Overview
- Investors led by NorthStar, in a May 1 letter ahead of Thursday’s AGM, challenged Magnum’s handling of Ben & Jerry’s in what the letter, obtained by Reuters, described as a risk to the brand’s value.
- They asked how Magnum will keep Ben & Jerry’s board independent and requested standalone sales and profit figures plus a full accounting of any liabilities tied to ongoing legal cases.
- Whitney Nguyen of NorthStar said Magnum had dismantled the brand’s social mission, which she argued is core to Ben & Jerry’s equity, and the Dutch investor group VBDO joined the letter.
- Magnum disputed that description and said it remains committed to a board led by an Independent Director to help guide the brand’s social mission, adding that it plans to engage with shareholders.
- Ben & Jerry’s secured an independent board to protect its social mission in Unilever’s 2000 deal, and after Magnum’s December listing that board was cut to two members with former directors now contesting the changes while Unilever retains a 19.9% stake in Magnum.