Board of trustees report

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2024 was another year of high activity at BI. The Board and the organisation have invested a significant amount of time in setting the course for the next five years through the development of BI's new Strategy 2030. 

With the slogan "Knowledge that makes a difference", the strategy sets clear guidelines for how BI will maintain and develop its position as a leading European business school. Through teaching and research, BI will make a difference and contribute to solving society's most pressing challenges., These two areas are BI's most important priorities in the years to come, in addition to organisational development

In November 2024, a new organisational structure was presented to all employees. In a changing world, BI must adapt and evolve to remain relevant. The new organisational structure is well-aligned with BI's strategic ambitions, and the Board is confident that BI is well-equipped to meet the demands and expectations of the future as an educational and research institution.

BI has a profit of MNOK 65.7, a result of good strategic priorities and high admission of students. Last autumn, a record-breaking number of students started full-time studies. The Board is proud that BI welcomed over 5,000 new bachelor's students and almost 900 master's students to the school's four campuses and recognises the solid work behind these figures. Despite a somewhat weaker admission rate among executive students, there was growth in courses targeting the corporate market. 

The Board is pleased that the Financial Times has ranked BI as the country's best business school and number two in the Nordic region in its 2024 European school ranking. In addition, BI was reaccredited by the accreditation body AACSB, which confirms BI's position as one of the world's top business schools. BI continues to be a "Triple Crown" accredited business school, in the company of 1% of the world's business schools, a solid seal of quality that the school delivers high-quality teaching and research.

The Board would like to thank employees, students, the student organisation BISO, alums, and other partners who, in their own ways, contribute to BI being a world-class educational and research institution. 

High-quality education and research

Accreditations and international rankings are an important seal of quality and hold significant importance for BI's reputation, student recruitment, and ongoing improvement. Accreditations and rankings also confirm that BI delivers high-quality teaching and research with significant social impact and high relevance. In 2024, the Board decided that the Financial Times school ranking should remain a priority. The Board believes that rankings are a helpful tool that can help achieve strategic goals, provided that the level of ambition is anchored in the organisation and supported with sufficient resources.

The Board wants BI to have the right composition of faculty to be able to deliver relevant education and research that meet the needs of working life and address societal challenges. A key point in the development of faculty is to ensure a good balance between skilled educators and skilled researchers. In recent years, BI has prioritised increasing the school's capacity for teaching in recruitment of researchers and lecturers, partly due to the establishment of several new study programmes. The Board recognises the important work that has been done in 2024 to increase teaching capacity at BI and emphasises that this work must also be prioritised in the future. This is crucial for reducing vulnerability, ensuring high-quality teaching, and promoting pedagogical development and innovation. 

Students getting hired after finishing their studies say a lot about how attractive they are perceived to be and to what extent BI's study programs are relevant to the needs of working life. The Board is pleased to see that the 2024 labour market survey indicates that 83% of BI's bachelor's students and 92% of master's students were in employment six months after graduation. 

The Future Programme Delivery Project (FPD) has been ongoing since autumn 2023. The primary objective of the project has been to develop innovative solutions that foster good learning experiences. Several new initiatives were launched in 2024. Among other things, a pilot was conducted for the compressed delivery of full-time courses at campus Bergen, which provides students with the opportunity to focus on one course at a time. The project's future direction will be adjusted in line with Strategy 2030.

Skilled lecturers who engagingly convey the curriculum are important for students. In 2024, a new cohort completed BI's professional teaching course, "The Art and Practice of Executive Teaching". The course equips participants with specialised teaching skills tailored to the executive target group, which is crucial for ensuring sufficient pedagogical capacity in the future. 

An important strategic focus is that research from BI is published in renowned international scientific journals. In April 2024, the publication points for 2023 were published. The Board is very pleased with the solid results, which show that 2023 was a record year, both in terms of the number of scientific articles published, the number of publication points and the number of publications at level 2, the most recognised scientific level. The publication points for 2024 will be published in April 2025.

In accordance with Strategy 2030, the Board is committed to ensuring that the research developed at BI is communicated widely, both in scientific journals and in other channels where this knowledge can benefit the public. Research dissemination is an integral part of BI's social mission and a tool for highlighting the school and its academics' expertise and social relevance. The Board expects BI to increase its focus on this in the future.

There is continuous work to increase the proportion of externally funded research. The Board emphasises this work because external funding of projects is an important confirmation that BI's research is relevant to society and business. In 2024, BI's externally funded research projects had a turnover of MNOK 42.2, compared to MNOK 41.4 in 2023. Funds from the EU and the Research Council of Norway continue to be prioritised, while the administration supports efforts to apply for funds from all relevant funding sources. Last year, it was gratifying that BI was successful in many applications from the Financial Markets Fund (Finansmarkedsfondet). In addition, BI was awarded two Marie Skłodowska-Curie Actions (MSCA) postdoctoral fellows for the first time. MSCA is a prestigious program within the European Framework Programme for Research, Horizon Europe. 

