Hershey trust reaches tentative deal to reform its governance

 

Bloomberg

Hershey Trust Co., the $12 billion charity that controls the Hershey chocolate company, reached a tentative agreement with the Pennsylvania attorney general, a move that would reform the governance practices of the controversial organization.
“We have reached an agreement in principle and are working on the final details in productive discussions with the office of the attorney general,” a spokesman for the trust said in an e-mailed statement. The attorney general’s office didn’t immediately respond to a request for comment after business hours.
The trust, which has faced allegations of lavish spending by board members in recent years, controls the fate of the maker of Hershey Kisses and Reese’s Peanut Butter Cups through its voting shares. Established in the early 1900s by Milton Hershey, the organization runs a school for low-income students and oversees the Hershey Entertainment & Resorts company.

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