Danone: Fighting for a Better World and Satisfying its Shareholders, Real World Finance: Case Study Collection, in Hillier, Corporate Finance, 4th edition

This case explores the rise of sustainable financial management and some issues of corporate governance at the French multinational Danone. It deals with the management goals of Emmanuel Faber, the charismatic CEO of Danone. It shows how an ambitious ESG policy was integrated into Danone’s articles of incorporation. It also illustrates the difficulty for the top management to navigate between several objectives that may seem contradictory, and the need to carefully articulate the balance between the different goals of each stakeholder.