBA’91J

Croatia/Slovenia

Co-President Hrabren Suknaic, MBA’02J Co-President Sinisa Laban, MBA’92D

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Czech Republic

Philip Staehelin, MBA’99D

Denmark

Christian Brylle, MBA’95D

Egypt (in creation)

Emad Barsoum, MBA’95D

Finland

Jukka Kaario, MBA’91J

France Germany

Jean Du Lac, MBA’85J Carl Pfeffer, MBA’90D

Greece

Athina Dessypri, MBA’87J

Hong Kong

Paul Skipworth, MBA’95J

Hungary

Ervin Szücs, MBA’98J

India

Meera Hiranandani Sanyal, MBA’83D

Ireland (in creation) Israel

James Martin Kelly, MBA’90D Doron Nahmias, MBA’82

Italy

Domenico Cavaliere, MBA’88J

Japan

Yutaka Nakamae, MBA’78

Korea

Jean-Luc Scalabre, MBA’84J

Lebanon

Joe Issa El-Khoury, MBA’86D

Luxembourg

Jacques Prost, MBA’88J

Mexico

Manuel Reta, MBA’92D

Monaco

Daniele De Winter, MBA’93J

The Netherlands

Carsten De Koning, MBA’89D

Norway

Jon Slorer, MBA’99D

Poland

Jaroslaw Sebastian Bachowski-Ciura, MBA’98J

Portugal

Diogo António Rodrigues Da Silveira, MBA’89J

Russia

Alexei Khoudiakov, MBA’98J

Saudi Arabia

Bader Al-Saud, IEP’87

Singapore

Nigel Yeung, MBA’92D

South Africa

John Barton-Bridges, MBA’91D

Spain

Rafael Martìnez Ferreira, MBA’92D

Sweden

Stefan Vlachos, MBA’98J

Switzerland

James Maughan, MBA’95D

United Arab Emirates

Josian Baeyens Sudarskis, MBA’75

United Kingdom

Jonathan Knight, MBA’91D

USA

Daniel Lalonde, MBA’91J

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THE FOUNDATIONS Several legally independent foundations support INSEAD in its mission in different countries. In France, the Fondation INSEAD, chaired by Olivier Giscard d’Estaing, contributes to the advancement and to the broad dissemination of research work in the field of management.

Contact Claire Pike

Secretary General and Director of External Relations Tel: +33 (0)1 60 71 26 27 [email protected]

Jane Shelton

Board and Councils Administrator Tel: +33 (0)1 60 71 26 25 [email protected]

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15 Financial Information INSEAD is a not-for-profit institution, with several legal entities in different countries. Its financial performance is monitored regularly and professionally by outside auditors and the Audit Committee of the Board. The school finances its activities with:

◆

MBA tuition, which does not cover the full cost of the programme.

◆

Revenues from Executive Education programmes.

◆

External funding, including current gifts and revenues from endowment, which covers research and development as well as new projects.

Highlights for the year that ended August 31, 2004: ◆

10% growth in revenues to €126 million.

◆

Overall surplus of 2.8% of revenues.

◆

Asia Campus achieved surplus after break-even in 2003.

◆

Endowment fund at €56 million.

◆

Launch of new development campaign with a target of €200 million.

2003-04

REVENUES

EXPENSES

MBA, EMBA programmes

30%

Faculty & research

Executive Education

52%

Programmes & external relations 21%

External funding

11%

Buildings, IT & support

Other

CASH FLOW

47%

32%

7%

99-00

00-01

01-02

02-03

03-04

Cash from operations

1.9

4.6

9.7

17.3

19.8

Capital investments & mortgage repayments

-5.2

-7.7

-6.6

-7.3

-7.7

Net cash flow

-3.3

-3.1

3.1

10.0

12.1

Contact Eric Ponsonnet

Director of Operations and Administration Tel: +33 (0)1 60 71 26 11 [email protected]

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16 The INSEAD Campaign A business school for the world INSEAD is financed principally by tuition fees but, in an increasingly competitive marketplace for management education, also relies greatly on private philanthropy. Currently, annual donations from alumni, friends and corporations; one-off major gifts; and revenues from the school’s endowment fund (generated through previous gifts) provide 11% of INSEAD’s annual operating income, a proportion we wish to increase over time. So, in the autumn of 2004, INSEAD launched a major five-year fundraising initiative called The INSEAD Campaign: a business school for the world. We have set ourselves a target of raising €200 million for three strategically important challenges: ◆

To attract the best talent from around the world through initiatives such as PhD and MBA scholarships.

◆

To nurture innovative, world-class research across all of INSEAD’s areas of expertise.

◆

To provide inspiring environments and facilities, constructing new buildings and renovating existing ones, as well as installing a first-class technology infrastructure.

The Campaign is overseen by INSEAD’s Development Department, which exists to build financial and intellectual capital through relationships with corporations, individuals and foundations. While fundraising remains the department’s central purpose, there are many other ways in which it assists in developing the school to its maximum potential. The school’s three annual giving programmes (the INSEAD Alumni Fund, the Corporate Affiliation Programme and the Taxe d’Apprentissage) are also overseen by the Development Department and are an integral part of the Campaign.

Contact Ian Edwards

Executive Director of Development Tel: +33 (0)1 60 71 26 66 [email protected]

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17 The INSEAD Alumni Fund (IAF) Founded in 1976 by INSEAD alumni, the IAF was created to support the development of the school. Annual financial contributions from alumni provide INSEAD with crucial resources to develop: ◆

Multicultural understanding through diversity, by creating MBA scholarships.

◆

Innovative teaching and research, by providing resources for ground-breaking new work.

◆

The INSEAD brand itself, by funding new facilities and improving existing infrastructure.

