Ben & Jerry's Strengthens Governance for Future Generations
Future-proofing the Ben & Jerry's Board ensures continuation of social mission for years to come as the Company enters its next chapter.
Provides update on the Ben & Jerry's Foundation.
Today, Ben & Jerry's Homemade Inc. announced a series of significant steps directed at bolstering its corporate governance and reaffirming the responsibilities of its Board. These changes are pivotal in not only preserving the company's rich legacy of social advocacy but also ensuring its integrity for the years ahead. Established in 2000, the Board has tirelessly collaborated with the company to lend a voice to social change, thus amplifying movements that foster a more equitable world.
The governance amendments reflect principles and practices consistent with Ben & Jerry's parent organization, The Magnum Ice Cream Company. These modifications include implementing a nine-year term limit for Board members and reestablishing adherence to the Code of Business Integrity. Additionally, a structured schedule for Board meetings has been set, harmonizing with protocols that encourage respect, fairness, and dignity across the organization.
Ben & Jerry's stands steadfast in its commitment to its distinctive three-part mission, which encompasses product excellence, economic benefit, and social justice. The company remains an advocate for a wide array of progressive initiatives and serves as a prominent voice in the social justice arena.
"The Merger Agreement and the Board's role underscore the uniqueness of Ben & Jerry's within the corporate space and are fundamental to the longevity of our mission," explained Jochanan Senf, CEO of Ben & Jerry's. "By enhancing our governance today, we are reinforcing transparency and committing to higher accountability levels. These enhancements will bolster our efforts to drive progressive change for years to come."
Furthermore, Senf remarked, "Our announcement is a recommitment to what makes Ben & Jerry's truly special as we take vital steps to refine our governance structure while setting a progressive agenda for the future."
As part of this governance revision, any Board member who has served over nine years will not be eligible for re-election in the upcoming cycle. Accordingly, two directors have been informed that they will not continue in their respective roles, resulting in three Board members now ineligible to serve going forward.
Current Board members are required to reiterate their dedication to the Code of Business Integrity, aligning with the stipulations of the Merger Agreement.
Update on the Ben & Jerry's Foundation
A recent evaluation of the Ben & Jerry's Foundation, an independent charitable organization supported by Unilever and Ben & Jerry's prior to their separation, was conducted to ensure accountability and prepare for TMICC's independence from Unilever. This audit, performed by a reputable independent auditor, revealed critical deficiencies concerning financial governance, oversight, and compliance, including notable conflicts of interest.
The findings were communicated to the Foundation Trustees months ago, with an invitation for collaboration with Ben & Jerry's management on developing a governance framework that prioritizes transparency and accountability. Proposed enhancements stemming from this audit involve establishing a Code of Ethics, a Conflicts of Interest policy, reinforced financial controls, and limits on Trustee terms, all standard practices in charitable governance.
Since its inception, Unilever has contributed over USD$70 million to the Foundation, which has funded numerous grassroots projects. The Foundation received full funding in the recent fiscal year.
Ben & Jerry's and TMICC are willing to continue funding the Foundation contingent upon the implementation of governance reforms, although the Trustees have currently declined. Both entities are exploring alternative strategies to ensure a lasting positive impact through support of grassroots initiatives globally.
About Ben & Jerry's
Ben & Jerry's is committed to more than just creating the finest ice cream. The company produces a diverse selection of super-premium ice cream and Non-Dairy desserts, emphasizing quality ingredients and generous chunks and swirls. Recognized as a Certified B Corp, they actively promote Linked Prosperity through ethical sourcing initiatives in their ingredient procurement process. Distributed in over 35 countries, Ben & Jerry’s operates primarily through supermarkets, convenience stores, and their Scoop Shops. Founded in Vermont and currently a wholly-owned subsidiary of The Magnum Ice Cream Company, Ben & Jerry's adheres to a three-part mission that champions product quality, financial fairness, and the pursuit of social justice, environmental care, and racial equity worldwide. In the past fiscal year, the Ben & Jerry's Foundation has granted $4.5 million to justice-focused grassroots organizations across the nation. For more detailed insights, visit their official website.
Media Contact
For inquiries, please reach out to Ben & Jerry's: Kerry Thorpe.
Frequently Asked Questions
1. What recent governance changes has Ben & Jerry's made?
Ben & Jerry's has established a nine-year term limit for Board members, reaffirmed adherence to its Code of Business Integrity, and set a structured meeting schedule for Board activities.
2. Why is the change in governance significant?
These changes ensure the company's commitment to its social mission while enhancing accountability and transparency in its governance practices.
3. What is the Ben & Jerry's Foundation?
The Ben & Jerry's Foundation is a charitable organization focused on funding grassroots social justice initiatives. It relies on donations from Ben & Jerry's and its parent company, TMICC.
4. How has the Foundation been funded historically?
Historically, the Foundation has benefited from over USD$70 million in contributions from Unilever, supporting a wide range of charitable causes.
5. What future plans does Ben & Jerry's have regarding its social mission?
Ben & Jerry's aims to solidify its governance to enhance its operational effectiveness, ensuring the continuation and impact of its social mission in the years to come.
