20142015

R E P O R TA N N U A L

IESE ALUMNI ASSOCIATION

www.iese.edu/alumni

Contents

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Letter From the President

IESE Alumni Association

Celebrating 50 Years of the IESE MBA

Alumni Learning Program 2014-2015

Meetings and Networking Opportunities

Alumni Career Services

Communications and Publications

Affiliation and Loyalty

Financial Information

Exhibits

Letter From the President

Dear Friends,

It is quite remarkable that an Association founded more than 50 years ago continues to thrive and serve its members with the same energy and passion as when it was created. The IESE Alumni Association was born in 1959 out of an initiative of the first graduating class, whose drive and determination are still palpable in our community today. The Association and its members deserve special recognition for this amazing accomplishment. The school marked many milestones over the last academic year, but perhaps one stands out: the 50th anniversary of IESE's MBA program. It is a true honor to celebrate this feat with everyone who forms part of the IESE community.

The original mission of the Association was to serve as a platform for continuous education in the field of management and business leadership, as well as to offer a forum for sharing personal and professional experiences. These original objectives are as relevant as ever, and have grown over the years. Today, the graduates who pass through IESE’s classrooms maintain close ties to their classmates, faculty and the IESE community, and play a vital role to ensure the school’s continued success and development. Their active participation is proof that the Association’s founding principles are alive and well, and grow stronger every day.

Upon graduation, the connections among alumni and the school strengthen thanks to the diverse channels that the Association offers, which include a broad range of on-going education and professional support initiatives. Among those carried out in 2014-2015 were the launch of an international network of career advisors, and the design and successful implementation of various blended programs, including webinars and new digital offerings which are highlighted in this report.

Both IESE and the alumni community have greatly benefited from the projects conceived and launched over the last years, during which the number of participants, programs and chapters has grown. Nevertheless, the spirit remains the same: we rely on the school to foster our personal and professional growth and to help us build solid companies for a better society. At the same time, we support IESE to ensure its continued progress, and hence contribute to a virtuous circle. This humanistic mission continues to flourish thanks to the more 43,000 IESE graduates and their organizations.

The unwavering support of alumni is at the heart of all of this, and is tremendously valuable for the IESE community. For this reason, I would like to thank all of the members of the Association, of which I am proud to form part. Thank you for your encouragement, ideas and contributions, and of course for your financial support, which enables the Association to offer a wide array of continuous learning activities, as well as award MBA scholarships to outstanding students, incorporate and develop new professors, and promote the school’s research initiatives, including the IESE Research Excellence Awards. Moreover, your help enables the Association to organize a broad range of alumni meetings, which are so enriching on both personal and professional levels. I therefore encourage you once again to continue participating and enjoying the Association. Without a doubt, the 2014-2015 Annual Report will serve as inspiration and motivation to deepen your connection to IESE and its dynamic alumni community.

Warm regards,

Jorge Sendagorta (PADE ‘90)President of the IESE Alumni Association

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COLOMBIA 100

IESE Alumni Association

PERU 134

ARGENTINA-URUGUAY 191

CANADA 100

MEXICO 272

UNITED STATES 1,127

BRAZIL 969

CHILE 274

Number of alumni per chapterThe IESE Alumni Association is a vibrant worldwide network that unites people who share a common bond: they have all taken part in an IESE program.

The Association was established in 1959 by members of the fi rst graduating class, eager to ensure that their connection to IESE wouldn’t end after graduation. Since then, the Association has helped thousands of graduates remain an active part of the IESE community, while offering them professional support and continuous education opportunities throughout their career. The ongoing emergence of new digital technologies has further bolstered the reach of these development initiatives. The IESE alumni community encompasses over 43,000 professionals around the world. The Association organizes a wide range of activities in country-specifi c chapters or geographical regions to enable graduates to stay connected. Today, the Association includes more than 30 chapters in 117 countries, and members who represent nearly 130 nationalities. The global dimension of the Association only continues to grow, as IESE expands its international initiatives in new markets and alumni chapters further consolidate their presence around the world.

130Nationalities

35Chapters

16% 30-40

1% 20-30

24% 50-60

35% 40-50

24% >60

Age Range

37% Senior Manager

4% Board Member

23% General Manager/CEO

4% Other Positions

21% Functional Manager

3% Consultant

8% Partner

Job Title

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43,049IESE Alumni around the world

GERMANY 558

BELGIUM- LUXEMBOURG 118

ITALY153

FRANCE 189

PORTUGAL 152

POLAND 392

SWITZERLAND 267

RUSSIA 187

AUSTRIA 67

UNITED KINGDOM 628

NORDIC COUNTRIES 243

EASTERN EUROPE 219

THE NETHERLANDS 209

CHINA 246

SINGAPORE-MALAYSIA 70

JAPAN 143

TAIWAN 49

HONG KONG 23

INDIA 126

ANDALUSIA 589ARAGON 903BALEARIC ISLANDS 347CATALONIA 13,513GALICIA 519LEVANTE 1,736MADRID 13,178NAVARRA-BASQUE COUNTRY-LA RIOJA 1,735

32,534IESE Alumni in Spain

ALUMNI LEARNING PROGRAMSessions 243Participants 23,191 NETWORKINGMeetings 25Participants 6,852 ALUMNI CAREER SERVICESParticipants in Professional Development Workshops 483Professional Orientation Interviews 330

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Contributions Since its creation, the IESE Alumni Association has worked to further the school’s mission of developing inspirational leaders who strive to make the world a better place. In line with this objective, the Association dedicates resources toward IESE MBA scholarships, faculty development, and research grants and awards.

24%Research

24%MBA Scholarships

4%Research Awards

48% Faculty Development

Research Initiatives

IESE aspires to help business leaders sharpen their decision-making skills and better navigate the mounting demands of a dynamic and complex marketplace. Faculty research plays a vital role to achieve this end.

Designed to address concrete managerial challenges, IESE research delivers critical insights for academia and business leaders alike, while enhancing the classroom experience for students and participants.

Exhibit 1 lists articles published by IESE faculty in 2014-2015 (page 48).

48% Faculty Development

24%Research

24%MBA Scholarships

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High-impact ideas and solutions that address the most challenging management issues can only emerge from intense reflection and active collaboration between the academic and business worlds. For this reason, the Association supports IESE in its quest to generate top-quality leadership programs and relevant research.

The IESE Alumni Association created the Research Excellence Awards for IESE Professors in 2002 and awards three prizes every year.

In its 12th edition, the awards recognize:

• Best academic articles published in top international journals.

• Development of a new course or program teaching material.

A panel of professors and members of the Association’s Executive Committee form the jury: Alejandro Beltrán, Antoni Esteve, Profs. Marta Elvira and Julián Villanueva, and Jorge Sendagorta, president of the IESE Alumni Association.

BEST ACADEMIC ARTICLES

BEST COURSE

Research Excellence Awards

Prof. Victor MARTÍNEZ DE ALBÉNIZ for his article “Split-Award Auctions for Supplier Retention,” published in Management Science, Vol. 60, Issue 7, 2014, pp. 1,719-1,737.

Prof. Heinrich LIECHTENSTEIN for the course “ENFI Financing Entrepreneurial Opportunities”

Prof. Gaizka ORMAZABAL for his article “Proxy Advisory Firms and Stock Option Repricing,” published in Journal of Accounting & Economics, Vol. 56, No. 2-3, 2013, pp. 149-169.

Prof. Rob JOHNSON for the course “ENFI Financing Entrepreneurial Opportunities”

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MBA Scholarships

Five outstanding MBA students—Hengjun Chu from China, Alexia Cook from Peru, Caio Oliveira from Brazil, and Jordi Garriga and Victor Torrent from Spain—received scholarships from the IESE Alumni Association in 2014-2015. The scholarships are awarded in recognition of exceptional academic and professional credentials, and cover 50% of tuition for both academic years of the MBA program.

Talent Development

"For me, the Alumni Association scholarship is not merely an award for my prior work experience and personal merit: it is a vote of confidence and an investment in me as a future IESE graduate. Far more than covering a portion of my tuition fees, the scholarship represents a commitment to work toward the common good and contribute to the IESE community as a whole."Hengjun ChuChinaMBA ‘16

“I’m an entrepreneur and had invested all of my savings in my business. Thanks to the scholarship, I was able to come to Barcelona to study my MBA. I am eternally grateful for the opportunity, since I wouldn’t have been able to continue learning without the help I received. It was the step I needed. The MBA allowed me take my business where I wanted it to go. My expectations were fully met, not only in academic terms, but also on a personal level, through the people I met and the chance of living in a city like Barcelona. The experience has by far surpassed my expectations.”Alexia CookPeruMBA ‘16

“For me it’s a source of pride, not only being considered, but receiving one of the IESE Alumni Association MBA scholarships. Representing IESE’s values and prestige as a member of a select group of scholarship recipients is a true honor and a responsibility that I hope to steadfastly uphold.I hope to devote all of my energies toward my objective—promoting Spanish engineering around the world and its application to advance social progress—and prove throughout my life and through my actions my commitment to the IESE Alumni Association.”Victor TorrentSpainMBA ‘16

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Faculty Development

IESE faculty members are renowned for their dedication to teaching, high-impact research and successful collaborations with leading firms. The IESE Alumni Association supports faculty development to help the school attract the best global talent and ensure its continued success. New faculty members include:

Christian Eufinger, Assistant Professor of Financial Management

Iñigo Gallo, Assistant Professor of Marketing

Robert W. Gregory, Assistant Professor of Information Systems

Thomas M. Klueter, Assistant Professor of Entrepreneurship

Yuan Echo Liao, Assistant Professor of Managing People in Organizations

Wei Luo, Assistant Professor of Production, Technology and Operations Management

Massimo Maoret, Assistant Professor of Strategic Management

Manuel Mueller-Frank, Assistant Professor of Economics

Raphael Silberzahn, Assistant Professor of Managing People in Organizations

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Celebrating 50 Years of the IESE MBA

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Shanghai 3/21/2015

CEIBS’ Shanghai campus hosted alumni and guests for a special March 21 event including Profs. Jordi Canals and Paddy Miller. During his session “Something Amazing Happened 50 Years Ago,” Prof. Canals spoke about the origins of IESE’s top-ranked MBA and the future of global management education.

Tokyo 3/23/2015

Ken Shibusawa was the guest speaker at an alumni session held in Tokyo on March 23. The founding partner and chairman of Commons Asset Management and CEO of Shibusawa and Company addressed alumni in his session “Engaging Elements of Humanity in Capitalism for the 21st Century.”

In 1964, IESE broke new ground when it became the first European business school to offer a 2-year management program. Fifty years later, IESE's MBA stands apart for its outstanding academic caliber, global scope and ethical approach to management. The Alumni Association hosted a series of events in 2014-2015 to celebrate this momentous milestone with IESE graduates.

Hong Kong 3/24/2015

George Yeo, chairman of Kerry Logistics and member of IESE’s IAB, was the keynote speaker at the March 24 alumni event in Hong Kong. During his session, Mr. Yeo analyzed current geopolitical trends and their impact on the Asian business landscape.

London 5/18/2015

Sir Martin Sorrell, founder and CEO of WPP, spoke to alumni on the impact of global trends on the business world and corporate strategies to keep pace with them. Prof. Jordi Canals introduced the May 18 session, which was held at the Royal Institute of British Architects.