Contact Sandra Morand

Acting Director of the INSEAD Alumni Fund Tel: +33 (0)1 60 71 26 65 [email protected]

Corporate Affiliation Programme (CAP) CAP is a philanthropic programme supported by more than 50 subscribing companies, each contributing €20,000 annually. It is one of the most important ways in which our organisation remains connected to business and its changing needs. In recognition of their generous support, corporate affiliates are involved in the school’s activities, such as the annual Donors’ Forum, the Advisory Committee for Management Education (ACME), Career Management Service (CMS) initiatives, networking with MBA students and special web services.

Contact Corinne Durand

CAP Coordinator Tel: +33 (0)1 60 71 26 69 [email protected]

Taxe d’Apprentissage Many companies based in France provide annual support for INSEAD through the Taxe d’Apprentissage scheme. This is a significant source of income, for which we are extremely grateful to all participating companies. The resources they provide help us to remain independent and to attain the highest standards of teaching and research.

Contact Alice Santos

TA Assistant Tel: +33 (0)1 60 71 26 81 [email protected]

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18 MBA Programme The programme is an intensive one-year master’s degree in international business administration, offering 14 core courses and more than 80 multidisciplinary electives. Two languages, including fluent English, are required for entry, and three languages are required to graduate. INSEAD has two MBA entries per year: September (to graduate the following July) and January (to graduate the following December) on both campuses. Campus exchange options are encouraged. During 2004, over 60% of the class took part in cross-campus exchanges; 89 INSEAD MBA participants exchanged with the Wharton School.

2004 MBAs STARTING ON CAMPUS

PARTICIPANTS’ MOTHER TONGUE

70 nationalities

English

23%

281 in Asia

French

16%

589 in Europe

Spanish

7%

German

6%

Mandarin

6%

Portuguese

6%

Other

36%

Engineering 31% Business/Administration 21% Economics 17% Arts 12% Law/Political Sciences 9% Science 9% Other 1%

Europe Campus Asia Campus Asia/Asia Pacific 22%

Contact

MBA Programme

Tel: +33 (0)1 60 72 40 05 Tel: +65 6799 5488 [email protected] Rest of Europe 7% Latin America 6%

30/03/05

Southern Europe 5%

Germany 5%

Central/Eastern Europe 6%

Africa/Middle East 7%

Nordic Countries & Benelux 8%

UK 9%

North America 12%

France 13%

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19

MBA Profile January 2004 and September 2004 By country or region of origin

By undergraduate major

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20 Career Management Service The Career Management Service (CMS) coordinates MBA graduate recruitment at INSEAD. In 2004, approximately 300 companies hired INSEAD MBAs; ◆

85% of the graduates had at least one offer (81% accepted) three months after graduation, which compared favourably with 2003.

◆

Nearly 50% of the MBA participants graduating in July 2004 reported accepting a job outside their country of origin, and some 41% made a significant career change, moving across sectors and/or functions.

TOP MBA RECRUITERS 2004 Consulting McKinsey & Company

A.T. Kearney

Bain & Company

L.E.K. Consulting

The Boston Consulting Group

Marakon Associates

Booz Allen Hamilton

PricewaterhouseCoopers

Cap Gemini Ernst & Young

Value Partners

Accenture

Finance Barclays Capital

Morgan Stanley

ABN Amro

Deutsche Bank

American Express

UBS Investment Bank

Lehman Brothers

Bank of America

Citigroup Corporate & Investment Bank

European Investment Bank Goldman Sachs

Fidelity Investments

Industry General Electric

Philip Morris

CHEP

Shell

Eli Lilly

Johnson & Johnson

Novartis

Contact Claire Lecoq

Director of Career Management Services Tel: +33 (0)1 60 72 91 13 [email protected]

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21 Executive MBA Following the successful inaugural Executive MBA Programme in 2003, INSEAD welcomed its second class in November 2004. The programme is designed for experienced executives wanting to earn their MBAs without interrupting their careers. The programme curriculum recognises that companies seek to develop their high-potential executives, who, at the same time, still have daily business needs to attend to and corporate goals to achieve. The Executive MBA focuses on three key developmental objectives: managerial competence, a global mindset and development of leadership skills. The part-time modular programme structure has been designed to minimise time away from the office. The on-campus modules optimise group integration and academic objectives. The Executive MBA operates on both the Europe and Asia Campuses. In the second class, the 56 participants represent 26 nationalities, and there is an increased number of women (18%).

Contact Asia Campus Sylvain Daudel

Europe Campus Kathleen Sanchez

Director of the EMBA Programme Tel: +65 6799 5378 [email protected] Marketing Manager Tel: +33 (0)1 60 72 42 09 [email protected]

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22 Executive Education INSEAD executive programmes focus on general management and functional skills in an international environment. More than 7,000 executives working in more than 92 countries and more than 2,000 companies attended our programmes in Fontainebleau and Singapore in 2003-2004.

Open-enrolment programmes include top, senior and general management as well as finance and banking, marketing, organisation and management, strategy and technology management and leadership.

Company-specific programmes are developed and tailored to suit an individual company’s management development needs. Online programme platforms are developed for many company-specific programmes to provide a community learning space for the participants and a complement to on-campus learning.