The Board emphasises that it is important to collaborate with the research community at BI to encourage researchers to pursue external funding for their research projects. BI's Research Talent Program is an example of this. The program is designed for researchers early in their careers who aspire to apply for research grants and expand their research networks and ideas. 

A significant milestone for BI's doctoral programme was the introduction of a new PhD specialisation in accounting, which welcomed the first fellows last year. In addition, a new specialisation in communication was approved and will have its first PhD students in the summer of 2025. The Board is also optimistic that BI is exploring the possibility of establishing a PhD in law. 

In 2024, an evaluation of BI's ten research centres was conducted. The process resulted in eight centres being designated as "flagship research centres." These will be particularly important in the implementation of BI's Strategy 2030. The research centres will develop research of exceptionally high quality that contributes to significant societal impact and relevance. 

Sustainable social development, welfare and innovation
BI's goal is to provide students with the values and skills necessary to address society's major challenges and make informed, sustainable decisions in their professional lives. Through teaching and research, we have a great responsibility and great opportunities to contribute to sustainable social development. Therefore, sustainability is integrated into courses and programmes in both the bachelor's and master's portfolio, as well as in various executive courses.

A key focus throughout 2024 has been the development of the "Doing Sustainable Business" course. A pilot of this course was launched at the beginning of 2025. From 2026, the course will be mandatory for all students in the final semester of their bachelor's degree and will be attended by 3,500 students. The course is important because all sectors of society will need employees with knowledge of interdisciplinary collaboration and complex problem-solving to address critical societal challenges, particularly those related to sustainability and international digital transformation. 

With more than 250,000 alums, from whom 3 out of 10 top managers have received their education, BI contributes significant expertise to Norway. Social impact does not occur in a vacuum but in interaction with other parties. Throughout 2024, several activities at BI contributed to knowledge dissemination and positive social development, including open lectures and events organised by BI, which put socially relevant issues on the agenda. Research dissemination through various media and channels is also important to put relevant topics on the agenda. 

BI regularly surveys the study environment and receives feedback from students. Surveys show that students are generally satisfied with BI's learning environment. At the same time, many students find it demanding to adapt to student life. Being alienated and coping with the challenges of student life are highlighted as particularly challenging. The Board wants BI to foster a positive student environment that promotes well-being and healthy habits among students. Close cooperation with the student organisation BISO is a prerequisite for success in this work, where BI get input from students and collaborates on specific activities. Throughout the year, BI facilitates a range of initiatives, both social and academic, that cater to the diverse needs of its students. The Board highlights events related to the start of studies, including Coffee Hour at the student café, various practice groups, reading groups, and guidance sessions. In addition, the new health clinic, which the Student Welfare Organisation in Oslo (SiO) opened on BI's premises in November 2024, is a good addition to student welfare. 

Ensuring student progression is an important priority. For bachelor's students, the completion rate in 2024 was 45%. Among master's students, the completion rate was 78%, while for PhD students, it was 57%. For the latter, it is important to note that the database is limited and that small changes have a significant impact. The Board notes a slight decrease from last year and emphasises the importance of BI continuing to prioritise this work. 

There are several innovative development projects underway at any given time, each in its own way, ensures that BI delivers high-quality teaching and research. 

Artificial intelligence (AI) continues to shape the education sector. With all the opportunities and challenges that come with using AI in teaching and exams, 2024 was a year where priority was given to developing guidelines for the use of AI, as well as ensuring competence development among employees. The Board is committed to BI's important role in equipping students with the knowledge necessary to utilise various AI tools responsibly and innovatively when they enter the workforce. 

After several years of extensive development work, the Board is pleased that BI's new application and admissions system, BIAX, was launched in the fall of 2024. The system is more straightforward and intuitive for applicants, making the daily work of employees working with admissions easier and more efficient. 

The number of master's programmes at BI has increased significantly in recent years, leading to a complex and costly master's portfolio. The Board supports the work on the new master's reform, which aims to reduce complexity while also strengthening the ability for innovation and flexibility within the master's portfolio. An important milestone in the project was reached when a new management framework for the master's portfolio was adopted in November 2024. 

Good access to education, research and expertise throughout the country

The Board is pleased with the high level of activity in 2024 on all BI campuses. There is a high demand for economic and administrative studies in the full-time market, especially in the four campus cities of Oslo, Bergen, Stavanger and Trondheim. In the national bachelor's market for economics and administration, BI holds a market share of 37%, while the corresponding share for the Master of Science is 24%.

