embassy of kenya, paris » accredited countries: france

ANNUALREPORT 2014

2 3Annual Report 2014 Annual Report 2014

Letter from the President

Table of contents

Letter from the President .................................................3

Highlights from2014 ....................................................4-5

Supporting the Growth of Talent

Making HEC Paris accessible to all ..........................6

Promoting cultural diversity ...........................................7

Supporting the ambitions of young researchers....................................................................................7

Improving Conditions for Cutting-edge Research in France and Worldwide ...............8

Fortifying Exchanges with the Business World Through Chairs and Research Centers ..............................................................................9

Developing knowledge and innovative academics ........................................................................9

How to Support the HEC Foundation?

Corporate Support ............................................................... 10

Alumni and Friends ......................................................10-11

Our Corporate Partners (from January 1st to December 31st 2014) 12-13

A year full of group donations .................... 14-15

Our supporters

The Donors ...........................................................................16-27

The Circle of Major Donors ............................................28

Donor Clubs .......................................................................29-32

The 1881 Donors .............................................................32-35

Sheltered Foundations.....................................................35

Governance .......................................................... 36-37

2014 Accounts Summary ............................... 38-39

Contacts ...........................................................................40

Bertrand Léonard (H.85), President of the HEC Foundation

I. would. like. to. thank. the. 2,500 donors. and. 42 partner companies. who. gave. us. their. support. in. 2014.. Their.commitment.enabled.us.to.fund.7% of the annual budget of HEC Paris.and.to.grow.substantial.capital.to.serve.the.school..

In.2014,.e7.1M.were.allocated.to.HEC.for.its.strategic.development.projects..These.are.focused.on.three.main.areas:

•. a. strong social welfare dimension,. through. the. funding of scholarships.attributed.to.HEC.students..In 2014, 224 students in the Grande École Program received a scholarship to cover their tuition fees, bringing the total to over 1,200 students assisted since 2009.

•. academic excellence and educational innovation.are.central.to.the.transfer.of. knowledge. at. HEC.. In 2014 in particular, the Foundation supported the creation of MOOCs (Massive Open Online Courses), accessible via the Coursera platform.

•. high.quality.research.which.is.internationally.acclaimed,.ensuring.that.HEC.is. highly. ranked. among. the. world’s. best. business. schools.. In 2014, HEC professors published 41 alpha articles in journals with the most strict requirements, versus only 28 publications 5 years ago.

The school is at a historic turning point..A.new.cycle.begins.with.the.challenge.to.secure.its.autonomy,.the.establishment.of.a.reformed.governance,.and.the.definition.of.new.strategic.orientations..

In. these. decisive. times. and. in. a. fiercely. competitive. environment. for. business.schools,.the role of the Foundation.is.now.more.than.ever.to.give HEC the means to reach its ambitions.


HigHligHts from 2014

FEBRuARy 6:Donor reception at the Embassy of France in the united Kingdom100.alumni.gathered.to.congratulate.Karim.Saddi.(H.97),.President.of.the.UK.Campaign.Committee,.and.his.team.for.their.accomplishments.thus.far.and.to.welcome.Laure.(H.94).and.Jean.Fau.(H.93),.who.have.taken.over.the.torch.of.the.UK.Campaign.Committee..

APRIL 7: Renewal of the Deloitte - Société Générale ChairDeloitte,.Société.Générale.and.HEC.Paris.announced.the.renewal.of.the.Energy.&.Finance.Chair.for.another.4.years..Since.2005,.this.chair.has.enabled.the.development.of.several.academic.programs.and.is.a.veritable.educational.success.with.over.350.students.enrolled.each.year.

JunE 12: Class Gift 2014 The.2014.edition.of.the.Class.Gift.achieved.great.success.with.the.participation.of.over.525.students.from.the.Grande.Ecole.and.MBA.programs..Thanks.to.the.donations.of.these.students,.10.students.in..the.Grande.Ecole.program.will.benefit.from.needs-based.scholarships.for.the.coming.academic.year.

JunE 25: Homage Paid to Pierre Ledoux (H.35)With.his.close.family.and.friends.in.attendance,.the.HEC.Foundation.paid.tribute.to.Pierre.Ledoux.(H.35),.who.passed.away.in.2005..Former.President.of.BNP,.as.well.as.former.President.of.HEC.Alumni,.he.is.the.first.testator.of.the.Foundation...A.tree.was.planted.on.campus.in.his.name,.and.a.plaque.in.his.memory.was.dedicated.by.Bernard.Ramanantsoa,.Dean.of.HEC.Paris.and.Mireille.Faugère,.current.President.of.HEC.Alumni,.in.appreciation..of.his.legacy.to.HEC.

SEPTEMBER 25: 11th Annual Allen & Overy Legal and Tax PrizeWith.invited.speakers.and.prestigious.guests.from.the.corporate.and.media.spheres,.the.Prize.recognized.the.best.research.memoirs.and.professional.student.theses.(International.Taxation.and.Law.majors.and.the.International.Law.and.Management.Master’s.program).

MARCH 17: Inauguration of the AXA Chair AXA.and.HEC.Paris.created.an.academic.chair.dedicated.to."Digital.Strategies.and.Big.Data",.with.Henri.de.Castries,.President.Director.General.of.AXA,.in.attendance.at.the.inauguration..The.chair.aims.to.develop.academic.programs.for.the.challenges.of.digital.innovation.and.Big.Data.in.large.companies.

JunE 25: AFF Award Ceremony The.HEC.Foundation.team.received.a.special.award.from.the.French.Fundraisers.Association.(AFF),.which.recognizes.fundraising.professionals.for.the.quality,.innovation,.and.ethics.of.their.work..This.award.contributes.to.the.recognition.of.fundraising.and.French.fundraisers.on.an.international.level.

