The 2024 Vernimmen Award Rewards Teaching Excellence in Entrepreneurship and ESG

For the 26th consecutive year, HEC Paris celebrated two of its most dedicated educators by awarding them the prestigious Pierre Vernimmen Award. Hélène Löning, an accounting professor known for her pivot toward environmental and sustainable finance, and Michel Safars, a leading voice in entrepreneurship and innovation, were recognized for their exceptional teaching and lasting impact on students.

The Vernimmen Award, named after renowned finance professor and pioneer Pierre Vernimmen, is an annual tradition between BNP Paribas and HEC Paris. It has recognized professors who not only excel in research but also distinguish themselves through their teaching and connection with students. The 2024 edition marked yet another chapter in this long-standing custom, with a focus on pedagogical innovation and the importance of preparing students for real-world challenges.

During the ceremony, Sophie Javary, Vice-Chairwoman of BNP Paribas Corporate & Institutional Banking and head of the award jury, emphasized the importance of maintaining strong ties between academia and industry. “This award has become a hallmark of teaching quality at HEC Paris, and it’s an important recognition of the way professors inspire and engage with their students,” she said.Javary, herself an HEC alumna (H80), noted that the selection process brings together a richly diverse jury, made up of HEC faculty, BNP Paribas representatives, and student voices. Javary praised their work and the outstanding contribution of the two recipients in 2024, both veteran pedagogues who crafted their teaching around real-life issues.

Hélène Löning: Redefining Accounting for a Sustainable Future

One of these, Hélène Löning, has been teaching accounting at HEC for over two decades. But it was her recent shift towards environmental accounting that caught the attention of students and colleagues alike. In her speech at the September 25 ceremony, she reflected on this change: “I decided to make a ‘shift’ two years ago. Traditional accounting and performance management were no longer enough. I wanted my teaching to have a real impact, and I realized that sustainability accounting is where I could contribute most.”

Today, 75% of Löning’s courses are focused on topics such as carbon accounting and green finance. “These subjects are incredibly engaging, but they’re also very challenging. Metrics in the field of sustainability are key drivers of change, but they require a lot of humility,” Löning said. Her work has resonated strongly with students, especially as the business world increasingly faces the pressures of climate change and the need for corporate transparency.

Löning’s commitment to these new areas extends beyond the classroom. She also serves as the academic director for HEC’s Bachelor programs, working closely with partner universities to develop interdisciplinary courses that address the political, legal, and technological challenges facing future business leaders. In accepting her award in the central Paris venue, she said: “I believe HEC must be present in this undergraduate segment. It’s a crucial part of preparing students for the challenges ahead, not just in management but across a broader range of societal issues.”

Löning also shared a humorous and poignant moment from her career. “Years ago, one of my students wrote in his evaluation of my course, ‘She’s a great professor, but she should go to the hairdresser more often!’” she recalled with a laugh. “The worst part is that, ever since then, I’ve made more frequent trips to the salon!” This anecdote illustrated the strong personal connections professors often form with their students, even in these unexpected ways.

Michel Safars: Champion of Entrepreneurship and Innovation

Michel Safars, the second Vernimmen honoree, has also been a fixture at HEC Paris for over 20 years, particularly within the MBA program. As a serial entrepreneur and academic director of the MBA’s entrepreneurship track, Safars has helped shape the next generation of business leaders by blending theory with real-world experience. His courses are designed not just to teach entrepreneurship but to challenge students to think critically about their motivations and goals.

“At the start of my class, I often ask, ‘Who wants to be an entrepreneur?’ Many hands shoot up, but the follow-up question is, ‘Why do you want to be an entrepreneur?’ And that doesn’t get such a fast reply,” Safars noted. “For some, it’s a way to escape the confines of corporate life. For others, it’s about changing the world or having control over their destiny. But it’s crucial that students understand whether entrepreneurship truly resonates with them or if it’s just a reaction to other alternatives that don’t meet their expectations.”

Safars’ approach to teaching is deeply rooted in his own entrepreneurial experience, which spans both the U.S. and Europe. During his acceptance speech at the BNP Bivwak! location, he emphasized the importance of soft skills, noting that relationships and human dynamics are often the most challenging aspects of starting a business. “Entrepreneurship isn’t just about hard skills. It’s about self-awareness and understanding how to work with others.” This philosophy has guided his teaching, particularly in courses like “How to Be an Effective Board Member,” which connects students with seasoned professionals from across industries.

Safars’ teachings and its impact on students has become evident over the years, with many of his former pupils now leading successful ventures around the world. “One of the most rewarding aspects of this activity at HEC is seeing my students achieve things far beyond what I could have imagined. They write to me from all corners of the globe, and I like to think that in some small way, I’ve helped them along their journey,” Safars said with a modest smile.

Professors as the “Head” of the Campus

Both laureates thanked Eloïc Peyrache for his contribution to their success as pedagogues. The Dean of HEC Paris also spoke at the award ceremony, using a vivid metaphor to describe the role of faculty in the institution’s ecosystem. “The students are the heart of the campus, the personnel is the body of our school, and the professors are the head. They are the ones who guide us, challenge us, and push us forward.” His comments underscored the importance of pedagogy at HEC, where professors are expected not only to excel in their research but also to create an environment where students can thrive both intellectually and personally.

Continuously Evolving Pedagogy

Both Löning and Safars exemplify the evolution of teaching at HEC Paris. Andrea Masini, Dean of Faculty and Research highlighted the significance of creating a learning ecosystem that goes beyond traditional lectures. “In today’s world, being an excellent lecturer isn’t enough. You have to create an environment where students can learn independently, engage with the world around them, and apply their knowledge in real-time,” Masini said.

For Löning, this has meant integrating complex sustainability metrics into her accounting classes. “Metrics are not perfect, but that’s no reason to discard them,” she said. “We need critical activists, but more importantly, we need business activists who are committed to making change happen.”

For Safars, it has meant preparing students for a rapidly changing entrepreneurial landscape. “The world of startups is evolving quickly, and students need to be ready to adapt. It’s not just about creating a business; it’s about understanding the environment in which that business operates,” he explained.

A Lasting Legacy

The Pierre Vernimmen Award continues to be a cornerstone of HEC Paris’s commitment to teaching excellence. Already the laureates were presented with the prizes at this June’s Commencement Ceremony in front of thousands of HEC graduates (see the ceremony starting at around 2’30”00). The previous year, the 25th edition of the Vernimmen Award had been particularly special. As detailed in an HEC Paris article, the 2023 laureates, Pascale Defline and Georg Wernicke, were celebrated in the same venues for their own brand of innovative teaching. Defline, a previous winner in 2017, was lauded for adapting to the new realities of post-COVID education, particularly through the introduction of reverse learning techniques. Wernicke, a strategy professor, was praised for blending cutting-edge research with practical business insights, helping students navigate complex concepts with ease.

As Sophie Javary remarked this year: “When you have a great professor, you remember them for your entire life.” The 2024 recipients, Hélène Löning and Michel Safars, she said, embody the spirit of the award, blending innovation, experience, and a deep connection with their students. In a world where business education must adapt to ever-changing challenges, Löning and Safars are not only teaching the leaders of tomorrow but also inspiring them to rethink the role of business in society.