By: Phillippa Holland, Sung-Hyui Park and Louise Harman

Bates Wells explores the benefits of a golden share model for purpose-driven businesses.

Dutch B Corp confectionary company Tony’s Chocolonely has announced its use of a ‘golden share’ model to protect its mission. In this article, Bates Wells consider the benefits of a golden share model for purpose-driven businesses. 


It is possible for a purpose-driven business to lose sight of its impact goals over time – this is sometimes described as ‘mission-drift’. This can happen when founders depart, and new owners/investors come in who have different ideas about what the business’ priorities should be. However, mechanisms can be created, typically by amending the business’ constitution, to help protect the business’ purpose-beyond-profit as a lasting legacy. The Dutch B Corp Tony’s Chocolonely (“Tony’s”) has taken this approach with its recently announced ‘Mission Lock’.