Barcelona 5/23/2015

The Barcelona campus provided the backdrop for the May 23 50th

anniversary celebration of IESE's MBA program. During the event, Prof. Franz Heukamp, associate dean for MBA programs, recalled how the program remains committed to its original mission to forge global leaders, while at the same time continuously adapts its curriculum to respond to an ever-changing business landscape. The event also featured a panel discussion with MBA graduates over the last five decades, who reflected on the impact that the MBA had on their lives.

Miami 5/28/2015

“Driving Sustained Growth: Challenges and Opportunities in the Americas” was the title of the 2-day Miami Business Summit held on May 28 and 29. The event welcomed numerous thought leaders from a diversity of sectors. Valentín Fuster, director of cardiology at Mount Sinai Hospital, was the

50th Anniversary Event in Hong Kong

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keynote speaker of the Summit’s opening session, which was moderated by CNN Anchor Gabriela Frías.

Copenhagen 6/4/2015

On June 4, Søren Skou, CEO of Maersk Line, spoke to alumni on the challenges facing his new leadership team of the container shipping company, which was losing $8-9 million a day when he took the helm in 2012. Prof. Franz Heukamp introduced the session, titled “Leadership and Business Change in the Global Economy.” The session was held at the law offices of Rønne & Lundgren.

Santiago 6/17/2015

On June 17, Chile’s capital city of Santiago was the venue for the alumni event, “How to Lead a Company With a Long-Term View?” Prof. Jordi Canals and ESE Business School Dean Mauricio Larrain G. participated in the event, which included the expert insights of three distinguished guests: Antonio Gallart (MBA ’88), general manager of Compañía General de Electricidad; Lionel Olavarría, vice president of Banco de Créditos e Inversiones; and Rodrigo Pérez

50th Anniversary Event, Barcelona MBA Reunion. Panel participants included Ëniko Rumpf Matanov (MBA ’10), director of Revenue Optimization and Business Insights at American Express Global Business Travel; Kim Faura (MBA ’78), general manager at Telefónica in Catalonia, Valencia, Balearic Islands and Murcia; Eusebio Díaz-Morera (MBA ’69), chairman of EDM Holding; Gerardo Salvador (MBA ’66), chairman of the Fundación María Francisca de Roviralta; Leslie Rubio (MBA ’90), managing director of Corporate and Investment Banking at CITI; Christopher Daniels (MBA ’00), head of Partnerships and Communications at Hybrid Air Vehicles; and Prof. Franz Heukamp, associate dean for MBA programs.

50th Anniversary Event, Munich Campus. Georg von Boeselager (AMP Munich ’08), president of the German IESE Alumni Chapter; Rudolf Repgen, director of Executive Education at IESE Business School Munich; Deputy Prime Minister of Bavaria Joachim Herrmann; and Franz M. Haniel, chairman of the Supervisory Board of Franz Haniel & Cie.

Antonio Gallart (MBA '88) CEO of Compañía General de Electricidad (Chile).

Professor Franz Heukamp and Søren Skou, CEO of Maersk Line, in Copenhagen.

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MacKenna (MBA ’88), president of Asociación de Administradoras de Fondos de Pensiones.

Sao Paulo 6/19/2015

Prof. Jordi Canals welcomed José Formoso Martínez, president of Embratel, as the guest speaker of an alumni event held on June 19 on ISE Business School’s Sao Paulo campus.

Munich 6/29/2015

IESE’s Munich campus provided the venue for the June 29 alumni event that featured Franz Haniel as guest speaker. The CEO of Franz Haniel & Cie GmbH and Chairman of the Supervisory Board of the Metro Group offered a session titled “Leadership for Tomorrow’s World.”

Lisbon 7/2/2015

On July 2, IESE alumni gained frontline views from four industry experts on the future of the Portuguese tourism sector in a session moderated by Prof. Carlos García Pont. The speakers included João Cotrim de Figueiredo, president of Turismo de Portugal; Mário Nuno dos Santos Ferreira, CEO

of DouroAzul; and José Carlos Pinto Coelho, president of Grupo Onyria.

Mexico City 7/19/2015

IPADE’s Mexico City campus welcomed alumni on July 19 for an event featuring Prof. Eric Weber and Pedro Aspe, co-president of the Evercore board. During the session, Mr. Aspe stressed the importance of ongoing education and delivered an overview on the past and present of the Mexican economy.

“People still think that price is equivalent to value. We have an entrenched mindset that says if something is expensive it has high value. We need to change this way of thinking.”Ken ShibusawaFounding Partner and President Commons Asset Management

“Today’s world has become increasingly multi-polar and multicultural, and differences are a part of daily life. Those who are able to manage these differences will add value to society.”George YeoPresidentKerry Logistics

“Great leaders can be characterized by their competence, character and empathy.”Franz HanielChairman of the Supervisory Board Haniel Group

“Never limit your growth.” Martin Sorrell, CEO, WPP

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Alumni Learning Program 2014-2015Included in the Alumni Learning Program portfolio are e-conferences on critical leadership issues, numerous knowledge resources, and alumni sessions with acclaimed thought leaders in management and economics. In addition to e-conferences, the ALP harnesses the power of new technologies by offering alumni sessions online to ensure that members anywhere in the world can leverage their fresh ideas and insights.

68

402

e-Conferences

e-Conferences on file

12Direct sessions via WebEx

23,191Participants in the Alumni Learning Program

+30243

+150

countries

Sessions in

Total number of sessions

Speakers

18Business Areas

Alumni Learning Series

Learning Sessions

Multi-Channel Platforms On-Site Meetings

e-Conferences WebEx Sessions

Knowledge Resources IESE Insight

Economic Overview

IESE Library

IESE Publishing

75%On-Site sessions

25%Online sessions

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Top-Level Speakers

José María Serra, Chairman of Catalana Occidente

Michael Tushman, Professor of Business Administration at Harvard Business School

George Yeo, President of Kerry Logistics

Mariano Puig, Chairman of Fundación Puig

Martin Wolf, Associate Editor and Chief Economics Commentator of Financial Times

Pau Gasol, NBA Superstar

Romano Prodi, Former Prime Minister of Italy

Cardinal Peter Turkson, President of the Pontifical Council for Justice and Peace

Lisa Hehenberger, Research and Policy Director of the European Venture Philantrophy Association

Richard Gingras, Senior Director of News and Social Products at Google

Jan Zidgerweld, Chairman of Unilever Europe

Paul Fribourg, Chairman and CEO of Continental Grain Company

The Alumni Learning Program (ALP) organizes an extensive range of events on the most significant trends in the global economic and business spheres to keep Association members a step ahead of the game. The ALP supports IESE graduates throughout their careers by providing a rich forum for networking and myriad initiatives to enhance their personal and professional development.

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Spain EuropeThe Americas Asia

BARCELONA 8,420 60

MADRID 7,705 45

ANDALUSIA 101 3

ARAGON 675 8

BALEARIC ISLANDS 187 3

GALICIA 111 3

LEVANTE 757 8

NAVARRA-BASQUE COUNTRY-LA RIOJA 462 8

Attendees

Meetings

SponsorsAcademyhills (Tokyo) AIB BankCentre (Dublin)BCI (Santiago)Bird & Bird LLP (Dusseldorf)Boston Consulting Group (Rome)Caixabank (Palma de Mallorca)Cambra de Comerç (Palma de Mallorca)Capgemini (Cologne)CEIBS (Shanghai)Colegio Mayor La Estila (Santiago de Compostela) Eléctrica de Valdriz (A Coruña)EMETEL (A Coruña)EOS (Munich)ESE (Santiago)Facebook (Dublin)Fundación Valentín de Madariaga (Sevilla)Gas Natural Fenosa (A Coruña)Handelsverband (Vienna)IAE (Buenos Aires)IPADE (Mexico City)International Federation of Red Cross and Red Crescent Societies (Geneva)ISE (Sao Paulo)KPMG (Toronto)Limmat Stiftung (Zurich)LinkedIn (London)Microsoft (London)NRW Bank (Dusseldorf)PAD (Lima)PwC Polska Headquarters (Warsaw)Rønne & Lundgren (Copenhagen)Spanish Delegation to the OECD (Paris)Spanish Embassy (London)TECNUN Escuela de Ingenieros Universidad de Navarra (San Sebastian)The Coca-Cola Company (London)

The Alumni Learning Program in Numbers

Spain

18,418 138

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Europe

The Americas

Other Countries

Asia

PERU 39 3

ARGENTINA-URUGUAY 40 2

CANADA 20 1

MEXICO 317 6

COLOMBIA 40 2

UNITED STATES 500 7

BRAZIL 609 8

CHILE 256 4

GERMANY 598 10

BELGIUM-LUXEMBOURG 48 5

ITALY 64 3

FRANCE 133 5

PORTUGAL 34 3

ANDORRA 227 2

POLAND 215 5

SWITZERLAND 92 4

AUSTRIA 9 1

UNITED KINGDOM & IRELAND 586 9

NORDIC COUNTRIES 70 2

THE NETHERLANDS 214 5

CHINA 92 3

REST OF THE WORLD 389 11

JAPAN 181 4

International Meetings

4,773 105

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The Alumni Learning Program explored new themes this year to keep IESE graduates up to date on the latest trends and shifts in global management. The Alumni Learning Series allows graduates to gain new insights from IESE faculty experts in sessions held around world. Listed below are the titles and starting dates of series offered in Barcelona and Madrid.

STRATEGY SERIES

Strategies for Smart CitiesThis series addresses the strategic planning necessary to create more livable and sustainable cities. It also explores the challenges facing cities that decide to become “smart cities,” business opportunities for companies, and the role that citizens will play.

10/2014

REAL ESTATE MANAGEMENT SERIES

Coming Out of the RecessionThis 2-session series examines the main factors that determine the development of real estate firms and the divergent segments of the sector: real estate development and conservation.

10/7/2014

FINAVES SERIES

Entrepreneurship and InvestmentThis series on entrepreneurship includes the collaboration of Finaves, the primary forum for entrepreneurial support and inspiration at IESE.

10/9/2014

CORPORATE RISK SERIES

Governance and ManagementHow should risks be managed to achieve the highest and most sustainable value? This series reviews the latest research, best practices and key trends to shed light on how to best manage corporate risk.

10/14/2014

FINANCIAL MANAGEMENT SERIES

Financial and Investment OpportunitiesThis series examines financial challenges in today’s market and their impact on corporate performance and economic growth.

10/16/2014

INNOVATION AND TRANSFORMATION SERIES

New Management ApproachesInnovation and transformation are no longer uncommon occurrences, rather they have become critical drivers of corporate competitiveness. This series outlines the diverse aspects necessary to successfully implant innovation within an organization.

10/22/2014

6TH ETHICS AND CORPORATE RESPONSIBILITY SERIES

What Christian Humanism Brings to ManagementThe role of humanism in management has emerged in response to growing criticism on the sole emphasis on economic gains prevalent in global corporations over the last decades.

10/23/2014

BOARD OF DIRECTORS SERIES

Corporate Governance ActionsThis series takes a close-up view of the state of affairs of corporate boards. It also analyzes the institutional configuration of companies, the operational governance-administration relationship, distinct models of corporate boards, and ordinary corporate board governance.

10/29/2014

MAJOR INDUSTRIES SERIES

Present and FutureThe objective of this series is to evaluate the main drivers in diverse sectors and analyze their future growth.