KEY CLIENTS 2004 ABB ASEA BROWN BOVERI, ABN AMRO, ABSA BANK, ADIDAS-SALOMON, AGFA-GEVAERT, AIR LIQUIDE, AIR PRODUCTS & CHEMICALS, AKZO NOBEL, ALCATEL, ALLIANZ, ALSTOM, ALTRIA, AMERON INTERNATIONAL, AMVESCAP, AOL TIME WARNER, AON, A.P. MØLLER, ASTRAZENECA, AVENTIS, BANK MANDIRI, BANK OF VALLETTA, BANQUE AUDI SAL, BASF, BAYER, BAYERISCHE HYPO & VEREINSBANK, BEIERSDORF, BELGACOM, BERTELSMANN, BBC, BCP, BP, BT, CARREFOUR, CELERANT, CIBA SPECIALTY CHEMICALS, COATS, COCACOLA, CONTINENTAL, CRÉDIT AGRICOLE INDOSUEZ CHEUVREUX, CRÉDIT SUISSE, DAIMLERCHRYSLER, DANSKE BANK, DEGUSSA, DEUTSCHE BANK, DEUTSCHE TELEKOM, DEXIA, DKSH HOLDING, DNV, DOW CHEMICAL, DRESDNER, DSM, EICHER GROUP, ERBER, ESSENT, EUROPEAN COMMISSION, FAURECIA, FIRMENICH, FRANCE TELECOM, FRANZ HANIEL, FRESENIUS, FRIESLAND COBERCO DAIRY FOODS, GALLAHER GROUP, GIAT INDUSTRIES, GLAXOSMITHKLINE, GOVERNMENT OF SINGAPORE, HAGEMEYER, HEINEKEN, HENKEL, HEWLETT-PACKARD, H. LUNDBECK, HONG KONG GOVERNMENT, HOVIONE FARMACIENCIA, HSBC, HUHTAMAKI, HUNTSMAN CHEMICAL, IBM, ICI, INDUSTRIAL DEVELOPMENT CO, ING, INTEL, INTERBREW, ITOCHU, IVECO FIAT, JOHNSON & JOHNSON, JOHN SWIRE & SONS, KEPPEL CORPORATION, KINGFISHER, KLM ROYAL DUTCH AIRLINES, KPMG INTERNATIONAL, LAFARGE, LEGO, LHOIST, L’ORÉAL, MALLESONS STEPHEN JAQUES, MANPOWER, MARS, MAXXIUM, MERCK, METRO, MONTAIGNE PARTICIPATIONS & GESTION, MOTOROLA, NISSAN MOTOR CORPORATION, NOKIA CORP, NORDEA, NORWICH UNION, NOVARTIS, NOVO, NUON, PCCW, PETRÓLEO BRASILEIRO, PETRONAS, PFIZER, PHILIP MORRIS, PURATOS, PWC, RABOBANK NEDERLAND, RECKITT BENCKISER, RHODIA, RMC GROUP SERVICES, ROCHE, ROYAL AHOLD, ROYAL DUTCH/SHELL, ROYAL PHILIPS ELECTRONICS, SABMILLER, SANOFISYNTHELABO, SAP, SCHER ING, SCHLUMBERGER, SC JOHNSON, SEB, SES

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GLOBAL, SHELL, SIEMENS, SINGAPORE CIVIL SERVICE COLLEGE, SINGAPORE ECONOMIC DEVELOPMENT BOARD, SINGAPORE TELECOMMUNICATIONS, SINGAPORE VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION, SOLUTIA, SOLVAY, SONY BPE, STANDARD CHARTERED BANK, STARWOOD, STATOIL, SUEZ, SWIRE, SWISSCOM, SYNGENTA, TAC, TATA, TCHIBO HOLDING, TELEFONICA, TELEKOM MALAYSIA, THOMSON, TNT POST GROUP, TOTALFINAELF, UNILEVER, UNISYS, UK NATIONAL HEALTH SERVICE, UPS, VEOLIA ENVIRONNEMENT, VIVENDI UNIVERSAL, VODAFONE, VOLKSWAGEN, WÄRTSILÄ, WHIRLPOOL, THE WORLD BANK, YOUNG PRESIDENTS’ ORGANIZATION

Contact Open-Enrolment Programmes Europe Campus Janet Burdillat

Asia Campus Tan Ai Lin

Tel: +33 (0)1 60 72 42 90 [email protected]

Tel: +65 6799 5377 [email protected]

Company-Specific and Consortium Programmes Europe Campus Jocelyn Bull

Asia Campus Tan Ai Lin

Tel: +33 (0)1 60 72 42 46 [email protected]

Tel: +65 6799 5377 [email protected]

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24 PhD Programme Begun in 1989, the four-year PhD programme in management prepares students for an international academic career. In the last year 12 candidates were admitted, bringing the total number of students enrolled to 71 from 24 countries. They are specialising in Decision Sciences (8), Finance (17), Marketing (11) and Organisational Behaviour (8), Production and Operations Management (12) and Strategy (15). In the programme 50 courses are offered and 72 faculty members are involved. With graduates placed at leading institutions around the world, the number of INSEAD PhD alumni currently stands at 61. Business schools to which INSEAD graduates have been appointed include Boston, Carnegie Mellon, Chicago, Emory, Harvard, IESE, IMD, LBS, Northwestern, Purdue, Stanford, Wharton and Yale. Through INSEAD Fellowships, the school is able to provide full financial assistance for a period of four years for all candidates currently enrolled on its PhD programme. Additional financial support is also given to students who have obtained some outside financial support.

PHD SUPPORT AND SCHOLARSHIPS SINCE THE YEAR 2000 Bank of Spain, Canon Foundation, GE Capital Foundation, INSEAD Alumni Fund, INSEAD Gesellschaft Deutschland, Institute of International Finance – Dr Hans Tietmeyer, JNICT, Lee Foundation, Luzenac, NatWest Group, Sasakawa Young Leaders Fellowship Fund (SYLFF), Ludo Van der Heyden.

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25 Master of Science in Management (MSc) The INSEAD Master of Science in Management (MSc) is a two-year, full-time period of study corresponding to the first two years of the PhD programme.

The MSc coursework is distinguished by an interdisciplinary approach and an early emphasis on in-depth training in the basic disciplines underlying management (economics, behavioural sciences, research methodology).

