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This case presents a 20-year history of the evolution of corporate governance and corporate reporting in South Africa starting in 1992 with a focus on the three King codes of corporate governance (King I in 1994, King II in 2000, and King III in 2009). From a reporting perspective these reforms culminated in the "apply to explain why not" mandate for integrated reporting by all companies listed on the Johannesburg Stock Exchange.

"High sustainability" companies significantly outperformed their counterparts over an 18-year period in terms of both stock market and accounting criteria, such as return on assets and return on equity. They also exhibited lower performance volatility. Currently, organizations that exhibit a broad-based commitment to sustainability on the basis of their original corporate DNA are few and far between. For most companies, becoming sustainable involves a conscious and continuing effort to build long-term value for shareholders by contributing to a sustainable society. The authors studied the organizational models of companies that they refer to as "sustainable" by comparing them with companies that they call "traditional." They focused on two primary questions: (1) How do sustainable companies create the conditions that embed sustainability in the company's strategy and operations, and (2) What are the specific elements of sustainable companies' cultures that differentiate them from those of traditional companies? The authors have developed an identity and cultural model for how to create a sustainable company. While the model is straightforward, implementation is by no means easy, because it is grounded in largescale change - something that few companies seek out or do well. The first stage involves reframing the company's identity through leadership commitment and external engagement. The second stage involves codifying the new identity through employee engagement and mechanisms of execution. Both are ongoing processes. Once the second stage begins, the two stages reinforce each other. Employee engagement enables even more sophisticated external engagement, since a broader range of employees will be able to effectively engage with outside stakeholders. Mechanisms of execution bind leadership commitment, since these organizational-level attributes continue from one generation of leaders to the next.

Executives often complain that investors' obsession with short-term returns forces them to make decisions that are bad in the long term. New research shows that it works both ways: Companies with a short-term orientation attract investors interested in short-term time frames.

The case describes the battle between First Quantum Mineral and Eurasian Resources over mines in Democratic Republic of Congo. After FQM's license to operate was revoked by the government of the DRC, Eurasian bought the rights over the mines that were previously under FQM's control raising questions about the effectiveness of corporate governance at Eurasian.

Dow Chemical is one of the few major American industrial corporations that was founded in the late 19th century that is still in existence. From its origins producing bromine out of the brine underneath Midland, Michigan, the company has evolved from a diversified commodity chemical company to an advanced materials company whose products and services can make its clients more sustainable. During the 1960s and 1970s the company received a series of external shocks in the form of negative public opinion for some of its activities. These challenged the company's perception as being a "good company" and made it realize it needed to more proactively seek outside perspectives on how the company was viewed and what it should do. This led to the formation of the Corporate Environmental Advisory Council in 1992 which was renamed the Sustainability External Advisory Council (SEAC) in 2008. With substantial input from the SEAC, the company set two ambitious sets of ten-year goals: 1996-2005 and 2006-2015 and was largely successful in meeting them or on the way to doing so. In 2011, Neil Hawkins, Vice President of Sustainability and EH&S (Environmental, Health and safety) is trying to decide what the content and format of the next ten-year goals should be to ensure the company's viability on its 200th birthday. Should they be incremental goals like the ones for 2005 or ambitious stretch targets like the ones for 2015? Or should they be broad statements of principles that encourage innovating for sustainability throughout the company? A further challenge facing the company that it was rapidly globalizing with a large portion of its workforce outside its Midland, Michigan headquarters, making it even more difficult to preserve a common culture and commitment to sustainability.

In 2007, under the leadership of CEO Stuart Rose, the iconic British retailer Marks and Spencer, with great fanfare, announced its "Plan A" initiative. Based on the five essential pillars of climate change, waste, sustainable materials, fair partnership, and health, the plan sought to transform the company's practices. By 2012, the program's aim was to ensure that M&S was carbon neutral and sent no waste to landfill. It also aimed to help its customers and employees achieve a healthier lifestyle, and to improve the lives of all involved in the company's supply chain with fair wages, as well as improved working hours and conditions. Called Plan A "because there is no Plan B," the company identified 180 projects to improve the sustainability of its operations and business practices in anticipation of the need for a very different business model in the future. Key aspects of Plan A included more sustainable sourcing and influencing the business practices of the company's supply chain; communication to employees, customers and investors; and employee engagement. The case concludes with the tradeoffs involved in the decision of whether or not to install refrigerator doors in the grocery section of its stores. While the energy savings and reduced carbon emissions are relatively clear and easy to measure, the impact on customers and revenues is harder to assess.

Seeking to move beyond chip-making and offer sophisticated IT solutions in the form of software and hardware platforms, Intel Corporation, a leading semiconductor manufacturer in the United States, introduces a pilot project in India for testing a new platform that allows for monitoring and demand management along water distribution networks. The case describes, in detail, internal events that led to the creation of this pilot. It examines details of the water market relevant in Intel's decision to move the pilot forward.

The case describes the financial performance and business development of UFC after the change in ownership that happened in 2000, until 2004, when the owners are considering exiting the business.

The case describes Aviva Investors' engagement strategy with companies and stock exchanges to improve its sustainability performance and the flow of sustainability related information to markets. Aviva Investors, a GBP 259 billion fund, is the investment arm of the large British insurance company, Aviva plc. Aviva Investors is committed to sustainability under the leadership of its CEO, Paul Abberley, and head of sustainability research and engagement, Steve Waygood. The case describes Aviva Investors' policies on materiality, engagement, and its corporate responsibility voting policy. It then explores how the company is implementing these policies in the case of a particular company, the FTSE 100 diversified mining company Vendanta, and the Sustainable Stock Exchange Initiative under the sponsorship of the UN Principles for Responsible Investment.