11/12/2014

LEADERSHIP SERIES

The Role of Leaders in the 21st CenturyToday’s society needs role models who embody exemplary leadership and professional excellence to restore our confidence. This series examines the key characteristics of this type of inspirational leader.

11/13/2014

DIGITAL MARKETING SERIES

The Digital World in OrganizationsThe emergence of new online media has changed how companies interact with their customers, how brands are created, and how corporate reputation is managed. This series combines sessions with a generalist perspective with others specifically on digital marketing issues.

11/18/2014

BUSINESS ETHICS SERIES

The Ethics of Good LeadershipEthics is essential to lead well. It is not a set of external restrictions, nor is it an add-on to enhance corporate image or a cure-all to help senior managers sleep with a clean conscious.

11/27/2014

ENTREPRENEURSHIP SERIES

Entrepreneurship and InvestmentThis series imparts knowledge, experiences, and ideas for reflection for alumni who are contemplating becoming entrepreneurs or who wish to further cultivate an entrepreneurial spirit within their organizations.

12/2014

Alumni Learning Series

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ECONOMIC OVERVIEW SERIES

Analysis and ConsiderationsIn this series, professors from IESE’s Department of Economics assess the current economic outlook in Spain, Europe and the rest of the world.

12/2/2014

TAXATION SERIES

Corporate TaxesThis series helps alumni make better financial-planning decisions by exploring the main changes in direct taxation for both individuals and corporate bodies.

12/3/2014

SALES MANAGEMENT SERIES

How to Reach Today’s ConsumerThis series explores the keys to understanding consumer behavior: what products consumers buy and the reasons behind it: why, when, where, how and how often.

1/22/2015

FAMILY-OWNED BUSINESS SERIES

Financial Management Series IESE’s Chair of Family-Owned Business provides a platform to learn about the fundamentals of family business. This special series is targeted at graduates of IESE’s flagship leadership programs—the MBA, EMBA, PADE, PDG, PDD, AMP and PLD—who want to deepen their understanding of the key features and inner workings of family-owned businesses.

1/29/2015

SOCIAL ENTREPRENEURSHIP SERIES

Innovation and Social EntrepreneurshipWhy are non-profit organizations becoming increasingly more competitive? And why are traditional companies getting more involved in social outreach initiatives? This series examines the opportunities generated by the social economy.

4/21/2015

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Stellar Sessions in 2014-2015

CORPORATE AMBIDEXTERITY: EXPLOITATION AND EXPLORATION

Barcelona 9/16/2014

Prof. Michael Tushman of Harvard Business School spoke to IESE alumni on the importance of corporate ambidexterity—exploitation and exploration—to an Organization’s long-term survival. In his September 16 session, he explained how corporate longevity depends on a firm’s ability to exploit current markets, while simultaneously exploring and scaling new ones.

PAU GASOL: LESSONS FROM AN INTERNATIONAL ICON

Barcelona 9/17/2014

On September 17, IESE’s Barcelona campus welcomed NBA superstar Pau Gasol, whose personal and professional trajectory was the subject

of a case study co-authored by Prof. Santiago Álvarez de Mon. The session reviewed his spectacular career and the conditions that played a role in his extraordinary success, both on and off the basketball court.

MARKETING AT COCA-COLA London 9/18/2014

IESE alumni were invited to the recently inaugurated London facilities of the Coca-Cola Company on September 18 for a close-up view of the company’s marketing operations. Prof. Íñigo Gallo moderated the session, which featured Coca-Cola’s Europe Group Marketing Director Javier Sánchez-Lamelas (MBA ’88) as the keynote speaker.

RESPONSIBLE INVESTMENTS New York 10/2/2014

“Responsible Investing Takes Root:

Exploring Recent Trends in the Field in Conversation” was the title of the October 2 session imparted by Prof. Fabrizio Ferraro and James Gifford, a senior research fellow on the Initiative for Responsible Investment at Harvard Kennedy School. Long considered a niche in capital markets, responsible investing has gained significant traction in recent years, as an increasing number of financial institutions include it in their investment strategies.

3D PRINTING: THE NEXT INDUSTRIAL REVOLUTION

Munich 10/13/2014

Three-D printing will transform modern manufacturing beyond recognition according to Hans Langer, CEO of the digital technology firm, EOS. Mr. Langer addressed IESE alumni on October 13 during a session at the firm’s head offices in Munich. In his opinion, Europe is in the pole position to capitalize on this new technological wave, although the U.S. and China are closely behind.

PASSING THE BATON IN FAMILY BUSINESSES

Barcelona 10/16/2014

More than 500 alumni and guests gathered on IESE Barcelona’s campus for the October 16 presentation of the case study “Puig: The Second Century.” Authored by HBS Prof. Krishna Palepu and IESE Prof. Pedro Nueno, the study examines succession and corporate governance of family businesses with Puig as a focal point, as the fashion and fragrance company ushers its third leadership transition during its 100-year history.

THE AUTOMOTIVE INDUSTRY IN MEXICO

Mexico 11/11/2014

Pedro Antonio Tabera, president and CEO of Mercedes-Benz Mexico, offered alumni an insider’s view of the Mexican automotive sector in a session held on November 11 in Mexico City.

The Association organized 243 sessions in 2014-2015 that attracted nearly 23,200 participants.

Madrid Alumni Session

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Also of Note DOING GOOD AND DOING WELLThe Doing Good and Doing Well (DGDW) yearly conference was held on February 26 and 27 on IESE’s Barcelona campus. DGDW is largest student-run event in Europe, gathering students, alumni, business leaders and entrepreneurs to discuss the latest trends in responsible business practices. This year the conference focused on the role of new business models in generating meaningful impact.

Sao Paulo Alumni Session

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As Mr. Tabera noted, the automotive sector is a critical economic lever in the Mexican economy, accounting for 6% of Mexico’s GDP and 18% of manufacturing production, and is expected to gain momentum in the coming years.

COMING OUT OF THE CRISIS: IMPACT ON THE REAL ESTATE INDUSTRY

Madrid 11/12/2014

Alumni were invited to IESE’s Madrid campus on November 12 for a compelling session on the lasting effects of the financial crisis on the credit and real estate sectors. Moderated by Prof. Juan José Toribio, the session featured Sareb President Belén Romana as the keynote speaker. Sareb was created in 2012 to help clean up the Spanish financial sector, especially institutions affected by an excessive exposure to the real estate sector.

DRIVERS OF SUCCESS IN FAMILY BUSINESSES

New York 11/19/2014

Paul Fribourg, chairman and CEO of Continental Grain Company, shared his views with alumni and guests on the key drivers of success in family-owned business at an event held on IESE’s New York campus. The absence of external management mitigates the pressure to hit short-term objectives and allows family businesses to focus instead on building long-term relationships, said Mr. Fribourg. Prof. Bill Baker moderated the November 19 event.

THE ROLE OF GEOPOLITICS IN EUROPE’S ENERGY CHALLENGES

Madrid 11/20/2014

The Ambassador of Spain Jorge Dezcallar; Marcelino Oreja, CEO of Enagás; and Prof. Juan Luis López Cardenete shared their insights in an alumni session held on November 20. During the session, the three experts weighed in on the tenuous future of the European energy sector in light of

major industry and geopolitical shifts under way in the United States, China, India, Russia and the Middle East.

THE FUTURE OF BANKING London 11/26/2014

“Challenges for the Future of Banking: Regulation, Supervision and the Structure of Banking” was the title of a 1-day forum held in London on November 26. The event featured the insights of top-tier academics, industry stakeholders and policy, including Jaime Caruana, general manager of the Bank for International Settlements; Herman Daems, chairman of the Board of BNP Paribas Fortis, KU Leuven and BARCO; Andrea Enria, chairperson of European Banking Authority; Julian Franks, professor of finance at London Business School; Ian Goldin, professor of globalization and development at the University of Oxford; Jan Pieter Krahnen,

professor of finance at Goethe Universität and director of the Center for Financial Studies and the Research Center SAFE; David Miles, member of the Monetary Policy Committee at the Bank of England and professor of financial economics at Imperial College; Fernando Restoy, deputy governor of the Bank of Spain; Carol Sergeant, chairman of the Credit and Risk Committee and member of the Audit Committee, Danske Bank A/S; Henri Servaes, Richard Brealey professor of  corporate governance and professor of finance at London Business School; Jeremy C. Stein, former governor of the Federal Reserve Board (2012–2014) and professor of economics at Harvard University; David Vegara, deputy managing director of banking at European Stability Mechanism; Nicolas Véron, visiting fellow at Peterson Institute for International Economics in Washington DC and senior fellow in Brussels; and Xavier Vives, professor of

Challenges for the Future of Banking Summit in London. Among the speakers was Andrea Enria, chairperson of European Banking Authority.

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economics and finance, Abertis Chair of Regulation, Competition and Public Policy, and academic director of the Public-Private Research Center at IESE Business School.

LEADING IN TURBULENT TIMES The Hague 12/1/2014

Jan Zijderveld, president of Unilever Europe, was the keynote speaker for a December 1 alumni session in The Hague. Mr. Zijderveld shared his views on the current challenges of doing business in Europe, which is currently experiencing stagnant or low growth. The event also featured the presence of H.E. Fernando Arias, ambassador of Spain in the Netherlands, who hosted a reception following the session.

IMAGINING THE COMPANY OF THE FUTURE

Buenos Aires 12/2/2014

The Argentina-Uruguay Regional Alumni Chapter celebrated its annual reunion on the Buenos Aires campus of IAE Business School on December 2. The event included IAE Prof. Fernando Zerboni (PhD ‘07), who examined the impact of new technologies on global corporations, and Prof. Eduardo Fracchia, who offered an overview of the current economic landscape.

VIEWS FROM THE VALLEY San Francisco 1/21/2015

The Computer Science Museum in San Francisco provided the backdrop for the January 21 alumni session “Building Successful Companies in the Digital Age: A Silicon Valley Perspective.” The event was organized by the U.S. Regional Chapter and moderated by Prof. Javier Zamora.

THE SHIFTS AND THE SHOCKS: LESSONS FROM THE FINANCIAL CRISIS

Barcelona 1/27/2015

On January 27, IESE’s Barcelona campus hosted a memorable alumni session with Martin Wolf, the associate editor and chief economics commentator of Financial Times. Mr. Wolf offered his unique views on the root causes behind the worldwide financial collapse and the radical reforms needed to ensure that history doesn’t repeat itself.

CATALANA OCCIDENTE: FOREVER YOUNG

Barcelona 2/2/2015

Successful organizations cannot age, according to José María Serra, chairman of the insurance firm

Also of Note KEY INSIGHTS FROM THE IABThe biggest risk is being risk-averse, according to George Yeo, former foreign minister of Singapore, chairman of Kerry Logistics and member of IESE’s International Advisory Board (IAB). Mr. Yeo addressed his comments to an audience of MBA students and alumni in Barcelona as part of a panel session that included the perspectives of six IAB members on the risks and factors currently affecting the world economy. The April 16 session was introduced by Prof. Jordi Canals and chaired by Prof. Eric Weber.

IESE International Advisory Board

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Catalana Occidente. Mr. Serra made his remarks on February 2 during an alumni session on IESE’s Barcelona campus. Founded in 1864, Catalana Occidente owes its success to its clear long-term vision, agility to respond to market shifts, and ability to make independent decisions, according to Mr. Serra.