DECEMBER 15: Annual Convention and the HEC Foundation Awards Ceremony More.than.250.donors.and.members.from.partner.companies.were.attending.this.relevant.annual.event...For.the.first.time,.the.HEC.

Foundation.Awards.were.conferred.on.the.laureates.during.the.event.

RECOGnITIOn FOR OuR GEnEROuS DOnORSTo thank them for their exemplary commitment, the HEC Foundation and HEC Paris have dedicated classrooms and lecture halls in the name of four Major Donors: Jean-Paul Agon (H.78), Fabrice Brégier, Gilles Brisson (H.73) and Bernard Méheut (H.60).

A uniquely designed facility with high tech features that encourage creativity, teamwork and communication, the e-Lab was created through the generosity of three Major Donors: Jean-Luc Allavena (H.86), Pascal Cagni (MBA.86) and Pascal de Jenlis (H.73).

An InTERnATIOnAL DIMEnSIOnThe Friends of HEC Charitable Trust in the UK and the Friends of HEC Inc. in the US, enable our donors to benefit from local tax deductions in connection with the Alumni Chapter. The donations received through these structures provided funding for 11 MBA scholarships and 15 Specialized Master’s Program scholarships via the USA Trust, and 31 Grande Ecole scholarships via the UK Trust. The opening of a representation office in London in January 2014 and the concerned UK Campaign Committee, contributed to this dynamic.

MAy 21: Inauguration of the Standup HEC Social Business IncubatorThe.new.incubator.dedicated.to.social.entrepreneurship.was.inaugurated.at.la.Courneuve..lt.includes.seven.projects.led.by.both.HEC.graduates.and.non-HEC.entrepreneurs.from.the.area..This.new.program.is.the.result.of.a.strong.commitment.from.the.HEC.community.to.promote.entrepreneurship.and.equal.opportunities.


Making HEC Paris accessible to allTo.promote.social.and.cultural.diversity.at.HEC,.the.Foundation.established.in.2009.the.“HEC.for.All”.program,. which. assists. students. from. modest. backgrounds. during. key. stages. in. their. academic.careers....

HEC Paris helps promising students to succeed Developed. with. the. Frateli. Association,. the. “Mentor. for.Success".at.HEC.program.provides.state-funded.merit.based.scholarships. with. guidance. and. advice. from. HEC. graduate.volunteers.. The. mentored. students. receive. personalized.academic.assistance.(such.as.private.lessons,.intensive.work-study. periods,. homework. correction. services,. and.methodological. workshops),. while. information. sessions. are.organized.in.various.high.schools.throughout.France.to.inform.as.many.students.as.possible.about.the.preparatory.classes.

Supporting talented students in preparatory classesSince. 2007,. the. HEC. Foundation. has. provided. merit. based.scholarships. to.students. in.preparatory.classes,. in.order. to.focus.more.comfortably.on.their.studies.and.prepare.properly.for.the.Grandes.Ecoles.entrance.exams.

In.2014-2015,.11.public.and.private.establishments.participated.in. this. service,. and. 71. preparatory. class. students. received. .financial.aid.from.the.Foundation.

Covering tuition fees for state-funded scholarship recipients In. 2009,. HEC. and. the. Foundation. began. providing. tuition.assistance.for.students.who.receive.a.CROUS.scholarship.(for.social.criteria)..Each.year,.20%.of.students.receive.financial.aid.(either.full.tuition.waivers.or.partial.scholarships.according.to.CROUS.tier)..

A. partnership. has. also. been. established. with. the. BRED.(Grandes.Ecoles.bank)..It.allows.students.who.have.received.a.partial.scholarship.to.receive.an.unsecured,.zero-interest.loan.to.cover.the.full.amount.of.their.tuition.fees.

Promoting cultural diversity HEC. Paris. is. an. open,. accessible,. and. cosmopolitan.establishment.which.receives.talented.students.from.all.over.the. world.. To. assist. international. students. during. their.academic. careers. at. HEC,. the. Foundation. provides. merit.scholarships.for.international.MBA.students.and.students.in.the.2nd.year.of.the.Grande.Ecole.Program.

The.HEC.Foundation.also.sponsors.academic.mobility.awards.to. remove. financial. roadblocks. for. students. in. the. Grande.Ecole.Program.who.wish.to.participate.in.a.university.exchange.program.

To.provide.MBA. talented.students.with. loans,.a.partnership.has.been.conclued.between.Prodigy.Finance. (specialised. in.providing. funds. for. international. students). and. the. HEC.Foundation..Thanks.to.this.partnership,.12.MBA.students.got.a.loan.on.september.2014,.equivalent.to.500KUSD....

Supporting the ambitions of young researchers Training. young. research. professors. is. crucial. to. ensure. the.international. level. of. research. at. HEC. Paris.. For. the. 2014.school.year,.13.PhD.students.were.welcomed.to.the.doctoral.program.. Once. they. graduate,. they. will. teach. in. world-renowned.establishments,.thus.contributing.to.the.academic.prestige.of.HEC.across.the.globe.

Student Aid in 2014

49%

32%19%

27%

22%4%

47%

Training.Researchers

International.Diversity

Equal.Opportunity

Grande.Ecole

MBA

Ph.D.

Preparatory.Classes

Funding: € 60,000

KEy nuMBERS75 Frateli students assisted in 2013-2014

135 HEC graduates among Frateli mentors

10 Frateli students are currently being mentored at HEC

Funding: € 976,000

KEy nuMBERS224 students received tuition fee waivers for the 2014-2015 school year

Funding: € 698,500

KEy nuMBERS62 doctoral grants funded by the Foundation in 2014

13 PhD students joined the doctoral program in September 2014

15 PhD candidates defended their thesis in 2014 and found a position in prestigious international establishments .such.as.Harvard.Business.School.(USA),.Rotman.School.of.Management.–.University.of.Toronto.(Canada),.Board.of.Governors.of.the.Federal.Reserve.System.(USA),.Judge.Business.School.–.University.of.Cambridge.(UK),.Stephen.M..Roos.School.of.Business.–.University.of.Michigan.(USA).(post-doc).

