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As Prime Minister Lee Hsien Loong prepared to step down in 2022, Singapore faced a number of pressing challenges, from popular discontent at home to geopolitical tensions abroad. The country had become very rich after decades of successful economic management, but electoral support for the ruling People's Action Party had waned, prompting its leadership to reevaluate its approach to certain issues. Lee's anointed successor, Finance Minister Lawrence Wong, promised to "refresh the social compact" while also maintaining strategies that had propelled Singapore's success thus far. Could Lawrence Wong strike the necessary balance between continuity and change?

Lisa Jackson, vice president of Environment, Policy and Social Initiatives at Apple Inc. (Apple) and, previously, the first African American administrator of the Environmental Protection Agency, was preparing for questions that might arise in relation to Apple's upcoming 10-year $1 billion green bond issue, Apple's second such offering. The case explores the economics of bond pricing in general, and green bonds in particular, by describing the results of the first issue, focusing on possible reactions to the second issue, and surfacing concerns that arise in connection with green bond markets. The possible positive impact on the environment from green bond issues is contrasted to concerns about greenwashing and the stark reality that Apple's first green bond exhibited at best a very small reduction in yields relative to comparable conventional bonds (a very small so-called greenium). The case provides a basis for discussion of green bond markets and enough information to estimate a yield for the new bond. Case data allow a yield estimate based on the yield curve of Apple's outstanding issues, bonds of comparable firms, and Apple's bond rating. All comparable yields are provided so the case discussion can focus on the underlying drivers of yields: a baseline risk-free rate that can vary by time to maturity, an added risk premium, and adjustments based on other characteristics that might affect supply and demand. While not central to the case, sufficient information is provided to critically evaluate Apple's bond rating at the time and comment on Apple's growing use of debt financing. This case has been used successfully to generate a discussion of green bond markets in an elective course and as an introduction to bond pricing in a core finance class. It has also been used successfully in an Executive Education program to explore the advantages and disadvantages to a firm of employing green bonds in financing investments.

In 2022, AXA and its CEO Thomas Buberl faced new types of challenges, including systemic risks such as climate change, geopolitical instability, public health crises, and social tensions caused by economic risks. AXA was one of the world's largest insurers. Since becoming CEO in 2016, Buberl had led a transformation to rebalance its portfolio toward property and casualty (P&C) insurance, reducing its exposure to financial-market risk. At a September 2022 Management Committee offsite, Buberl focused management's attention on AXA's "S" strategy-i.e., its social and societal role. The case includes a history of AXA's growth and transformation prior to and under Buberl's leadership, including its adoption of the purpose: "to act for human progress by protecting what matters" and the vision "to transform AXA's value proposition 'from payer to partner.'" Also covered are AXA's green business strategy to mitigate and adapt to the risks posed by climate change, new innovations, such as data platforms in commercial and health insurance, and AXA's attempts to extend coverage to customers in emerging markets and low-income customers in developed markets.

How can a successful executive assess her next move as the CEO of a firm with a promising and yet uncertain new drug? Amy Burroughs' mandate to find a therapeutic window for Cleave Therapeutics oncology drug was on track but faced an uncertain future. Overseeing the human trials of a refined second-generation drug candidate, Amy had led the company back from the "valley of death" after Cleave's initial offering resulted in off-target toxicity. Still, after completing multiple dose escalation cohorts, Cleave's scientists told Amy that they could not draw any definitive conclusions about the benefits of the drug. Amy and her team knew the importance of speed and capital in the high-risk business of oncology drug development where success often takes more resources and time than expected and competitors lurk . Nearing the close of a five-year investment window, should the thinly staffed Cleave 2.0 continue to recruit patients and clear dosing cohorts at a rapid rate, or should Amy prioritize funding and partnership discussions?

When announcing their agreement to merge in December 2021, creating a clear leader in global pest control, UK-based Rentokil and Tennessee-based Terminix described extensive benefits of the cross-border combination. The companies touted the advantages of their combined scale, their complementary portfolios of products, regions and technologies, and the significant cost synergies. Yet, the markets seemed entirely unimpressed, with Rentokil's share price down 9% in the hours after the deal was announced. While the boards of both companies had recommended the merger, it would now be up to shareholders to decide. Was this deal a lifeline for long-suffering Terminix investors, who were increasingly apprehensive about the company's ability to improve performance? Was this the right moment for Rentokil to pursue such a large deal rather than continue with its historical approach of gradually consolidating the market? In short, would this proposed combination create value, and if so, for whom?

