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Leaders at the WEF’s Annual Meetings of the Global Future Councils and Cybersecurity focused less on rivalry and more on action.

AI will add $19.9 TRN to the economy, here we explore how boards can harness it to strengthen risk management support decision making and embrace efficiency.

The case follows Kristin Hull, founder and CIO of Nia Impact Capital, a mission-driven investment firm in California, as she faces a pivotal decision in July 2025: Should she file a shareholder resolution against Tesla, Inc.? Hull and Nia have engaged Tesla for over five years on issues of human capital management, workplace equity and board oversight. In 2025, the stakes are higher. Tesla is facing mounting reputational, legal and operational risks, including civil rights litigation, governance controversies and product recalls, compounding the previous year's 53% decline in profits. Now, Hull must decide between two draft resolutions: one framed in the language of social justice, the other in terms of business efficiency and governance. A third option is to total withdraw from the engagement. This decision must be made in a shifting US political and regulatory context marked by heightened scrutiny of environmental, social and governance (ESG) initiatives and a national rollback of diversity, equity and inclusion (DEI) commitments. The polarized climate makes language and framing not just strategic choices but also existential ones: How can impact investors continue to advance their missions while maintaining legitimacy and influence in an increasingly hostile environment? Designed to mirror the complexity of real-world decision making, the case immerses students in an environment of competing pressures, contradictory information and media "noise." It reflects the paradoxes impact investors face: staying true to the mission vs. maintaining strategic influence; framing issues in values-based vs. efficiency-based language; and exercising leadership amid political backlash and reputational risk. The case is suitable for courses on sustainable finance, non-market strategy, governance and leadership. It challenges students to explore fiduciary duty, rethink the role of shareholder engagement, and consider how language and framing can serve as tools of influence in turbulent times.

From its origins as a manufacturer of hospital equipment for the Indian market, Thermax has grown into a multinational corporation operating in 90 countries, offering integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and clean water. The founding family, which owns a 61% stake in the firm (the rest being publicly held), has steered the company toward helping speed the transition to renewable energies via the development of greener technologies. In addition, the family has shown unwavering commitment to social responsibility and philanthropic endeavors. The case features a detailed history of Thermax's evolution as a family business, with a particular focus on how the family has navigated the challenges of intra-family succession. The dilemmas faced by owner-managers as they hand over the reins of the family business, combined with the outsize impact of succession on the future performance of a business, have contributed to making succession the single most studied topic in family business research. The Thermax case study illustrates the varied forms succession can take over the course of four generations. It also explores the different ways family members can contribute to the family enterprise system via operational roles in the company as well as involvement in board governance, ownership governance and philanthropic work. The case is based on interviews with five members of the founding family, all of whom hold (or have held) executive and/or operational roles in the company. The dynamics of intra-family succession form the crux of the case. Since the company was created in 1966, each generation has brought different leadership qualities and competencies to their respective roles and has contributed to making Thermax a leading conglomerate in the energy and environment space.

How one family in the life sciences industry leverages business, strategic investments, and nonprofit initiatives to improve health.

A climate of pervasive uncertainty is paralyzing decision-making. Here's what leaders can learn about survival and resilience from multi-generational, family-run businesses.

Family-run companies have unique challenges—balancing family interests with the goals of investors and the company itself. Yet there is not enough clarity on how this affects performance in different countries. We wanted to fill that gap. Our work...

What differentiates the families who thrive for generations from those who fade within decades? From our work at the IMD Global Family Business Center and the experiences of hundreds of family enterprises worldwide, we’ve identified a set of k...

Across various European regions, particularly in areas rich in small and medium-sized enterprises (SMEs), we find vibrant networks of family firms that contribute to both economic vitality and social resilience. These entrepreneurial ecosystem...

$124tn wealth transfer is reshaping family enterprises. Discover six steps to succession that prepare and engage the next generation of owners.