‘Golden shares’ to safeguard sustainability at Tony’s Chocolonely

theguardian.com:

The ethical confectionery company Tony’s Chocolonely has introduced a “golden share” mechanism to prevent shareholders from weakening its sustainability commitments in future.

In an unusual move, the Dutch company, which makes colourfully wrapped chunky chocolate bars stocked in UK supermarkets, has created a new governance structure 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.

Tony’s, which advertises its goods as “100% exploitation 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 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 guardians can then work with senior management to resolve any concern. If that fails, the trio have