Funding: € 1,439,942

•.MBA.international.scholarships:.€ 860,000

•.Grande.Ecole.international.scholarships: € 300,000

•.Mobility.awards:.€ 279,942

KEy nuMBERS122 international students in the MBA Program received financial aid in 2014

144 international students in the Grande Ecole Program received an excellence grant in 2014-2015

By TyPE OF

SCHOLARSHIP

By PROGRAM

supporting the Growth of Talent

Funding: € 114,000

CHIFFRES-CLéS71 preparatory class students assisted in 2014-2015

11 public and private establishments participated in 2014-2015, including 6 in rural areas


One of the fundamental missions of HEC Paris is to support research in order to provide its students with a quality education.in.its.various.specialized.fields,.as.well.as.to.spread.this.knowledge.to.the.corporate.sphere..On.a.larger.scale,.the.school’s.ambition.is.to.contribute.to.knowledge.worldwide.and.to.promote.French.higher.education.at.an.international.level..

The.HEC.Foundation.provides financial aid to professors.so.that.they.may.benefit.from.the.best.possible.work.conditions.and. to. facilitate. their. access. to. powerful. research. tools.(reference.databases,.specialized.software,.and.participation.in.academic.conferences).. In.order. to.recognize.and.reward.the. best. among. them,. the. Foundation. has. set. up. several.programs:.F.research.projects*,.4.Foundation.chairs**,.and.3.Fellowships***..These.programs.provide.their.beneficiaries,.in. addition. to. financial. support,. with. recognition. in. the.academic.world.

Encouraging academic exchanges.with.the.most.prestigious.universities. and. hosting. world-renowned. guest. professors.also.contribute.to.the.international acclaim.of.HEC.Paris..To.this.end,.24.visiting.professors.were.welcomed.in.2014.to.the.campus. in. Jouy-en-Josas.. The. Foundation. also. provides.assistance. to. these. professors. to. help. them. transition.smoothly.to.HEC,.for.example.with.individualized.coaching.or.intensive.French.seminars.

Examples of financed projects :*F research project: funding for a maximum of 3 years for projects with high potential for publications in A-type journals, the allotted budget being between €15K and €30K** Foundation chair: attributed, for an unlimited term, to a full professor who has published at least 10 A articles and 5 FT articles***Fellowship: attributed, for a non-renewable term of 3 years, to a professor who is not yet full professor and has published at least 3 A articles A and 3 FT articles

Developing knowledge and innovative academics The. Foundation. lends. its. support. to. HEC. by. training future leaders and entrepreneurs. who. will. become. the. drivers. of.digital. transformation. in. their. companies,. innovating. in. areas.such.as.technology,.marketing,.or.organization.

To.grant.HEC.with.a.major.role.in.these.strategic.themes,.the.Foundation. is. committed. to. providing. resources,. for. example.through.the.Entrepreneurial.center,.the.incubator,.or.the.eLab..It.also.provides. the.school.with.financial.support. through. the.production. of. MOOCs. (Massive. Open. Online. Courses). via. the.Coursera.platform.

HEC Paris’ MOOCs - Understanding Europe: how it works, why it matters and what it can

offer you. - Time to reorganise: how to evaluate the influence of organizations

around you and how to transform your relationships to reach a stronger coherence.

- Corpoprate finance: offers a comprehensive and practical curriculum in corporate finance.

- Social entrepreneurship: aims to inspire and help aspiring entrepreneurs who want to make a difference in society.

- How to set up a technology-based start-up: focus on the identification and evaluation of entrepreneurial opportunities in science and technology.

Funding: € 1,053,112

•.Development.of.a.favorable.research.environment:..€ 777,992

•.Data.base,.tools:.€ 173,590

•Projects.to.develop.and.publish.working.papers:..€ 101,530

KEy nuMBERS106 permanent professors at HEC as of September 1st, 2014

15 new professors recruited for the 2014-2015 school year

85 articles published in scientific journals in 2014

Funding: € 1,053,112

KEy nuMBERS127 academic partnerships in 46 countries

24 international doubledegree programs*

24 visiting professors received in 2012-2013

64% international professors among permanent faculty (as of September 1st, 2014)

*with.prestigious.establishments.such.as.MIT-Sloan.School.of.Management,.Fundaçao.Getulio.Vargas,.London.School.of.Economics,.National.University.of.Singapore,.New.York.University,.Indian.Institute.of.Management.d'Ahmedabad,.Tsinghua.University.-.School.of.Economics.and.Management.

improving Conditions for Cutting-edge Research in France and Worldwide

FortiFying Exchanges with the Business World Through Chairs and Research CentersSince.its.origin,.HEC.has.developed.strong.ties.with.companies..The.academic and research chairs.provide.a.means.for.long-term. cooperation. focused. on. a. specific. subjet. and. led. by. a.chairholder. professor.. These. 5-year. collaborations. between.HEC.and.its.partner.companies.produce.concrete.applications for the corporate world while enabling HEC. to. provide new academic content.

