The Innovative Business School

78  Sameh Abadir et al. Jean-François Manzoni. “They have a long history of engaging with the communities in which they operate and ‘doing well by doing good’.” Indeed, family businesses are said to embody “capitalism with a human face.” Next to financial goals, they strive for non-financial goals, cumulatively named nonfinancial utilities, affective endow- ments, or socioemotional wealth (Berrone, Cruz, & Gomez-Mejia, 2012; Gomez-Mejia, Cruz, Berrone, & De Castro, 2011; Gomez-Mejia, Nunez-Nickel, & Gutierrez, 2001). Socioemotional wealth consists of five distinctive dimensions, as presented in the FIBER model: (F) fam- ily control and influence, (I) identification of family members with the firm, (B) binding social ties, (E) emotional attachment of family mem- bers, and (R) renewal of family bonds through dynastic succession (Berrone, Cruz, & Gomez-Mejia, 2012). For families in business, the firm ‘constitutes a source of family in- come, security and pride, present and future career opportunities for family members, and a bastion for family reputation in the commu- nity’ (Le Breton-Miller & Miller, 2008, pp. 43–44). No wonder, family businesses are increasingly prioritizing sustainability. With the launch of the new Sustainability in Family Business Award in 2019, IMD aims to capture these specific characteristics of family-­ owned businesses and celebrate those that stand out in their work and commitment towards sustainability. Inaugural award winner: Firmenich The inaugural award circle in 2019 included a comprehensive selection process: more than 60 nominations were received from family busi- nesses from across Europe, Asia, the Middle East, North and South America. Eligibility requirements included an annual turnover of at least USD 200 million, international operations, experience in suc- cessful succession management, as well as excellence in embedding sustainability throughout the business. The Evaluation Committee, headed by IMD Research Fellow Marta Widz, analysed the applications against a set of criteria, meas- uring the breadth, depth, reach, innovation and impact of sustainabil- ity initiatives as well as their materiality and alignment with corporate strategy. The committee paid special attention to the role of the family owners in setting the sustainability agenda as well as the ability of the family business to inspire others and advocate for sustainability. A jury panel of experts, which included – among others – John Elkington, originator of the Triple Bottom Line concept, and Tim Brooks, the Vice President for Environmental Responsibility at LEGO, Copyright Material – Provided by Taylor & Francis Not for Redistribution