A growing population, increasing shortages of resources, and national economies that are heavily in debt – the world is facing enormous challenges over the coming decades. Business is going to play a key role in solving these problems. “Never before, have companies and society been so closely connected,” says Pierre Tapie, President of the ESSEC Business School.
Together with Keio Business School in Tokyo, the School of Management of Fudan University in Shanghai, ESSEC Business School in France and the Business School of the University of Mannheim, Tuck forged an alliance of leading business schools from all parts of the world. The alliance has a clear goal: to debate central economic and societal questions of the future, and to develop problem-solving approaches, while embedding them in research and education. More than 200 high-profile professors, business representatives, and students from the home countries of the five alliance partners participated in the first Forum and the focus was on questions that are both current and controversial: How can we best shape corporate governance? How should business leaders deal with the increased scrutiny of corporate actions? And what solutions exist for the tension-laden issue of balancing profitability with responsibility to multiple stakeholders?
These are topics that will have an impact on the education of future managers as well. A study conducted amongst graduate students at the five cooperating business schools shows that future leaders in the United States already regard ethical conduct as one of the most important qualities of a successful top manager. Internationally, this attribute ranks second to competence in financial questions, but ahead of both strategic orientation and the ability to motivate employees. “Corporations and business schools which have a dual mission of knowledge creation through research and education influence and depend on each other, For this reason, we must work together to solve issues for the future,” states Tapie. The international alliance of the five business schools is the ideal platform for this effort. After all, they represent five nations, that, when combined, account for almost 50% of global economic output. Together, the five institutions have more than 600 renowned faculty, 20,000 current students and 90,000 alumni.
Dr. Werner Brandt, Chief Financial Officer of the SAP AG, summarized one of the most important insights of the conference: “Corporate governance has become one of the central leadership issues. While corporate governance was shaped by the strategy of a company before, the reverse is the case today. The starting point for the formulation of a company’s strategy is always the definition of a value system.” Eric Labaye, Director of McKinsey & Company, France, emphasized that these deliberations are not limited to shareholders, but must incorporate all stakeholders, meaning employees, customers, suppliers, as well as organizations and associations. “Additionally, the focus should be placed on the pursuit of long-term goals, such as employee satisfaction, innovation, or the securing of a good reputation, as opposed to financial figures of short-term relevance,” noted Labaye. Naturally, this must not come at the expense of profitability. As Paul Danos, Dean of the Tuck School of Business at Dartmouth noted: “Tuck has a Center for Business and Society on campus which focuses on opportunities for students to explore the challenging issues at the intersection of business and society. Tuck’s association with the Council allows us to extend our reach and gives us a global perspective on those issues.”
In the coming years, each of the alliance schools will take a turn in hosting one of the next international forums. In January 2013, Fundação Getulio Vargas—EAESP (Brazil) will join the alliance as the sixth international alliance partner.
Founded in 1900, Tuck is the first graduate school of management in the country and consistently ranks among the top business schools worldwide. Tuck remains distinctive among the world's great business schools by combining human scale with global reach, rigorous coursework with experiences requiring teamwork, and valued traditions with innovation.