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AUG US T 26, 2021

BENJAMIN C. ESTY

EMILIE BILLAUD

Danone S.A.: Becoming a Mission-Driven

Company (A)
On Friday, June 26, 2020, French food and beverage company Danone held its annual shareholders’
meeting via a webcast as the COVID-19 pandemic swept across the globe. 1 In his keynote address,
Danone’s chairman and CEO, Emmanuel Faber, urged the shareholders to change the company’s by-
laws and become a so-called Entreprise à Mission (a mission-driven company)—a new governance
structure created by the French government which allowed companies to redefine their purpose (raison
d’être) to include social and environmental objectives as well as financial motives. 2 Concerned that the
hundred-year-old group would lose its “entrepreneurial vision” and “ability to adapt and weather any
crisis” without the change, Faber emphasized his belief that “finance [had to] serve the economy, which
in turn [had to] serve people; agriculture [had to] respect and renew the planet’s resources, and food
[had to] improve the health of every individual.” 3

After 99% of Danone’s shareholders voted to approve the change, Faber thanked them for their
support, “Never before has this been attempted at the scale at which we are going to do this together…
You broke a taboo today.” 4 Yet, the hard work needed to run Danone as a mission-driven company
had just begun. As France’s first listed company to adopt the new legal status, people would be
watching Danone carefully. Would Faber be able to successfully balance people, purpose, and profit;
and, if so, how would he do it?

Company Background
Danone’s roots dated back to 1919, when prominent doctor Isaac Carasso opened a small yogurt
business in Barcelona, Spain. 5 Concerned by the high level of intestinal disorders among local children,
Carasso mixed fresh milk with ferments to produce yogurt. 6 He sold his yogurts in pharmacies as a
health food and used the Catalan diminutive of his son Daniel’s name, ‘Danon’, as the brand name. 7 A
decade later, Daniel Carasso joined the family business as it grew rapidly. 8

Meanwhile in France, French businessman Antoine Riboud merged two companies—Verreries

Souchon-Neuvesel (a manufacturer of glass bottles) with Glaces de Boussois (a manufacturer of “flat
glass” used for automobiles and housing)—to create BSN in 1966. 9 Riboud decided to produce not only
bottles and jars, but also their contents. 10 To do so, he acquired a series of brands including Evian

Professor Benjamin C. Esty and Assistant Director Emilie Billaud (Europe Research Center) prepared this case. This case was developed from
published sources. Funding for the development of this case was provided by Harvard Business School and not by the company. HBS cases are
developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of
effective or ineffective management.

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write Harvard Business School Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu. This publication may not be digitized, photocopied,
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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

mineral water, Kronenbourg beer, and Blédina baby food. 11 In 1972, Riboud described his firm’s
distinctive culture in a landmark speech that called for a new approach to management. 12 “Corporate
responsibility does not end at the factory gate or at the office doors,” he said, marking the birth of the
firm’s dual commitment to business and social progress. 13 “I firmly believe that we can be both efficient
and human. Let us conduct our business as much with the heart as with the head… 14 That a company
takes into account all its stakeholders is not an act of faith, but an act of reason: no company can thrive
in a desert.”15

Later that year, Daniel Carasso and Antoine Riboud decided to merge their businesses. 16 By the
1980s, BSN-Danone had become Europe’s third-largest food processor. 17 During the 1990s, Danone
expanded globally by setting up operations in Asia, Eastern Europe, Latin America, and the Middle
East. 18 The company officially shortened its name to Danone, the name of the group's best-known
brand. 19 A year later, Antoine Riboud retired and handed the reins to his son, Franck. 20

Under Franck Riboud's leadership, Danone continued its international expansion and focus on
health food. 21 Inspired by his father's commitment to social objectives, Franck Riboud extended the
firm’s mission in 2006 to “bring health through food to as many people as possible.”22 He also
broadened the mission, stating in 2009: “It is in a company’s best interest to take good care of its
economic and social environment, in one word its ecosystem.” 23 Although many people supported his
views, Franck Riboud faced some criticism about Danone’s financial performance and the difficulty it
was having competing against Nestlé and Unilever. 24 The Danone board voted to separate the
functions of chairman and CEO in 2014 to smooth the leadership succession process. 25 While Riboud
continued as chairman, his protégé—Emmanuel Faber—became the CEO. 26

A graduate from French business school HEC, Faber had worked for U.S. consulting firm Bain &
Company, British merchant bank Baring Brothers, and French group Legris Industries before joining
Danone in 1997. He began as the head of finance, strategy, and information systems and soon became
the vice-president for Asia Pacific before becoming deputy CEO in 2008. Like Riboud, Faber was a
vocal advocate for a more responsible form of capitalism. 27

Mission and Motto

Soon after his appointment as CEO, Faber unveiled a new manifesto. The core text was written by
Danone employees over a two-year period. 28 At the time, Faber said, “A manifesto is a point of view,
and people may agree or disagree, but when they agree, they stick to it because they understand what
you are doing and why…Each of our organizations, each of the Danoners are here for a purpose, and
part of that purpose is to create value that we can share.” 29

Faber also launched the company’s first motto, One Health, One Planet, in 2017. It was an appeal for
consumers to make healthier and more sustainable food choices. Faber explained:

We believe that each time we eat and drink, we can vote for the world we want to live
in. This powerful idea is at the heart of the ongoing food revolution, a movement inspired
by people who care about where their food comes from, how it was grown, how it arrived
on their plates, and how it impacts their health and the health of the planet. 30

That same year, the company decided to grow every Danone brand into of a ‘manifesto brand.’31
As part of this process, each brand identified a cause (social-, health-, and/or environment-related) that
mattered to its customers and communities. Making this cause the core reason for its being then
impacted how the brand engaged with consumers, positioned itself, and picked its products.32
Bonafont, for instance, was Danone’s first water brand in Mexico. It chose to raise awareness of gender