More than 3,000 office workers at an oil and gas company in Oklahoma City have been telecommuting since the start of the Covid-19 pandemic. Many of them love the arrangement, and the freedom to work remotely is also a big draw for new hires. But there are downsides: Employees who have to be on-site in the oil fields and on drilling rigs are resentful; collaboration and knowledge transfer are more challenging; costly office space is going unused; and local businesses are suffering because of the emptiness of the downtown core. The company's CEO must decide: Should we mandate a return to the office for everyone? This fictional case study features expert commentary by Logitech's Bracken Darrell and Spotify's Katarina Berg.

More than 3,000 office workers at an oil and gas company in Oklahoma City have been telecommuting since the start of the Covid-19 pandemic. Many of them love the arrangement, and the freedom to work remotely is also a big draw for new hires. But there are downsides: Employees who have to be on-site in the oil fields and on drilling rigs are resentful; collaboration and knowledge transfer are more challenging; costly office space is going unused; and local businesses are suffering because of the emptiness of the downtown core. The company's CEO must decide: Should we mandate a return to the office for everyone? This fictional case study features expert commentary by Logitech's Bracken Darrell and Spotify's Katarina Berg.

More than 3,000 office workers at an oil and gas company in Oklahoma City have been telecommuting since the start of the Covid-19 pandemic. Many of them love the arrangement, and the freedom to work remotely is also a big draw for new hires. But there are downsides: Employees who have to be on-site in the oil fields and on drilling rigs are resentful; collaboration and knowledge transfer are more challenging; costly office space is going unused; and local businesses are suffering because of the emptiness of the downtown core. The company's CEO must decide: Should we mandate a return to the office for everyone? This fictional case study features expert commentary by Logitech's Bracken Darrell and Spotify's Katarina Berg.

THE DRAX POWER STATION AND BIOMASS ENERGY case explores strategic decision making in the energy sector characterized by intensive government regulation and environmental sustainability concerns. The Drax facility was the largest electrical power plant in the United Kingdom, providing 7% of the country's electricity. It was also the largest coal-fired power producer - and therefore greenhouse gas emitter - in the UK. In response to governmental policy changes and rising concerns about climate change, Drax management began a conversion away from coal to a renewable source of energy, biomass and the plant quickly became the single largest biomass-powered facility in the country. The company was making expansive public claims that the plant was generating environmentally sustainable power, but the strategy was not without its critics. A growing set of experts were reconsidering the assertion that biomass was consistent with efforts to reduce greenhouse gas emissions. These shifts in scientific understanding and potentially policy threatened the long-term viability of the Drax biomass conversion strategy.

In 2002, Dr. Michael Crow was appointed as the 16th president of Arizona State University (ASU) which, at the time, was known to be one of the biggest party schools in the United States (U.S.). Under his leadership, ASU transformed into the New America University. The New American University was designed to enhance access to education and deliver social impact. In 2016, ASU was recognized by U.S. News and World Report as being the most innovative university in the U.S. Despite recognition as an innovative academic institution, ASU's own University Technology Office (UTO) considered itself the place where good ideas went to die. Terms such as digital transformation were buzzwords, and the culture hearkened back to the technological ideals of the 1970s. The case presents the benefits of digital transformation to enhance the higher education experience. These same benefits apply to any organizational cultures seeking large-scale digital transformation. The case offers a front row view on how digital transformation unfolds in a large organization with users who demand unique functionalities. It offers a realistic discussion of the integrated role that leadership, strategic thinking, and technology play in a successful transformation.

