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August 1, 2010

UN Academic Forum calls on Businesses to Balance Social and Economic Objectives


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Educators and administrators from 37 countries, meeting at the second UN Global Forum on Responsible Management Education, recently held in New York, called on business leaders to better balance social and economic objectives and encouraged management education to prepare future leaders for this challenge.

At the end of the conference, participants representing business schools and other academic institutions exhorted business to emphasize societal value just as much as its commitment to shareholder return.

Assuring their support for researchers, task forces and associations dedicated to the globalization of business education and development of effective leaders, academic leaders participating in the forum reaffirmed their commitment to the Principles for Responsible Management Education (PRME). The UN-backed initiative was launched in 2007 to better prepare current and future organizational leaders for their dual roles as economic developer and societal servant.

The Global Forum for Responsible Management Education, was organized by the PRME Secretariat and hosted by Fordham University Schools of Business.


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Following is the Declaration of the 2nd Global Forum for Responsible Management Education, New York, NY.

"For more than 100 years, management education has sought to provide business leaders with the tools to invigorate economic growth. Yet economic gain is no longer a solitary end in the hearts and minds of the globe's six billion people. Business must emphasize societal and environmental value just as much as its commitment to shareholder return. Management education must also enhance its curricula, pedagogy, research and incentives, as well as lead by example, to prepare organizational leaders who will balance economic and social development.

We support the numerous business schools and universities, companies, governments, civil society groups and associations dedicated to the globalization of business education and development of effective leaders. These initiatives inspire us to make management education the hallmark for responsible leadership.

The Principles for Responsible Management Education (PRME), written in 2007 and now endorsed by over 300 business schools from 62 countries, serve as guidelines for management education providers to better prepare current and future organizational leaders for their dual roles as economic developer and societal steward. Yet with more than 12,000 business degree granting institutions worldwide, our job has just begun. We aspire to the goal of 1,000 PRME schools by 2015. We urge business schools to adopt the Principles and organizations to balance their economic and social objectives.

-- Endorsed by the participants of the 2nd Global Forum for Responsible Management Education."


Launched in 2007, the Principles for Responsible Management Education (PRME) provide framework for academic institutions to advance corporate social responsibility through the incorporation of universal values into curricula and research. The PRME is coordinated by a Steering Committee constituted of the Association to Advance Collegiate Schools of Business (AACSB International), the European Foundation for Management Development (EFMD), the Aspen Institute's Business and Society Program, the European Academy for Business in Society (EABIS), the Graduate Management Admission Council (GMAC), the Globally Responsible Leadership Initiative (GRLI), Net Impact, and the United Nations Global Compact.

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"You are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world, and you impoverish yourself if you forget the errand."

-- Woodrow Wilson (28th President of the United States. President of Princeton University from 1902 to 1910).


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"Riches do not consist in the possession of treasures, but in the use made of them."

-- Napoleon Bonaparte.


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"There must be, not a balance of power, but a community of power; not organized rivalries, but an organized peace."

-- Woodrow Wilson (28th President of the United States. President of Princeton University from 1902 to 1910).



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Edited & Posted by Surender Hastir | 7:28 AM | Link to this Post


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