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

inequality by training female entrepreneurs in areas affected by a recent earthquake and by committing
to reach a certain percentage of women in leadership positions at the company. 33

The Acquisition of WhiteWave Foods

In 2017, Danone acquired WhiteWave Foods Co., an American company specializing in organic
foods and plant-based milks, for €11.3 billion. 34 WhiteWave was a fast-growing business with €3.6
billion in sales in 2015. 35 Its best-selling product was Silk, a low-fat soy beverage. 36 Faber described the
merger as “a perfect match of vision, culture, and businesses.” 37 Not only would Danone get exposure
to high-growth categories by embracing organic, plant-based, and non-GMO foods and beverages; the
acquisition would double the size of Danone’s U.S. business, making it one of the top 15 food and
beverage producers in the country. 38 For WhiteWave, the debt-financed acquisition was an
opportunity to introduce its products internationally. 39

Despite WhiteWave’s attractive growth opportunities, analysts raised a number of concerns starting
with the price Danone paid for the acquisition. 40 While analysts at Société Générale argued that
WhiteWave was “a bad deal and bought at the top,” 41 analysts at RBC questioned whether the synergy
targets, particularly the revenue synergies, were achievable. 42 Finally, some analysts were concerned
about Faber’s motivations after he publicly stated, “[This] is not a deal we have to do; it’s a deal that
we really want to do…it’s a unique asset.”43 Following this statement, the RBC analysts lamented,
“Until recently, we regarded Danone as a company that prioritized sales above shareholder value
creation. We had begun to change our minds. We are not so sure now.” 44

Later in 2017, the Danone board voted to recombine the functions of chairman and CEO again. Faber
became CEO and chairman while Riboud became the honorary chairman. 45

A World Leading Food and Beverage Company

With a market capitalization of €41 billion, Danone generated sales of €25 billion and a return on
equity of 15.0% in 2019. 46 (See Exhibits 1, 2 and 3 for key financials.) The sales were divided across
three reporting segments. The largest one—Essential Dairy and Plant-based Products (EDP, 52% of
sales)—included a wide range of products ranging from dairy products such as yogurts and milk to
plant-based food and drinks. EDP distributed over 100 brands in more than 120 countries. 47 Some were
iconic brands with global recognition like Danone, Actimel, and Activia, while other brands had more
local relevance. The second largest segment was Specialized Nutrition (SN, 30% of sales) which
developed and sold products for individuals with specific nutritional needs. It offered products such
as infant milk formulas, hypoallergenic products for children with allergies, and nutritional
supplements for malnourished people. Finally, the Waters (18% of sales) segment included mineral
waters from natural sources, as well as flavored waters enriched with fruit extracts, juices, or vitamins.
Its most well-known international brands were Evian and Volvic. 48

At its shareholder meeting in 2019, Danone introduced a set of nine long-term goals (the 2030 goals)
to achieve its vision. 49 The goals focused on the business model, the brand model, and the trust model
with slogans such as: deliver superior sustainable profitable growth, preserve and renew the planet’s
resources, and foster inclusive growth. 50 As a founding act for its goals, Danone introduced an
employee engagement program allowing its 100,000 workers to “co-own the company agenda, actively
participate in defining roadmaps to bring the goals to life, and deepen their ownership mindset.” 51 As
part of the One Person, One Voice, One Share program, each employee was given a share of stock and an
opportunity to share in profits. 52 In addition, a group of 26 people would be elected every year to
represent the employees in front of the board of directors and the executive committee. 53

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

While analysts praised Danone’s green credentials, employee engagement programs, and product
market positions, they raised concerns about the firm’s financial performance and execution. 54 The
analyst at Kepler Cheuvreux said, “We have long argued that the foundation for a sustained
improvement in a company’s stock price and a stronger multiple is long-term delivery in terms of
earnings and cash flow generation…A lack of consistent execution [at Danone] has hurt.” 55 Danone had
indeed missed a number of financial targets. For example, Danone announced a target operating
margin above 16% by 2020. 56 Yet in early 2020, Danone lowered the target margin to 15%. 57 Similarly,
they had targeted organic sales growth of 4% to 5% per year by 2020. 58 In reality, sales were growing
only 2% to 4% per year.59

Analysts attributed Danone’s failure to meet its stated financial targets to a series of strategic
errors. 60 Some argued that Danone had overpaid for WhiteWave, and that rivals selling milk
alternatives in Europe and the U.S. had gained share at Danone’s expense since the acquisition.61
Others thought that while Danone followed, if not led, consumer trends toward healthy food, the firm’s
products could be improved. 62 A number of journalists also linked Danone’s results to “sustained
underspending on R&D and marketing expenditures.” 63

Observing the changes Faber was making to the organization, the Jefferies analyst noted, “We worry
that a too-obsessive pursuit of purpose-driven benefits and brand-as-social-advocate might blind
Danone to the value of more mundane, but potentially broader, consumer appeals. It is shareholders,
not other stakeholders, who are most in need of convincing with regard to Danone’s good intentions.”64

French Governance Rules and ESG Initiatives

While corporate governance rules and practices were still relatively new in France, they had
improved in recent years to the point where French standards now met the highest international
levels. 65 In many domains, the country’s standards had converged with best practices in terms of
financial disclosure, director independence, and compensation practices as well as diversity among
boards and directors. 66