As an educational institution with a presence in Norway's largest cities, BI contributes research and expertise to a significant portion of the country.

BI is a major provider of online studies and courses, which the board views as essential for offering education to people in diverse life situations and with varying needs, regardless of their location. The market is characterised by significant competition, but it also has considerable growth potential, and the Board emphasises that BI must be at the forefront in this segment.

Organisation

Equality, discrimination and accessibility

BI's policy on diversity and equality confirms that all employees shall have the same rights, obligations, and opportunities, regardless of gender, age, ethnicity, national origin, functional ability, beliefs, and/or sexual orientation. BI has a plan for equality and aims for a gender distribution within a 60-40 interval, aiming to equalise systematic wage differences. BI's equality work is reported regularly to the Board and described in more detail in BI's annual equality report.

BI has clear ambitions to strengthen its focus on diversity, equality, inclusion and belonging (DEIB) for both students and employees. Throughout the year, targeted work is conducted on various activities related to diversity and inclusion. 

Strategy 2030 highlights DEIB as one of the strategic areas that BI will focus on in the years ahead. 

BI conducts annual surveys of gender balance and salary distribution in various positions. This, together with the work on equality and diversity, is reported following the activity and reporting obligations under the Equality Act. 

The proportion of women in faculty has increased from 36.5% in 2023 to 37.4% in 2024. At the end of 2024, BI had 35 female professors, all of whom worked in 100% positions. The proportion of women among professors has increased from 25% to 27.5%. 

There are still significant variations across job categories and departments. The proportion of men in administrative positions is stable at almost 35%. The proportion of men in administrative management director positions has decreased from 42% in 2023 to 37.5% in 2024. 

BI conducts annual equal pay surveys and has not registered any systematic biases that cannot be explained. Among administrative employees, women's fixed salaries as a percentage of men's wages range from 93% to 102%. The most significant difference (93%) is found in job category 5 (senior advisors and middle managers). This is primarily because the Digital department has more male employees in this category and the salaries are higher than those in corresponding categories elsewhere in the organisation. 

In faculty, women's salaries as a percentage of men's are within the range of 90% - 100% in permanent positions. This can be partly attributed to the fact that more men have been professors for a longer time. There is a tendency for this to balance somewhat as the gender balance among professors improves. There are very few female professors in fields that are traditionally male-dominated and where the salary level is generally higher. 

The proportion of women on BI's Board is 50%. The proportion of women in the College is 33%. Women make up 50% of senior management, 22% of department heads and 25% of deans. 

In 2024, 52 nationalities were represented among the employees. At the end of 2024, just over 20% of BI's employees had a citizenship other than Norwegian. The proportion of international employees was 7.5% for administrative employees and 36% for all academic positions. 

The average retirement age for all employees at BI is 68.2 years. Seniors in faculty work until they reach 68.5 years on average. Administrative seniors work until they reach an average age of 67.9 years. 

BI's campuses have been developed in accordance with the laws and guidelines that were in effect at the time of their construction. The properties comply with statutory requirements, and work is ongoing to rectify deficiencies through renovations and adaptations. 

Working environment

The Board and BI emphasise that the school's working environment should be characterised by diversity, equality, and consideration, as well as respectful and open communication. BI fosters an inspiring work environment that promotes well-being, health, learning, and personal development for its employees. The school has a zero-tolerance policy for any form of abuse of power and harassment. 

The total medically certified sick leave among BI's employees remains relatively low, increasing to 3.8% in 2024 from 3.3% in 2023. This figure is low in both our sector and Norway. 

In 2023, BI's ethical guidelines were adopted by the Board. As part of implementing the ethical guidelines, ethical dilemma training was conducted throughout the organisation in the spring of 2024. 70% of the organisation's employees have participated, and the dilemma training is part of the induction program for new employees. 

The guidelines for home office and hybrid working methods introduced after COVID-19 were evaluated in 2023. In the spring of 2024, the guidelines were further addressed and anchored in the organisation. 

Every two years, safety rounds and a working environment survey are conducted. These two take place in different years, ensuring continuous insight as a basis for workplace measures. The last safety round was conducted in 2023 and will be repeated in 2025. In 2024, BI conducted its working environment survey. The results from this survey showed that some areas need improvement; however, overall, the results were positive, indicating a safe and sound working environment at BI.

One occupational accident with personal injury was registered in 2024. Based on this, an external review of BI's work routines that may result in physical injuries was commissioned, and new routines were implemented to mitigate this risk.

