On June 9-11, more than 600 professionals from the EFMD community gathered in historic Bologna, Italy, for the 2024 EFMD Annual Conference hosted by Bologna Business School, which is part of the venerable University of Bologna, the oldest higher education institution in Europe, established in 1088.

This year’s event, with the timely theme, “Navigating geopolitical tensions, AI, and fostering a human-centred future,” brought together members of the management education community to address the evolving challenges faced by business schools in a rapidly changing global sphere.

Discussions focused on aligning educational values with societal demands and addressing the needs of a new generation of students. Participants engaged in discourse about globalisation, collaborative research, creative leadership, and digital learning strategies, all aimed at navigating towards impactful business education.

In his welcome address to conference attendees, EFMD President Eric Cornuel set the stage for the event, stating:

“Being here in Bologna, at the oldest university in the world, we are reminded that the pursuit of knowledge and understanding across disciplines, cultures and epochs has always been at the heart of human progress.”

“In the spirit of Renaissance Europe, when Bologna thrived as a centre of learning and culture, we will pursue a holistic exploration of these subjects with an open mind.”

Over the course of two days, professionals from around the world participated in dynamic learning sessions and networking opportunities. They explored critical topics such as the future of work with AI, sustainability in business schools, and the ethical implications of artificial intelligence.

Through plenary sessions, breakout discussions, and interactive forums, attendees collaborated to share insights and strategies for future-proofing their institutions and ensuring they meet the evolving demands of society and the business world.

A majestic welcome

After a sunset welcome dinner held in the newly opened gardens of Bologna Business School‘s campus high atop Mount Barbiano, guests were delighted by a surprise outdoor concert performed by a classic Italian orchestra at Villa Guastavillani. This historic villa, commissioned by Cardinal Filippo Guastavillani in 1575, provided a stunning backdrop for the evening’s musical and dessert festivities.

Confident humility and innovation

The opening welcome on the morning of the first full day of the 2024 EFMD Annual Conference began in the main hall of the Aula Magna di Santa Lucia, where chairperson Marion Debruyne, Dean of Vlerick Business School, introduced speakers Matteo Lepore, Mayor of Bologna; Giovanni Molari, Rector of the University of Bologna; and Vincenzo Colla, Councillor of Regione Emilia-Romagna.

Each speaker highlighted the region’s achievements and aspirations, emphasising its cultural openness, global influence in high-quality products such as Ferrari, and upcoming events like the G7 summit on science and technology. The day’s sessions also featured interludes of live piano music, adding a cultural touch to the milieu of the day.

During the first plenary moderated by Debruyne, Benedetto Vigna, CEO of Ferrari, delivered a compelling vision of the firm’s future through the lens of a modern CEO. Drawing on his diverse background in physics and technology leadership, including stints at Nintendo and STMicroelectronics, Vigna shared insights into the essence of innovation and resilience in business.

“Pursue excellence, not perfection — progress is not perfection,” said Vigna. 

Ferrari, under Vigna’s stewardship, was depicted as a company that fearlessly redefines possibilities while nurturing a complex ecosystem of stakeholders. He described Ferrari’s organisational ethos as centred around collaboration, continuous learning, and a balanced approach to ambition and humanity.

Vigna’s philosophy, encapsulated in the phrase “Try, learn, adapt nimbly,” underscored his belief in agility and the proactive pursuit of excellence over perfection. In essence, Vigna’s presentation at the conference illuminated Ferrari’s commitment to innovation and cultural excellence, advocating for a leadership style characterised by confident humility and a relentless pursuit of progress.

Vigna’s words challenged conventional views on failure, setting a forward-thinking tone for discussions on leadership in the face of uncertainty and change.

“Failure is not an obstacle; it’s an opportunity to learn and adapt,” said Vigna.

A fireside chat on AI and the future of work

Kevin Scott, CTO of Microsoft and Massimo Bergami, Dean of Bologna Business School,  discussed the transformative potential of AI and its implications for the future of work. Scott highlighted AI’s role as a versatile platform that offers extensive opportunities and choices, emphasising its potential to enhance productivity and drive innovation. He underscored the importance of AI in providing equal opportunities globally, fostering competition among platforms, and its gradual integration into various sectors, including business education.

Scott compared AI to the advent of computers and the internet, suggesting its transformative potential depends on how people choose to utilise it. He emphasised AI’s role in significantly enhancing productivity and providing numerous choices for countries and regions globally.