French corporate governance was based on the statutory provisions in the civil, commercial, and
monetary and financial codes (Code Civil, Code de Commerce, Code Monétaire et Financier) as well as the
principles and practices approved for listed firms by the financial markets authority (AMF, Autorité des
Marchés Financiers). 67 The most prevalent type of legal structure used by listed companies in France
was the Société Anonyme (S.A.)—equivalent to the corporate structure in the U.S.68 Most businesses
were led by a CEO and used a single board of directors led by a chairperson. 69 The positions of CEO
and board chair could be held by the same individual, known as the Président Directeur Général (PDG).70

In recent years, there was a growing interest in and emphasis on corporate social responsibility
(CSR). France first introduced legislation requiring annual social reporting from companies in 1977.71
Rather than publicly disclosing these reports, companies filed them with a government agency. 72 The
French government updated the law in 2001 by requiring all companies listed on the French stock
exchange to publish social and environmental information in their annual reports. 73 But the absence of
guidance on the format and content, and the absence of sanctions for lack of compliance led the quality
of these reports to vary substantially. 74 To improve the quality of the reports, CSR reporting
requirements were strengthened in 2007. 75

France introduced additional legislation over the years to emphasize other CSR issues. In 2017, for
instance, the country adopted the corporate duty of vigilance law which required large companies to
prevent severe violations of human rights, unsafe working conditions, or environmental damage.76

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

The following year, France enacted a gender pay equity law for larger companies to eliminate the pay
gap between male and female employees. 77

The PACTE Law

One of the most significant changes in corporate governance happened in 2018 when the French
parliament passed the “PACTE” law (Plan d’Action pour la Croissance et la Transformatione des Entreprises,
or the Action Plan for Business Growth and Transformation) in an attempt to drive economic growth,
spur innovation, and create jobs. 78 The law was inspired, at least in part, by similar developments
occurring around the world such as the creation of benefit corporations (BC). 79 First introduced in the
U.S. in 2010, BCs were corporate entities which operated in a responsible and sustainable manner, and
pursued one or more public-benefit purposes among their legally defined goals. 80 This status enabled
management to reject shareholder primacy in favor of other stakeholder considerations. 81 As of 2020,
36 U.S. states had passed BC laws. 82 Other countries, including Colombia, Ecuador, and Italy, had
created similar legal frameworks. 83 And many other countries, including Australia, Brazil, Canada,
and the UK (among others), were working on BC legislation. 84 In addition to the legal BC structure,
there were also “certified B corporations.” These companies were not legally bound by corporate law
but were rather certified by the non-profit organization B Lab a based on the value they created for
stakeholders. 85

The PACTE law amended the civil code—the backbone of France’s legal structure—to include social
and environmental provisions and contained three key provisions. First, according to the civil code,
every company had to have “a lawful corporate purpose and be constituted in the common interest of
its shareholders.” 86 To some, this provision had been “interpreted as being of an exclusively pecuniary
nature” 87 and had been criticized for not considering other stakeholders. 88 The PACTE law required
companies to take “social and environmental aspects of its activity into consideration.” 89 Second, the
new law introduced the notion of a “corporate mission” (“raison d’être”). Companies could, in their
articles of association, describe a “mission that the company intended to pursue in the conduct of its
business.” 90 While specifying a mission was optional, amending the articles of association generally
required a majority vote at a general meeting of shareholders. 91 Third, the PACTE law gave companies
the ability to formalize their “corporate mission” with a new legal status known as the “mission-driven
company” (Entreprise à Mission). To adopt this status, companies had to meet five conditions: 92

1) the articles of incorporation had to specify a corporate mission;

2) the articles of incorporation had to specify the social and environmental objectives;
3) the articles of incorporation had to describe the measures for monitoring the mission
(e.g., creation of a mission committee that published an annual report);
4) the company’s objectives had to be verified by an independent third-party; and
5) the company had to declare its new legal status to the clerk of the commercial court.

As the PACTE law was enacted, experts quickly noted that “directors in France [did] not have a
specific fiduciary duty that would prevent them from prioritizing social and environmental goals over
shareholders’ interests.” 93 As a result, the PACTE law could offer an extra line of defense against hostile
takeovers. French law professor Antoine Gaudemet noted:

a Launched in the U.S. in 2006, B Lab was the non-profit organization behind the B Corp initiative—a certification for businesses
that met the highest standards of verified social and environmental performance, public transparency, and legal accountability
to balance profit and purpose. In 2020, there were over 3,300 certified B corporations in 71 countries. (Source: BCorporation.net)

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

“[C]ompanies now have at their disposal a new tool of unequal efficiency—a very
simple modification of the articles of association voted in an extraordinary general
meeting—and a relatively easy implementation… All it will take for the top management
to reject a hostile takeover bid is to argue that there is an ‘existential incompatibility’
between the initiators of the bid and the corporate mission (“raison d’être”) that has legally
been adopted.” 94

The Rise of Shareholder Activism in France

These governance changes in French corporate law happened alongside, if not because of, rising
pressure from activist shareholder who, despite holding minority ownership positions, urged
companies to change their strategies, operations, capital structures, and organizational structures (i.e.,
through breakups or divestitures).95 While some activists operated in a hostile manner, others were
more friendly: they came with fresh perspectives and engaged collaboratively. 96 Encouraged by their
success in the U.S., activist investors were increasingly targeting European companies. 97

Despite being one of the country’s largest companies, Danone was not immune to unwanted
attention. In 2005, there were rumors that US-based PepsiCo wanted to acquire Danone. 98 The French
government came to its defense calling the idea “scandalous” 99 and vowed to protect one of the “jewels
of the French industry.” 100 At the time, a French historian commented: “The French in general have a
very bad image of American multinationals.” These companies were considered “soulless, only
interested in making money, the very incarnation of worse aspects of globalization”—in sharp contrast
to Danone's reputation as “respectful” to its employees, the society, and the environment. 101