Risk management and internal control

The Board regularly monitors BI's efforts to strengthen and professionalise its work with risk management and internal control. A systematic approach has been established to identify, handle, and follow up on any incidents that may negatively impact goal achievement, as well as promote compliance with external and internal regulations. The independent unit for Governance, Risk and Compliance (GRC) reports to the Board and is responsible for both preventive and control activities. GRC oversees the Data Protection Officer and the Student Ombudsman, ensuring that these roles are adequately independent of other management. 

In 2024, an internal audit and compliance check was conducted for the areas of cheating, privacy, study quality, and risk-reducing measures. No critical conditions were identified. Findings and results have been reported to the Board, which is also informed how it’s planned to follow-up. BI has an agreement with an external internal auditor for assistance in carrying out audits and checks. 

The overall assessment of risk is linked to the business objectives that follow from BI's strategy. Operational risks are included in the risk assessment if they can negatively affect the achievement of strategic goals. The Board has considered the issue of BI's overall risk picture as assessed in June 2024. 

Sustainability

BI is committed to the sustainable operation of its campuses. All campuses are currently Eco-Lighthouse certified and meet the Eco-Lighthouse Foundation's requirements related to HSE, transport, purchasing, waste management, energy consumption and green conferences.

The Board supports BI's commitment to the 1.5-degree target by working towards a 50% reduction in emissions by 2030. The school prepares annual climate accounts, which show that the four largest sources of emissions are commuting, travel, food and drink, and energy. These four accounted for 94% of BI's emissions in 2023, with travel and commuting alone accounting for 82%. Figures for 2024 are available on 1 April 2025. 

BI contributes to sustainable development through partnerships and dialogue with various networks, including the Global Business School Network (GBSN), the United Nations Global Compact (UNGC), and the Nordic Chapter of the UN Principles of Responsible Management Education (PRME). 

In 2024, BI and the student organisation BISO participated for the second time in the Positive Impact Rating (PIR). This international survey assesses how students perceive their school's delivery of "positive impact" in teaching and operations. 

BI sets requirements for its suppliers and partners related to environmental and social sustainability. The school's activities do not constitute significant pollution of the external environment. 

Goal achievement and results

Financial results

BI is an independent foundation whose sole purpose is teaching and research. All profits will be used to strengthen this purpose and students' learning.

As a student-funded institution competing with public institutions offering free education, there is a significant market risk. BI is dependent on a steady influx of students, and a large volume of students at bachelor level is particularly important. The management addresses market exposure on an ongoing basis, and the Board is confident that the Foundation is equipped to handle fluctuations in results. The preliminary application figures for full-time studies for autumn 2025 are better as of the end of January than at the same time in 2024.

The company's financial risk is monitored and analysed on an ongoing basis. Financial risk includes credit risk, liquidity risk and interest rate risk. Credit risk is primarily associated with trade receivables, and this risk is considered low, as the company has established good routines for collecting outstanding claims. Net losses on claims have remained stable over several years. Liquidity risk is considered low as the company's liquidity flow is stable and predictable. As of the balance sheet date, MNOK 160 of the drawing right of MNOK 250 had been used. It is not challenging to find either short-term or long-term financing. On the balance sheet date, the Foundation meets the lender's conditions for covenant. The Foundation follows a financial hedging strategy, which means that at least 33% of the mortgage loan must be secured at all times through fixed-interest agreements. The hedging ratio is 90% on the balance sheet date. The fixed-interest agreements expire between 2026 and 2028.

Following the Norwegian Accounting Act §3-3 a, it is confirmed that the conditions for continued operation are met. As of 2024, the Board has not taken out its board liability insurance.

The Board of Trustees 2024

The Board consists of eight members, of whom four are external, two are representatives elected by faculty, one is a representative elected by the administrative staff, and the students elect one. Inger Askehave and Andreas Torsheim are newly elected board members, effective August 1, 2024.

Chair of the Board

Egil Hogna took office as newly elected Chair of the Board on August 1, 2024. Hogna has served as both a board member and deputy chairman of BI's board, bringing broad national and international experience from both the industry and business sectors.

Board members as of 31.12.2024

• Egil Hogna, chair

• Hilde Tonne, external board member and vice chair

• Inger Askehave, external board member

•  Andreas Thorsheim, external board member

• Hilde C. Bjørnland, representative elected by faculty

• Dagfinn Rime, representant representative elected by faculty

• Anine C. Hansen, representative elected by administrative staff

• Sindre Aamodt, student elected by BISO

   

• Monica Viken, deputy representative elected by faculty

• Jon Christian Langli, deputy representative elected by faculty

• Nicole Ebbing, deputy representative elected by administrative staff

• Martin Henrik Andresen, deputy representative elected by administrative staff

• David Sagen, observer elected by administrative staff

• Kristoffer Bjordal, student observer elected by BISO

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