Hershey Trust Co. reached a provisional agreement with the Pennsylvania attorney general to reform the governance practices of the $12 billion charity, which controls the Hershey chocolate company. The trust has faced allegations of arbitrary, extreme spending by board members who control the company through voting shares. The chocolate giant has been seen as a takeover target for quite some time now.
See Nick Turner, Hershey Trust Reaches Tentative Deal to Reform Its Governance, Bloomberg, July 23, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