INSEAD’s MSc degree focuses on the transmission of the knowledge about management theories and research methodologies necessary to assure certain high-level functions in industry, where understanding and conducting applied research is critical. It is unique because it provides a diploma from a leading international management school without the requirement of delivering a dissertation.

Contact Valérie Hache

Tel: +33 (0)1 60 72 42 93 [email protected]

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26 Faculty and Research There are 144 resident faculty at INSEAD representing 31 nationalities. In addition to the teaching in the MBA, EMBA, PhD and executive education programmes, INSEAD faculty research represents a major contribution to the academic study of international business and economics.

The faculty drive INSEAD’s research activities and course development, with support from the school’s PhD students and research associates. In 2004, INSEAD faculty published 14 books, 110 case studies and 105 articles in academic journals. During the year, 327 research projects were in progress. The school’s aim to produce leading-edge, relevant course materials and research is underpinned by close collaboration between faculty and business leaders worldwide, in all spheres of industry and commerce.

Resident Faculty by Area Accounting and Control 8* Asian Business 9* Decision Sciences 8

Technology and Operations Management 20

Economics and Political Sciences 14*

Strategy 24

Entrepreneurship and Family Business 14

Organisational Behaviour 18 Finance 22 Marketing 24 * includes joint appointments

Contact Isabelle Jauny

Director of Faculty Affairs Tel: +33 (0)1 60 72 41 85 [email protected]

es

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Resident Faculty by Nationality Argentina Austria Belgium Bulgaria Canada China Finland France Germany Greece Hong Kong

1 3 13 1 5 2 2 18 9 3 1

Hungary India Ireland Israel Italy Korea The Netherlands New Zealand Norway Poland Portugal

1 12 1 2 6 2 2 1 1 1 1

Romania Russia Spain Switzerland Taiwan Turkey UK USA Venezuela

2 1 3 4 1 3 8 33 1

RESIDENT FACULTY, 2004-2005 ACCOUNTING AND CONTROL Jacob Cohen (US), Affiliate Professor of Accounting and Control and Business Law Sarah Mavrinac (US), Assistant Professor of Accounting and Control Steven Monahan (US), Assistant Professor of Accounting and Control Deigan Morris (UK), Professor of Accounting and Control Regine Slagmulder (BE), Associate Professor of Accounting and Control Igor Vaysman (US), Associate Professor of Accounting and Control Donna Wei (HK), Assistant Professor of Accounting and Control S. David Young (US), Professor of Accounting and Control

ASIAN BUSINESS AND COMPARATIVE MANAGEMENT Ben M. Bensaou (FR), Professor of Technology Management and Asian Business* Arnoud De Meyer (BE), the Akzo Nobel Fellow of Strategic Management, Professor of Technology Management and Asian Business and Comparative Management, INSEAD Deputy Dean, Dean of Administration and External Relations* Narayan Pant (IN), Affiliate Professor of Asian Business and Comparative Management; Associate Dean of Executive Education, Asia Campus Hellmut Schütte (DE), Senior Affiliate Professor of International Management, Dean of Asia Campus Steven White (US), Assistant Professor of Asian Business and Comparative Management Peter Williamson (UK), Affiliate Professor of Asian Business and International Management Michael A. Witt (DE), Assistant Professor of Asian Business and Comparative Management

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Emeritus faculty: Henri-Claude de Bettignies (FR), the Aviva Chaired Professor of Leadership and Responsibility; Emeritus Professor of Asian Business Philippe Lasserre (FR), Emeritus Professor of Strategy and Asian Business

DECISION SCIENCES Philippe Delquié (FR), Associate Professor of Decision Sciences Enrico Diecidue (IT), Assistant Professor of Decision Sciences Anil Gaba (IN), the Orpar Chaired Professor of Risk Management; Professor of Decision Sciences; Dean of Faculty and Research, Asia Campus Spyros Makridakis (GR), Research Professor of Decision Sciences Ayse Önçüler (TR), Assistant Professor of Decision Sciences Ioana Popescu (RO), Assistant Professor of Decision Sciences Jack B. Soll (US), Associate Professor of Decision Sciences Ilia Tsetlin (RU), Assistant Professor of Decision Sciences

ECONOMICS AND POLITICAL SCIENCE Antonio Fatás (ES), Professor of Economics, Dean of MBA Programme Landis Gabel (US), the Novartis Chaired Professor of Management and the Environment, Professor of Economics and Management, INSEAD Deputy Dean, Dean of Faculty Randal Heeb (US), Assistant Professor of Economics Ethan B. Kapstein (US), the Paul Dubrule Chaired Professor of Sustainable Development, Professor of Economics and Political Science Ilian Mihov (BG), Associate Professor of Economics Yianis Sarafidis (GR), Assistant Professor of Economics and Political Science Jonathan Story (UK), the Shell Fellow of Economic Transformation, Professor of International Political Economy Vanessa Strauss-Kahn (FR), Assistant Professor of Economics Timothy Van Zandt (US), Professor of Economics Xavier Vives (ES), the Portuguese Council Chaired Professor of European Studies, Professor of Economics and Finance* Ingo Walter (US), Professor of International Management Douglas Webber (NZ), Professor of Political Science Emeritus faculty: Robert U. Ayres (US), Emeritus Professor of Economics and Political Science and Technology Management Claude Michaud (FR), Emeritus Professor of Economics