In more recent years, other European food and beverage companies had come under attack from
activist shareholders. In 2017, for example, American hedge fund manager Dan Loeb invested over €3
billion in Nestlé. 102 Disappointed by the company’s financial performance, Loeb publicly criticized the
company and pushed it to improve its profitability. 103 While Nestlé initially stuck to its strategy, it
eventually closed more than 50 acquisitions and divestitures within two years. Within France, the
debate over shareholder activism intensified as a number of French companies were targeted by
activists in 2018. 104 That year, activists targeted five French companies: publisher Lagardère, aircraft
firm Latécoère, liquor-maker Pernot-Ricard, reinsurer Scor, and utility company Suez. 105 In response,
the French parliament drafted a report suggesting that activist behavior had to be regulated “without
damaging the market.”106 The French stock market regulator—AMF—agreed with some of these
recommendations, and proposed several new measures. For example, AMF advised activists to engage
in dialogue with a company before launching a campaign. The AMF also recommended that boards
should be more involved on matters of interest to shareholders. 107

Faber's Green Leadership

“It is time to make sustainable business the only way of doing business.” 108

— Emmanuel Faber, Danone’s chairman and CEO, April 2018

Consistent with his beliefs on how businesses should be run, Faber had taken many steps to
promote social and environmental objectives since he became Danone’s CEO culminating with the
decision to become a mission-driven company (entreprise à mission).

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

Becoming B Corp Certification

Faber started a collaboration with non-profit organization B Lab in 2015. 109 Under this collaboration,
Danone selected ten subsidiaries for B Lab certification, including its dairy entities in France and the
UK, baby food brand Happy Family in the U.S., and Aqua in Indonesia. 110 To obtain the certification,
subsidiaries had to earn a minimum score on an impact assessment. 111 Danone’s own sustainability
scoring system, Danone Way, facilitated this process as it relied on similar metrics and indicators. 112

Among the first entities to be certified was Danone’s U.S. dairy division (the assets from the
WhiteWave acquisition), which became the largest certified B corporation in the world in 2018—two
years ahead of schedule. 113 Faber saw this certification as an incentive to make Danone fully B Corp-
certified by 2025. Converting a company of this size into a B-corporation had never been attempted. 114
Faber explained his optimism, “It is a huge sign of encouragement that if a company that big and that
complex in the U.S. can make it, who can’t within the Danone universe?” 115 By 2020, 33 Danone entities,
representing about 50% of Danone’s global sales, had earned B Corp certification. 116

According to Faber, certification would help the firm attract supportive shareholders:

Over time this will probably mean that Danone's story will be more compelling for
people that see holistic value as being a strong investment proposition, both for the short
but also for the mid and long term. Maybe that means that this might be a less compelling
proposition for people that are looking to make a quick buck and get out in six months'
time. 117

Issuing Green and Social Bonds

Given the growing importance of sustainable business models, Danone was working with banks to
incorporate the group’s environmental and social values into its financing activities. In 2018, Danone
issued a €2 billion syndicated credit facility that included a credit line adjustment mechanism based on
ESG criteria as determined by independent third parties. 118 Under this agreement, banks agreed to
reduce loan margins by as much as 20% if Danone met its B-Corp milestones and other ESG goals. 119 If
the food conglomerate underperformed, however, Danone would have to pay a premium rate. 120

That same year, Danone also issued a €300 million “social impact” bond with a 1.0% coupon to
finance projects that would help Danone’s various stakeholders. 121 These projects ranged from
encouraging responsible farming and funding nutrition research to extending employee health benefits
(e.g., extended maternity and parental leaves). 122 The bond proved very attractive to investors: it was
oversubscribed by 2.3 times. 123 CFO Cecile Cabanis said, “By issuing this social bond, Danone has
made another step in leading the way to creating and sharing sustainable value for all stakeholders.”124

Reducing and Disclosing Carbon Emissions

In 2015, Faber announced a target of zero net carbon emissions across Danone’s value chain by
2050. 125 This meant that Danone would be responsible for carbon emissions from not only the farms
where it sourced ingredients but also to the facilities where it manufactured products. 126 To achieve
this goal, Danone planned to reduce direct and indirect emission intensity, eliminate deforestation,
transform agricultural practices, and offer healthier diet options using natural resources sustainably. 127

As an important first step, Danone signed the United Nations’ 1.5°C pledge in September 2019 along
with 86 other global companies. 128 Signatories agreed to set independently verified reduction targets
and develop decarbonization plans within two years to keep global warming below 1.5°C. 129 By doing

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

so, Danone was one of the world’s first 100 companies to align its carbon reduction strategy with the
Paris Agreement, a legally binding international treaty on climate change. 130

To emphasize the environmental cost of carbon emissions and the firm’s commitment to reducing
them, Danone created and disclosed a carbon-adjusted earnings per share (EPS) figure for the first time
in February 2020 (see Exhibit 4).131 Based on an assumed cost of carbon emissions, Danone’s carbon-
adjusted EPS would have been approximately 40% lower than its reported EPS figure.132 “The feedback
that we have is that this is interesting because this is bold,” Danone said. “Now we are, let’s say quite
alone [in publishing this figure].” 133

Based on its commitment to reduce emissions, Danone was also recognized in 2020 as a global
environmental leader by the Carbon Disclosure Project (CDP), a non-profit designed to measure and
assess environmental performance. 134 It was one of only six companies—out of 8,400 that were
judged—to receive a “AAA” score. 135