AN EYE ON LATIN AMERICA Sao Paulo 2/5/2015

Fernando Honorato, chief economist of Bradesco Asset Management and Prof. Pedro Videla delivered an overview of the global economy at the February 2 alumni session on ISE’s Sao Paulo campus. Among the topics for discussion were the future of the Greek economy and the impact of the U.S. government’s decision to hike interest payments on debt to emerging economies like Brazil.

MAKING A POSITIVE—AND PROFITABLE—IMPACT

Barcelona 2/26/2015

On February 26, IESE’s Barcelona campus welcomed the Research and Policy Director of the European Venture Philanthropy Association Lisa Hehenberger (PhD ‘10). Ms. Hehenberger addressed alumni in her session “Can Social Enterprises Be Profitable?” Prof. Alberto Fernández of the Departments of Accounting and Control and Entrepreneurship, moderated the event.

LINKED-IN IN LONDON London 2/26/2015

The London offices of LinkedIn welcomed IESE alumni for a highly practical session that included strategies to optimize their profiles on the professional social media giant, as well as an overview on current trends in corporate recruitment. The February 26 session featured the expertise of Prof. Mike Rosenberg and LinkedIn senior executives Vernon Bubb (MBA ’03), James Courtney and Christian Dougoud.

PERSONAL FINANCIAL PLANNING Paris 3/12/2015

Prof. Ahmad Rahnema delivered an alumni session on March 12 in Paris on the importance of developing a personal financial plan. As part of his remarks, Prof. Rahnema offered guidelines for personal money management and tried to dispel the notion that financial planning was only for the exorbitantly wealthy or intellectually gifted.

THINKING BEYOND THE CURRENT New York 4/4/2015

The ability to be nimble and “think beyond the current,” as well as a willingness to take risks and accept mistakes are the keys to success in a rapidly changing media landscape, according to Richard Gingras, senior director of News and Social Products at Google. Mr. Gingras made his comments during the Global Leadership Breakfast held on April 4 on IESE’s New York campus.

EUROPE: NO LONGER A DREAM, A NECESSITY

Barcelona 4/8/2015

Romano Prodi, the former prime minister of Italy and president of the European Commission from 1999-2004, was the keynote speaker at the April 8 alumni session in Barcelona. During the event, organized in collaboration with the Italian Chamber of Commerce, Pres. Prodi lamented the lack of a common policy in the European Union, stating that the economic, business and political health in Europe required stronger ties among EU member states.

POLISH ALUMNI CHAPTER HOSTS ITS FIRST PLENARY MEETING

Warsaw 4/10/2015

The First Great Plenary Poland Chapter Alumni Meeting was held in Warsaw on April 10. Prof. Radosław Koszewski, director of IESE’s Executive Education Center in Warsaw, delivered the welcome address, followed by Prof. Mike Rosenberg, who outlined key

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considerations for Polish firms that are contemplating expanding into international markets. The day also showcased the frontline insights of Poland’s most notable business leaders, many of whom are graduates of IESE’s Advanced Management Program Warsaw.

ARE YOU A SPECTATOR OR A PROTAGONIST?

Milan 4/20/2015

Prof. Cosimo Chiesa was the guest speaker at the April 20 alumni event in Milan, organized by IESE Alumni and the Spanish Chamber of Commerce. During his presentation, Prof. Chiesa discussed the frequent dichotomy between our day-to-day reality and long-term objectives, and the importance of the attitude we adopt—as protagonists or as spectators—when approaching this gap.

EXEMPLARY LEADERSHIP Barcelona 4/20/2015

Cardinal Peter Turkson, president of the Pontifical Council for Justice and

Peace, was among the guest speakers at the 4th International Colloquium on Christian Humanism in Economics and Business, held in Barcelona on April 20 and 21. During a special alumni session, Cardinal Turkson called for business leaders to share their God-given talents, education and opportunities to truly serve and meet the needs of others.

HARNESSING THE POWER OF DATA Singapore 5/5/2015

Prof. Evgeny Káganer examined the concept of “data experience designer” with alumni at a May 5 event held in Singapore. During the session, he explained how organizations can capture and harness data to create new products and services, and enhance consumer experience.

GOOD NEWS FOR THE EUROZONE Madrid 5/20/2015

José Manuel González-Páramo, IESE professor and executive board member of BBVA, was among the guest

speakers at the 22nd Annual Center for International Finance Symposium, held on May 20 in on the IESE Madrid campus. During his session, Prof. González-Páramo was optimistic on the global economic landscape, noting that the recovery in Europe had surpassed expectations, especially in Germany and Spain.

THE CEO OF 2025 Barcelona 6/9/2015

IESE set the stage for a true meeting of the minds on June 9 at an alumni session including Harvard University Profs. Richard H.K. Vietor and W. Carl Kester, alongside IESE Profs. Pankaj Ghemawat and Pedro Nueno. Moderated by Prof. Eric Weber, the session examined the critical skills that future CEOs will require to navigate a business landscape defined by global teams, delocalized operations, increased mobility and geopolitical uncertainty.

Munich campus

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Munich event with Hans Langer, CEO of EOS, pictured here with Prof. Marc Sachon and Rudolph Repgen, Executive Education director at IESE Munich.

Alumni session in Milan

Alumni session in Barcelona with Romano Prodi and Prof. Pedro Nueno

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Miami Business Summit. Speakers included IESE Prof. Javier Estrada; Teresa Foxx, director and general manager of Corporate and Investment Banking at Barclays; Álvaro Morales, CEO at Santander Private Banking Intl.; and Lionel Olavarría, Vice Chairman of BCI in Chile.

Madrid Alumni session with Prof. José Manuel González-Páramo

Challenges for the Future of Banking Summit in London. Speakers included Oxford University Prof. Ian Goldin; London Business School Prof. Julian Franks; David Vegara, deputy managing director of banking, European Stability Mechanism; José Manuel Campa, IESE professor and head of Investor Relations at Banco Santander.

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IESE Insight

Every quarter, members of the Association receive an online copy of IESE’s acclaimed management review IESE Insight. Framed from a practical vantage point, the magazine features articles by recognized thought leaders and interviews with global management luminaries.

The following subjects served as umbrella themes for the 2014-2015 editions:

• Enterprising Solutions in Times of Transition• The Agile CEO: Strategies for Success• Africa: Avenues to Growth• Making It Big as a Small Business

The last issue of the year marked the 25th edition of the magazine. To commemorate this important milestone, the magazine highlighted the 25 top insights featured in the publication since its inception.

In addition to articles by IESE faculty, the management review also includes the work of other esteemed global scholars. Last year, IESE Insight showcased the research of the following academics:

• Gerald F. Davis and Christopher J. White, University of Michigan and University of Tasmania

• Walter Kuemmerle, Kuemmerle Research Group and Harvard Business School

• Danny Miller and Isabelle Le Breton-Miller, University of Alberta and École des Hautes Études Commerciales de Montréal

• Neil Rackham, Portsmouth University and Cranfield University

• Filipe Santos, INSEAD (Institut Européen d’Administration des Affaires)

• Thales S. Teixeira, Harvard Business School• Michael Tushman, Harvard Business School• Franca Ovadje, Lagos Business School

Similarly, the epynomous knowledge portal of the school aims to disseminate the most relevant and innovative research produced by IESE faculty. The portal features compelling content targeted at both academia and global executives who seek concrete tools and proven strategies to better address their management challenges.

Original studies and research articles in both English and Spanish are included on the portal. Business indicators, opinion pieces, podcasts and videos complement this material. The electronic version of the IESE Insight newsletter features the latest udpates and is available for download every month: www.insight.iese.edu

Educational Resources

The Alumni Association offers its members an extensive array of knowledge resources to expand their awareness on the most significant trends affecting today’s business leaders. From its celebrated management review to its case study archive and economic updates, IESE provides its graduates with mission-critical insights to better address their management challenges.

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International Economic Overview

International Economic Overview is a prestigious monthly publication produced by IESE’s Department of Economics. Using clear and easy-to-understand language, IESE experts outline the most important macroeconomic indicators for members of the Association.

The overview is edited in both English and Spanish, and published in print and online formats. Members can download the electronic version directly from the IESE Alumni website.

The following professors comprise the editorial board of International Economic Overview:

• Antonio Argandoña• Javier Díaz-Giménez• Núria Mas• Manuel Mueller-Frank• Morten Olsen• Alfredo Pastor• Juan José Toribio• Pedro Videla

Further details on editions published last year are available in Exhibit 2 (page 50).

IESE Publishing

IESE Publishing (IESEP) is the worldwide leader in the distribution of case studies and technical notes in Spanish. IESEP’s overriding mission is to contribute to management education and research through the dissemination of academic material developed by IESE faculty members and educators from 14 other elite business schools, including Harvard Business School in the United States, IAE in Argentina, and AESE in Portugal.

IESEP currently boasts a collection of more than 37,000 documents in Spanish, English and Portuguese. Approximately 53,000 users, among them professors, academic institutions, alumni and business leaders, benefit from IESEP’s materials and promotions.

IESE Library

Members of the IESE Alumni Association benefit from a wide range of services and resources to advance their professional development. Among them is the IESE Library, where they can easily find a world of knowledge at their fingertips: up-to-date financial data on global firms, the latest trends in a given industry, or trade policies in a specific country. They can also download a broad collection of e-books or browse through the latest edition of their favorite management review.

Learn more:

Twitter.com/IESELibraryes-es.facebook.com/IESELibrary

www.iese.edu/libraryalumni

1,450+80,000+

50,000+

Business magazines and reports

e-Books

Books

Printed books

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Meetings and Networking Opportunities

The 2014 Global Alumni Reunion took place from October 30 to November 1 in Madrid under the theme “Changing Tack: Shaping Europe as a Global Reference.” Led by IESE Professors Philip G. Moscoso and Juan M. de Toro, the event welcomed more than 2,200 alumni and guests from 48 countries, and featured the insights of nearly 30 global luminaries.

The festivities began on the evening of October 30 with a reception at the historic Madrid Stock Exchange building,

#iesegar

where Prof. Jordi Canals and Antonio Zoido, chairman and CEO of BME (Bolsa y Mercados Españoles) welcomed attendees.

The academic sessions started early the next morning. Lech Wałesa, former Polish president and Nobel Peace laureate, was among the invited speakers. In his speech, he stressed how a Europe divided by its values had to be a remnant of the past. “At the moment,” he said, “we have mistrust–we don’t understand other religions and cultures well enough, but by reinforcing common values, we will have a basis upon which to learn what others are really like.”

48Countries represented

10Number of sessions

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Accredited media

Financial TimesWall Street JournalNew York TimesReutersXinhuaBloombergBusinessWeekEl PaísExpansiónCinco DíasEuropa PressAntena 3 TV

The 2014 IESE Global Alumni Reunion in Numbers

2,209Registrations

Global Alumni Reunion

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The Alumni Association continuously organizes events on a wide variety of leadership topics at venues around the globe. Although topics and venues differ, IESE alumni events—from Alumni Learning Programs to the Global Alumni Reunion—all offer an unparalleled forum for graduates to network and nurture their ties with the school.

Throughout the sessions, speakers and panelists agreed that Europe faces numerous challenges on both micro- and macroeconomic levels. Nonetheless, they expressed that these challenges, if properly harnessed, could generate exciting opportunities.

