- This case study describes AES Corporation, a global power company that pioneered an empowering management model focused on decentralization, relative performance targets, and shared values. - AES grew rapidly worldwide but faced two crises which threatened its survival. However, its unique culture and management practices aligned with the Beyond Budgeting model allowed it to transform and emerge stronger. - The teaching objectives are to learn about the Beyond Budgeting model theoretically and practically by discussing questions about how AES implemented the principles and how they could further improve.