Scott noted that while AI has predominantly impacted cognitive work, its integration into manufacturing might not be as beneficial. He also expressed hope that AI would increase equity by involving diverse global stakeholders in consequential decisions.

Addressing AI’s role in business education, Scott emphasised the need to leverage the technology:

“I think the challenge for business schools is trying to figure out how to leverage this tool in as ambitious a way as possible. Aim for things that are right at that boundary of possible. You don’t want to be on the other side of this curve, especially as professors who are training the next generation of leaders,” urged Scott.

Exploring critical thinking, sustainability and leadership

During the afternoon breakout sessions, various critical topics were explored, ranging from the importance of critical thinking in addressing generative AI and the climate crisis to innovative educational initiatives like the “Improbable Pedagogy” approach implemented globally.

The significance of measuring sustainability knowledge in business schools to enhance pedagogy and prepare future leaders was discussed. Another session emphasised the value of nurturing individual contributions through a community-based model to balance AI advancements with human input. Industry perspectives on sustainability were shared by leaders from Alstom Group, Tetra Pak, and Global Fields. Additionally, insights from a study of female deans revealed their experiences and metaphors in leadership roles.

During the session “Sustainability in Business Schools: Measure What is Measurable and Make Measurable What is Not So,” Aurélien Décamps, Co-Founder and Managing Director of Sulitest Impact and Affiliate Professor at KEDGE Business School, moderated a discussion emphasising the significance of measuring sustainability knowledge in higher education to enhance pedagogy and prepare students for leadership roles.

The session, featuring Isabelle Fagnot, Associate Dean of Quality and Accreditation at KEDGE Business School, Farai Jena, Associate Dean of Education and Students at the University of Sussex Business School, Joe Miemczyk, Associate Dean of Sustainability Transition at ESCP Business School, and Anne-Claire Pache, Associate Dean of Global Strategy and Sustainability at ESSEC Business School, highlighted the importance of data-driven decision-making.

Key takeaways included the necessity of accurate data collection for informed decisions, fostering global collaboration, focusing on future skills through faculty development, and implementing genuine sustainability strategies to avoid greenwashing.

Adapting to geopolitical shifts

In Plenary Three on “Global Conflicts and Their Impact on Business Schools” moderated by Debruyne, the panel, Romano Prodi, Former President of the European Commission and Bologna Business School Chairman, Alec Ross, distinguished professor at Bologna Business School and former Obama Administration Senior Officer, and Bo Xu, Special Representative of China Europe International Business School (CEIBS) to Europe, discussed how business schools can navigate the complexities of a divided world and shifting political attitudes.

Prodi highlighted the geopolitical tensions in Europe, particularly between Germany and France, and the upcoming French elections. He suggested that globalisation, especially in the tech sector, is taking a backseat as economic policies become more politically driven. Prodi remarked, “The European picture is not changing so much,” emphasising the consistent yet tense relationships within Europe.

Bo Xu expressed concern over current global conflicts, stating he is “worried about the situation, dismayed.” Ross asserted that we’re moving from left-right division in the global political order to one that distinguishes between open and closed societies.

Alec Ross addressed the transformation from an industrial to a tech economy, comparing corporations to countries in terms of their influence and budgets. He stated, “We are now seeing companies play the role of countries,” underscoring the increasing power of tech giants.

The speakers agreed on the need for business schools to adapt, with Ross advocating for open and diverse educational environments and the integration of technology in pedagogy.

“As business school leaders, leading future students, we don’t want to be late adopters or sceptics,” said Ross, encouraging proactive engagement with technological advancements.

Balancing innovation and ethics

Following a lovely evening of lively discussion, cocktails and a formal sit-down dinner at the stunning Palazzo Re Enzo, day two kicked off with the fourth plenary, “Artificial Intelligence and its Ethical Implications,” where Paolo Benanti, a Professor of Theology and Ethics, Robotics and AI, and advisor to the Pope, shared his insights on the ethical use of AI. Moderated by Debruyne, the discussion highlighted the pressing need for ethical governance in AI development.

Drawing on the work of Norbert Wiener, Benanti emphasised the importance of integrating “humans in the loop” to ensure that AI advancements do not lead to societal disruption. He stressed that “ethically speaking, we have to question technology,” urging a reflective approach to AI’s rapid evolution. Through vivid illustrations of potential social unrest and AI misuse, Benanti underscored the necessity for robust global governance frameworks to mitigate risks.

Benanti also touched on the educational and organisational implications of AI, warning that “AI is a skill killer” and highlighting the need for a cultural shift within organisations to adapt to technological changes. He argued that innovation in AI should focus not just on technology itself but on designing processes thoughtfully.

