Tony’s Chocolonely has introduced “golden share” to prevent shareholders from weakening its sustainability commitments in future.
In an unusual move, the Dutch company has created a new governance structure Tony’s Mission Lock with golden shares that carry the power to veto changes to its ethical strategy. The shares will be safeguarded by independent “mission guardians” who have the power to prevent legal changes to its sourcing principles and “mission” to eradicate inequality and exploitation in the chocolate industry, The Guardian reported.
The group is owned by co-founder Maurice Dekkers and five other shareholders, including two former directors, current employees and JamJar Investments, the investment firm 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 the oat drink maker Oatly – is also an investor in Tony’s.
The guardian roles will be filled by the sustainable entrepreneur Seth Goldman, the former boss of Honest Tea who is chair of the vegan brand Beyond Meat, the British-Nigerian lawyer and TV presenter Ikenna Azuike, and the former Tony’s board member Anne-Wil Dijkstra.
They will be given several methods besides the golden shares to publicly or legally hold Tony’s leadership to account. Any stakeholder – employees, cocoa farmers, business partners or consumers – can anonymously raise concerns with the guardians, the report stated.
The Tony’s chief executive, Douglas Lamont, said he hoped the move would inspire other brands to follow suit.
"With this golden share, Mission Guardians will be able to protect against any changes to our mission-related clauses – ensuring these elements can never be changed without their agreement. Locking in leadership’s legal responsibility to uphold Tony’s mission.
"It’s a 'super share' of sorts, without economic value, which can’t be taken away from the Mission Guardians regardless of future shareholder structures. This legally protects Tony’s mission, indefinitely," said the press statement on the company's website.