Funding: € 1,736,536

KEy nuMBERS17 academic chairs and centers

2 new academic chairs in 2014: AXA, « Digital Strategy & Big Data », and « Certificate Leadership » in partnership with Pernod Ricard

Funding: € 446,904

KEy nuMBERS2 dedicated centers for entrepreneurship and e-business

8 certifications which enable students to expand their knowledge in a specific sector: digital innovation, digital transformation, social business, energy & finance, luxury goods, aeronautics, leadership, mergers & acquisitions

5 MOOCS in 2014, with over 130,000 registered students representing 195 countries


*. 66%.of.a.gift.is.deductible.from.the.2015.income.tax,.with.a.limit.of.20%.of.the.taxable.income.(for.all.gifts.realized.before.December.31st.2015)

**. 75%. of. the. gift. can. be. directly. deducted. from. the. 2015. wealth. tax,. up. to. a. maximum. of. €50K. (for. all. gifts. realized. before. the. wealth. tax..declaration,.i.e..before.May.19th.2015.or.June.15th.2015)

Corporate SupportSeveral.options.are.available.for.joining.the.HEC.Foundation’s.corporate. partners. and. developing. a. privileged. relationship.with. the. school:. finance. a. research. center,. create. a. chair,.finance.student.scholarships,.and/or.become.a.partner.

Providing.support.as.a.corporate.partner.enables.companies.to.increase.their.visibility.among.students.and.to.develop.an.array. of. collaborative. educational. relationships.. Corporate.partners. also. become. an. integral. part. of. the. HEC. Paris.strategic. support. system. within. our. teaching. and. research.committees.

TaxationIn.France,.Corporate.donations.are.deductible.up.to.60%,.within.the.limit.of.5‰.of.the.company.revenue..(Art..238.bis.du.C.G.I.).

Alumni and FriendsTo.support.the.programs.of.the.HEC.Foundation,.you.can.make.a.donation:.online at.www.hec.fr/fondation-don.by check.made.out.to.the.HEC.Foundation..

(1.rue.de.la.Libération.–.78351.Jouy-en-Josas.cedex.–.France).by bank wire.to.the.account.of.the.HEC.Foundation.

(please.provide.your.name.in.the.wire):BNP.Paribas.Centre.d’Affaires.Ile.de.France.Ouest

RIB.:.30004.01412.00021290230.47

IBAN.:.FR76.3000.4014.1200.0212.9023.047

SWIFT.ou.BIC.:.BNPAFRPPIFO

.You.can.offer.regular,.continuing.support.by.opting.for.automatic monthly payments..Lastly,.it.is.also.possible.to.offer.your.support.in.the.form.of.bequests,.life insurance,.planned

giving,.stock donations.and/or.company shares.

TaxationIn.France,.the.HEC.Foundation,.a.state-approved.organization,.offers.significant.tax.incentives

HoW to support THE HEC FOunDATIOn?

International giving Donors. from. the. United. Kingdom,. the. United. States,. Switzerland,. Germany,. Spain,. Belgium. and.Italy,.can.support.the.HEC.Foundation.and.receive.in-country.tax.benefits.Please.find.listed.our.local.contacts:

CORPORATE COnTACTSMarie-Pierre SEYFRIEDDeputy.Director.Corporate.Relations.+33 (0)1 39 67 74 [email protected]

Frédérique SAILLANTCorporate.Partnerships+33 (0)1 39 67 95 [email protected]

Barbara DE COLOMBEExecutive.director.HEC.Foundation.+33 (0)1 39 67 97 [email protected]

Marianne DuvALBequests.and.gifts..coordinator+33 (0)1 39 67 98 [email protected]

yOuR COnTACTS AT THE HEC FOunDATIOn

uNITED KINGDOMFriends.of.HEC.Charitable.Trustc/o.Ludivine.LabussièreFlat.4,.17-18.Picton.PlaceLondon.W1U.1BSUnited.Kingdom+(44) 7 500 55 68 [email protected]/friendsofhec/

uNITED STATESFriends.of.HEC.Inc..P.O..Box.67,New.York.NY.10150+(33) 1 39 67 97 [email protected]://secure.qgiv.com/for/tfohi

SWITZERLANDSwiss.Philanthropy.FoundationC/O.WISE-.P.O..BOX.2124CH.–1211.Geneva.1Switzerland+(41) 22 321 [email protected]

GERMANYMaecenata.Stiftung.Transnational.GivingChristian.Schreier.M.A.Linienstrasse.139/140,D.–.10115.BERLIN+49 30 2838 [email protected] www.maecenata.eu

Alice GORGEDirector.of.development..–.major.donors.+33 (0)1 39 67 97 [email protected]

Olga HEINDirector.of.international.development.. +33 (0)1 39 67 97 [email protected]

BELGIuMFondation.du.Roi.BaudouinLudwig.Forrest+(32) 2 549 02 [email protected]

SPAINFundacion.Carlos.AmberesCatherine.GeensClaudio.Coello,.9928006.MADRID(+34) 91 435 22 [email protected]

ITALYVita.Giving.Europe.OnlusMartina.RogatoVia.Marco.d'Agrate.4320139.Milano,.Italy+39 02 55 22 81 / +39-2-552 29 83 [email protected]

Léa SARICADirector.of.development..–.annual.fund.+33 (0)1 39 67 97 [email protected]

10034

25after tax deductions

tax on income*

wealth tax **


■. With.the.support.of.ALCATEL-LuCENT L'OREAL,.HEC.Paris.Leadership.Center.

Chair. Chair.Holder:.Thomas.Astebro,.Professor.

Strategy.and.Business.Policy.Department

■ AXA,.Decision.Sciences. Chair.Holder:.Itzhak.Gilboa,.Professor.

Economics.and.Decision.Science.Department

■ AXA,.Strategy.Digital.&.Big.Data. Executive.Director:.Julien.Lévy,.Affiliate.

Professor

■ BNP PARIBAS,.Business.Finance. Executive.Director:.Pascal.Quiry,.Affiliate.