“Innovation isn’t always the solution,” said Benanti. “You have to think about the process—and the manager is the one who thinks about the processes.”

The discussion explored the humanisation of AI, with Benanti noting the paradoxical intimacy people feel with AI interfaces, as he observed, “People confess more in Chrome than they do to me, as a pastor.” This reflection pointed to the deep, often underexplored, psychological and social dimensions of AI interactions, reinforcing the need for ethically guided AI development that respects and enhances human dignity.

Adapting to Gen Z, sustainability, and technological shifts

The afternoon breakout sessions explored various aspects of business education and societal change. In one session, leaders from Vlerick Business School and Hult International Business School discussed Generative AI. Martin Butler of Vlerick advocated a bottom-up approach, fostering faculty engagement and personalised application. In contrast, Johan Roos from Hult described a top-down strategy, swiftly integrating GenAI capabilities through task forces and community involvement.

Another session, led by Matteo Mura of the University of Bologna, focused on embedding sustainability into business school curricula. The discussion highlighted the need to equip graduates with skills for sustainable organisational transformation, with faculty support being crucial.

Moderated by Raul V. Rodriguez, Vice President of Woxsen University, one session envisioned global cooperation in international relations for ecological harmony, explored by Josep Altarriba, Global Dean of EU Business School, and Mary de Gendre of INSEEC. They emphasised business education’s role in promoting global citizenship and environmental stewardship.

Another session examined Gen Z’s expectations from business schools, featuring insights from Sara Strafino and James Barker from the Graduate Management Admission Council (GMAC). They discussed the evolving definition of success and the institutions’ need to adapt. Notably, health, well-being, and sustainability are paramount for the new generation. With 40% of students demanding AI in their curricula, integrating advanced tech skills into business education is essential.

A session led by author Sarah Hardcastle and Birmingham Business School‘s Andrew Miles discussed maximising the impact of advisory boards in business education through enhanced practitioner engagement and effectiveness. Overall, these sessions reflected the dynamic evolution of business education towards sustainability, technological integration, and global interconnectedness.

Collective leadership and sustainability

In the final plenary titled “The Role of Business Schools in Building a Human-Centred Future,” Jennifer Howard-Grenville, Diageo Professor in Organisation Studies at Cambridge Judge Business School, focused on sustainability and the imperative for business schools to drive societal change.

She underscored the critical depletion of natural assets essential for business operations and called for ecological expertise in corporate decision-making, suggesting “get an ecologist in every boardroom.” Highlighting stark social and economic inequalities, she encouraged participants to reflect on their own positions within the income distribution using an interactive tool. Howard-Grenville noted that today’s business risks are dominated by ecological, social, and AI-related challenges, urging a shift from short-term to long-term thinking in business strategies.

“Today’s challenges are systems challenges which are interdependent, dynamic, multiple equilibria, governed by simple rules on complex behaviour,” said Howard-Grenville.

In response to questions from the audience, Howard-Grenville stressed the importance of articulating the hidden costs of sustainability to consumers and integrating sustainability education into core curricula by aligning extracurricular successes with broader institutional goals.

She also addressed the complexities of diversity, equity, and inclusion strategies in business education, emphasising their interconnected nature with sustainability initiatives. Her call for collective leadership resonated throughout, advocating for proactive measures to address systemic challenges at individual, organisational, and societal levels in preparation for the future of work and business ethics.

Concluding remarks

During the conference’s annual general assembly, we welcomed 22 institutions to the network and celebrated our members’ commitment to excellence through accreditations and awards.

We extend our deepest gratitude to all who attended, including the speakers and steering committee members, for their contributions to making this event our most successful yet. We also express a special thank you to our strategic partner, the Graduate Management Admission Council (GMAC), and our gracious host, Bologna Business School, whose unwavering support was instrumental.

We are immensely grateful for the exceptionally diverse and engaged EFMD community, who once again joined forces to debate, envision, and chart a roadmap towards a future-proof transformation in impactful business education.

We are delighted to announce that the 2025 EFMD Annual Conference will be hosted by the Technical University of Munich (TUM) from 1 to 3 June in Munich, Germany. We strive to keep the spirit high and eagerly anticipate welcoming you all next year, so please keep an eye on our events page for registration information and further updates.

A throwback of the live reactions from the 2024 EFMD Annual Conference is available on our X feed.

For additional insights, announcements and perspectives on Business Education, visit the conversation here.