Simon Roca, founder of Neovida, a social enterprise startup, was contemplating next steps in striving to fulfill the company's aspirational mission and vision. Neovida created cascara-based superfood products by upcycling what had traditionally been the wasted husks of coffee cherries. This upcycling reduced methane emissions and had the potential to provide an additional revenue stream for small-scale coffee farmers in developing countries. He imagined a future in which the Internet of Things (IOT), machine vision, and artificial intelligence (AI) would create transparency in his cascara supply chain and offer fair and rapid payment to small-scale farmers. Simon was beginning to realize that some compromises had to be made before Neovida could become the type of social enterprise that he envisioned. His two founding partners resigned, and Simon was working with attorneys to dissolve his original and start a new LLC under the name Neovida. One of his former cofounders let a batch of biodynamically grown organic cascara spoil at a farm in Chiapas, Mexico, so Simon had to resort to different suppliers that further distanced him from fulfilling the startup's social and environmental goals. With a loan of $22,000 to keep the company afloat for six months, what should Simon do next?

The case focuses on the evolution of Einride, a Swedish startup that provides supply chain logistics capacity as a service (CaaS) and software as a service (SaaS) through its Saga platform. Initially, it may seem that Einride is a manufacturer of unique cabless autonomous electric trucks. In fact, the company doesn't manufacture anything. It is a tech company that designs the different elements of a trucking freight and logistics ecosystem that includes autonomous electric trucks, trailers, charging stations, remote operator pods and a software platform that consists of multiple apps needed to manage and optimize a fleet of electric trucks.

Daniel Jones and Niki Lewis of Bext360 are struggling to persuade a potential corporate client to use their software as a service (SaaS) solution that focuses on Environmental, Social, and Governance (ESG) metrics. In a meeting with a big-box retailer, initial enthusiasm for the platform's capabilities, including measuring Scope 3 emissions, turned to caution when a senior corporate attorney raised concerns about legal liability. The deep transparency offered by the platform could expose the company to risks related to their suppliers' actions, leading the executives to postpone their decision. Jones and Lewis now face a paradox. Their technology offers in-depth ESG oversight, which companies should theoretically want. However, this transparency also introduces risks and responsibilities that potential clients may be hesitant to assume. The challenge lies in persuading clients to see the transformative potential of their ESG practices despite these risks.

In August 2019, Paraguayan sports journalist Edgar Cantero, correspondent for various international media outlets and digital channels specializing in football (soccer in the US), wondered which of the world's football coaches was most qualified to receive 'The Best' award, granted annually by the Federation Internationale de Football Association (FIFA) in various representative categories (coaches, players, goals etc.). FIFA had 209 affiliated national associations in 2019, so its annual awards were an event of global interest. The voting system was designed to ensure votes were as impartial and transparent as possible, with the way in which each participant voted later being made public on the FIFA website. The final three nominees were generally somewhat predictable, however, usually based on the winners of the world's most prestigious footballing trophies the previous year. Cantero was surprised and honored to be invited to represent Paraguay for the first time in the voting. In an industry where several professional generations with long careers co-exist, Cantero was part of a new generation of younger journalists, all in their early thirties, who were beginning to receive recognition in various countries for their coverage of major international tournaments, such as the World Cup in Russia 2018 and the 2019 Copa America. Cantero was pleased generational diversity was being considered, as it was a topic that generated passionate debate. He only had a couple of weeks to make his decision and cast his vote, although he did favor four of the top ten candidates in particular: Jurgen Klopp (Liverpool FC coach), Pep Guardiola (Manchester City), Mauricio Pochettino (Tottenham Hotspur) and Erik ten Hag (AFC Ajax). Cantero and his colleagues were aware of the media importance of the FIFA awards, which is why their decision was far from an obvious one.