Professor.-.Finance.Department

■. With.the.support.of.DANONE, RENAuLT and SCHNEIDER ELECTRIC,.Social.Business./.Enterprise.&.Poverty

. Chair.Holder:.Frédéric.Dalsace,.Professor.Marketing.Department

■. DELOITTE – SOCIETE GENERALE,..Energy.&.Finance

. Co-Director:.Jean-Michel.Gauthier,.Affiliate.Professor.-.Finance.Department,.Chief.Economist.Officer.Energy.&.Resources.at.Deloitte,.and.Geoffroy.Dallemagne,.Affiliate.Professor.at.HEC.Paris.and.Global.Head.of.SG.Consulting

■. EDF,.New.Business.Models.in.the..Energy.Industries.

. Chair.Holder:.Dominique.Rouzies,.Professor.Marketing.Department

■. With.the.support.of.FREE, Digital.Innovation.for.Business

. Executive.Director:.Julien.Lévy,.Affiliate.Professor

■. GDF SuEZ,.Business.and.Sustainability. Chair.Holder:.Rodolphe.Durand,.Professor.

Strategy.and.Business.Policy.Department

■. KERING,.Luxury.Strategies. Chair.Holder:.Anne.Michaut,.Affiliate.Professor.

Marketing.Department

■. ORANGE,.Innovation.and.Globalisation.Management

. Chair.Holder:.Sihem.Jouini,.Professor.Operations.Management.&.Information.Technology.Department

■. With.the.support.of.ORANGE,.Digital.Transformation.Centre.

■. PERNOD RICARD,.Leadership. Chair.Holder:.Valérie.Gauthier,.Professor.

Business.Communication.Department

■. SAFRAN – HEC – SuPAERO,.High-Tech.Innovation.Management.in.Aerospace.Sector

. Academic.Coordinator:.Sihem.Jouini,.Professor.Operations.Management.&.Information.Technology.Department

■. TOTAL,.Energy.&.Management

■. WEBHELP,.Human.Capital.and.Business.Performance

. Chair.Holder:.Charles-Henri.Besseyre.des.Horts,.Professor.-.Management.and.Human.Resources.Department

By. financing. a. chair,. companies. create. unique,. long-term. relationships. with. HEC. Paris. and. its.faculty..At.the.same.time.a.chair.enables.companies.to.increase.their.visibility.among.students,.the.academic.community.and.the.business.world.

Academic and Research Chairs: Corporate Supporters From.e 10k

Corporate Partners Membership.of.e 60k.for.4.years.(renewable)

Permanent Chair Capital.Donation.of.more.than.e.1.525k

Chair Donation.of.e 250k.per.year.for.5.years.(renewable)

Other Project■. Private.Equity.Observatory.-.Buyout.Center,.with.the.support.of.ABENEX CAPITAL – ASTORG

ARDIAN CHEvRILLON & ASSOCIES – IDI GROuPE – MESSIER MARIS – ROLAND BERGER ROTHSCHILD – SJ BERWIN – WEIL

. Holder:.Oliver.Gottschalg,.Associate.Professor.-.Strategy.and.Business.Policy.Department

Find the complete list of Academic and Teaching Chairs at HEC at:www.hec.edu/Corporate-Relations/Chairs-Centers

OuR CORPORATE PARTnERSAccentureAlcatel-LucentAltarèsAXABETC.Bain.&.CoBNP.ParibasBREDCapgemini.ConsultingCrédit.Agricole.S.ADanoneDeloitteEDFEYFreeFreshfields.Bruckhaus.Deringer.LLPGDF.SuezGide.Loyrette.Nouel.AARPIGoogleKeringKPMGLinklatersL'Oréal

MazarsMcKinsey.&.CompanyNeopostOrangePernod.RicardPorsche.FrancePwCProcter.&.GamblePublicisPuma.EnergyRenaultSafranSchneider.ElectricSociété.GénéraleThomson.ReutersTotalUnibail-RodamcoWeaveWebhelp

OuR CORPORATE SuPPORTERSAllen.&.OveryBooz.&.coCasino.Guichard.PerrachonFondation.Daniel.et.Nina.CarassoFondation.Le.Roch.les.MousquetairesGroupe.Casino.Singularity.Holding

THE 10 COMPAnIES OF THE PRIvATE EquITy OBSERvATORy - BuyOuT CEnTER Abenex.Capital.Ardian.Astorg.Chevrillon.&.associes.IDI.GROUPMessier.Maris.&.AssociesRoland.BergerRothschild.SJ.Berwin.Weil

our Corporate partners (from January 1st to December 31st 2014)


The. HEC. Foundation. and. HEC. Alumni. Association. are. working. in. close. collaboration. to. boost.collective.donations..These.initiatives.are.driven.by.engaged.volunteers,.reflecting.the.power.of.our.generous.and.strong.alumni.community.

68 nEW DOnORS THAnKS TO MICRODOnATIOnS!During.the.annual.dinner.for.HEC.graduates.employed.at.Société.Générale.which.took.place.at.the.end.of.January,.the.Foundation.tested.a.new.type.of.online.donation:.the.microdonation..Two-thirds.of.participants.thus.donated.1.euro.or.more..In.total,.nearly.80.donors.participated.in.this.project.

HEC yvELInES Since.2008,.HEC.Yvelines.has.set.up.a.system.of.group.donations.to.finance.“honor.loans”.(unsecured,.interest-free.laons),.primarily.-.but.not.exclusively.-.for.students.from.their.department..In.6.years,.more. than.85,000.euros.have. thus.been.collected. to.benefit.15.recipients..As.a. follow-up. to. this.initiative,.HEC.Yvelines.decided,.at.the.beginning.of.2014,.to.grant.scholarships.on.social.criteria..In.2014,.3.social.scholarships.were.thus.funded.

HEC DéTEnTE The. HEC. Détente. Club. reduced. its. spending. by. transitioning. to. a. digital. platform,. saving. 50,000.euros.. Its. 500. members. decided. to. donate. the. saved. money. to. the. Foundation. for. its. social.scholarships...Thanks.to.this.generous.gift,.five.state-funded.scholarship.recipients.in.the.Grande.Ecole.Program.will.receive.full.tuition.waivers.for.the.2014/2015.school.year.

