Global Program
Future of Capitalism

Open to current and future MBA/EMBA students and alumni worldwide.

Applications for the 2026 program are now closed.
If you would like to be notified when applications for the 2027 program open, please join our waiting list.

Get Notified About the 2027 Program

The Future of Capitalism global online program unites MBA students, graduates, and emerging leaders worldwide to explore how capitalism must evolve to meet 21st-century challenges. Together, we explore the role of business enterprises and their leaders in this transformation: What is the purpose of business? How should business models change? What do companies contribute to society beyond products and services?

The program also rethinks MBA education itself—its mission, its impact, and how business schools must adapt for a world in flux.

Each year, a diverse global cohort engages in dialogue, case studies, and interactive sessions with leading scholars and practitioners—building the ideas, collaborations, and leadership needed to shape the future of business and society.

The Future of Capitalism 2026 Program Outline

Subject to change

Session 1. Tue, Jan 13, 13:00-15:15 CET - Introduction: Exploring a New Paradigm of Corporate Leadership and Business Education

Welcome remarks from the project so-initiators:

Prof. Franz Heukamp  (Dean of IESE Business School, Spain)

Prof. Tomo Noda  (President and Chair, Shizenkan University, Japan)

Speaker: 

Paul Polman (Business leader, investor, philanthropist; Former CEO, Unilever) 

Discussants:

Prof. Tomo Noda  (President and Chair, Shizenkan University, Japan)

Prof. Jean-Francois Manzoni (Former President, Professor of Leadership and Organizational Development, IMD)

Facilitator:

Prof. Raj Sisodia (Distinguished Professor of Conscious Enterprise, EGADE Business School, Mexico)

In the opening session, we will turn our focus to the future of MBA education and its critical role in shaping the next generation of leaders who must navigate the complexities of business and society. As global challenges intensify, it is increasingly important to rethink how we prepare leaders—equipping them not only as skilled managers but also as responsible stewards of the future.

We will be joined by Paul Polman, former CEO of Unilever and co-author of Net Positive, who will share his insights on how business leaders can drive meaningful change and on the role business education should play in developing such leaders.

Together, we will explore the evolving purpose of MBA education and its responsibility to cultivate leaders committed to building a more equitable, sustainable, and purpose-driven world.

Speakers/Discussants: 

Matt Christensen (Global Head of Sustainable & Impact Investing, Allianz)

Prof. Jesper Koll (Adjunct Professor, Shizenkan University; Global Ambassador, Monex Group, Inc.)

Facilitator: 

Prof. Fabrizio Ferraro (Professor of Strategic Management, IESE Business School; Academic Director of Institute for Sustainability Leadership)

Capital markets are at a crossroads—shaping not only the financial world, but also the future of society. In this session, we will examine the key trends and challenges they face, from the rise and backlash of ESG (environmental, social, and governance) investing to the growing momentum of impact investing.

We will also consider pressing questions: How do financial and corporate systems interact? What role should finance and capital markets play in creating a more equitable and sustainable world? And most importantly, how can the financial system be reshaped to meet the needs of both society and the planet in the years ahead?

Speaker: 

Prof. Stefano Zamagni (Former President, Pontifical Academy of Social Sciences)

Discussant: Arun Maira (Chairman of the Board of Trustees, HelpAge International; Former Chairman of the Boston Consulting Group India)

Facilitator: 

Prof. Niloy Biswas (Professor of International Relations, University of Dhaka)

Our journey continues with a broad exploration of contemporary society and business, offering a bird’s-eye view of the most pressing issues humanity faces today. At this pivotal moment of change in capitalism, we will ask: Where are we heading, and what challenges lie ahead for companies and leaders navigating this transformation?

Speakers: 

Prof. Colin Mayer (Emeritus Professor, Saïd Business School University of Oxford)

Ramón Mendiola Sánchez (CEO, Florida Ice and Farm Company)

Facilitator: 

Prof. Govert Vroom (Professor, Strategic Management Department, IESE)

How can businesses remain profitable while also bringing meaning and purpose to people’s lives? In this session, we will explore the transformative concept of purpose-driven management and its potential to reshape the role of business in society.

We will be joined by Prof. Colin Mayer of the Blavatnik School of Government and Saïd Business School at the University of Oxford, a leading authority on corporate governance. He will share his insights on the evolving role of corporations in addressing the complex challenges of contemporary society.

Ramón Mendiola, former CEO of Florida Ice & Farm Company (FIFCO), led its transformation into a global sustainability leader. He is widely recognized for advancing purpose-driven leadership, corporate governance, and social responsibility.

The session will be facilitated by Prof. Govert Vroom of IESE Business School, whose research focuses on competitive dynamics, business strategy, and corporate governance. His expertise will help frame the discussion and guide the exchange with participants.

Speakers: 

Tomo Noda (President and Chair, Shizenkan University)

Charlotte Levitt (Director of Marketing & Communications, B Lab Global)

Facilitator: 

Prof. Lawrence Loh (Professor and Director of Centre for Governance and Sustainability, National University of Singapore)

In this session, we return to the fundamentals and ask a critical question every business must confront: What is a company, and what is the role of a manager? How should managers navigate their relationships with the company, shareholders, and a diverse array of stakeholders?