Reducing Plastic Waste

Finally in February 2020, Faber pledged to spend €2 billion over the next three years on a climate
acceleration plan. 136 As part of the move, Danone announced that its water bottles would be made
entirely of recycled plastic in Europe by 2025. 137 Because of this commitment, Danone had to scale back
its sales growth and profit margin targets for 2020. 138 Faber defended this initiative as the “right thing
to do for the business. We can’t wait one moment longer to build climate change resilience into our
business,” he said. “The conversation around plastic waste has taken off like crazy over the past two
years.” 139 Analysts at Davy Research called the initiative both “surprising” and “progressive.”140

Becoming an Entreprise à Mission (Mission-driven Company)

To formalize the company’s mission, reflect its values, and aid in the B Corp certification process,
Danone announced its intent to become an “entreprise à mission” in May 2020. 141 Using the following
logic, the Danone board approved the proposed change in legal status for a shareholder vote in June:

This context [the COVID-19 pandemic] brings with it increased expectations on

companies to demonstrate their use to society, and for trusted brands to go beyond their
normal ways of engaging with consumers. The board reaffirmed…the strong
commitment of Danone to the sustainable shared value creation model that has driven its
vision of business since it established its dual economic and social project for the first time
in 1972. At the heart of this business model lies the conviction that commitment to all
stakeholders creates further value for all of them, including shareholders. 142

The firm’s purpose, “bringing health through food to as many people as possible,” would now be
included in Danone’s articles of association. Danone’s social and environmental objectives would fall
in four categories: 1) Impacting people’s health with a portfolio of healthier products. 2) Preserving the
planet and renewing its resources. 3) Entrusting Danone’s people to create new futures. 4) Promoting
inclusive growth by ensuring equal opportunities within the company. 143 Reflecting on the objectives,
Faber said:

I think if you look at these four objectives, close your eyes for a moment and then open
the newspaper, you can see how relevant they are to be as an organization and pursuing
those goals in terms of how this organization can drive preference, whether that's about

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

customers, consumers, suppliers, of course employees, and possibly much bigger

stakeholders that are going to be health authorities, government. 144

As the first publicly listed firm to adopt the new governance system, it would create an independent
mission committee with 10 members to monitor and advise the company on progress toward Danone’s
objectives. Committee members included Pascal Lamy (former head of the World Trade Organization),
Rose Marcario (former CEO of American clothing company Patagonia), Gabriela Ramos (UNESCO
director for social and human sciences), and Rajiv Shah (president of the Rockefeller Foundation). 145

At the June shareholder’s meeting, 99% of shareholders voted to approve the change. 146 Faber
expressed his delight with the decision:

At a time where companies are undisputedly showing every day their contribution to
society as a whole, and with the imperative of collective action, I am thrilled that all our
shareholders decided that Danone would become today the first listed Entreprise à
Mission. I am convinced that the more our business demonstrates that it is working for all
its stakeholders, the more it will create value and be recognized for that. 147

Soon after the vote, Faber declared, “You have toppled the statue of Milton Friedman here today,”
referring to the intellectual architect shareholder primacy doctrine who declared that “the social
responsibility of business is to increase its profits.” 148 Some people, such as Paul Polman, Unilever’s
former CEO, tweeted support for Danone’s move: “Great to see the interest of multiple stakeholders
being taken into account. We know that it has a higher chance of long-term value creation.”149

Others, however, were more guarded in their response: “It’s all very well to bring down the statue
of Milton Friedman...You can do that when your financial performance is better than that of the
competition and your governance is beyond reproach, but if that’s not the case, then it’s a problem.”150
An analyst at Jefferies noted that confidence in Faber’s leadership was “at rock bottom” and “more
ESG was not the answer.”151 Analysts at Kepler Cheuvreux also saw Danone’s approval of the new
legal form as “underscoring again the ever-increasing perceived value shareholders see in companies
that pursue and burnish their ESG credentials.” Yet, value creation was “built on operational
execution” and Danone’s results were “weaker than anticipated.” 152

The Way Forward

With a clear shareholder mandate for the company’s vision, values, and new legal status, the hard
work was about to begin. In order to balance financial performance with ESG objectives, Danone would
have to design a set of key performance indicators to monitor its progress and install “visible
governance of the key objectives.” 153 But, would Faber be able to balance the tradeoffs between social
and financial goals? Could financial and social missions truly co-exist within Danone, and satisfy all of
the stakeholders? 154 Faber said, “We believe—I strongly believe—that it [ESG] builds a competitive
advantage. We see that as a way to long term increase our alpha and decrease our beta.” 155 Asked by
journalists if he could define success over a five-year period, Faber added, “We will not prove our
model right until we see that in the share price. It’s not a matter of contradicting the value creation, it’s
really about the way we create that value in the short, medium, long term.” 156 As tensions between the
company’s two goals would be inevitable, particularly in the short term, would Faber be able to resolve
these conflicts and deliver value to all stakeholders?

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

Exhibit 1 Danone’s Income Statement, 2015-2019 (Millions of Euros)

Year Ending Dec 31

2015 2016 2017 2018 2019

Total Revenue € 22,412 € 21,944 € 24,812 € 24,651 € 25,287

CoGS € 11,212 € 10,744 € 12,630 € 12,730 € 12,878
Gross Profit € 11,200 € 11,200 € 12,182 € 11,921 € 12,409
SG&A € 7,621 € 7,566 € 8,060 € 8,027 € 8,158
R&D Expense € 307 € 333 € 342 € 337 € 351
Other Oper. Expense € 311 € 243 € 187 (€ 66) € 32
Operating Profit (EBIT) € 2,961 € 3,058 € 3,593 € 3,623 € 3,868
Net Interest Expense (€ 152) (€ 146) (€ 263) (€ 201) (€ 219)
Other Non-Oper Inc (Exp) (€ 31) (€ 134) (€ 27) € 645 (€ 198)
Restructuring Expenses (€ 233) (€ 105) (€ 177) (€ 94) (€ 298)
Other Income (Expenses) (€ 522) (€ 42) € 275 (€ 818) (€ 332)
Pretax Profit € 2,023 € 2,631 € 3,401 € 3,155 € 2,821
Income Tax Expense € 626 € 804 € 842 € 716 € 793
Minority Interest (€ 115) (€ 107) (€ 110) (€ 90) (€ 99)
Net Income € 1,282 € 1,720 € 2,449 € 2,349 € 1,929