HEC Au FéMInIn To.commemorate. the.40th.anniversary.of. the.first. female.students.enrolled.at.HEC,. the.HEC.Au.Féminin.association.decided.to.fund.the.first.year.of.studies.of.a.female.CROUS.scholarship.recipient.in.the.Grande.École.Program..Over.12,000.euros.were.thus.collected.and.given.to.Laure.(H.17).

CLASS OF 1989 DOnATIOn To. celebrate. its. 25th. anniversary,. the. class. of. 1989. organized. a. dinner. with. nearly. one. hundred.guests.and.set.up.a.collective.fundraiser..Thanks.to.their.dedication.and.generosity,.over.100,000.euros.were.collected..This.provided.funding.for.scholarships.which.cover.a.full.year.of.tuition.fees.for.10.students.in.the.Grande.Ecole.Program.for.the.2014/2015.school.year.

2014 CLASS GIFTThe.2014.Class.Gift.was.a.success.and.is.a.testimony.to.the.commitment.of.our.new.HEC.graduates!.525.students.from.the.2014.graduating.class.participated..The.students’.donation.was.supplemented.by.donations.from.the.event’s.generous.sponsors:.Annick.Briançon-Bulle.(H.85),.Eric.Bulle.(H.81).and.Pierre-Yves.Cros.(MBA.84).

a year Full oF group Donations


Sheltered FoundationsThe.HEC.Foundation.is.an.umbrella.organization..Its.status.enables.to.host.sub-foundations.under.its.auspices,.sharing.the.same.objectives.as.those.outlined.in.the.HEC.Foundation.charter.without.exceeding.them..Hosted.foundations.have.no.separate.legal.personality.from.their.host.foundation..

The.benefits.of.a.hosted.foundation:

■. Flexible.and.fast.creation.and.organization

■. Able.to.supplement.in.certain.cases.the.donation.of.the.hosted.foundation,.with.living.donations.or.inheritances

■. Able. to. take. advantage. of. the. tax. benefits. of. the. HEC. Foundation. pertaining. to. bequests.(individual.donations,.gifts.and.inheritances)

■. Personalization.of.supported.projects.and.definition.of.one’s.personal.involvement.within.the.hosted.foundation.(gouvernance,.communication,.operations)

■. Mutualization.and.reduction.of.organizational.fees

■. Perpetuation.of.activities

Currently,.the.HEC.Foundation.hosts.4.sheltered.foundations:

■ The 104 Foundation.was.created.in.memory.of.Pierre-Christian.and.Marie-Louise.Taittinger,.by.Valérie.Colloredo-Taittinger.(H.94).to.promote.equal.opportunities.at.HEC.

■ The Bernard-André Parent (H.61) Foundation. encourages.research.on. the.development.of.geospatial.management.and.seeks.to.expand.education.in.this.field.

■ The Fontanet Foundation. was. created. by. Xavier. Fontanet,. in. honor. of. his. father,. Joseph.Fontanet.(H.39),. to.support.education.and.research.in.business.strategy.and.to. improve.the.accessibility.of.HEC.to.students.of.merit.

■ The Bruno Roux de Bézieux (H.55) Foundation.was.created.6.years.after.his.disappearance.by.his.family.and.his.friend,.Didier.Pineau-Valencienne.(H.54)..It.promotes.educational.innovation.in.management.science.in.France.


governanCe

Barbara de Colombe, Executive Director of the HEC Foundation

“A big thank to all the alumni and representatives from partner companies who are involved in our governance structures. Nearly 80 volunteers give their time and expertise by participating in various committees, thus ensuring that the operations of the HEC Foundation run smoothly. Our mission is to give meaning and impact to our actions thanks to the support of our donors and volunteers.”

As.a.state-approved.non-profit.organization,.the.HEC.Foundation.is.governed.with.transparency.and.rigor..The.administrative.and.governing.bodies.ensure.that.this.commitment.is.fulfilled.

Board of DirectorsDecision-making.body.of.the.HEC.Foundation,.the.Board.of.Directors.votes.on.budgets.prepared.by.the.Specialized.Committees.and.closes.the.accounts.

It.is.composed.of:

■. three.legal.members.representing.public.authorities.(a.representative.of.the.Ministry.of.Interiors,.a.representative.of.the.Ministry.in.charge.of.the.Economy.and.Finance,.a.representative.from.the.Ministry.in.charge.of.Education)

■. five.founding.members.(the.president.of.the.HEC.Alumni.Association,.two.members.designated.by.the.President.of.the.HEC.Alumni.Association,.a.representative.of.the.Chamber.of.Commerce.and.Industry.in.Paris,.the.President.of.HEC)

■. seven.well.known.and.qualified.individuals.of.whom.at.least.three.are.alumni.of.the.one.the.HEC.programs.

ClerkThis.body.executes.the.strategy.defined.by.the.Board.of.Directors,.under.the.management.of.the.President.of.the.Foundation,.Bertrand.Leonard.(H.85)..It.is.composed.of.members.of.the.Board.of.Directors.and.several.permanent.guests.

Campaign CommitteeComposition:.approximately.twenty.donorsRole:.Determines.the.most.efficient.means.for.reaching.fundraising.objectives.

Investment and Risk CommitteePresident:.Arielle.Levi.(H.87).Composition:.five.qualified.individuals,.the.treasurer.and.the.President.of.the.Foundation.Role:.ensures.an.optimal.and.secure.management.of.the.Foundation’s.funds,.especially.those.that.are.endowed.

