This January, the UN-supported Principles for Responsible Management Education and Corporate Knights convened the first meeting of business and management school deans as well as business executives during the World Economic Forum in Davos. The participants discussed the urgent imperative of updating business education to ensure it is fit-for-purpose to meet the challenges and increased expectations of business leaders in the 21st century.
Below is a joint statement issued by the participants.
We recognize that businesses are vital to solving our most important problems and that business and management schools have a special role to support this calling that goes well beyond fading mantras of shareholder primacy. This is not only important for the health of society and our planet, but essential for the legitimacy of business.
We commit to instilling a holistic purpose of business in future leaders, ensuring they are equipped with the skills, tools and values to build a more inclusive and prosperous society in synch with our natural world.
To be successful in this re-alignment, the holistic role and potential of business in society must come in from the periphery to pervade everything we teach and do at our institutions.
We have seen significant progress over the past decade, with research* showing over two-thirds of the Financial Times top 100 ranked MBA cohort now integrate a holistic purpose of business into at least one core course, while business faculty research related to the Sustainable Development Goals has increased markedly, numbering 5000 published articles in the past year. Further, we are encouraged by a growing number of institutions which are embracing the Principles for Responsible Management Education.
And we must pick up the pace with a rapid--rather than incremental—transformation of our institutions, our research, societal engagement and curricula to develop leaders who are up to the challenge of making business a force for good in the world. Walking the talk will re-establish our credibility as transformative educators.
We invite others in the business and management school ecosystem including educational providers and leading business school rankings to join us in this essential re-boot of business education in the 21st century.
Andrew Main Wilson, AMBA
Sean Flannery, IFC
Steve Waygood, Aviva
Pauliina Murphy, Aviva
Michael Okoroafor, McCormick
Amanda Gardiner, Pearson
Gemma Terry, Pearson
Herve Duteil, BNP Paribas
Brent Bergeron, Gold Corp
Kevin Moss, World Resources Institute
Mark Campanale, Carbon Tracker
Mette Morsing, Copenhagen Business School
Charmaine Love, Oxford University
Saul Klein, University of Victoria
Jikyeong Kang, Asian Institute of Management
Nicola Kleyn, Gordon Institute of Business Science
Enase Okonedo, Lagos Business School
Julia Christensen Hughes, University of Guelph
Dirk Matten, York University
Philip O'Regan, Kemmy Business School
Pamela Gillies, Glasgow Caledonian University
Sergey Myasoedov, IBS-RANEPA
Ilian Mihov, INSEAD
Katrin Muff, Business School Lausanne
Professor Peter Tufano, University of Oxford
Francois Ortalo-Magne, London Business School
Laura Tyson, University of California at Berkeley
Madhav Rajan, University of Chicago
Juerg Kessler, HTW Chur
Ying Zhang, Erasmus University
Toby Heaps, Corporate Knights
Lise Kingo, UN Global Compact
Jonas Haertle, PRME
Sending News Items to PRME
Participating academic institutions are welcome to send relevant news (to be published worldwide) to:
Email: PRME Secretariat