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29 ENTREPRENEURSHIP AND FAMILY ENTERPRISE Philip Anderson (US), the INSEAD Alumni Fund Chaired Professor of Entrepreneurship, Professor of Entrepreneurship Albert A. Angehrn (CH), Professor of Information Technology and Entrepreneurship* Randel S. Carlock (US), the Berghmans-Lhoist Chaired Professor of Entrepreneurial Leadership, Senior Affiliate Professor of Entrepreneurship and Family Enterprise Morten Hansen (NO), Associate Professor of Entrepreneurship Steve Haslett (UK), Affiliate Professor of Entrepreneurship and Family Enterprise Ha Thi Hoang (US), the Rudolf and Valeria Maag Fellow of Entrepreneurship, Associate Professor of Entrepreneurship Manfred F.R. Kets de Vries (NL), the Raoul de Vitry d’Avaucourt Chaired Professor in Leadership Development, Clinical Professor of Management and Leadership Michael Pich (US), Affiliate Professor of Operations Management and Entrepreneurship and Family Enterprise* Filipe Santos (PT), Assistant Professor of Entrepreneurship Ludo Van der Heyden (BE), the Solvay Chaired Professor for Technological Innovation, Professor of Technology Management* Balagopal Vissa (IN), Assistant Professor of Entrepreneurship Christoph Zott (DE), the Rudolf and Valeria Maag Fellow of Entrepreneurship, Associate Professor of Entrepreneurship Emeritus faculty: Youssef F. Bissada (EG/US), Emeritus Professor of Entrepreneurship and Family Enterprise Neil C. Churchill (US), Emeritus Professor of Entrepreneurship and Family Enterprise

FINANCE Jean Dermine (BE), Professor of Banking and Finance Bernard Dumas (FR), the Rothschild Chaired Professor of Banking, Professor of Finance Lily Fang (CN), Assistant Professor of Finance Harald Hau (DE), Associate Professor of Finance Gabriel Hawawini (FR), the Henry Grunfeld Chaired Professor of Investment Banking, Professor of Finance, Dean of INSEAD Pekka Hietala (FI), Professor of Finance Pierre Hillion (FR), the de Picciotto Chaired Professor of Alternative

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Investments, Professor of Finance Roman Inderst (DE), Associate Professor of Finance Kevin Kaiser (CA), Affiliate Professor of Finance Robert Kosowski (PL), Assistant Professor of Finance Herwig Langohr (BE), Professor of Finance and Banking Pascal Maenhout (BE), Assistant Professor of Finance Massimo Massa (IT), Assistant Professor of Finance Joël Peress (FR), Assistant Professor of Finance Urs Peyer (CH), Assistant Professor of Finance Matti Suominen (FI), Associate Professor of Finance Lucie Teplá (NL), Associate Professor of Finance Theo Vermaelen (BE), the Schroders Chaired Professor of International Finance and Asset Management, Professor of Finance Xavier Vives (ES), the Portuguese Council Chaired Professor of European Studies, Professor of Economics and Finance* Hong Zhang (CN), Assistant Professor of Finance

Emeritus faculty: H. Lee Remmers (US), Emeritus Professor of Finance Claude Viallet (FR), Emeritus Professor of Finance

MARKETING Erin Anderson (US), the John H. Loudon Chaired Professor of International Management, Professor of Marketing Reinhard Angelmar (AT), Professor of Marketing Miguel Brendl (AT), Assistant Professor of Marketing Ziv Carmon (IL), Associate Professor of Marketing Pierre Chandon (FR), Assistant Professor of Marketing Amitava Chattopadhyay (IN), the L’Oréal Chaired Professor of Marketing – Innovation and Creativity, Professor of Marketing Markus Christen (CH), Assistant Professor of Marketing Marcel Corstjens (BE), the Unilever Chaired Professor of Marketing, Professor of Marketing Hubert Gatignon (FR), the Claude Janssen Chaired Professor of Business Administration, Professor of Marketing, Dean of the PhD Programme, Research Director of the INSEAD-Wharton Alliance and Director of the Alliance Centre for Global Research and Development Jill Klein (US), Associate Professor of Marketing Jean-Claude Larréché (FR), the Alfred H. Heineken Chaired Professor of Marketing, Professor of Marketing Prashant Malaviya (IN), Associate Professor of Marketing

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David Midgley (AU/UK), Professor of Marketing Myungwoo Nam (KR), Assistant Professor of Marketing V. Padmanabhan (US), the INSEAD Chaired Professor of Marketing, Professor of Marketing Philip M. Parker (US), the Eli Lilly Chaired Professor of Innovation, Business and Society; Professor of Marketing Christian Pinson (FR), Professor of Marketing Werner J. Reinartz (DE), Associate Professor of Marketing Miklos Sarvary (HU), Associate Professor of Marketing David Soberman (CA), Associate Professor of Marketing Vikas Tibrewala (FR), Senior Affiliate Professor of Marketing Charles Waldman (FR), Senior Affiliate Professor of Marketing David Weinstein (IL), Professor of Marketing Klaus Wertenbroch (DE), Associate Professor of Marketing

ORGANISATIONAL BEHAVIOUR Linda Brimm (US), Affiliate Professor of Organisational Behaviour Michael Brimm (US), Associate Professor of Organisational Behaviour Fabrizio Castellucci (IT), Assistant Professor of Organisational Behaviour Thomas D’Aunno (US), the Novartis Chaired Professor of Healthcare Management, Professor of Organisational Behaviour Paul A.L. Evans (UK), the Shell Chaired Professor of Human Resources and Organisational Development, Professor of Organisational Behaviour Allan Filipowicz (US), Assistant Professor of Organisational Behaviour Vibha Gaba (IN), Assistant Professor of Organisational Behaviour D. Charles Galunic (CA), the Cora Chaired Professor of Retailing and Management, Professor of Organisational Behaviour Martin Gargiulo (IT/UY), Associate Professor of Organisational Behaviour Didier Guillot (FR), Assistant Professor of Organisational Behaviour Herminia Ibarra (US), the INSEAD Chaired Professor of Organisational Behaviour, Professor of Organisational Behaviour Thomas Mannarelli (US), Affiliate Professor of Organisational Behaviour Jean-François Manzoni (CA/FR), Associate Professor of Management Anca Metiu (RO), Assistant Professor of Organisational Behaviour Günter Stahl (DE), Assistant Professor of Organisational Behaviour Jean-Claude Thoenig (CH/FR), Professor of Organisational Behaviour John R. Weeks (US), Assistant Professor of Organisational Behaviour