Research CommitteePresident:.Bertrand.Leonard.(H.85)Composition:.representatives.from.our.Corporate.Partners.and.the.Director.of.Research,.HEC.Paris.Role:.Selects.and.follows.the.advancement.of.research.projects.financed.by.the.Foundation.

Teaching and Diversity CommitteePresident:.Bernard.Pérot.(H.74).Composition:.representatives.of.Corporate.Partners.as.well.as.of.HEC.paris.Role:.tracks.the.evolution.of.teaching.resources.and.tools.and.the.advancement.of.equal.opportunity.benefiting.from.the.support.of.the.Foundation.

Board of Directors:Domenico.Azzarello.(Bain.&.Co)Daniel.Bernard.(Provestis)Anne.Bosche-Lenoir.(SNCF.Proximité)Eric.Bulle.(PwC)Henri.de.Castries.(AXA)Alexandra.Claudios.(Ministère.de.l'Intérieur)Mireille.Faugère.(Association.HEC.Alumni)Bertrand.Léonard.(Avesnes.Invest)Catherine.Malinie.(Ministère.de.l'Enseignement.supérieur.et.de.la.recherche)Henri.Proglio.(EDF)Bruno.Rain.(Pernod.Ricard)Bernard.Ramanantsoa.(HEC.Paris)Olivier.Sibony.(McKinsey.&.Company)Jérôme.Tixier.(L'Oréal)

Committees:Dominique.Banier.(EDF)Pascal.Baumgarten.(McKinsey.&.Company)Godefroy.Beauvallet.(AXA)Michel.Bénard.(Google)Anne-Claire.Berg.(Danone)Florence.Bernard.(L'Oréal)Michel.Bilger.(Crédit.Agricole.SA)Mathieu.Blanc.(Raise)Annick.Briançon-Bulle.(PwC)Séverin.Brizay.(UBS)Emmanuelle.BrizayElizabeth.Buckley.(Arete.Research)Bertrand.Cardi.(Darrois.Villey.Maillot.Brochier)Philippe.Cerf.(Crédit.Suisse)Constance.Chalchat..(BNP.Paribas.SA)

Sylvie.Chamberlin.(CHS.Conseil)Virginie.Chauvin.(Mazars)Anne-Elise.Chevillard.(AXA)Olivier.Combastet.(Pergam.Finance)Marianick.Darnis.Lorca.(Linklaters.LLP)Jean.Deichtmann.(Thomson.Reuters.France)Pierre-Olivier.Desaulle.(Hiscox.Europe)Isabelle.Fabre.de.Morlhon.Jean.Fau.(Brennus)Laure.FauMireille.Faugère.(Association.HEC.Alumni)Benoît.Gallot.(Thomson.Reuters.France)Cyril.Garcia.(Capgemini.consulting)Antoine.Giuntini.(Procter.&.Gamble.France)Frédéric.Gourd.(Deloitte.&.Associés)Nadia.Guermazi.Renucci.(BNP.Paribas)Raphael.Gusdorf.(AXA.Group)André-Benoît.de.Jaegere.(Capgemini.France)David.Jestaz.(EDF)Charles-Edouard.Joseph.(Boussard.&.Gavaudan.Gestion)Yannick.de.Kerhor.(KPMG.AUDIT)Sara.Kokot.(EY.&.Associés)Vincent.Le.Baron.(Freshfields.Bruckhaus.Deringer)Jean-Claude.Le.Grand.(L'Oréal)Nadine.Lemaître.(Suez)Arielle.Levi.(Allfine)Clarisse.Magnin-Mallez.(McKinsey.&.Company)Valérie.Mathérion-Ledjam.(Allen.&.Overy)

Sylvia.Metayer.(Sodexo)Jean-Christophe.Napoléon.(Advent.International)François-Xavier.O'Mahony.(Accenture.France)Bernard.Perot.(KPMG.Audit)Anne.Perrin-Vujasinovic.(Meteojob)Thomas.Perrot.(Linklaters.LLP)Bertrand.Pointeau.(Bain.&.Co)Vincent.Ponsonaille.(Linklaters.LLP)Serge.Pottiez.(EY.&.Associés)Anne.Pruvot.(Accenture.France)Thomas.Reynaud.(Free.Iliad)Benoît.Roger-Vasselin.(Publicis.Groupe)Didier.Rousseau.(Weave)Bénédicte.Rousseau-ChampenoisKarine.Sanouillet.(Association.HEC.Alumni)Sophie.Serratrice.(Crédit.Agricole.SA)Evelyne.Sevin.(Egon.Zehnder.International)Olivier.Sibony.(McKinsey.&.Company)Anne.Veaute-Chignard.(Mazars)Florence.Vellutini-Cerf.(Ville.et.Campagne)Gilles.Wozelka.(Neopost.SA)


Analysis of annual financial statements

Resume of account results 2014

Resume of the balance sheet as of 2014/12/31 (en e)

2006 2007 2008 2009 2010 2011 2012 2013 2014

€3,4M€5,1M

€6,6M

€9,8M

€13,1M€15,4M €15,1M

€12,9M

€18,1M

■. The. year. 2014. saw. a. drop. in. the. amount. of. collected. resources,.mainly.due.to.the.so-called.“silent”.period.between.the.2.campaigns.(overall. 15%. in. relation. to. 2013).. The. pledge. levels. from. major.donors.and.companies.at.the.start.of.2014.experienced.a.20%.drop.in.relation.to.the.start.of.2013.

■. In.contrast,.a.dynamic.prospecting.operation.resulted.in.gaining.the.support. of. 7. new. major. donors. and. 6. new. companies,. including..4.chairs..The.total.number.of.donors.is.on.the.rise.(2,500.donors.in.2014.vs.2,400.in.2013).

■. The.financial.and.exception.results.saw.a.gain.of.€1,5.M.thanks.to.well-managed.investment.policies.by.the.investment.committee.

