Global Program
Future of Capitalism

Open to current MBA/EMBA students and alumni worldwide.

Save the dates: January 13- April 21, 2026.

Apply Now

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 - Future of MBA Education: What Are the Roles and Responsibilities of Business Schools?

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) 

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.

Speaker: 

To be announced

Facilitator: 

Prof. Peter David Pedersen (Co-founder and Executive Director of NELIS – Next Leaders’ Initiative for Sustainability; Professor, Shizenkan University)

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/Discussants: 

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

Facilitator: 

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

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

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.

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.

Speaker: 

Tomo Noda (President and Chair, Shizenkan University)

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: 

To be announced

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

What responsibilities do companies have toward society in an era of global interdependence? How should businesses balance profitability with their ethical obligations? In this session, we will explore the evolving relationship between corporations and society, with particular attention to frameworks such as ISO 26000, which outline the scope of corporate influence and responsibility.

We will address provocative questions: Do sweatshops—often criticized as exploitative—have a role to play in economic development? What responsibilities do fast fashion companies bear for human rights and labor practices in their supply chains? And how can corporations address human rights issues without compromising their competitive edge?

The session will be facilitated by Prof. Niloy Biswas of the University of Dhaka, an expert in international relations.

Through this discussion, we aim to challenge conventional thinking and encourage participants to explore innovative and ethical approaches to managing the complex interplay between business and society.

Speakers:

Hubert Joly (Former CEO, Best Buy)

Discussant:

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

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: 

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 and Government, 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 and Government 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:

Thomas Rau  (Architect & Thought Leader)

Sabine Oberhuber (Co-founder, Turntoo)

Facilitator: 

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

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: 

Pavan Sukhdev (Founder & CEO, GIST Impact; Former President and Chair of WWF International)

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?

We are honored to welcome Pavan Sukhdev, Founder & CEO of GIST Impact and former President and Chair of WWF International. Author of Corporation 2020, Pavan has been a leading advocate for sustainable economic models and the integration of environmental considerations into business decisions. He will share core ideas from Corporation 2020, discussing the future role of corporations in driving sustainable change and emphasizing long-term impact over short-term profit.

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: 

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

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, as well as recent graduates, 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 recently graduated (within the past 5 years) from an MBA or EMBA program.
  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.

Download Application Guidelines
Application Form

Frequently Asked Questions

When and where will the program take place?

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 MBA or EMBA students (and recent alumni) 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