One key challenge addressed was the need for structural reform in the financial system. IESE Professor Juan J. Toribio noted the need for a more expansionary policy in Europe. “The question is whether it should be more fiscal, more monetary, or a bit of both.” Harvard Professor of Economics Kenneth Rogoff agreed, stating “In Europe, it would be desirable to have more inflationary

monetary policies and to have fiscal room to have a more expansionary fiscal policy.”

José Viñals, financial counselor and director of monetary and capital markets at the IMF, looked at the wider financial landscape stating, “We see a global disconnect between too little economic risk-taking, such as firms making investments, which is what you want for growth, but too much financial risk-taking, in other words, investing a lot in financial assets, which are too richly valued. The question is: which one will catch up first with the other?”

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Users of the hashtag #IESEGAR (estimated reach)

Times trending topic

Corporate sponsors

AENABanc SabadellBravo CapitalCordoníu-RaventósDammDeloitteErmenegildo Zegna

Gas NaturalHavas Media GroupIbericos COVAPLa CaixaMartin-Tissera-LambertNespressoNH Hotel GroupQuelyRicohSamsungTelefónicaVilaplanaZertem

Impact on Twitter

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“Too many people have 'Googlephobia', or a fear of technology ruining human life. Technology is not a personal invasion – it is machine to machine.” Ferdinando Beccalli-FalcoCEO EuropeGE

“It is entirely possible for an organization to reduce its spending without having to compromise on innovation.”Amparo MoraledaBoard MemberCaixaBank

Another of Europe’s major concerns is the need to build strong companies. According to some guest speakers, this requires that firms take digitalization more seriously. Rather than fearing digitalization, firms should embrace the revolution and put it at the forefront of their corporate strategies.

Ferdinando Beccalli-Falco, CEO Europe of GE, explained that “GE has invested a billion dollars in software and we didn’t consider we were a software company at first. Too many people have 'Googlephobia', or a fear of technology ruining human life. Technology is not a personal invasion–it is machine to machine,” he said.

Steve Capus, executive editor at CBS News and executive in residence at IESE, went further on the media stance, declaring, “I am tired of people saying our industry is dying. The digital revolution is an opportunity.” But, he warned, “Whilst technology enables excellence, it doesn’t ensure it.” Companies, he said, still need to cultivate their brands: They cannot not simply sit back and rest on the laurels of their legacies.

In addition to capitalizing on new digital trends, corporate innovation was cited as another key to gain competitive advantage in Europe. Adrian Wooldridge, senior editor of The Economist, suggested “ideas” as the primary source of competitive advantage, stating “Europe cannot compete on a cost level by being a low-cost producer like China or Africa.”

Luis Cantarell, executive vice-president of Nestlé in charge of Europe, the Middle East and North Africa, noted that a loosening of border restrictions was necessary if innovation were to be maximized: “Europe’s biggest need is brain power. And we’ve publicly said that limiting the free movement of brain power across borders is a major threat to productivity.”

Globalization was also highlighted to gain competitive advantage, and in the case of Europe, its geographic location was viewed as particularly beneficial. As IESE Prof. Marta Elvira stated, “Europe has a role as a link between continents, markets and cultures. It’s a strength.” However, Jürgen Stackmann, chairman of the executive committee at SEAT, reminded listeners that globalization didn’t come without risks, calling for Europe to “come together as a unified source of strength and power to withstand the pressure cooker of global competition.”

The Reunion concluded with words from Jordi Canals, who discussed IESE’s mission of developing leaders who aspire to make a positive difference in society, as well as the school’s efforts to encourage growth in emerging economies and promote social initiatives capable of generating jobs and addressing the needs of “those people who are sometimes left behind in our society.”

714Photos uploaded

954Downloads

720Active users

2,999Comments

Global Alumni Reunion APP

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“To be competitive, businesses operating in today's market need to accept that they are living in a global environment.”Juan Miguel Villar MirChairmanGrupo Villar Mir

“We redesigned our business portfolio, changing technologies and making the most of the digitalization trend.” Julio Rodríguez (PDG ‘97)Global Executive Vice President Schneider Electric

“It is our responsibility as parents and scientists to change education and to change technology. Robotics, learning code and entrepreneurship should be compulsory subjects in schools for both girls and boys.”Ana MaiquesCo-Founder Business Development ManagerStarlab

“In Europe, it would be desirable to have more inflationary monetary policies and to have fiscal room to have more expansionary fiscal policy.” Kenneth RogoffProfessor of EconomicsHarvard University

“We see a global disconnect between too little economic risk-taking and too much financial risk-taking. Which one will catch up first with the other? Economic reality should catch up with the markets by improving.”José ViñalsDirector of Monetary and Capital MarketsIMF

“Europe’s biggest need is for brain power. Limiting the free movement of brain power across borders is a major threat to productivity.” Luis CantarellExecutive Vice President for Europe, the Middle East and North AfricaNestlé

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Luis Casas with Fernando and Claudia Fernandes

Javier Gómez Otero, Alberto Fernández and Ildefonso Arenas

Professor Juan Manuel de Toro, Juan Ignacio Fornés, Ana Ortiz de Zárate and Fina Romaní

Ana Casas, Professors Juan José Toribio and Francisco Iniesta, and M. Asunción González

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PDD REUNIONClassmates Reunited

Madrid 1/21/2015

IESE’s Madrid campus welcomed alumni from the Management Development Program (PDD) on January 21. Juan A. Galán, associate director of IESE Madrid, brought guests up to date on the latest developments in the IESE community. María Coello de Portugal, Alumni director for the Madrid campus, was next to take the floor. In her session, she outlined the various benefits of becoming a member of the IESE Alumni Association. The reunion also featured Prof. Santiago Álvarez de Mon, whose session was titled “Learning to Live in Uncertainty.”

PADE ALUMNI REUNIONTogether Once Again

Madrid 2/5/2015

Graduates of the Senior Management Program (PADE) reunited on IESE’s Madrid campus on February 5 to celebrate their annual reunion. Prof. Francisco Iniesta welcomed the more than 150 guests in attendance.

The event included the participation of Prof. Jordi Canals. In his session, Prof. Canals analyzed the key structural trends in the global economy. He was followed by Prof. Javier Zamora, who imparted a session on the digital transformation and its impact on global organizations.

EMBA REUNION Madrid 3/11/2015

In Madrid, more than 250 graduates attended the Executive MBA reunion,

held on March 11. The event featured Profs. Francisco Iniesta, director of the Madrid campus, and Conor Neill, who offered a session on how to communicate with credibility.

PDD REUNION Barcelona 3/16/2015

On March 16, more than 770 graduates convened in Barcelona for the Development Management Program (PDD) reunion. The gathering comprised eight parallel sessions on a

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Alumni Reunions

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wide range of topics, including corporate strategy, the Spanish economy, the digital revolution, and leadership.

Leading the sessions were Profs. Santiago Álvarez de Mon, Antonio Argandoña, Nuria Chinchilla, Alberto Fernández Terricabras, Alejandro Lago, Jaume Llopis, Xavier Oliver and Sandra Sieber.

PAMPLONA18th Alumni Reunion

Pamplona 3/25/2015

The city of Pamplona hosted a memorable reunion for graduates based in Navarra, the Basque Country and La Rioja. Held on March 25, the event included the participation Prof. Javier Díaz-Giménez; Alfonso Sánchez-Tabernero (PDG ’97), president of the University of Navarra; Yolanda Barcina, president of the Community of Navarra, and Antonio Garrigues Walker, honorary president of the prestigious Garrigues Law Firm, whose session was titled “The Departure of Classic Models: New Realities and New Values.”

PADE-PDG REUNION Barcelona 4/13/2015

On April 13, more than 550 graduates from the Senior Management Program (PADE) and General Management Program (PDG) assembled in Barcelona. The reunion encompassed seven parallel sessions imparted by Profs. Antonio Argandoña, Nuria Chinchilla, Alberto Fernández Terricabras, Alejandro Lago, Jaume Llopis, Pedro Nueno and Sandra Sieber.

PDG REUNION Madrid 5/4/2015

IESE’s Madrid campus provided the backdrop for the May 4 reunion for graduates of the General Management Program (PDG). The more than 300 graduates in attendance were treated to a session with Prof. Javier Díaz-Giménez and More the Magician (José Luis Izquierdo (PDG ‘10), who explored the “magic of innovation.” They also offered tips on how to better navigate a disruptive world.

Barcelona MBA Reunion

Madrid EMBA Reunion. Speakers from left to right: Prof. Francisco Iniesta; Tomás García Madrid (MBA ’88), CEO of Grupo Villar Mir; Prof. José Antonio Segarra; Fuencisla Clemares (MBA ’00), sales director and leader of mobile initiative at Google; Prof. Jordi Canals; María del Pino Velázquez (MBA ’91), chairperson of Unisono; Baldomero Falcones (MBA ’72), chairman of Fomento y Expansión Empresarial; Prof. Franz Heukamp; Antonio González-Adalid (MBA ’75), CEO of Cartera Industrial Rea; and Alejandro Beltrán (MBA ’98), managing director of McKinsey in Spain and Portugal.

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18TH ALUMNI REUNION IN LEVANTE Valencia 5/27/2015

Nearly 240 alumni based in the Levante region of Spain convened in Valencia on May 27. Guests were welcomed by Iñigo Parra (MBA ’90), president of the Association’s Levante chapter, and Marisa Bombardó, associate director of the Alumni Division. Prof. Frederic Sabrià imparted a session titled “The Factory of the 21st

Century” and moderated a panel on the implications of serving global markets from a manufacturing base in Valencia. The panel featured the participation of Eduardo Aznar (PDG ‘13), general manager of Aznar Textil, and Guillermo Lamsfus, general manager of the Ice Cream Factory.

A DAY AMONG FRIENDS IN A CORUÑA

A Coruña 6/4/2015

A Coruña was the venue chosen for the June 4 meeting of alumni from the Association’s Galician chapter. Luis Fernando Quiroga (PADE ‘83), chapter president, and Javier Muñoz, director of the Alumni Association, welcomed the 190 graduates in attendance. Innovation, banking and economic

recovery were the main themes of the academic session, which featured the insights of Salustiano Mato, rector of the University of Vigo; Banesco President Juan Carlos Escotet; and IESE Prof. Antonio Argandoña.

BALEARIC ISLAND CHAPTER HOSTS ITS 9TH REUNION

Mallorca 6/9/2015

Calvià, Mallorca was the venue chosen for the 9th annual reunion of the Balearic Island chapter, which welcomed 71 graduates. Presiding the June 9 event were Raúl González (MBA ’86); Javier Muñoz, president of the Alumni Association; and Antonio Asensio, director of Executive Education. Prof. Julia Prats offered a session on the challenges that companies face in the field of innovation. The event concluded with a session on consumer behavior in the digital era, led by Javier Rodríguez Zapatero, general manager of Google Spain.

ALUMNI DAY 600 Graduates Gather at IESE Madrid

Madrid 7/2/2015

Around 600 graduates met on the Madrid campus on July 2 to celebrate IESE Alumni Day. Among the key speakers was José María Álvarez-Pallete, CEO of Teléfonica, who offered a session on how information technologies are reshaping society across all realms: social, political, cultural and economic.