The (B) case presents Foxconn's plan to replace manual labor with robots and move some of its employees to more interesting and sophisticated jobs.

Robert Venter, second-generation Chief Executive (CE) of family-owned Allied Electronics Corporation Ltd (Altron), considered the pros and cons of more clearly linking the firm's compensation system to sustainability performance. In June 2011, Altron, a conglomerate headquartered in Johannesburg, South Africa, controlled more than 200 companies in Africa, Europe, the US, the UK, Australia, and the Far East. More than 14,000 employees designed, developed, manufactured, and marketed a range of telecommunications, electronics, power electronics, and information technology systems and products. Having made a clear commitment to sustainable development, Venter was confident that the commitment was shared across the senior management team. However, there appeared to be more acceptance in the operating units for meeting financial targets than for meeting sustainability targets. Did the existing incentive structure send the correct message about the sustainability-oriented corporate strategy? Looking at the reshaped strategic themes, Venter considered the pros and cons of more clearly linking the firm's compensation system to sustainability performance.

Rodolfo Guttilla, Director of Corporate Affairs for Natura Cosméticos S.A. (Natura), prepared for a meeting with key stakeholders to discuss the future of integrated reporting at Natura. A cosmetics company with a strong brand, robust growth in international and domestic markets, and premium price and margins, Natura was consistently rated as one of the preferred places to work in Brazil. Its focus on social and environmental responsibility was a source of innovation; strong employee motivation contributed to the company's superior productivity and market share gain in Brazil's cosmetics, fragrances, and toiletries (CF&T) industry. By 2009, Natura's direct sales business model generated income for over 1 million people in Brazil and Latin America. Natura was the first organization in Brazil to produce an integrated report. Senior leadership was convinced that Natura's success over the years had been aided by its corporate responsibility and strategy to continuously seek improvements in both financial and nonfinancial (e.g., environmental, social, and governance) performance. As he prepared for the meeting, Guttilla considered the future of integrated reporting for Natura. What should the future of integrated reporting be like at Natura? How could the organization increase society's participation in the collaborative effort to develop new solutions to today's most challenging problems? How could the report provide a clearer representation of the organization's strategy and its ability to create and sustain value over the long term? And finally, how could web-based technologies be used to promote the organization's integrated reporting and sustainable development objectives?

GoodGuide, a high-technology start-up company, founded by University of California Professor at Berkeley Dara O'Rourke is at a critical junction. The venture capital funded company has yet to find the business model to monetize a very promising product that provides consumers and manufacturers with information about the sustainability of a product.

Hassina Sherjan was born in Afghanistan but grew up and was educated in the United States. A trip to Afghanistan when she was an adult inspired her to move back to her home country with two missions. The first was to educate young women through a non-profit organization she started called Aid Afghanistan for Education and a for-profit company, Boumi, that manufactures and distributes products for the home such as curtains, cushion covers, tea cozies, coasters, bedclothes, and bathroom accessories. The mission of Boumi is to create jobs in Afghanistan, especially for women, based on traditional Afghani designs and using only locally grown cotton. Sherjan wants to grow Boumi so that it can be a substantial, if not major, funding source for Aid Afghanistan for Education. In order to grow Boumi, Sherjan must confront a number of challenges including funding, finding and managing skilled workers, and getting distribution for Boumi products in major markets such as Europe and the United States.

The case describes KKR's Green Portfolio Program, one of the firm's environmental initiatives, which has achieved $160 million in cost savings. While pleased with its progress in achieving greater energy efficiency and reduced carbon emissions, the firm is looking for other ways to expand its sustainability initiatives, such as in its supply chain and incorporating sustainability into its due diligence and deal making processes.

This note provides background on the complex issues regarding the supply and consumption of water and how this natural resource is at increasing risk, resulting in significant economic, political and environmental issues.

The case describes the challenges that Ultimate Fighting Championship faced as a result of regulatory opposition and loss of the license to operate. The genesis of the business idea, the subsequent growth, and the fall of the UFC are described. The case concludes with Lorenzo Fertitta deciding whether to invest in the company.

In 2010, Foxconn Technology Group, the largest and fastest growing multinational company in the Electronic Manufacturing Services (EMS) industry, came under public scrutiny after a string of employee suicides reached the international press. Although the company was Taiwanese, it operated primarily in mainland China, becoming one of China's biggest exporters. It had 800,000 employees, over 400,000 of whom lived at Longhua Science and Technology Park in the Special Economic Zone of Shenzhen. It was this Science and Technology Park - essentially a company town - which brought Foxconn under international scrutiny in 2010 after 14 employees committed suicide there and three others attempted to do so. The (A) case describes the challenges that Foxconn faced after the suicides took place at its plants. Institutional features of the labor market structure of China are presented. The response of Foxconn's management is described and the associated implications for Foxconn's stock price are discussed.

The case describes the process of integrating environmental, social, and governance issues into valuation models and research analyst recommendations.

In 2011, the European Commission was deciding on how to best modify the existing European Union policy on corporate disclosure of environmental, social, and governance (ESG) information. Previous directives had recommended that European companies report ESG information, but now the EC was deciding if organizations should be required to disclose nonfinancial information. The EC had to determine what types of organizations would be required to disclose, which international framework would serve as a standard reporting guideline, and if ESG disclosure would be integrated with financial material in one annual report. This case outlines the history and trends of corporate social responsibility reporting to encourage a discussion around the decision points and implications of reporting regulations.