The FINANCIAL -- The Steering Committee of the Principles for Responsible Management Education (PRME), a global UN-supported initiative to inspire and champion responsible management education, research and thought leadership, has formally adopted a governance framework.

Signaling the next phase of PRME, the framework defines the composition and objectives of the initiative’s main governance bodies, namely the PRME Steering Committee, the Secretariat and the Global Forum for Responsible Management Education.

Launched in 2007, PRME is supported by close to 300 business schools and academic institutions committed to implement the initiative’s principles.

"The PRME Steering Committee’s role will be to review and give guidance to the initiative’s strategy and budget. The Steering Committee is comprised of the global associations AACSB International, European Foundation for Management Development (EFMD), Association of MBAs (AMBA), European Academy of Business in Society (EABIS),  Consejo Latinoamericano de Escuelas de Administración (CLADEA) and the Central and East European Management Development Association (CEEMAN) –the last three organizations joined the Steering Committee in January 2010. The Steering Committee also includes specialized associations: the Aspen Institute’s Business and Society Program, the Globally Responsible Leadership Initiative (GRLI), and NetImpact," Global Compact reported.

The UN Global Compact Office will continue to manage the PRME Secretariat. The Secretariat’s role is to drive recruitment of new signatories, conduct proper brand management, coordinate PRME activities in cooperation with Steering Committee members, and to communicate on progress of the PRME initiative to signatories.

A triennial Global Forum for Responsible Management Education (and one major annual meeting in the interim period) will give participating business schools and academic organizations an opportunity to produce strategic recommendations and action imperatives related to the future evolution of the initiative. The next Global Forum will be held on 23 June 2010 in New York in conjunction with the UN Global Compact Leaders Summit.

“The conclusion of the governance framework is an important milestone for PRME,” said Georg Kell, Executive Director of the UN Global Compact. “Having a framework that allows for scalable alignment of business educators adds an important component to the initiative.  PRME, due to its inclusiveness and global nature, has a historic opportunity to make a real difference in the evolution of management education in the 21st. century.”

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