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| Friday 3 April 2009 - Leadership Summit |
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| Please click here for a PDF version of the full programme |
| 8.00am |
Registration and refreshments |
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| 9.00am |
Opening Remarks
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Speakers:
Frank Brown - Dean of INSEAD
Soumitra Dutta - Dean of External Relations, INSEAD
Franz Humer - MBA’71, Chairman, Roche Holding Ltd, Chairman, Diageo Plc,
Chairman, INSEAD Board of Directors |
Plenary |
| 9.15am |
Opening Dialogue |
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Speakers:
Horst M Teltschik - International Consultant, Former National Security Advisor to Chancellor Helmut Kohl
with Frank Brown - Dean of INSEAD
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Plenary
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| 10.00am |
Repeating History?
A macroeconomic view on the current financial crisis
In a very short period of time the economic environment has changed beyond recognition and continues to alter at an alarming speed, with the world entrapped in a vicious circle of deleveraging and falling asset values. What are the reasons for this turmoil? Many will say that the signs were already there. Was it that we were unable to spot the patterns or did we choose to ignore the evidence? When one compares the current crisis to the Great Depression and to other recessions in the post-WWII history, the parallels can be helpful to gain a perspective on the potential depth and length of the current crisis. But what is the role of government, the CEO, the shareholder, the SME, the client …? Could the crisis have been avoided or is it merely history repeating itself?
In his presentation, Professor Mihov will look at the developments in the world economy over the past decade and identify the main causes of the crisis. He will examine the existing frameworks and regulations and question why the fail-safes did not function. This identification will help spur on discussions around the appropriate rules and potential scenarios that could be envisaged to ensure sustainable growth and identify new markets. More importantly: what can be done now to prevent a similar crisis from happening in the future? |
Plenary
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Speaker:
Ilian Mihov - The Novartis Chair of Management and Environment,
Professor of Economics, INSEAD
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| 10.45am |
Coffee and refreshments |
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| 11.15am |
Shareholder value: what does it really mean?
The financial crisis has led some to argue that shareholder value is a term of the past and that it has lost its relevance, whilst others view it as the way out of the recession. What are the implications for companies that receive tax payers’ money to keep them out of bankruptcy? Should they follow a different goal? Now that the referee (state) is on the pitch: what are the implications for shareholder value and what is the future of the concerned companies likely to be?
There has also been an outcry about excessive executive compensation. What level of compensation is needed to motivate managers to maximise shareholder value – and when do the incentives backfire? Could regulation help to protect shareholders from greedy managers or is there a justification for the observed increase in pay? More generally, what has been the role of incentive structures in taking us into the crisis and how can they bring us out? Does one size fit all or are there regional differences that should be observed?
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Panel discussion |
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Speakers:
Christopher Fawcett - MBA’80, Chief Executive Officer, Fauchier Partners
Sir Andrew Large - MBA ’70, Former Deputy Governor of the Bank of England
Urs Peyer - Associate Professor of Finance, INSEAD
Patrick Snowball - Chairman, Towergate Financial and Non-Executive Director, Jardine Lloyd Thompson Group plc
Moderator: Daniel Labrecque - MBA'81, President & CEO,
N M Rothschild & Sons Canada and President, INSEAD Alumni Association (IAA) |
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| 12.45pm |
Networking lunch |
Marquee |
| 2.15pm |
Giving up the illusion of control
Limits in being able to predict the future accurately is something that we all experience in most domains of our lives, be it business, investments, or even personal pursuits including happiness. Yet, in the business environment, and indeed in life in general, people always look to harness uncertainty and develop “models” to accurately predict future outcomes, such as stock market fluctuations, genetic propensity to disease, or the success of a merger. This of course reflects the human spirit to master our environment in which we live. However, in doing so, we often go too far and often end up underestimating the role of chance and what we don’t control, hence falling prey to “illusion of control” with all its costs which are sometimes very significant.
That there are limits to what we can predict, which are likely to remain despite concerted efforts in forecasting and rapidly advancing technologies, implies that many important decisions must be made necessarily under conditions of uncertainty. In this presentation, Professors Spyros Makridakis and Anil Gaba will investigate this phenomenon and argue that there is much to gain by giving up the illusion of control and embracing uncertainty, based on the work in their recent book Dance with Chance co-authored with Robin Hogarth, another professor and, in fact, an INSEAD MBA alumnus. They suggest that by accepting the role of chance and trying to take advantage of the opportunities it creates, it is possible to attain more beneficial outcomes. This is called the “paradox of control.” Applying these concepts in a real-life setting has to be a part of responsible leadership and is critical in risk management, for example.
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Plenary |
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Speakers:
Anil Gaba - The Orpar Chaired Professor of Risk Management, Professor of Decision Sciences, Dean of Faculty, INSEAD
Spyros Makridakis - Emeritus Professor of Decision Sciences, INSEAD
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| 3.00pm |
Business leadership in a time of responsibility
The world of business confronts doubts about its course if not its future. The spotlight understandably turns on business leaders—the architects of enterprise and economic progress. What is the nature and logic of business leadership in a time of responsibility?
In this panel discussion, we will probe these fundamental questions: What is the nature and purpose of business? What is the nature and meaning of responsible leadership? What is the role of courage, creativity, and commitment in leading business today?
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Panel discussion
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Speakers:
Claude Brunet - MBA’87D, Member of the AXA Management Board, Chief Operating Officer, The AXA Group
Lindsay Levin - Founder and Managing Partner, Leaders’ Quest
Nancy McKinstry - Chief Executive Officer, Chairman of the Executive Board, Wolters Kluwer nv
Subramanian Rangan - The Shell Fellow in Business and the Environment, Associate Professor of Strategy and Management, INSEAD
Yossi Rosen - Chairman of the Board of Directors, Oil Refineries Ltd
Jim Hagemann Snabe - Member of the Executive Board, Business Solutions and Technology, SAP AG
Moderator: Nik Gowing, Main Presenter, BBC World News
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| 4.30pm |
Coffee and refreshments
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| 5.00pm |
Closing Keynote Dialogue
“People and Diversity: The New Rule Book”
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Speakers:
Sandy Ogg - Chief Human Resources Officer, Unilever
Herminia Ibarra - The Cora Chaired Professor of Leadership & Learning, Director, INSEAD Leadership Initiative, Professor of Organisational Behaviour, INSEAD
Moderator: Frank Brown - Dean of INSEAD
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Plenary |
| 5.45pm |
Conclusions |
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Speakers:
Frank Brown - Dean of INSEAD
Soumitra Dutta - Dean of External Relations, INSEAD |
Plenary |
| 6.00pm |
End of session |
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| 7.00pm |
Cocktails & dinner at the Château de Fontainebleau |
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| 10.30pm |
Taxis and shuttles from the Château to hotels in Fontainebleau
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