Prof. Tomo Noda of Shizenkan University will lead the discussion by revisiting agency theory, introduced by Milton Friedman and Michael Jensen, which frames managers as agents of shareholders. Moving beyond this traditional perspective, he will present an alternative view of the company–stakeholder relationship—one that emphasizes the broader responsibilities of managers in creating value and fostering trust across all dimensions of the enterprise.

The session will be facilitated by Prof. Lawrence Loh of the National University of Singapore, whose expertise in corporate governance and sustainability will help guide the dialogue and enrich the discussion.

Speaker: 

Prof. R. Edward Freeman (University of Virginia)

Facilitator: Prof. Alon Rozen (Dean, CEO & Professor of Innovation, École des Ponts Business School)

In this session, Prof. R. Edward Freeman—founder of the stakeholder theory paradigm—introduces the core ideas and practical implications of stakeholder strategy for contemporary business. He will explore how companies create value with and for their stakeholders, why traditional shareholder-centric models are no longer sufficient, and how organizations can adopt a more integrative, purpose-driven approach to strategy. The session will combine conceptual foundations with real-world examples, offering participants a deeper understanding of how stakeholder thinking can transform managerial decision-making and long-term value creation.

Speakers:

Thomas Rau  (Architect & Thought Leader)

Sabine Oberhuber (Co-founder, Turntoo)

Facilitator: 

Louise Kjellerup Roper (CEO, Volans; Board Member, ENSO Tyres)

In this session, we will welcome architect and thought leader Thomas Rau and Sabine Oberhuber, Co-founder of Turntoo, who will provide a systemic perspective on the necessity of the transition to a circular economy. It will highlight the main principles of a circular economy and discuss its most important building blocks, including design, digitalisation, and changes in business culture and processes. The session will showcase practical examples of circular business-model transformation and provide insights into implementing circular change.

The session will be facilitated by Prof. Alon Rozen, Dean, CEO, and Professor of Innovation at École des Ponts Business School (France).

Speakers: 

Mads Christensen (Executive Director, Greenpeace International)

Discussant: 

John Elkington (Chief Pollinator, Volans; author of “Green Swans”)

Facilitator: 

Prof. Edson Kenji Kondo (Dean, School of Public Policy, Government, and Business, Fundação Getulio Vargas, Brazil)

What is the true responsibility of companies toward the planet, and how can businesses balance growth with environmental stewardship? In this session, we will examine the complex and evolving relationship between corporations and the natural world.

We will be joined by Greenpeace International’s executive director Mads Christensen and John Elkington, a world authority on corporate responsibility and sustainable capitalism, for an engaging dialogue that challenges traditional business perspectives on environmental responsibility.

Participants will step into the role of company managers, exploring practical and ethical dilemmas related to corporate environmental impact. Together, we will address pressing questions: How can companies align their strategies with planetary boundaries? What steps must businesses take to actively contribute to climate action and biodiversity preservation?

The session will be facilitated by Edson Kenji Kondo, Dean of the School of Public Policy, Government, and Business at Fundação Getulio Vargas, Brazil. Through this interactive format, participants will engage in dynamic discussions that encourage critical thinking about how leadership decisions can shape a sustainable future for generations to come.

Speakers:

Hubert Joly (Former CEO, Best Buy)

Discussant:

Prof. Olawale Ajai (Professor of Legal, Social and Political Environment of Business and Head, Department of Strategy, Lagos Business School)

Facilitator: 

Mr. Anil Sachdev (Founder and Chairman, School of Inspired Leadership, India; Founder and Former CEO, Grow Talent)

Are employees merely a means to maximize profits, as once championed by GE’s legendary CEO Jack Welch, or is a corporation’s true purpose to enhance their well-being? In this session, we will explore this fundamental question, examining diverse perspectives on the role of employees and the evolving employer–employee relationship.

The discussion will go beyond conventional management practices, challenging participants to consider the broader implications of leadership decisions. What does it mean to truly value employees? How can corporations create environments that prioritize both business success and human flourishing? Together, we will explore how leaders can redefine the employee–employer dynamic to build more sustainable and meaningful organizations.

The session will be facilitated by Anil Sachdev of the School of Inspired Leadership, India, a renowned expert in HR and talent development.

Speakers: 

Christian Heller (Chief Executive Officer, Value Balancing Alliance e.V.)

Facilitator:

Prof. David Veredas (Professor of Finance and Associate Dean for Sustainability, Vlerick Business School, Belgium)

In this session, we will challenge traditional notions of corporate value creation by exploring new paradigms that integrate environmental, social, and governance (ESG) factors into the heart of business strategy. How can businesses redefine value beyond financial profit and create long-term positive impacts for society and the planet?

The session will be facilitated by Prof. David Veredas, Professor of Finance and Associate Dean for Sustainability at Vlerick Business School, Belgium. Participants will gain a fresh perspective on corporate value creation that prioritizes sustainability and long-term impact, encouraging future leaders to rethink the role of business in society.



