Canadian business innovator wins the 2025 Panmure House Prize

Professor Pratima ‘Tima’ Bansal of the Ivey Business School, Western University in Canada has won the 2025 Panmure House Prize.

She was selected from a distinguished shortlist of four leading academics from Europe and North America, for her pioneering research and long-standing advocacy for embedding sustainability at the heart of business strategy.

After careful deliberation, the 10-strong judging panel, representing business and academia, commended Professor Bansal for her pioneering work in reshaping how business understands sustainability and elevating it from a peripheral concern to a core driver of strategy and resilience. They added that her ability to bridge rigorous research with practical impact had ‘inspired leaders across sectors to embed long-term, responsible decision-making at the heart of business practice’.

The award carries a $75,000USD prize, one of the largest academic prizes in interdisciplinary research, which Professor Bansal will use to advance her work in helping businesses better align profitability with long-term environmental and social sustainability. Central to this effort is Innovation North, a research-practice founded by Professor Bansal in 2019 to assist organisations navigate complex systemic challenges. To date, Innovation North has partnered with more than 30 organisations across diverse sectors including finance, agriculture, and construction.

Giving her reaction to winning the Prize, Professor Bansal said: “I am deeply honoured to receive the Panmure House Prize for the work my team is doing at Innovation North.

“Rooted in the philosophy of Adam Smith, the award affirms the importance of our research in working with organisations to create long-term prosperity for all through systems thinking.”

Among the first to congratulate Professor Bansal is Professor Adam Dixon, Adam Smith Chair in Sustainable Capitalism at Panmure House.

“Professor Bansal’s work exemplifies the spirit of Adam Smith’s legacy, bringing rigorous economic thinking to bear on the great challenges of our time,” he said.

“Her research not only advances academic understanding but also provides practical pathways for businesses to thrive while creating long-term value for society.”

Also passing on their congratulations is the Dean of the Ivey Business School at Western University, Julian Birkinshaw, who said: “Tima Bansal has been a trailblazer in shaping how business leaders approach sustainability, long before it became mainstream. Her pioneering research and leadership, grounded in systems thinking, have not only put Ivey at the forefront of sustainable business scholarship but have also inspired a generation of students and executives to rethink the role of business in society. The Panmure Prize is a fitting recognition of her remarkable career and her unwavering commitment to long-term, systemic change.”

Now in its fifth year, the Panmure House Prize is named after Panmure House, the former Edinburgh residence of 18th-century economist and philosopher Adam Smith, who is considered as the ‘father of modern economics’. Winners are invited to deliver a lecture a year after their win at the House the following year.

The Prize is administered in partnership with FCLTGlobal, a non-profit organisation that promotes long-term investing, and is supported by investment manager Baillie Gifford.

This year’s fellow finalists were Professor Joshua Pearce from Western University in Canada, Professor Killian Huber from the University of Chicago Booth School of Business, and Professor Pedro Gomes from Birkbeck, University of London.

Panmure House was built in 1691 with Smith occupying the House between 1778 and 1790, during which time he completed the final editions of his master works: The Theory of Moral Sentiments and The Wealth of Nations.

In 2008, Edinburgh Business School and Heriot-Watt University undertook to rescue this historic building from dereliction. Following a 10-year, £5.6m renovation, Panmure House was formally opened in November 2018. Today the house is a centre of excellence for the study of contemporary economics, a place of reflection on the legacy of Adam Smith, and a venue for social and economic debate.

Submissions for next year’s Prize can be made from January 2026. Visit the Panmure House Prize webpage for details.