Introduction & utilization of donation
In October 2023, we extended our funding to STEWARDS to help them continue their operations initiated nearly a year ago.
STEWARDS were founded with the mission to build a thriving Steward-Ownership ecosystem in Greece and they’re acting on 3 levels: raise awareness, provide resources, advice & support, and attract and activate aligned capital.
Steward-Ownership (a.k.a. Responsible Ownership) is a ownership and governance model that prioritizes the long-term well-being of an organization and its stakeholders. It actually harnesses the power of entrepreneurship while preserving a company’s essential purpose to create products and services that deliver societal value.
Steward-Ownership represents a viable alternative to shareholder-primacy ownership. In addressing fundamental structural deficiencies of the mainstream system, it retools the goals and incentives that guide decision-making in companies in the corporate DNA.
Steward-owned companies are committed to two main principles:
Profits Serve Purpose - Wealth generated is not privatized; instead, it serves the mission of the organization and is either reinvested in it or donated. Investors and founders are fairly compensated with capped returns/dividends.
Self-Governance - Control remains inside the company with the people directly connected to stewarding its operation and mission. The control of the company can no longer be bought or sold. Voting rights are always held by founders and employees.
Steward-Ownership is an established and successful model, adopted and operated by several organizations around the world with proven benefits, namely: (i) strong commitment to the mission and values, (ii) long-term orientation, (iii) good governance and management, (iv) employee productivity and retention, (v) customer loyalty.
During their first year of presence, STEWARDS have been working closely with the Purpose Foundation, the trailblazers of Steward-Ownership in Europe and worldwide. Here’s an interesting talk from one of Purpose’s founders, who showcases the concept of S.O. in a very apt manner.