Speakers: 

Roman Krznaric (Senior Research Fellow at Oxford University; author of “The Good Ancestor”)

Prof. Raj Sisodia (Distinguished Professor of Conscious Enterprise, EGADE Business School, Mexico)

Facilitator: 

Prof. Sourav Mukherji (Professor of Organizational Behavior & Human Resources Management and Dean, Alumni Relations & Development, Indian Institute of Management – Bangalore)

In the final session of the program, we will examine the roles and responsibilities of business leaders in shaping not only their organizations but the broader world. How can leadership decisions today leave a positive, lasting impact on future generations?

Roman Krznaric, social philosopher and Senior Research Fellow at Oxford University, will challenge participants to reflect deeply on their legacy, exploring the concept of being “Good Ancestors.” He will share ideas on how leaders can cultivate a long-term vision that prioritizes sustainability, equity, and purpose, creating a future that serves the well-being of generations to come.

We will also be joined by Prof. Raj Sisodia, Distinguished Professor of Conscious Enterprise at EGADE Business School, and co-founder of the Conscious Capitalism movement. He will offer insights into how purpose-driven leadership and conscious business practices can foster organizations that are not only profitable but also deeply humane, ethical, and regenerative.

Together, we will explore how the role of leaders is evolving in a world increasingly defined by complexity and interdependence. Through discussion and reflection, participants will consider how they can align their decisions and leadership practices with the principles of responsible, future-oriented stewardship.

The organization was impeccable. The guest speakers, the sequence of topics and the motivation for the next meeting were always present.
Adriana SeidelFundação Getulio Vargas, Brazil
Essentially, the course seems to have established a picture of a deep transformation of the manner in which we think about business. It is not just about profit anymore; it's about creating value for all constituencies and doing good for the planet and society too. There are big problems to solve, but no less possibilities for business and business leaders to get involved and to reimagine a better world.
Diyani PereraAsian Institute of Technology, Thailand
Too often, business education is filtered through a Western lens… It was enriching to hear from Asian and African students, whose insights brought new dimensions to discussions on sustainability and responsibility.
Jesús Carlos Romero GonzálezEGADE Business School, Mexico

Who we are looking for

We invite current MBA and EMBA students, graduates, and everyone interested in business education, who are passionate about rethinking the future of business and society.

Ideal participants are:

  • Curious and open-minded, with a deep interest in topics such as the future of capitalism, purpose-driven leadership, sustainability, and social impact.
  • Committed and engaged, ready to dedicate time and energy to the full length of the program.
  • Active contributors, prepared to participate meaningfully in discussions with global peers, renowned speakers, and faculty.

  • Collaborative learners, eager to both challenge and be challenged, serving as catalysts for dialogue, reflection, and collective growth.

If you are ready to go beyond conventional boundaries and join a global learning community shaping the future of capitalism—this program is for you.

Eligibility Criteria

Applicants must meet all of the following criteria:

  1. Be currently enrolled in or graduated from any MBA or EMBA program, or be interested in business education.
  2. Have a minimum of 5 years of full-time professional experience.
  3. Be proficient in English and able to actively participate in discussions.

The Future of Capitalism Program is a non-degree, non-credit-bearing global initiative jointly offered by IESE Business School and Shizenkan University. Participants are not enrolled as university students and will receive a Certificate of Completion upon fulfilling the program requirements and request.

Applications for the 2026 program are now closed.
If you would like to be notified when applications for the 2027 program open, please join our waiting list.

Get Notified About the 2027 Program

Frequently Asked Questions

When and where will the program take place?

In 2026, the Future of Capitalism program will run from 13 January to 21 April 2026. All sessions will be held online via Zoom.

What is the course fee?

Participation in the program is free of charge.

Who can participate in the program?

There are two modes of participation:

  1. Partner School Students – Students currently enrolled in one of the 20+ partner business schools may join the program through their home institution.

  2. Open Cohort Participants – A limited number of seats are available for current and future MBA or EMBA students and graduates from other schools worldwide. These participants will be selected through an open application process.

Both groups will join the same sessions and share the full learning experience.

How can I receive a Certificate of Completion?

A Certificate of Completion, issued jointly by IESE and Shizenkan University, will be awarded to participants who:

  • Attend more than 70% of the sessions, and

  • Apply for the certificate at the end of the program.

Attendance will be confirmed via Zoom’s chat feature during each session.

What happens if I miss a session?

All sessions will be recorded and made available for a limited period after each class.
However, please note that watching the recordings does not count towards attendance, which is required to receive a Certificate of Completion.

Will there be group work?

The program does not include formal group projects across schools, as online teamwork without established personal relationships can be challenging.
However, interactive learning is built into the design:

  • Each session includes breakout room discussions with small groups of peers.

  • Students will be assigned to a group at the start of the program, with groups reshuffled once or twice to encourage wider networking.

  • Before the program begins, each discussion group will have a short (~20-minute) introductory call to meet informally.

This structure encourages interaction and the building of meaningful connections without heavy group assignments.

Global Program