Basic EPS € 2.10 € 2.79 € 3.90 € 3.63 € 2.95

Total Basic Shares Outstanding (mil) 615.2 617.0 632.4 647.3 648.9
Dividends per Share € 1.60 € 1.70 € 1.90 € 1.94 € 2.10
Payout Ratio 76% 61% 49% 53% 71%

Other Financial Items

Capital Expenditures € 937 € 925 € 969 € 941 € 951
Deprec. & Amortization € 772 € 755 € 844 € 897 € 1,225
R&D as % of Revenue 1.37% 1.52% 1.38% 1.37% 1.39%
Profit Margins
Gross Margin 50.0% 51.0% 49.1% 48.4% 49.1%
Operating Margin 13.2% 13.9% 14.5% 14.7% 15.3%
Net Margin 5.7% 7.8% 9.9% 9.5% 7.6%
Revenue Growth n/a (2.1%) 13.1% (0.6%) 2.6%
Interest Coverage (EBIT/Net Int Exp) 19.5 20.9 13.7 18.0 17.7
DuPont Formula
Profit Margin (Net Inc/Sales) 5.7% 7.8% 9.9% 9.5% 7.6%
Asset Turnover (Sales/Assets) 0.69 0.50 0.56 0.56 0.56
Fin. Leverage (Assets/Equity) 2.58 3.33 3.05 2.68 2.61
ROE (Net Inc./Equity) 10.1% 13.0% 16.9% 14.3% 11.1%

Number of Full-time Employees 99,771 99,187 104,843 105,783 102,449

Source: Compiled by Casewriters from “Danone S.A.," Capital IQ, Inc., a division of Standard & Poor’s, accessed May 2021.

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

Exhibit 2 Danone’s Balance Sheet, 2015-2019 (Millions of Euros)

Year Ending Dec 31

2015 2016 2017 2018 2019

Total Cash & ST Investments € 3,033 € 13,620 € 4,100 € 5,038 € 4,275

Total Current Assets (Excl. Cash) € 4,965 € 5,493 € 5,532 € 5,296 € 5,843
Net PP&E € 4,752 € 5,036 € 6,005 € 6,175 € 6,844
Other LT Assets € 19,962 € 19,800 € 28,622 € 27,668 € 28,400
Total Assets € 32,712 € 43,949 € 44,259 € 44,177 € 45,362

Short-term Debt & Leases € 2,991 € 2,511 € 3,791 € 3,547 € 4,474

Current Liabilities (Excl. Debt) € 6,211 € 6,539 € 6,668 € 6,418 € 6,779
Long-term Debt & Leases € 8,087 € 18,772 € 15,716 € 14,344 € 12,907
Long-term Liabilities € 2,754 € 2,933 € 3,555 € 3,393 € 3,824
Total Equity € 12,669 € 13,194 € 14,529 € 16,475 € 17,378
Total Liabilities & Equity € 32,712 € 43,949 € 44,259 € 44,177 € 45,362

Total Shares Outstanding 615.2 617.0 632.4 647.3 648.9

Leverage & Liquidity Ratios
Total Debt (Including Leases) € 11,078 € 21,283 € 19,507 € 17,891 € 17,381
Debt-to-Total Capital 47% 62% 57% 52% 50%
Current Ratio (CA / CL) 0.87 2.11 0.92 1.04 0.90
S&P Long-term Credit Rating A- BBB + BBB + BBB + BBB +

Source: Compiled by Casewriters from “Danone S.A.," Capital IQ, Inc., a division of Standard & Poor’s, accessed May 2021.
Debt ratings are also from S&P Capital IQ database.

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

Exhibit 3 Comparison of Danone vs Nestle and Unilever

2015 2016 2017 2018 2019

Revenue (Millions of Euros)

Danone € 22,412 € 21,944 € 24,812 € 24,651 € 25,287
Nestle € 81,924 € 83,733 € 76,842 € 81,441 € 85,444
Unilever € 53,272 € 52,713 € 53,715 € 50,982 € 51,980

Operating (EBIT) Margin

Danone 13.2% 13.9% 14.5% 14.7% 15.3%
Nestle 15.4% 15.7% 16.3% 16.7% 17.1%
Unilever 13.9% 14.6% 17.5% 18.3% 19.1%

Return on Equity (Net Income/Equity)

Danone 10.1% 13.0% 16.9% 14.3% 11.1%
Nestle 14.2% 12.9% 11.5% 17.4% 23.9%
Unilever 30.5% 30.5% 42.4% 77.3% 40.5%

Net Margin (Net Income/Sales)

Danone 5.7% 7.8% 9.9% 9.5% 7.6%
Nestle 10.2% 9.5% 8.0% 11.0% 13.6%
Unilever 9.2% 9.8% 11.2% 18.4% 10.8%

Asset Turnover (Sales/Assets)

Danone 0.69 0.50 0.56 0.56 0.56
Nestle 0.72 0.68 0.68 0.67 0.73
Unilever 1.02 0.93 0.87 0.83 0.80

Financial Leverage (Assets/Equity)