Emeritus faculty: André Laurent (FR), Emeritus Professor of Organisational Behaviour

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STRATEGY Ron Adner (US), Associate Professor of Strategy and Management Matthew Bidwell (UK), Assistant Professor of Strategy and Management Laurence Capron (FR), Associate Professor of Strategy Marco Ceccagnoli (IT), Assistant Professor of Strategy and Management Wei-Ru Chen (TW), Assistant Professor of Strategy and Management Karel Cool (BE), the BP Chaired Professor of European Competitiveness, Professor of Strategic Management Ingemar Dierickx (BE), Professor of Negotiation Analysis Yves L. Doz (FR), the Timken Chaired Professor of Global Technology and Innovation, Professor of Business Policy Gareth Dyas (UK), Associate Professor of Business Policy Javier Gimeno (ES), Associate Professor of Strategy and Management Philippe Haspeslagh (BE), the Paul Desmarais Chaired Professor of Partnership and Active Ownership, Professor of Business Policy Dominique Héau (FR), Professor of Business Policy, Associate Dean of the Executive MBA Programme W. Chan Kim (KR), the Boston Consulting Group Bruce D. Henderson Chaired Professor of International Management, Professor of International Management Bruce Kogut (US), Professor of Strategy and Management Gwendolyn Lee (TW), Assistant Professor of Strategy and Management Renée Mauborgne (US), the INSEAD Distinguished Fellow of Strategy and International Management, Affiliate Professor of Strategy and International Management Quy Nguyen-Huy (CA), Associate Professor of Strategy and Management Mary A. O’Sullivan (EI), Associate Professor of Strategy Subramanian Rangan (US), Associate Professor of Strategy and Management Jasjit Singh (IN), Assistant Professor of Strategy Gabriel Szulanski (AR), Associate Professor of Strategy and Management Heinz Thanheiser (AT), Professor of Strategy and Management Peter B. Zemsky (US), Associate Professor of Strategy Maurizio Zollo (IT), Associate Professor of Strategy and Management

Emeritus faculty: Philippe Lasserre (FR), Emeritus Professor of Strategy and Asian Business

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TECHNOLOGY AND OPERATIONS MANAGEMENT Albert A. Angehrn (CH), Professor of Information Technology and Entrepreneurship* Ben M. Bensaou (FR), Professor of Technology Management and Asian Business* Shantanu Bhattacharya (IN), Associate Professor of Operations Management Stephen Chick (US), Associate Professor of Technology Management Lieven L. Demeester (BE), Assistant Professor of Operations Management Arnoud De Meyer (BE), the Akzo Nobel Fellow of Strategic Management, Professor of Technology Management and Asian Business and Comparative Management, INSEAD Deputy Dean, Dean of Administration and External Relations* Soumitra Dutta (IN), the Roland Berger Chair in Business and Technology, Professor of Information Systems, Dean of Executive Education Theodoros Evgeniou (GR), Assistant Professor of Information Systems Anne-Laure Fayard (FR), Assistant Professor of Technology Management Christoph Loch (DE), Professor of Operations Management Michael Pich (US), Affiliate Professor of Operations Management and Entrepreneurship and Family Enterprise* Kishore Sengupta (IN), Associate Professor of Information Systems Manuel Sosa (VE), Assistant Professor of Technology Management James Téboul (FR), Senior Affiliate Professor of Operations Management L. Beril Toktay (TR), Associate Professor of Operations Management Ludo Van der Heyden (BE), the Solvay Chaired Professor for Technological Innovation, Professor of Technology Management* Luk Van Wassenhove (BE), the Henry Ford Chaired Professor of Manufacturing, Professor of Operations Management Enver Yücesan (TR), Professor of Operations Management

Emeritus faculty: Robert U. Ayres (US), Emeritus Professor of Economics and Political Science and Technology Management Claude Rameau (FR), Emeritus Professor of Decision Sciences

* Joint appointment

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FACULTY CHAIRS AND FELLOWSHIPS FACULTY CHAIRS ◆ The André and Rosalie Hoffmann Chair in Family Enterprise/2004

Professor to be named ◆ The Aviva Chair in Leadership and Responsibility/2004

Professor Henri-Claude de Bettignies/2004 ◆ The Orpar Chair in Risk Management/2002

Professor Anil Gaba/2002 ◆ The de Picciotto Chair in Alternative Investments/2002

Professor Pierre Hillion/2002 ◆ The Paul Dubrule Chair in Sustainable Development/2001

Professor Ethan Kapstein/2001 ◆ The Portuguese Council Chair in European Studies/2000

endowed in recognition of Antonio Borges, former Dean of INSEAD Professor Xavier Vives/2001 ◆ The Cora Chair in Retailing and Management/2000

Professor Charles Galunic/2002 ◆ The Eli Lilly Chair in Innovation, Business and Society/1999

Professor Phil Parker/2001 ◆ The Berghmans Lhoist Chair in Entrepreneurial Leadership/1999

Professor Randel Carlock/2001 ◆ The Roland Berger Chair in Business and Technology/1999