■. The. allocations. for. project. funding. are. maintained. in. all. areas. of.support,.for.a.total.of.7,1.million.euros.

■. The.collection.and.operational.costs.are.down.slightly.

■. The. net. income. of. 6,2. million. euros. will. be. added. to. the. current.funds. and. reserves,. for. a. total. of. 38,5. million. euros. in. capital,. to.ensure.the.perpetuation.of.revenue.

Evolution of Fundraising at the HEC Foundation

2014 aCCounts summary

KEy FIGuRES FOR 2014

€12,9M of resources raised in 2014

€38,5M in capital funds

2 500 Donors in 2014

42 Corporate Partners (including 17 Chairs and Centres)

36 % 64 %

In 2014, WHERE DID THE FOunDATIOn RESOuRCES COME FROM?

In 2014, WHERE DID THE FOunDATIOn RESOuRCES GO TO?

Donors

Corporate.partners

Alumni.&.Friends

Corporations

Endowment.and.Capital.Funds

Student.Aid

Chairs.and.Research.Centers

Research

Teaching

Operational.Costs

42 %

21,9 %

11,7 %

8,4 %

6 %9,9 %

(in.e) 2014 2013Donations collected during the year 12,877,288 15,149,183

Individuals 8,238,288 9,755,933

Corporate.Partners 4,639,000 5,393,250

Financial and extraordinary results 1,475,560 1,007,256

INCOME FOR THE YEAR 14,352,848 16,156,439

variation for dedicated funds and others 746,825 -135,876

Donations.deferred.for.future.projects -1,814,688 -2,783,783

Use.of.dedicated.past.funds 2,353,607 2,642,572

Reversal of provisions and Other Products 207,906 5,335

RESOuRCES AvAILABLE FOR THE YEAR 15,099,673 16,020,563

Financing of projects 7,136,081 7,630,227

Student.Aid 3,252,442 3,665,692

Chairs 1,736,536 1,662,569

Research 1,053,112 1,307,723

Teaching 896,752 702,462

International.Communications 197,239 291,781

Fundamental research costs 1,077,957 1,081 677

Running costs 397,704 436,913

Partenariat HEC Alumni 250,000 250,000

EXPENSES FOR THE YEAR 8,861,742 9,398,817

EXCESS 6,237,931 6,621,746

Estimated.values.of.gifts.in.kind 63,920 280,500

ASSETS 2014 2013 LIABILITIES AnD RESERvES 2014 2013

Investment.securities 48,513,988 42,841,077 Funds.collected.

and.reserves 38,482,419 32,244,489

Liquid.assets 966,856 1,249,855 Dedicated.funds 7,716,648 8,255,567

Other.assets 839,832 581,443 Debt.and.other.liabilities 4,121,609 4,172,319

TOTAL 50,320,676 44,672,375 TOTAL 50,320,676 44,672,375

Certificate from the Statutory Auditor

«.Dear.President.of.the.HEC.Foundation,As. the. statutory. auditor. of. your.Foundation. and. in. response. to. your.request,.I.address.the.present.extracts.from. the. balance. sheet. and. income.statements,.which.shows.a.surplus.of.€.6,237,931.The. financial. statements,. which. are..included. in. the. Foundation’s. 2014..Annual.Report.are.under.your.responsi-bility.I.conducted.my.work.in.accordance.with.the. professional. norms. and. auditing.standards. relative. to. the. specific.certificates. (NEP. 9030). within. the. due.diligence. framework. directly. linked. to.our.mission.of.statutory.auditor.My. diligence. consisted. of. estimating.the.compliance.of.this.information.with.the. annual. accounts. of. the. HEC.Foundation,.which.were.the.object.of.an.audit. I. performed. and. which. will. be.submitted.for.approval.to.the.Board.of.Directors. of. the. Foundation. in. May.2015.I. do. not. have. any. observations. to.express. on. the. compliance. of. the.attached. information,. included. in. the.HEC. Foundation. 2014. Annual. Report.with. annual. accounts,. which. will. be.submitted.for.approval.to.the.Board.of.Directors.of.the.Foundation.the.11th.of.May.2015.This. certificate. is. established. in. the.context.of.the.presentation.of.the.2014.Annual.Report.by. the.Foundation,.and.should.not.be.used,.distributed.or.cited.for.other.reasons..»Paris,.11th.of.April.2015

Monique.MILLOT-PERNINStatutory.Auditor

22 Annual Report 2014

The.HEC.Foundation.team.would.like.to.thank.you.for.your.generous.support..Please.do.nothesitate.to.contact.us.

Cré

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tos.

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.HEC

.Par

iswww.hec.fr/Fondation

www.facebook.com/FondationHEC

www.thecampaign-hec.com

HEC Foundation –.State.Approved.Foundation.Decree.of.July.5th.1973

1,.rue.de.la.Libération.–.78351.Jouy-en-Josas.cedex.-.FRANCE.Tél.:.+33.(0)1.39.67.94.17

Patricia de [email protected]él.:.+33.(0)1.39.67.94.17

Barbara de [email protected]él.:.+33.(0)1.39.67.94.17

Marie [email protected]él.:.+33.(0)1.39.67.95.61

Marianne [email protected]él.:.+33.(0)1.39.67.98.87

Marie-Hélène [email protected]él.:.+33.(0)1.39.67.74.14

Alice [email protected]él..:.+33.(0)1.39.67.97.02

Olga [email protected]él..:.+33.(0)1.39.67.97.78

Marianne [email protected]él.:.+33.(0)1.39.67.74.10

Philippe [email protected]él.:.+33.(0)1.39.67.71.96

Léa [email protected]él.:.+33.(0)1.39.67.97.37

yOuR COnTACTS at the HEC Foundation

embassy of kenya, paris » accredited countries: france

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