Prof. Jordi Canals; Javier Muñoz, director of the IESE Alumni Association; and Antonio Tavira (EMBA ’90), managing partner of the Elzaburu Law Firm also took part in the event.

Mallorca

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Alumni Career Services

In September 2014, the Association began offering a new Career Advising service with a team of four advisors. Over the year, the team grew to 13 advisors, all distinguished professionals with vast experience either as headhunters or as senior executives in leading firms.

The alumni advisor network provides face-to-face sessions in Madrid, Barcelona, New York City, London, Munich, Sao Paulo, Vienna and Zurich. Online career advising is available for alumni who live in other cities.

Career Advising sessions provide a forum for alumni to examine vital career questions with an expert advisor, who offers specialized advice to help them explore the context of their current professional situation, evaluate opportunities and risks, and consider what changes are needed to achieve their desired objectives.

• What are my options in the current job market?

• How should I approach the change I need to make?

• How can I access the hidden market?

• What is my value in the job market and how can I enhance it?

The Association also offers an Executive Coaching service, in which the coach poses questions to help coachees to gain perspective, reflect and decide what steps they need to make to optimize their career and management competencies. Unlike career advisors, coaches don’t offer advice; rather, they empower coachees to go from “point A to point B” by helping them design a highly personalized action plan.

During 2014-2015, the service has conducted 330 personalized career sessions, which have received high marks from alumni.

Alumni Career Advising

Professional Development Series

Knowledge Resources

Personalized Advice

Professional Workshops

Career Opportunities

Career Advisors - IESE Alumni Association

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One the Alumni Association’s primary objectives is to support its members’ professional development and personal growth throughout their careers. To this end, the Association offers career advising and executive coaching services, designed to help alumni navigate critical career issues.

“The orientation session gave me an objective viewpoint of my career. The coach asked me the right questions to get me thinking about my mid-term career goals, while keeping in mind my personal priorities. The session helped me gain a new awareness of something as basic as the need for an action plan to take control of my professional development, rather than having the process unfold more or less spontaneously.”

Pedro García Robledo (EMBA ’10)AssociateAltium Capital

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Throughout the academic year, the Alumni Association offers webinars that address specific executive development issues. Led by renowned career management experts, these online sessions enable the Association to reach a greater number of alumni.

Webinars

96%Rated speakers as “excellent” or “good”

600+Alumni registered

95%Said they would “recommend to a friend”“The session gave me a

very thought-provoking perspective on my professional situation. The advice will surely guide me in my career as I navigate new opportunities.”

Mareike Mueller (MBA ’10)Global Marketing Portfolio ManagerSyngenta International

Expert Speakers

Steve Dalton The 2-Hour Job SearchMarch 3, 2015

Herminia IbarraMaking the Transition to LeadershipMarch 24, 2015

David OhrvallLogic-Based InterviewingApril 29, 2015

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• SUCCEED Online Knowledge Platform

• Professional Development Workshops

• Leadership Alumni Series

Other Services

“The coach was very professional and his approach took into consideration both my professional and personal situation. His advice was very beneficial and truly inspiring. The session was probably the most valuable support that I have ever received from the Association.”

Benedikt König (MBA ’95)General Manager Material ManagementWärtsilä Schweiz

Alumni Job Board

1,150

231

3,475

13,617

1,004

193

Jobs posted, including 177 outside Spain. Job offers outside Spain were mainly in the United Kingdom, France, Germany and Latin America.

New companies registered: 186 are direct hiring companies and 45 are headhunters.

registered companies, including 231 new companies and 500 companies that post offers on a regular basis.

Alumni candidates: 990 new candidates in 2014-2015.

Alumni have replied to at least 1 job offer in Spain.

Alumni have replied to at least 1 job offer abroad.

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Communications and Publications

IESE Alumni Magazine The quarterly Alumni magazine is full of information about the school and its activitites, including alumni news. The content is divided into fi ve main sections covering research, information and services. It is distributed in English and Spanish to everyone who maintains a relationship with IESE. With a print run of 38,631 copies, it is among the most prestigious fi nancial magazines.

The cover stories during the past academic year were:• October-December 2014: The IESE MBA: A Window on

50 Years of History• January-March 2015: Europe: Ideas to Boost Growth.

Global Alumni Reunion• April-June 2015: Inside the Boardroom• July-September 2015: Reflections on Professional

Excellence

The magazine can be read online at www.ee-iese.com

Alumni 2.0FACEBOOK 4,762 “Likes”

The Alumni Facebook page is the Association's most active social media channel. The page provides information on upcoming events and news, as well as comments, pictures and updates that Alumni members share with the rest of the community.

TWITTER 8,056 Followers

Twitter (@iesealumni) is the channel used to quickly address any questions and provide members with up-to-the-minute information on events and IESE news.

LINKEDIN LinkedIn includes both an IESE Alumni Group and an Alumni Association page. The platform is used to share news, articles and audiovisual material. It also includes sub-groups based on regions, programs and cohorts to make the content as relevant as possible to members.

LINKEDIN GROUPSThe IESE Alumni Association has 20 different LinkedIn groups with more than 16,000 followers.

IESE BUSINESS SCHOOL-UNIVERSITY PAGE ON LINKEDIN

Created in 2013-2014, the IESE LinkedIn page has 56,606 followers who stay up to date on alumni news.

Newsletter

Miguel Angel Ariño Are Companies Taking Unnecessary Risks?

Interview Alfonso Sánchez-Tabernero, President of University of Navarra

Rafael Andreu ‘Value’ Means More Than Just Money

INSIDE THE BOARDROOMWhat role should the board of directors play? What makes a good board member? What relationship should the board have with the CEO?OUR ALUMNI ANSWER THESE QUESTIONS

Alumni AssociationJorge Sendagorta, Re-Elected President

137ALUMNI

MAGAZINE

April-June 2015 www.iese.edu

One day, RICOH imagined collaborating with the world’s best business schools. It imagined that students from these schools could access to the right information, in the right place and at the right time. It imagined an excellent service for the future executives. That goal was achieved.

One day RICOH imagined change.

/ricohspain

900 818 302

Jaume Ribera and Weiyin Yang Insights from a Manufacturer’s Perspective: Sourcing from China

mba 50th anniversary Lessons Learned During an IESE MBA … and in Life

antonio argandoña How to Stamp Out Corrupt Practices

EuropE: idEas to boost growth Global Alumni Reunion 2014

136ALUMNI

MAGAZINE

January-March 2015 www.iese.edu

REFLECTIONS ON PROFESSIONAL EXCELLENCEWhat is responsible leadership? What makes a good manager?ANSWERS AT THE 2015 MBA PROGRAMS GRADUATION CEREMONIES

138ALUMNI

MAGAZINE

July-September 2015 www.iese.edu

Anneloes RaesIt Isn’t How Old You Are,But How Old You Feel

International Advisory BoardDetecting the Fault Lines of Future Change

Carlos Rodríguez-Lluesma Is a Matrix Organization Right for You?

XXVIII Annual Meeting of Partner CompaniesAn Initiative With Impact

One day, RICOH imagined collaborating with the world’s best business schools. It imagined that students from these schools could access to the right information, in the right place and at the right time. It imagined an excellent service for the future executives. That goal was achieved.

One day RICOH imagined change.

/ricohspain

900 818 302

135ALUMNI

MAGAZINE

October-December 2014 www.iese.edu

the iese MBA:A window on 50 yeArs of history

Antonio Dávila and Marc J. EpsteinThe Start-Up Corporation

International Symposium on Ethics, Business and SocietyTime for an Ethical Rewiring of Banking

Antonio Argandoña Business Leadership, Management and Social Transformation

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Every month, Association members receive a newsletter in their email inbox with highlights of the diverse alumni activities around the world and news on the IESE community as a whole.

In addition to providing members with the latest information, the publication serves as an important communication channel, including surveys and feedback forums. Editions of the newsletter are available for download from the Alumni website.

Affiliation and Loyalty The IESE Alumni Association is honored to include among its members outstanding individuals who have lent their steadfast support for more than 25 years, and in the process advanced IESE’s mission of developing exceptional leaders who aspire to make the world a better place.

Thanks to the continued support of its members, the Association helps IESE attract the best global talent, invest in frontline research, and develop world-class faculty leaders. These initiatives all play a critical role to make our mission a reality: generating a positive impact on businesses and society so that, day after day, the mark left by the Alumni Association becomes even greater.

The Alumni Association is guided by an Executive Committee and a Governing Board. The Executive Committee is responsible for defining the Association’s overall strategy and key objectives, as well as approving the budget and presenting the annual financial statements to the Governing Board. The Governing Board comprises class delegates from diverse core programs who represent the interests of IESE graduates to the highest degree possible. The Board meets annually to approve the Association’s accounts and Annual Report, as well as gather proposals and suggestions from Association members and alumni in general.

In order to better serve the alumni community, the Association is divided into geographic regions or chapters, each with their own governing board. Please see Exhibit 3 (page 51) for more details on the Association’s governing bodies.

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By becoming members of the Alumni Association, IESE graduates demonstrate a commitment to their personal and professional growth, as well as their support of the IESE community.

“Joining the Alumni Association is an excellent way to ensure that your IESE experience accompanies you throughout your lifetime to support both your personal and professional development. Being a member allows you to stay informed on the most important issues affecting the global economy and business world, which are constantly evolving. The Association enables you to closely follow the evolution of IESE itself and observe how it adapts to the demands of an ever-changing market. Moreover, it allows you to stay connected to an exceptional team of professionals of both faculty members and former graduates. What I value the most about the Association, besides the chance to network and benefit from its excellent ongoing learning programs, is the forum it offers former graduates to form part of a common and shared project founded on IESE’s values, which go far beyond the four walls of the classroom.”Leslie RubioMBA ‘90

“For me, being a member of the Alumni Association means maintaining an active link to IESE, the IESE team, classmates and former graduates. My membership has enabled me to stayed connected to the school and take advantage of the services that the Association offers, while at the same time participating and trying to contribute to its on-going development, which has been an enormous satisfaction. Above all, my membership in the Association has allowed me to continue to feel close to IESE. This proximity has several dimensions: emotional (considering that IESE was my home for two intense years of my MBA, with a clear impact on my development); academic (it helps me to stay abreast of business trends even though I attend fewer Alumni Learning programs than I would like); professional (it has given me access to professors and professionals who have helped me make important decisions); social (it has provided an avenue to keep in touch with friends and former classmates); and institutional (the Association has allowed me to participate and contribute to its on-going evolution)."Pablo SagnierMBA ‘90

43,049IESE Alumni around the world

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Financial InformationAs forecasted, revenues from membership fees decreased slightly in 2014-2015. The Association reported a 1% decline, resulting from a freeze on dues for full-paying members and an increase in the number of members eligible for reduced fees. Total income for the academic year was €4.2 million.

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Expenses increased to support projects that were proposed at the beginning of the year:

• International Alumni Learning Program: The Miami Business Summit and several global MBA 50th Anniversary events led to a 40% increase.

• The cost of the Global Alumni Reunion in Madrid was greater than the 2013 Reunion in Barcelona due to different policies regarding the Welcome Reception. In Barcelona, a concert was organized at the Palau de la Música through ticket sales to Association members, while in Madrid, alumni attended a welcome cocktail reception free of charge.

