HARRISBURG, Pa. (Legal Newsline) — The Hershey Trust Company and the Milton Hershey School have agreed to make significant changes to improve the operation and governance of both entities, Pennsylvania Attorney General Kathleen G. Kane has announced.
The Office of Attorney General's charitable trusts and organizations section recently reviewed the operations of both entities. The section exists to protect public interest by making sure charitable assets are used properly.
"All of our efforts that led to this agreement were made to ensure that the vision of Milton and Catherine Hershey remains intact," Kane said. "They had the foresight to establish a deed of trust to provide a superb education for generations of disadvantaged children. The reforms in this agreement will help ensure that continues."
The terms of the agreement include many changes. Among them are requirements that board service for managers be limited to a maximum ten years, certain current managers must retire, new managers cannot be elected without providing 30 days written notice to Kane’s office, and compensation of the directors of the Hershey Trust Company is set at $110,000.
Kane stressed that her office will continue to give oversight to the organizations.
"I have seen firsthand the benefits of this institution and the incredible educational programs that prepare Milton Hershey School students for bright futures," Kane said. "It is imperative for us to continue working to keep the school functioning efficiently, and as Mr. and Mrs. Hershey intended."