From the Chairman and Dean

The 2020/2021 academic year will surely be remembered as one of the most challenging years that INSEAD has had to face.

Not only did we have to endure the ongoing impact of the pandemic, but we also found ourselves mourning the loss of Claude Janssen and Olivier Giscard d’Estaing, two pioneering founders of the school, who did so much to conceive, sustain and develop the INSEAD vision.


Yet, despite these difficult moments and the continuing uncertainty, we ended the year feeling optimistic about the future. The ability of our alumni, faculty, staff and students to respond with agility, resilience and an entrepreneurial spirit to the challenges placed in our way, has filled us with great pride and only served to underline what a special community we have here at INSEAD. While many organisations have focused on survival and consolidation, we have refused to let the pandemic stop us from moving forward. We are confident that the new initiatives, strategies, partnerships and programmes we have rolled out firmly support our aims. This Annual Report is a testament to those achievements and the hard work and dedication of everyone involved within the INSEAD community.

Continued innovation and evolution


This commitment to constant innovation was perhaps best demonstrated by the successful completion of our pioneering Master in Management class. It was a remarkable effort to pilot this new programme under such trying conditions, and huge credit must go to everyone involved in making it such a success. It was also a real pleasure to welcome this cohort to our campuses, and their enthusiasm, energy and optimism were a real tonic for the whole community.


Of course, ensuring safe conditions for our students, faculty and staff on campus continued to be paramount throughout the academic year. A big thank you for achieving this must go to the efforts of the cross-department Crisis Management Team. They helped keep staff updated on protocols, implemented strict safety measures across campuses and oversaw rigorous testing protocols on the Europe Campus. The ever-changing restrictions obviously made life challenging, but our community continued to come up with creative solutions to the obstacles placed in our way. A case in point was our hosting of the first-ever hybrid graduation ceremony for the MBA’21J cohort.


Innovation and an entrepreneurial spirit were also alive and well in other areas of the school. Executive Education, perhaps hardest hit by the ongoing travel restrictions, continued to grasp the opportunities offered up by the shift to remote learning. Taking full advantage of the school’s investment in technology, the team’s ability to pivot the business quickly has allowed for a large uptick in revenue generated by a new suite of virtual and online courses. If these levels can be maintained alongside a revival of face-to-face programmes, then there are clearly huge possibilities for Executive Education to grow.


Newly appointed Dean of Executive Education, Sameer Hasija, who took on the role in January 2021, has overseen a major restructuring of the department – with the creation of an Executive Education Executive Committee – to ensure we have the flexibility and agility to respond to the rapidly evolving needs of individuals and organisations.


The other main changes of the year concerned the leadership roles of the Faculty and Research departments. In January 2021, Javier Gimeno assumed the role of Dean of Faculty, taking over from Laurence Capron. And, in September 2021, Lily Fang took over as Dean of Research from Ziv Carmon.


Rankings and research success


An undoubted highlight this year was INSEAD securing the number one spot in the Financial Times global MBA rankings. This is the third time we have ranked first in the last six years — a fitting testament to the hard work by everyone at INSEAD. It was particularly pleasing to see the improvements the school made in the categories relating to research and gender diversity. Our progress in the latter category was reflected in the MBA’21D cohort featuring a 39% women ratio, the highest ever for an MBA class.


Despite this progress, we know there is much work still to be done when it comes to gender equality. That is why the school became a member of the UN HeforShe Alliance in September, announcing a whole raft of commitments for greater gender parity amongst our Board, MBA cohorts and faculty, while doubling down on the need for more research in this field.


In fact, the school’s commitment to rigorous and relevant research remains a key priority. Despite the challenges, there was no drop in the pioneering research output of our faculty, with over 155 journal publications produced in the last academic year. We continue to command a strong position in global rankings – as exemplified by the fact that we rose 15 places in the research category of the Financial Times global MBA rankings – and remain at the cutting-edge of conversations on important and timely topics such as artificial intelligence, vaccine supply chains, gender inequality in the workforce, circular economies, and climate change.

Europe Campus

Participation in global conversations


A desire to be part of the most important conversations was a driving force for the launch of the new INSEAD Africa Initiative this year. With Prashant Yadav as Academic Director and Vinika Rao as Executive Director, the Africa Initiative aims to help develop and disseminate the best of business thought leadership, teaching and research on this vast and diverse continent of 54 countries. The Initiative has already helped run several talks and webinars and welcomed its first Visiting Professor, Lite Nartey, under its African Fellows Programme.


Of course, as the world geared up to COP26, the issue of sustainability was a central topic of discussion in 2021. We welcome the growing awareness of the need for businesses and business schools to get involved and INSEAD has continued to play a big part in that conversation this year through our research, actions and engagement with various global stakeholders.


Much of the work around championing and integrating the UN Sustainability Development Goals into all aspects of the school has been led by the Hoffmann Global Institute for Business & Society, which celebrated its third anniversary in 2021.


Through their efforts, there are now sustainability components in over a third of our core course content. Outreach and engagement are also essential, and this year saw the Institute launch their new Mission to Change podcast series and reach out to over 13,000 participants through 27 events, as well as developing numerous external partnerships.

A united INSEAD community


Of course, our global alumni community remains our strongest and most important partner. Despite another year where the ability to hold physical gatherings was seriously restricted, we continued to maintain our close ties through a raft of highly engaging virtual alumni events, Lifelong Learning webinars, digital reunions and a hugely successful virtual Alumni Forum. Still, we relish the opportunity to come together and meet in person at the upcoming reunions planned for the summer and autumn of 2022.