• Program Reunions (PADE, PDG, PDD and MBA): Costs increased by 50% as a result of including activities designed to foster networking and increase attendance.

2013-2014 2014-2015

INCOME 4,317,695 4,204,105Alumni Contributions 4,110,655 4,065,075Sponsorships 207,040 139,030

EXPENSES 3,180,455 3,345,803Alumni Learning Program 563,346 550,813International Alumni Learning Program 333,974 468,508Regional Chapters-Spain 46,803 28,378IESE Global Alumni Reunion 317,861 389,179Executive Education & MBA Reunions 64,609 102,624Communication and Marketing 264,830 256,397Professional Services 90,225 88,594Technology and Licenses 98,656 97,562Use of Facilities 197,312 195,124General Expenses 144,384 110,972Personnel Expenses 1,058,454 1,057,653

SURPLUS 1,137,240 858,302

MBA Scholarships 210,000 210,000Research Awards 40,000 30,000Research 295,747 204,040Faculty Development 591,493 414,262

Exhibits

Almandoz, J., “Founding Teams as Carriers of Competing Logics: When Institutional Forces Predict Banks’ Risk Exposure,” Administrative Science Quarterly, Vol. 59, No. 3, 2014, pp. 442-473.

Amorim, M., Moscoso, P., and Lago, A., “Customer Participation in Services: A Framework for Process Design,” International Journal of Qualitative Research in Services, Vol. 2, No. 1, 2015, pp. 47-61.

Andreu, R., Riverola, J., Rosanas, J.M., and De Santiago, R., “Capability Building and Learning: An Emergent Behavior Approach,” International Journal of Management and Economics, Vol. 44, No. 1, 2014, pp. 7-38.

Argandoña, A., “Las virtudes en el directivo,” Impresa Progetto. Electronic Journal of Management, No. 3, 2014, pp. 1-11.

Arrondo, G., Aznárez-Sanado, M., Fernández-Seara, M.A., Goñi, J., Loayza, F.R., Salamon-Klobut, E., Heukamp, F., and Pastor, M.A., “Dopaminergic Modulation of the Trade-Off Between Probability and Time in Economic Decision-Making,” European Neuropsychopharmacology, Vol. 25, No. 6, 2015, pp. 817-827.

Beck, R., Gregory, R., and Marschollek, O., “The Interplay of Institutional Logics in IT Public-Private Partnerships,” Data Base for Adances in Information Systems, Vol. 46, No. 1, 2015, pp. 24-48.

Cabral, L. and Salant, D., “Evolving Technologies and Standards Regulation,” International Journal of Industrial Organization, Vol. 36, 2014, 48-56.

Camacho, N., De Jong, M., and Stremersch, S., “The Effect of Customer Empowerment on Adherence to Expert Advice,” International Journal of Research in Marketing, Vol. 31, No. 3, 2014, pp. 293-308.

Campos, R. and Reggio, I., “Consumption in the Shadow of Unemployment,” European Economic Review, Vol. 78, 2015, pp. 39-54.

Caro, F., Martínez de Albéniz, V., and Rusmevichientong, P., “The Assortment Packing Problem: Multiperiod Assortment Planning for Short-Lived Products,” Management Science, Vol. 60, No. 11, 2014, pp. 2701-2721.

Costamagna, R., Pin, J.R., Susaeta, L., Fernández-Hidalgo, R., Suarez, E., and Apascaritei, P., “Repsol-YPF: An “Illegal” Expropriation,” Journal of Business Research, Vol. 68, No. 2, 2015, pp. 255-262.

Cruz, C., Larraza-Kintana, M., Garces-Galdeano, L., and Berrone, P., “Are Family Firms Really More Socially Responsible?,” Entrepreneurship Theory and Practice, Vol. 38, No. 6, 2014, pp. 1295-1316.

Dávila, A., Foster, G., and Nia, J., “The Valuation of Management Control Systems in Start-Up Companies: International Field-Based Evidence,” European Accounting Review, Vol. 24, No. 2, 2015, pp. 207-239.

Dávila, A., Foster, G., He, X., et al., “The Rise and Fall of Startups: Creation and Destruction of Revenue and Jobs by Young Companies,” Australian Journal of Management (University of New South Wales), Vol. 40, No. 1, 2015, pp. 6-35.

De Linares, Postigo, I., Belmonte, J., Canela, M.A., and Martínez, J., “Optimization of the Measurement of Outdoor Airborne Allergens Using a Protein Microarrays Platform,” Aerobiologia, Vol. 30, No. 3, 2014, pp. 217-227.

Demil, B., Lecocq, X., Ricart, J.E., and Zott, C., “Introduction to the Special Issue on Business Models: Business Models Within the Domain of Strategic Entrepreneurship,” Strategic Entrepreneurship Journal, Vol. 9, No. 1, 2015, pp. 1-11.

Estrada, J., “Rethinking Risk (II): The Size and Value Effects,” Journal of Wealth Management, Vol. 17, No. 3, 2014, pp. 78-83.

Ferraro, F., Etzion, D., and Gehman, J., “Tackling Grand Challenges Pragmatically: Robust Action Revisited,” Organization Studies, Vol. 36, No. 3, 2015, pp. 363-390.

Flores, J.E., Boada, P., and Moscoso, P., “An Empirical Analysis of Sell-through in a Fashion Setting,” International Journal of Supply Chain Management, Vol. 3, No. 4, 2014, pp. 13-22.

Fontrodona, J. and Sison, A., “Work, Virtues, and Flourishing: A Special Issue from the EBEN 25th Annual Conference,” Journal of Business Ethics, Vol. 128, No. 4, 2015, pp. 701-703.

García-Castro, R. and Aguilera, R., “Incremental Value Creation and Appropriation in a World with Multiple Stakeholders,” Strategic Management Journal, Vol. 36, No. 1, 2015, pp. 137-147.

García-Ruiz, P. and Rodríguez-Lluesma, C., “Consumption Practices: A Virtue Ethics Approach,” Business Ethics Quarterly, Vol. 24, No. 4, 2014, pp. 509-531.

Gelper, S. and Stremersch, S., “Variable Selection in International Diffusion Models,” International Journal of Research in Marketing, Vol. 31, No. 4, 2014, pp. 356-367.

Ghemawat, P., “How Global Is Your C-Suite?,” MIT Sloan Management Review, Vol. 56, No. 4, 2015, pp. 73-82.

Ghosh, A. and Rosenkopf, L., “Shrouded in Structure: Challenges and Opportunities for a Friction-Based View of Network Research,” Organization Science, Vol. 26, No. 2, 2015, pp. 622-631.

Gregory, R. and Muntermann, J., “Heuristic Theorizing: Proactively Generating Design Theories,” Information Systems Research, Vol. 25, No. 3, 2014, pp. 639-653.

Exhibit 1. Publications

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Gregory, R., Keil, M., Muntermann, J., and Mähring, M., “Paradoxes and the Nature of Ambidexterity in IT Transformation Programs,” Information Systems Research, Vol. 26, No. 1, 2015, pp. 57-80.

Hidalgo, O., Vallès, J., Romo, A., Canela, M.A, and Garnatje, T., Genome, “Size Variation in Gymnosperms Under Different Growth Conditions,” Caryologia, Vol. 68, No. 2, 2015, pp. 92-96.

Kapoor, R. and Klueter, T., “Decoding the Adaptability-Rigidity Puzzle: Evidence from Pharmaceutical Incubents’ Pursuit of Gene Therapy and Monoclonal Antibodies,” Academy of Management Journal, Vol. 58, No. 4, 2015, pp. 1180-1207.

Larcker, D., McCall, A., and Ormazabal, G., “Outsourcing Shareholder Voting to Proxy Advisory Firms,” The Journal of Law and Economics, Vol. 58, No. 1, 2015, pp. 173-204.

Malek, M. A., Budhwar, P., and Reiche, S., “Sources of Support and Expatriation: A Multiple Stakeholder Perspective of Expatriate Adjustment and Performance in Malaysia,” International Journal of Human Resource Management, Vol. 26, No. 2, 2015, pp. 258-276.

Mas, N., “Hospital Financial Pressures and the Health of the Uninsured: Who Gets Hurt?,” International Journal of Health Services, Vol. 45, No. 1, 2015, pp. 53-71.

Mas, N. and Valentini, G., “Technology Complexity and Target Selection: The Case of US Hospital Mergers,” Industrial and Corporate Change, Vol. 24, No. 2, 2015, pp. 511-537.

McAllum, K. and Elvira, M., “Zeroes, Service Providers, or Heroes? Dignity and the Communicative Politics of Care Work,” Electronic Journal of Communication, Vol. 25, No. 1&2, 2015.

Moschieri, C., Ragozzino, R., and Campa, J.M., “Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union,” Management International Review, Vol. 54, No. 6, 2014, pp. 853-877.

Mueller-Frank, M., “Does One Bayesian Make a Difference?,” Journal of Economic Theory, Vol. 154, 2014, pp. 423-452.

Pastoriza, D., Ariño, M.A., Ricart, J.E. and Canela, M.A., “Does an Ethical Work Context Generate Internal Social Capital?,” Journal of Business Ethics, Vol. 129, No. 1, 2015, pp. 77-92.

Pavan, A. and Vives, X., “Information, Coordination, and Market Frictions: An Introduction,” Journal of Economic Theory, Vol. 158, 2015, pp. 407-426.

Pudelko, M., Reiche, S., and Carr, C., “Recent Developments and Emerging Challenges in International Human Resource Management,” International Journal of Human Resource Management, Vol. 26, No. 2, 2015, pp. 127-135.

Rafecas, M., Arranz, L.I., García, Mireia, and Canela, M.A., “Improvement of Weight and Body Composition in a Group of Women Through a Weight Management Program Using Food Supplements With or Without a Hypocaloric Diet,” Journal of Pharmacy and Nutrition Sciences, Vol. 4, No. 4, 2014, pp. 238-245.

Reiche, S. , Harzing, A., and Pudelko , M., “Why and How Does Shared Language Affect Subsidiary Knowledge Inflows? A Social Identity Perspective,” Journal of International Business Studies, Vol. 46, No. 5, 2015, pp. 528-551.

Revilla, M., Saris, W., Loewe, G., and Ochoa, C., “Can a Non-Probabilistic Online Panel Achieve Question Quality Similar to That of the European Social Survey?,” International Journal of Market Research, Vol. 57, No. 3, 2015, pp. 395-412.

San Martin, A., Swaab, R.I., Sinaceur, M., and Vasiljevic, D., “The Double-Edged Impact of Future Expectations in Groups: Minority Influence Depends on Minorities’ and Majorities’ Expectations to Interact Again,” Organizational Behavior and Human Decision Processes, Vol. 128, 2015, pp. 49-60.

Shen, Y., Demel, B., Unite, J., Briscoe, J.P., Hall, D.T., Chudzikowski, K., Mayrhofer, W., Abdul-Ghani, R., Bogicevic Milikic, B., Colorado, O., Fei, Z., Las Heras, M., et al., “Career Success Across 11 Countries: Implications for International Human Resource Management,” International Journal of Human Resource Management, Vol. 26, No. 13, 2015, pp. 1753-1778.

Standifer, R., Raes, A., Peus, C., Passos, A.M., dos Santos, C., and Weisweiler, S., “Time in Teams: Cognitions, Conflict and Team Satisfaction,” Journal of Managerial Psychology, Vol. 30, No. 6, 2015, pp. 692-708.