Pink, White and Blue is appropriate for undergraduate or graduate courses in management, business ethics, organizational behavior, leadership, or human resources management. Students analyze a right versus right ethical dilemma, are introduced to challenges that transgender people might experience in organizations and discuss ethical and other justifications for DEI management. The case includes epilogue and update, which provide an opportunity to discuss broader organizational issues regarding whether and how organizations should expand DEI programs. The case encourages students to critically examine their personal beliefs, attitudes, and biases about historically marginalized people. Landon Wilson, a transgender male, was a U.S. Navy sailor on a special assignment with the Army in Afghanistan. He worked as a cryptologic technician-collection specialist (CTR) collecting and analyzing top-secret data and creating special intelligence and was recognized as an excellent performer. Wilson enlisted as a female and began transitioning from female to male less than a year later, at his Navy home-base. When a special Army assignment in Afghanistan provided the opportunity, Wilson presented male. When he arrived in Afghanistan, his teammates and Army leaders accepted him as male. He was in male barracks, and his leaders and colleagues referred to him with male pronouns. At the time, Department of Defense (DoD) policy prohibited transgender people from entering the Navy and a sailor could be discharged for physical or mental conditions, including gender and identity disorders. Thousands of transgender individuals, however, successfully served in the military during the ban. Wilson was performing well in the critical assignment in Afghanistan. But then, Wilson's mentor revealed Wilson's secret to his Navy home-base leader in the U.S. The Navy home-base leader called Wilson and urged him to "come out" to his leaders in Afghanistan. Wilson had to decide if he should follow his

Payton McGriff, founder of the nonprofit S H E (Style Her Empowered) must decide on a plan to meet S H E's goal of sponsoring one million girls in primary schools in sub-Saharan Africa by 2030. The COVID pandemic has created a renewed sense of urgency for McGriff and her board. The specific decision McGriff must make is whether to continue to produce the innovative Dress that Grows in-house combined with the production and sale of fair-trade goods to fund operations or to outsource the production of school uniforms, relying on fundraising to generate the funds needed. Key to this decision is the fit with the multi-mission of S H E: 1. to educate girls, 2. to employ women, and 3. to practice environmental sustainability.

Entrepreneur Pau Bach, who has tetraplegia, built Batec Mobility with an inclusive business model in which profit and purpose are tightly integrated. A personal mobility device company, Batec was created by people with disabilities, employs people with disabilities, and that aims to revolutionize mobility for people in wheelchairs. In June of 2019, Bach is considering an offer to purchase his company. Accepting the offer is one of three available courses of action; he could also leverage the offer to speed negotiations with a pair of Spanish impact investors, or work to persuade his current investor to reinvest and sell for a higher price in the future. He must evaluate which course of action will best address his main goals: ensuring the continued growth of the business and its positive social impact, providing an acceptable exit to his current investor, and meeting his personal and family needs. Leading up to this moment, the case reviews the company's stages of development, the funding it has received, and the process Bach has undertaken to sell the company. In this way, students explore the opportunities and challenges of developing, funding, and selling an inclusive business.

Sara Ferrer launched Zoey Koko in 2017 with the idea of designing bath and body products for young girls and "tweens" (ages 5-12). From the start-up of her venture through the end of 2020, Ferrer had worked as a medical esthetician at a Boston spa as an independent contractor, developing Zoey Koko after work and on the weekends. Ferrer had persevered through a series of setbacks, but not without enduring a lot of stress. After three years of marginal financial performance and zero compensation for her hard work, she had reached a turning point at the end of 2020. Ferrer was unwilling and financially unable to go through another year like 2020. She was committed to deciding by the end of January 2021 whether to continue with Zoey Koko full-time or to wind down her company and pursue a full-time job.

The case features Dax Holding, Managing Director of Mungo Mill, Plettenberg Bay, Western Cape Province, South Africa, considering the decisions he needs to take to scale the business given the market demand for their products. He needs to find a way to resolve the apparent values conflict between a number of factors. Their family business was built around being environmentally conscious, sustainable and valuing the tradition of using antique weaving looms. Intrinsic to this, is the preservation of their traditional craft textile business. This may present a conflict when considering the need to achieve a higher volume of sales through digital distribution channels, which was regarded as an impersonal approach and requiring more efficient machinery.. Central to their distinctiveness as a business is their concern for the environment reflected in an ethos of transparency and eco-friendly production with a focus on organic sourcing of materials such as cotton and bamboo earning them the Global Organic Textile Standard (GOTS) certification. These factors reflect a strong identity and values framework and also includes their commitment to the upliftment of their staff and the local community as evidenced in their "Move" program. As Dax considers various options for growing the business, his concerns revolve around continuing Mungo's growth trajectory whilst retaining their identity as an authentic, sustainable, quality, craft products business.