Our global community’s unwavering support for and confidence in the INSEAD mission was once again underlined at our annual Giving Day in June. Despite the pandemic preventing in-person events on the day, for the second year in a row we still managed to raise a record-breaking €1.3 million from 2,514 donors – including many staff and faculty.


We also broke records for our overall academic year 2020/2021 targets, raising €25 million for the year thanks to contributions from over 5,000 individual donors. Such overwhelming levels of support have made a hugely positive impact on the school at a time of continuing uncertainty.


As this Annual Report shows, we have been incredibly buoyed by the way our community has come together to help one another and to support our mission to develop responsible leaders who can be a force for good in the world.


The pandemic has meant we have had to make difficult decisions, from adapting the way we operate, to developing new teaching methods and learning new ways of working together.


However, we also believe that these actions have placed us in an incredibly strong position in the future. Financially secure, increasingly agile and armed with a host of innovative new products and programmes, we are now well placed to grasp the opportunities that we believe will arise in the post-pandemic economy.


We do not quite know when this current crisis will abate, and the global political landscape today is, without doubt, cause for concern, but what is clear is that the dedication and commitment of the INSEAD community means we will emerge on the other side stronger and better prepared to face the future.


Thank you all for your continued support and dedication.



Andreas Jacobs signature




Andreas Jacobs MBA'90D

Chairman of the Board




Ilian Mihov signature




Ilian Mihov

Dean of INSEAD





Board of Directors

The Board of Directors is composed of business leaders from a wide range of industry sectors and nationalities.


Andreas Jacobs
Member of the Board, Jacobs Holding AG

Vice Chair

Emma Goltz
Chair, INSEAD Alumni Fund


Nabila Aguele
Special Adviser to the HonourableSpecial Adviser to the Honourable Minister,
Federal Ministry of Finance, Budget and National Planning
Jolyon Barker
Chair, INSEAD Audit, Finance & Risk Committee
Global Managing Principal, Clients & Industries, Deloitte
Rémy Best
Chairman, INSEAD Campaign Board
Chairman, Fondation Mondiale
Managing Partner, Pictet Group
Frans Blom (ex-officio)
President, INSEAD Alumni Association
Chairman of the Supervisory Board, Van Lanschot Kempen
Said Darwazah
Executive Chairman
Hikma Pharmaceuticals
Arnoud De Meyer
Lee Kong Chian School of Business, Singapore Management University
Karen Fawcett
Non-executive Director
Patrick Firmenich
Chairman of the Board
Firmenich SA
Adam Goldstein
Cruise Lines International Association
Karien van Gennip
Deepak Gupta
Founder and Chairman, Denita Group of Companies
Alexis Habib
Chair, INSEAD Endowment Management Committee
CEO, Spinnaker Capital
Philip Houzé
Chairman of the Executive Board
Galeries Lafayette Group
Christina Law
Group CEO
Raintree Group of Companies
Susan Lloyd-Hurwitz
Chair, INSEAD Facilities Committee
CEO and Managing Director, Mirvac Group Ltd
Alexandra Papalexopoulou
Deputy Chair of the Group Executive Committee
Titan Cement International
Lucy Quist
Managing Director and Head of Change Leadership
Morgan Stanley
Pascale Witz
Chair, INSEAD Nominations and Compensation Committee
Founder and President, PWH Advisors
Fernando Zobel de Ayala
President and COO
Ayala Corporation

Permanent Invitees

Ilian Mihov
Dean of INSEAD
Professor of Economics
The Rausing Chaired Professor of Economic and Business Transformation
François Hériard Dubreuil
President, Fondation INSEAD
Chairman, Orpar
Chairman, Rémy Cointreau
Karel Cool
Faculty Representative
Professor of Strategic Management
The BP Chaired Professor of European Competitiveness
Enver Yücesan
Faculty Representative
Professor of Technology Management
James Middleditch
Staff Representative
Director, Operations and Campus Services, International
Laura Kapstein
Deputy Staff Representative
Associate Director, Talent Development, Human Resources
R. Todd Ruppert
Founder and CEO, Ruppert International Inc.
(Mandate ended 23 January 2021)
Sadia Khan (ex officio)
President, INSEAD Alumni Association
Commissioner, Securities and Exchange Commission, Pakistan
(Mandate ended 31 May 2021)
Anil Gaba (permanent invitee)
Faculty Representative
Professor of Decision Sciences
The Orpar Chaired Professor of Risk Management, INSEAD
(Mandate ended 1 February 2021)

Executive Committee

The Executive Committee provides the school with organisational direction and operational guidance.
Ilian Mihov
Peter Zemsky
Deputy Dean
Javier Gimeno
Dean of Faculty
Lily Fang
Dean of Research
Urs Peyer
Dean of Degree Programmes
Sameer Hasija
Dean of Executive Education
Nida Januskis
Associate Dean of Advancement
Katy Montgomery
Associate Dean of Degree Programmes
Attila Cselőtei
Chief Operating Officer
Guy De Herde
Chief People Officer
Lukas Thalhammer
Chief of Staff


Annual Report Description
We are pleased to provide downloadable versions of Our Year in Review 2018/2019 and annual reports from previous years. All downloads are available in the PDF file format.