"Preferred shares" to preserve the sustainability of Tony's Chocolonely
Ethical confectionery company Tony's Chocolonely has implemented a "preferred stock" mechanism to prevent shareholders from weakening its sustainability commitments in the future.< /p>
In an unusual move, the Dutch company, which makes colorfully wrapped chunky chocolate bars stocked in UK supermarkets, has created a new governance structure with shares privileges which confer the power to veto changes to its ethical strategy.
The actions will be protected by independent "mission guardians" who have the power to prevent changes of its sourcing principles and its "mission" to eradicate inequality and exploitation in the chocolate industry.
Tony's, which advertises its products as "100% farm-free", sources from Ghana and Ivory Coast.
The group is owned by co-founder Maurice Dekkers and five other shareholders, including: two former directors, current employees and JamJar Investments, the investment company backed by the founders of Innocent Drinks.
Verlinvest - an investment company backed by two of the families behind Belgian brewing giant AB InBev, which also has stakes in oat drink maker Oatly, is also an investor in Tony's.
Guardian roles will be filled by sustainable entrepreneur Seth Goldman, the former Honest Tea boss who is president of vegan brand Beyond Meat; British-Nigerian lawyer and television presenter Ikenna Azuike; and Tony's former board member, Anne-Wil Dijkstra.
They will be offered several methods besides preferred stock to demand accountability publicly or legally to Tony's management.
< p class="dcr-8zipgp">Any stakeholder - employees, cocoa growers, business partners or consumers - can anonymously share their concerns with the guardians.Tutors can then work with upper management to resolve any issues. If that fails, the trio have the right to publicize their concerns in the company's annual report and through full-page newspaper advertisements, or refer the matter for judicial investigation and arbitration to the business chamber. from the Amsterdam Court of Appeal.
Tony's chief executive Douglas Lamont said he hoped the decision would spur other brands to follow suit. not.
after newsletter promotion
< /figure>"A growing number of goal-driven companies are looking for ways to secure their impact models at the heart of their business permanently and irrevocably, regardless of corporate structure. ownership,” he said.
“With this model, we hope to embody what we believe is a powerful mechanism to forever protect our mission and our procurement principles and inspire others to take a closer look at what they can do to fulfill their mission as well.
Goldman said, “I have learned from my own experience that even when we build companies with the highest mission aspirations, times change. , people change, new people arrive and organizations change too. So no missions are guaranteed."
"Like everything new and unproven, I'm sure we'll learn along the way. But I also hope our approach can become a model for other purpose-driven brands."
Ethical confectionery company Tony's Chocolonely has implemented a "preferred stock" mechanism to prevent shareholders from weakening its sustainability commitments in the future.< /p>
In an unusual move, the Dutch company, which makes colorfully wrapped chunky chocolate bars stocked in UK supermarkets, has created a new governance structure with shares privileges which confer the power to veto changes to its ethical strategy.
The actions will be protected by independent "mission guardians" who have the power to prevent changes of its sourcing principles and its "mission" to eradicate inequality and exploitation in the chocolate industry.
Tony's, which advertises its products as "100% farm-free", sources from Ghana and Ivory Coast.
The group is owned by co-founder Maurice Dekkers and five other shareholders, including: two former directors, current employees and JamJar Investments, the investment company backed by the founders of Innocent Drinks.
Verlinvest - an investment company backed by two of the families behind Belgian brewing giant AB InBev, which also has stakes in oat drink maker Oatly, is also an investor in Tony's.
Guardian roles will be filled by sustainable entrepreneur Seth Goldman, the former Honest Tea boss who is president of vegan brand Beyond Meat; British-Nigerian lawyer and television presenter Ikenna Azuike; and Tony's former board member, Anne-Wil Dijkstra.
They will be offered several methods besides preferred stock to demand accountability publicly or legally to Tony's management.
< p class="dcr-8zipgp">Any stakeholder - employees, cocoa growers, business partners or consumers - can anonymously share their concerns with the guardians.Tutors can then work with upper management to resolve any issues. If that fails, the trio have the right to publicize their concerns in the company's annual report and through full-page newspaper advertisements, or refer the matter for judicial investigation and arbitration to the business chamber. from the Amsterdam Court of Appeal.
Tony's chief executive Douglas Lamont said he hoped the decision would spur other brands to follow suit. not.
after newsletter promotion
< /figure>"A growing number of goal-driven companies are looking for ways to secure their impact models at the heart of their business permanently and irrevocably, regardless of corporate structure. ownership,” he said.
“With this model, we hope to embody what we believe is a powerful mechanism to forever protect our mission and our procurement principles and inspire others to take a closer look at what they can do to fulfill their mission as well.
Goldman said, “I have learned from my own experience that even when we build companies with the highest mission aspirations, times change. , people change, new people arrive and organizations change too. So no missions are guaranteed."
"Like everything new and unproven, I'm sure we'll learn along the way. But I also hope our approach can become a model for other purpose-driven brands."
What's Your Reaction?