Professor Soumitra Dutta/1999 ◆ The Novartis Chair in Healthcare Management/1999

Professor Thomas D’Aunno/2002 ◆ The Rothschild Chair in Banking/1999

Professor Bernard Dumas/2000 ◆ The Unilever Chair in Marketing/1999

Professor Marcel Corstjens/1999 ◆ The Schroders Chair in International Finance and Asset

Management/1998 endowed in recognition of Georg W. von Mallinckrodt KBE Professor Theo Vermaelen/1999 ◆ The L’Oréal Chair in Marketing – Innovation and Creativity/1998

Professor Amitava Chattopadhyay/1999 ◆ The Solvay Chair in Technological Innovation/1998

Professor Ludo Van der Heyden/1999 ◆ The Henry Ford Chair in Manufacturing/1997

Professor Luk Van Wassenhove/1998 ◆ The Paul Desmarais Chair in Partnership and Active Ownership/1996

Professor Philippe Haspeslagh/1999

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◆ The Claude Janssen Chair in Business Administration/1996

Professor Hubert Gatignon/1996 ◆ The BP Chair in European Competitiveness/1995

Professor Karel Cool/1996 ◆ The Boston Consulting Group Bruce D. Henderson Chair in

International Management/1994 Professor W. Chan Kim/1994 ◆ The Timken Chair in Global Technology and Innovation/1994

Professor Yves Doz/1994 ◆ The Henry Grunfeld Chair in Investment Banking/1994

endowed by the S.G. Warburg Group PLC Professor Gabriel Hawawini/1996 ◆ The Shell Chair in Human Resources and Organisational

Development/1993 Professor Paul Evans/2001 ◆ The IAF Chair in Entrepreneurship/1992

Professor Philip Anderson/2001 ◆ The Novartis Chair in Management and the Environment/1990

Professor Landis Gabel/2001 ◆ The Alfred H. Heineken Chair in Marketing/1988

Professor Jean-Claude Larréché/1993 ◆ The Raoul de Vitry d’Avaucourt Chair in Leadership Development/1982

Professor Manfred Kets de Vries/1992 ◆ The John H. Loudon Chair in International Management/1979

Professor Erin Anderson/1998 FELLOWSHIPS ◆ The Rudolf and Valeria Maag Fellowships in Entrepreneurship/2000

Professor Christoph Zott and Professor Ha Hoang/2001 ◆ The INSEAD Fellowship in Strategy and International

Management/1997 Distinguished Fellow and Affiliate Professor Renée Mauborgne/1997 ◆ The Akzo Nobel Fellowship in Strategic Management/1996

Professor Arnoud De Meyer/1997 ◆ The Salmon and Rameau Fellowship in Healthcare Management

Professor to be named ◆ The Shell Fellowship in Business and the Environment/1993

Professor David Vogel/2003 ◆ The Shell Fellowship in Economic Transformation/1993

Professor Jonathan Story/1999

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RESEARCH CENTRES AND INITIATIVES ◆ 3i Venturelab ◆ Alliance Centre for Global Research and Development ◆ Centre for Advanced Learning Technologies ◆ Centre for International Financial Services ◆ Centre for Decision-making and Risk Analysis ◆ Centre for the Management of Environmental and Social Responsibility ◆ eLab@INSEAD ◆ Euro-Asia and Comparative Research Centre ◆ INSEAD Global Leadership Centre ◆ INSEAD Social Science Research Centre ◆ International Centre for Entrepreneurship ◆ Healthcare Management Initiative ◆ INSEAD-ABN AMRO Managing for Value Research Initiative ◆ INSEAD-PwC Initiative on High-Performance Organisations ◆ Wendel International Centre for Family Enterprise

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MAJOR RESEARCH FUNDS The INSEAD–Boston Consulting Group Strategy Research Fund/2001 The Lucent Mobility Innovation Research Fund/2001 The Johnson & Johnson Research Fund in Support of Healthcare Management/2000 The Morgan Stanley Research Fund for eLab@INSEAD/2000 The Rudolf and Valeria Maag Research Fund in Entrepreneurship/2000 The SAP eCommerce Research Fund/2000 The Tetra Laval Group Research Fund for the Large Family Firm/2000 The CIB Research Fund in Commercial Banking/1999 The Bielenberg REL CIFS Research Fund/1998 The Booz Allen Hamilton Research Fund for the Centre for Integrated Manufacturing and Service Operations/1997 The TDC (Tele Danmark) Research Fund for Corporate Renewal and Entrepreneurship/1997

ASSOCIATED CENTRES CEDEP (Centre for Executive Development)

CEDEP is an independent management education centre in partnership with INSEAD, formed in 1971 by a consortium of six European companies. Today, CEDEP has 27 member companies in industry and the services sector.

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38 INSEAD Alumni INSEAD has more than 32,200 alumni, of whom 15,300 are MBA graduates and 16,900 have followed executive education programmes (INSEAD awards alumni status to participants who complete programmes of three or more weeks in executive education). In close coordination with the International Alumni Association, INSEAD oversees programmes to keep our global alumni, who live in more than 150 countries around the world, in contact with each other and with the school. A dynamic volunteer network of 41 national alumni associations drives INSEAD’s outreach on all continents. New alumni associations were created last year in Saudi Arabia, Croatia/Slovenia and Egypt. Alumni also serve as volunteer country representatives in Iceland, Jordan, Nigeria, Romania, Senegal and Turkey. The associations hosted and organised nearly 540 events in 28 countries this past year. The Dean attended alumni gatherings ranging from speaker events in Japan, the UK, France, the US and Canada to the kick-off dinner launching the Alumni Association of Egypt to a round-table in Israel gathering the President of the Alumni Association of Israel, the Palestinian national chairman of Coca-Cola and alumni from the region. Thirty percent of the school’s International Council members are alumni. Alumni also hold 16 seats on the INSEAD Board. Recent INSEAD alumni reunion surveys revealed that more than 40% of MBA alumni were entrepreneurs 20 years after graduating, and 37% were company chairmen/chief executive officers. Thirty percent of INSEAD alumni fluently speak four to six languages. The Amphi, a virtual meeting and learning platform, was launched this past year, allowing alumni to stay connected to INSEAD and each other. This new website offers alumni a searchable online directory, networking opportunities, information about classmates, career services and continuous learning opportunities. The platform is hosted on a dedicated IT infrastructure and provides permanent access to the school, alumni services and fellow alumni the world over.