Stremersch, S., Camacho, N., Vanneste, S., and Verniers, I., “Unraveling Scientific Impact: Citation Types in Marketing Journals,” International Journal of Research in Marketing, Vol. 32, No. 1, 2015, pp. 64-77.

Strike, V., Berrone, P., Sapp, S., and Congiu, L., “A Socioemotional Wealth Approach to CEO Career Horizons in Family Firms,” Journal of Management Studies, Vol. 52, No. 4, 2015, pp. 555-583.

Tortoriello, M., “The Social Underpinnings of Absorptive Capacity: The Moderating Effects of Structural Holes on Innovation Generation Based on External Knowledge,” Strategic Management Journal, Vol. 36, No. 4, 2015, pp. 586-597.

Tortoriello, M., McEvily, W.J., and Krackhardt, D., “Being a Catalyst of Innovation: The Role of Knowledge Diversity and Network Closure,” Organization Science, Vol. 26, No. 2, 2015, pp. 423-438.

Vaccaro, A. and Palazzo, G., “Values Against Violence: Institutional Change in Societies Dominated by Organized Crime,” Academy of Management Journal, Vol. 58, No. 4, 2015, pp. 1075-1101.

Vives, X., “On the Possibilty of Informationally Efficient Markets,” Journal of the European Economic Association, Vol. 12, No. 5, 2014, pp. 1200-1239.

Vives, X. “Strategic Complementarity, Fragility, and Regulation,” Review of Financial Studies, Vol. 27, No. 12, 2014, pp. 3547-3592.

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Exhibit 2. Economic Overview

OCTOBER 2014• “Draghinomics,” Núria Mas• From Rags to Riches: Does Your Parent’s Income

Determine Your Future? Morten Olsen and Ria Ivandic• Swimming in the Ocean of Unconscious Cooperation,

Pedro Videla NOVEMBER 2014• What’s Up With Credit? Juan José Toribio• How Sustainable is the Rebound of Domestic Demand in

Spain?, Rolf Campos• Is Online Content Manipulation Always Bad?, Manuel

Mueller-Frank DECEMBER 2014• The Controversial Reform of Article 135 of the Spanish

Constitution, Javier Díaz-Giménez• Some Basic Economics for the Crisis, Alfredo Pastor• Energy and Climate Change, Xavier Vives JANUARY 2015• Expectations for Europe in 2015, Antonio Argandoña• Is There No Alternative? Alfredo Pastor• This is the Time for Giving, Morten Olsen FEBRUARY 2015• Apart from Printing Money, What Else Can We Do? Juan

José Toribio• The Swiss Turmoil, Núria Mas• A Point in Favor of Less Efficient Prices, Manuel Mueller-

Frank

MARCH 2015• The Spanish Economy’s Recovery, Javier Díaz-Giménez• What Does the Recent US Employment Boom Tell Us

About Monetary Policy? Rolf Campos• The Greek Problem, Pedro Videla APRIL 2015• Greece: A Repeated Game? Alfredo Pastor• Can Interest Rates Be Negative? Antonio Argandoña• What’s the Point of a European Energy Union? Xavier Vives MAY 2015• Aftereffects of the ECB’s Quantitative Easing, Núria Mas• Latin America: The Manna Has Run Out, Pedro Videla• Inaccurate Election Polls and What to Do About Them,

Manuel Mueller-Frank JUNE 2015• The Oft-Ignored Keys to Combating Poverty, Juan José

Toribio• A Nowcast of the Spanish GDP: Formal Jobs Are All You

Need, Rolf Campos and Javier Díaz-Giménez JULY 2015• At the Edge of the Abyss – Again! Alfredo Pastor• Inequality, Xavier Vives• Mobile Internet: The New Star of Africa? Morten Olsen and

Giuliano Joshua Bandeen

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EXECUTIVE COMMITTEE

PresidentJorge Manuel Sendagorta, SENER Ingeniería y Sistemas, PADE ‘90 Vice PresidentsTomás García Madrid, Grupo Villar Mir, MBA ‘88Joan Molins, Cementos Molins, PDG ‘71 MembersSalvador Alemany, Abertis Infraestructuras, PDD ‘74 Juan Asúa, BBVA, MBA ‘89 Alejandro Beltrán, McKinsey & Company, MBA ‘98 José Felipe Bertrán, Fundación Bertrán, PADE ‘65 Núria Cabutí, Random House Mondadori, MBA ‘92 Jordi Canals, IESE Business SchoolAurora Catà, Seeliger y Conde, MBA ‘89/PADE ‘02 Carlos Costa, Mango, MBA ‘86 Christopher James Daniels, Lloyds Banking Group, MBA ‘00 Antoni Esteve, Laboratorios Esteve, MBA ‘87/GCP ‘13 Baldomero Falcones, MBA ‘72 Joaquín Faura, Telefónica, MBA ‘78 Antonio González-Adalid, Cartera Industrial Rea, MBA ‘75 Javier Muñoz Parrondo, IESE Business School, MBA ‘03Gloria Perrier-Châtelain, EMBA ‘93/AMP ‘10 María del Pino Velázquez, Unísono Business Solutions, MBA ‘91María del Mar Raventós, Codorníu, PADE ‘01 Javier Emilio Robles, Danone, PDG ‘90 Julio Rodríguez, Cementos Molins, PDG ‘97 José Luis de Rojas, Zertem Communication Group, MBA ‘88 Rafael Villaseca, Gas Natural Fenosa, MBA ‘76

CHAPTERS

EuropeAustria: Markus Schwarz, MBA ‘96Belgium-Luxembourg: Laurence Battaille, MBA ‘95France: Gloria Perrier-Châtelain, EMBA ‘93/AMP ‘10Germany: Georg von Boeselager, AMP Munich ‘08Italy: Marco Morgese, MBA ‘03Poland: Piotr Kaminski, AMP ‘07Portugal: José Gabriel Chimeno, PDG ‘95Switzerland: Bence Andras, AMP ‘07The Netherlands: Philip Joris Alberdingk Thijm, MBA ‘89United Kingdom: Chris Daniels, MBA ‘00 SpainAndalusia: Pedro Guerrero, MBA ‘90Aragon: Ángel Adiego, PDD ‘04Galicia: Luis Fernando Quiroga, PADE ‘83Balearic Islands: Raúl González, MBA ‘86Levante: Íñigo Parra, MBA ‘90Madrid: Tomás García Madrid, MBA ‘88Navarra-Basque Country-La Rioja: Javier Chocarro, MBA ‘88 The AmericasArgentina-Uruguay: Martín Agramonte, MBA ‘99Brazil: Adriano C. Amaral, MBA ‘94/AMP ‘07Canada: Alfonso Soriano, MBA ‘84Chile: Lionel Olavarría, MBA ‘75Colombia: Luis Fernando Londoño, MBA ‘03Mexico: Gérard Schoor, MBA ‘91Peru: Hugo Alegre, MBA ‘91USA: Alan Pace, MBA ‘94 AsiaChina: Myra Yu, MBA ‘99Hong Kong: Luis Go, MBA ‘96India: Vinay Kothari, MBA ‘92Japan: Ken Inouye, MBA ‘10Singapore-Malaysia: Juan Claudio Laya, MBA ‘03Taiwan: Raymond Hsu, MBA ‘09

Exhibit 3. Governing Bodies

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MADRID REGIONAL BOARD

PresidentTomás García Madrid, Grupo Villar Mir, MBA ‘88 MembersEsther Alcocer, Fomento de Construcciones y Contratas, PADE ‘10Javier de Andrés, Indra Sistemas, EMBA ‘91Juan Ignacio Apoita, BBVA, PDG ‘95Carmen Becerril, Acciona, PADE ‘00Jordi Canals, IESE Business SchoolJuan Antonio Castellanos, Apple, GEMBA ‘02María Coello de Portugal, IESE Business School, PDG ‘06Alberto Durán, Corporación Empresas ONCE, MBA ‘96/PADE ‘08Miguel Escrig, Telefónica, MBA ‘90Juan Antonio Galán, IESE Business School, EMBA ‘92Juan Carlos García Centeno, Sigrun Partners, EMBA ‘95Francisco García Paramés, Ferreoli Invest, MBA ‘89Ignacio Gómez-Llano, Grupo Santander, EMBA ‘94Francisco Iniesta, IESE Business School, MBA ‘90Javier Marín, Aena, PADE ‘02Jesús Martínez de Rioja, Euro-Funding, PADE ‘06Carlos Mas, PricewaterhouseCoopers, PDD ‘98Amparo Moraleda, CaixaBank, PDG ‘95Javier Muñoz Parrondo, IESE Business School, MBA ‘03 Catalina Parra, Fundación Hazloposible, MBA ‘96Pablo Sagnier, Egon Zehnder International, MBA ‘90Antonio Tavira, Elzaburu, EMBA ‘90

USA CHAPTER

PresidentAlan Pace, MBA ‘94 Mid Atlantic Regional ClubMembersDye-Sun Chen de Swaan, MBA ‘08Morid Kamshad, MBA ‘89Anosha Lewis, MBA ‘07Lorraine Merghart, MBA ‘84Manuel Pérez Cuchet, MBA ‘06Noelle Robins Sadler, MBA ‘07Naresh Tanna, MBA ‘10 South Atlantic Regional ClubDirectorFrancisco Larenas, GEMBA ‘05 MembersJosé Ramón Aragón, MBA ‘01Luis Casas, AMP ‘12Ignacio Fiterre, MBA ‘72Fernando García Verdejo, GEMBA ‘03Montserrat Garrido, MBA ‘94/AMP ‘10Steven Hickson, GEMBA ‘02Carlos de Lemos, GEMBA ‘07Clemencia Restrepo de Tobón, MBA ‘76Victor Sopena, MBA ‘09 Pacific Southwest Regional ClubDirectorRobb Bittner, MBA ‘98 MembersAnna Binder, MBA ‘05

GERMANY CHAPTER

PresidentGeorg von Boeselager, AMP Munich ‘08 MembersTill Blaessinger, MBA ‘99Michael Brigl, MBA ‘05Bernhard von Canstein, MBA ‘98Andrea Klette Christenson, MBA ‘83Leonhard von Harrach, MBA ‘06Katharina Lueth, MBA ‘10Klaus Peter Müller, MBA ‘96Rudolf Repgen, GEMBA ‘02Klaus-Dieter Schmidt, AMP Munich ‘08Thomas Winkler, AMP Munich ‘14

THE ALUMNI & INSTITUTIONAL DEVELOPMENT TEAM

Director Javier Muñoz

Alumni Team Barcelona CampusSandra Bielsa Marisa Bombardó Gabriela Chavarría Tatiana CobaCristina Gómez Bibiana Gubert Catarina Heleno Sylvia JohanssonMeritxell LlisterriPatricia Mampel Astrid Merce Carlos OréEulàlia Puig Magda Querol María QuesadaCarmen Roch Serena SalvadóBettina SemmelWim den TuinderAnna Vera

Alumni Team Madrid CampusMaría Coello de Portugal María Gil-CasaresFátima González-Aller Almudena Maceira Brígida de MiguelÁngela Valenzuela

Alumni Team WorldwideAnjaney BorwankarBernadette Bruns Luis Go Anna Helena Moreno Junichi KagayaDong Mei Song Marie Oates

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