Danone 2.58 3.33 3.05 2.68 2.61
Nestle 1.94 2.00 2.14 2.35 2.42
Unilever 3.25 3.32 4.37 5.04 4.67

Cash Conversion Cycle (CCC, days)

Danone (33.2) (37.4) (25.3) (17.5) (13.9)
Nestle (32.2) (11.9) 11.5 7.3 3.4
Unilever (23.8) (28.6) (54.8) (54.9) (29.8)

Stock Price (Year End, Euros per Share)

Danone € 62.28 € 60.20 € 69.95 € 61.51 € 73.90
Nestle € 68.56 € 68.13 € 71.61 € 70.83 € 96.41
Unilever € 39.74 € 38.51 € 46.44 € 45.73 € 51.34

Source: Compiled by Casewriters from “Danone S.A.," “Unilever PLC,” and “Nestlé S.A.,” Capital IQ, Inc., a division of
Standard & Poor’s, accessed May 2021.

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

Exhibit 4 Danone’s Carbon-Adjusted Earnings per Share (EPS); Released February 2020

Source: Casewriter analysis based on Danone’s 2019 Full-Year Results, press release 26-Feb-2020. The slide is from Danone’s
presentation, Full-Year 2019 Results, dated 26-Feb-20, slide #11, available at:
https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-result-
center/2019/quarter4/Danone%20FY%202019%20presentation.pdf.

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

Endnotes

1 Danone, “Report of the shareholders’ meeting,” Danone Website, June 26, 2020, p. 2,
https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-all-
publications/2020/shareholdersmeetings/AG_2020_compte_rendu_VA.pdf, accessed June 2021.
2 “Danone becomes first listed company to adopt the ‘Entreprise à Mission’ model,” Food Business Africa, June 27, 2020,
https://www.foodbusinessafrica.com/danone-becomes-first-listed-company-to-adopt-the-entreprise-a-mission-model/,
accessed June 2021.
3 Danone, “Report of the shareholders’ meeting,” Danone Website, June 26, 2020, p. 4,
https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-all-
publications/2020/shareholdersmeetings/AG_2020_compte_rendu_VA.pdf, accessed June 2021.
4 Dow Jones Newswires, “Press Release: Danone: Annual General Meeting of June 26, 2020: Shareholders unanimously vote
for Danone to become the first listed ‘Entreprise à Mission’,” June 26, 2020, accessed via Thomson One in April 2021.
5 Danone, “Our epic history,” Danone Website, https://www.danone.com/about-danone/ourhistory.html, accessed May
2021.
6 Danone, “From simple beginnings: Isaac Carasso and the first Danone yogurt,” Danone Website, February 5, 2019,
https://www.danone.com/stories/articles-list/fromsimplebeginningsisaaccarassoandthefirstdanoneyogurt.html, accessed
May 2021.
7 William Grimes, “Daniel Carasso, a pioneer of yogurt, dies at 103,” The New York Times, May 20, 2009,
https://www.nytimes.com/2009/05/21/business/21carasso.html; “Man who gave name to Danone dies aged 103,” Reuters,
May 18, 2009, https://www.reuters.com/article/danone-idUSLI294720090518; both accessed May 2021.
8 “A walk through Danone’s history,” Medium.com, November 21, 2016, https://medium.com/@Danone/a-walk-through-the-
danones-history-a031acdb7335, accessed May 2021.
9 “France’s BSN poised to grow,” The New York Times, June 20, 1981,
https://www.nytimes.com/1981/06/20/business/france-s-bsn-poised-to-grow.html, accessed May 2021.
10 “Essay examples: Danone History,” September 2019, post on the blog “Benjamin Barber,”
https://benjaminbarber.org/danone-history/, accessed May 2021.
11 Funding Universe, “Groupe Danone History,” Funding Universe Website, http://www.fundinguniverse.com/company-
histories/groupe-danone-history/, accessed May 2021.
12 John Tagliabue, “Antoine Riboud, Builder of French Food Giant, Dies at 83,” The New York Times, May 7, 2002,
https://www.nytimes.com/2002/05/07/business/antoine-riboud-builder-of-french-food-giant-dies-at-83.html, accessed May
2021.
13 Danone Communities, “Our story,” Danone Communities Website, https://www.danonecommunities.com/who-we-
are/our-story/, accessed May 2021.
14 “Death of Danone Founder Antoine Riboud,” Dairy Reporter, May 5, 2002,
https://www.dairyreporter.com/Article/2002/05/06/Death-of-Danone-founder-Antoine-Riboud, accessed May 2021.
15 Danone Communities, “Our story,” Danone Communities Website, https://www.danonecommunities.com/who-we-
are/our-story/, accessed May 2021.
16 A walk through Danone’s history,” Medium.com, November 21, 2016, https://medium.com/@Danone/a-walk-through-the-
danones-history-a031acdb7335, accessed May 2021.
17 Danone, 2016 Registration Document (Paris: Danone, 2016), p. 16, https://www.danone.com/content/dam/danone-
corp/danone-com/investors/en-all-publications/2016/registrationdocuments/Danone_-_DDR_2016_-
_VENG_for_visually_impaired_readers.pdf, accessed May 2021.
18 Danone, 2016 Registration Document (Paris: Danone, 2016), p. 16, https://www.danone.com/content/dam/danone-
corp/danone-com/investors/en-all-publications/2016/registrationdocuments/Danone_-_DDR_2016_-
_VENG_for_visually_impaired_readers.pdf, accessed May 2021.