Contact Joëlle du Lac

Director of Alumni Relations Tel: +33 (0)1 60 72 43 74 [email protected]

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39 Our Campuses Asia Campus Opened on October 23, 2000, the INSEAD Asia Campus occupies a 2.8-hectare site in Singapore’s Buona Vista district, the country’s knowledge hub. Designed by Liu Thai-Ker, a 1980 alumnus of the school’s Advanced Management Programme, the campus features seven amphitheatres with a total seating capacity of 500, meeting rooms, an 85-room residence and high-speed telecommunications links, allowing participants in Asia and Europe to attend lectures and discussions in real time. Ground-breaking for phase two of the development of the Asia Campus in Singapore occurred in December 2003, work continued throughout 2004 and is scheduled for completion in 2005. Expanded facilities will include a large, technologically advanced auditorium, three flat classrooms, a fully equipped meeting room, an expanded library, 30 new break-out rooms, a fitness centre; and more than 100 new work spaces.

Europe Campus The modern 8 hectare campus is located at the edge of the forest of Fontainebleau, 65 kilometres south of Paris. Facilities include more than 11,000 square metres of office space, 28 amphitheatres and conference rooms seating more than 1,850 people, 185 group work areas and meeting rooms, 163 hotel-standard rooms for on-campus executive accommodation, more than 1,000 PCs and workstations, two restaurants, a bar, a bookshop, extensive library resources and a fully equipped gym. The Georges and Edna Doriot Library contains 75,000 books and 3,500 printed and electronic periodicals and provides web access to more than 40 database resources published by the main business information providers. The library is open seven days a week from 8:30am to 11:30pm. The catalogue and online resources are accessible from both campuses. The new Plessis Mornay Learning Space opened its doors to executive programmes in September 2004. It offers four large amphitheatres, four adaptable flat classrooms equipped with advanced audio-visual technology, more than 50 fully equipped break-out rooms, more than 120 individual work spaces and a video production studio. Following the completion of the Plessis Mornay Learning Space inaugurated in July 2004, the school has now gone on to the larger project of renovating the entire Europe Campus.

Contact Fadi Mehio

Director of Campus Services Tel: +33 (0)1 60 72 43 69 [email protected]

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40 Contacts at INSEAD Alumni Relations Joëlle du Lac Tel: +33 (0)1 60 72 43 74, [email protected] Board and Councils Administration Jane Shelton Tel: +33 (0)1 60 71 26 25, [email protected] Campus Services Fadi Mehio Tel: +33 (0)1 60 72 43 69, [email protected] Career Management Service Claire Lecoq Tel: +33 (0)1 60 72 91 13, [email protected] Communications Nick Barniville Tel: +33 (0)1 60 71 26 94, [email protected] Corporate Affiliation Programme Corinne Durand Tel: +33 (0)1 60 71 26 69, [email protected] Development, the INSEAD Campaign Ian Edwards Tel: +33 (0)1 60 71 26 66, [email protected] Executive Education Asia campus: +65 6799 5377, [email protected] Europe campus: +33 (0)1 60 72 42 90, [email protected] Executive MBA Programme Kathleen Sanchez Asia campus: +65 6799 5378 Europe campus: +33 (0)1 60 72 42 09, [email protected] External Relations Claire Pike Tel: +33 (0)1 60 71 26 27, [email protected] Faculty and Research Isabelle Jauny Tel: +33 (0)1 60 72 41 85, [email protected] INSEAD Alumni Fund Sandra Morand Tel: +33 (0)1 60 71 26 65, [email protected] MBA Programme Asia campus: +65 6799 5488 Europe campus: +33 (0)1 60 72 40 05, [email protected] Operations and Administration Eric Ponsonnet Tel: +33 (0)1 60 71 26 11, [email protected] PhD Programme Valérie Hache Tel: +33 (0)1 60 72 42 93, [email protected] Taxe d’Apprentissage Alice Santos Tel: +33 (0)1 60 71 26 81, [email protected]

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Contents

Welcome from the Dean

1

INSEAD Milestones

2

INSEAD Today

3

Our Mission

4

Our Values

5

Our People and Governance

6

Financial Information

15

The INSEAD Campaign

16

The INSEAD Alumni Fund (IAF)

17

Corporate Affiliation Programme (CAP)

17

Taxe d’Apprentissage

17

MBA Programme

18

Career Management Service

20

Executive MBA

21

Executive Education

22

PhD Programme

24

Master of Science in Management

25

Faculty and Research

26

INSEAD Alumni

38

Our Campuses

39

Contact Information

40

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2005

www.insead.edu

Europe Campus Boulevard de Constance 77305 Fontainebleau Cedex France

In Profile

Tel: +33 (0)1 60 72 40 00 Fax: +33 (0)1 60 74 55 00/01 Asia Campus 1 Ayer Rajah Avenue 138676 Singapore Tel: +65 6799 5388 Fax: +65 6799 5399 The figures contained in this booklet are correct as of December 2004, unless otherwise indicated. Photo credits Robin Grierson, Oistin Mac Bride, Liselott Nissen, PSV Morel, P. Aubry Design and artwork by Timothy Guy Design [email protected]

Printed by INSEAD 02/05