Higher education institutions in general are major suppliers of human capital which have been considered as important factor in economic growth and development of a nation and the world. Thus, a pool of competent entrepreneurs, managers and leaders are important to drive economic growth and development. In this regard, business schools play an important role since business schools specifically responsible for imparting knowledge and skills to students in management related disciplines. Consequently, higher learning institutions, and business schools specifically, have a great influence in shaping the growth and development outcome, since business managers and leaders are trained by them. However, higher education institutions in general, and business schools in particular, should re-examine their role and reflect upon themselves since the outcome, which they have great influence on, are not very encouraging. The global community is currently facing with great problems and challenges. Among them are global warming and environmental degradation, rampant poverty and inequality, and recurring of economic and financial crises that arise from corruption and corporate scandals and fraud. All these problems and challenges should ring a bell to institutions of higher learning and business schools that something is not right since these observed outcomes, perhaps to a certain extent reflect failures on their part to impart the appropriate values, knowledge and skills to students, i.e. Subsequently, this raises the question on the social value, i.e. social legitimacy, of institution of higher learning and business school. This question appears to be reasonable since a relatively large amount of resources are allocated to institutions of higher learning and business schools, but its socio-economic impact is still questionable. Thus, the 5th PRME Asia Forum 2014 provides a platform for leaders of business school to meet and discuss these issues and perhaps to find the solutions, and how business school could play its role in contributing towards the solutions. While the problems and challenges are many and diverse, the focus of the 5th PRME Asia Forum 2014 is on how business schools could be transformed so that the link between business schools and community development could be strengthened, made more visible and felt. Thus, business schools will not be merely providing future business managers and leaders, but also future managers and leaders that are valuable to the community at large.