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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

19 Danone, 2016 Registration Document (Paris: Danone, 2016), p. 16, https://www.danone.com/content/dam/danone-

corp/danone-com/investors/en-all-publications/2016/registrationdocuments/Danone_-_DDR_2016_-
_VENG_for_visually_impaired_readers.pdf, accessed May 2021.
20 “La succession d’Antoine Riboud se dessine dans le Groupe Danone,” Les Echos, August 29, 1994,
https://www.lesechos.fr/1994/08/la-succession-dantoine-riboud-se-dessine-dans-le-groupe-danone-888291, accessed May
2021.
21 Danone, “Our epic history,” Danone Website, https://www.danone.com/about-danone/ourhistory.html, accessed May
2021.
22 Danone, “Our epic history,” Danone Website, https://www.danone.com/about-danone/ourhistory.html, accessed May
2021.
23 Rob Jan-Jong, Anticipate: The Art of Leading by Looking Ahead (New York: HarperCollins Publishers, 2015), p. 170,
https://books.google.fr/books?id=EcTIAwAAQBAJ&printsec=frontcover&hl=fr&source=gbs_ge_summary_r&cad=0#v=one
page&q&f=false, accessed May 2021.
24 “Danone names new CEO as Riboud prepares for succession,” Reuters, September 2, 2014,
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25 Mark Astley, “Franck Riboud to step down as Danone CEO after 18 years,” Dairy Reporter, September 2, 2014,
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26 Bill Bruce, “Danone names Faber CEO as Riboud separates dual roles,” Foodbev Media, September 3, 2014,
https://www.foodbev.com/news/danone-names-faber-ceo-as-riboud-
separat/?__cf_chl_jschl_tk__=6d98e89b0caa3f6a2fcb24593afb7ef45e2e55dc-1621435439-0-AaycKC2ylZ-E7W1Rt-2cM-
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LcPy56K9523mLMOkUPC4Lpzqj_th0fICer18vM8EgGB9AWT7dOF4wDMX_dtwv9P3_JfNuFFNzCoY4MZIc8SauLVAtX7JtEA_
KQFPWwKrctmp52aVYnYuju9tMqQ2yORivSsH2211MpiO-
za_ODfFJX9kb0yVAXsrMJaQDeQiJtQi6FFbX9uiJ7U2KiygLBfurzVa82O9U3ogTXPRc1pOfYpiXuuQita6p6d71ld0MhD-
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27 Cassie Werber, “Danone is showing multinationals the way to a less destructive form of capitalism,” Quartz, December 9,
2019, https://qz.com/work/1739547/danone-ceo-emmanuel-faber-is-building-the-worlds-largest-b-corp/, accessed May
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28 Charlotte Rogers, “Danone on why it’s repositioning as a manifesto brand,” Marketing Week, June 23, 2017,
https://www.marketingweek.com/danone-repositioning-manifesto-brand/, accessed May 2021.
29 Danone, “Transcript, Conclusion, Emmanuel Faber, CEO,” Evian 2015 Seminar, p. 1,
https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-investor-seminars/2015/day-3--
november-18,-2015/TranscriptEF.pdf, accessed May 2021.
30 Danone, “Our vision,” Danone Website, https://www.danone.com/about-danone/sustainable-value-creation/our-
vision.html, accessed May 2021.
31 Danone, “Our brand model,” Danone Website, https://www.danone.com/about-danone/sustainable-value-creation/our-
brand-model.html, accessed June 2021.
32 Peter Fisk, “Business recoded: how Emmanuel Faber is reinventing Danone as a purposeful business, with ‘manifesto’
brands, and a unique style of leadership,” May 8, 2020, post on the blog “Gamechangers,”
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33 Danone, 2018 Annual Report (Paris: Danone, 2018), https://iar2018.danone.com/performance/extra-financial-performance-
towards-danones-2030-goals/grow-manifesto-brands/, accessed June 2021.

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

34 Monica Watrous, “Danone seals the deal with WhiteWave,” Food Business News, April 14, 2017,
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pour racheter le leader mondial du bio,” Capital, July 7, 2016, https://www.capital.fr/entreprises-marches/danone-11-
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35 Danone, “Danone to acquire WhiteWave, a USD 4 billion sales global leader in organic foods, plant-based milks, and related
products,” Danone PowerPoint Presentation, July 7, 2016, p. 9, https://www.danone.com/content/dam/danone-
corp/danone-com/investors/en-investor-conferences/2016/danone-to-acquire-
whitewave/Presentation_Danone_WhiteWave.pdf, accessed June 2021.
36 Reference for Business, “WhiteWave: Company profile, Information, Business Description, History, Background
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37 Danone and WhiteWave, Investors’ Presentation Transcript, July 7, 2016, p. 3,
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38 Maggie McGrath, “Dairy King: Danone to acquire WhiteWave Foods in $10 billion milk merger,” Forbes, July 7, 2016,
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39 Danone and WhiteWave, Investors’ Presentation Transcript, July 7, 2016, p. 3,
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40 Berenberg, “Danone SA,” Berenberg Analyst Report, July 22, 2016, accessed via Thomson One in May 2021.

41 Société Générale, “WhiteWave: Onus on Danone to deliver,” Société Générale Cross Asset Research Report, November 10,
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46 Danone, 2019 Registration Document (Paris: Danone, 2020), p. 5-15, https://www.danone.com/content/dam/danone-
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48 Danone, 2020 Registration Document (Paris: Danone, 2020), p. 12-17, https://www.danone.com/content/dam/danone-
corp/danone-com/investors/en-all-publications/2020/registrationdocuments/urd2020-enaccessible.pdf, accessed May 2021.
49 Laura Mullan, “Danone sets 2030 goals for long-term sustainability,” Food Digital, May 17, 2020,
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Danone S.A.: Becoming a Mission-Driven Company (A) 722-354

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722-354 Danone S.A.: Becoming a Mission-Driven Company (A)

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from Jan 2025 to Jul 2025.