Entrepreneurship is often associated with growth, returns and results. But what happens to your company when you are no longer there? Or when shareholders suddenly appoint someone else to lead the business, or focus exclusively on short-term profit and lose sight of the company’s purpose? Entrepreneurs who want to safeguard their company’s mission and values over the long term may consider steward-ownership (responsible ownership), an ownership model that protects against succession issues, changing shareholders and short-term thinking.
What is steward-ownership?
Steward-ownership is based on a simple idea: a company is not a tradable asset, but a societal mission. Ownership and control lie with people or entities who are committed to the company’s mission and values — the stewards. These can be employees, founders, or even a foundation that safeguards the company’s purpose.
Two core principles underpin this model.
- Self-governance: decisions are taken by those connected to the mission, not by external shareholders.
- Profit serves a purpose: profits are reinvested in the company or used for societal goals, rather than distributed to shareholders.
This ensures that the company’s long-term direction remains aligned with its values, even when new investors join or founders step aside.
How does it work in practice?
In practice, steward-ownership relies on legal structures designed to protect the company from short-term thinking. Two mechanisms are commonly used.
- Dual-class shares: this structure involves two types of shares, one carrying more voting rights than the other. This allows a founder or foundation to retain decision-making power with a smaller financial stake. By separating control from financial interest, the company is protected from investors focused primarily on returns (Corporate Finance Lab, 2025).
- Asset lock: an asset lock functions like an invisible barrier around the company’s capital. It prevents the company’s value and assets from being extracted or sold to the highest bidder. Profits are not distributed to external shareholders but reinvested or used to support the company’s societal mission.
This lock prevents companies from being acquired purely for quick profit and resale. As a result, the company continues to operate in line with its original mission, even after the founders have left.
These structures can be incorporated into existing Belgian legal forms, such as private or public limited companies (SRL/SA) or cooperatives, often with support from organisations such as Steward-owned.
Examples from Europe and beyond
The concept is not new, but it is gaining momentum across Europe. Several well-known examples illustrate how it works in practice.
- Bosch (Germany): over 90% of the shares are held by the Robert Bosch Stiftung, which reinvests profits in innovation and employees. The Bosch family retains voting rights through a separate structure. The focus is on societal value rather than sale.
- Carl Zeiss Stiftung (Germany): separates voting rights from profit distribution, ensuring that the mission remains anchored in scientific and societal objectives.
- Stapelstein (Germany): a toy manufacturer that embeds ownership and control around mission and long-term goals through a steward-ownership structure, listed in the international steward-ownership overview.
- Ecosia (Germany): the search engine that uses its profits to plant trees — fully steward-owned, with no tradable shares.
- Efteling (Netherlands): ownership and control of the theme park are secured through a foundation; profits serve the mission and long-term continuity.
- Patagonia (United States): in 2022, founder Yvon Chouinard transferred all shares to a trust and a non-profit organisation. All profits now go to environmental and nature projects.
- Brewery Orval (Belgium): not formally steward-owned, but operating according to similar principles: all profits are reinvested in the brewery and the local community.
These examples show that the model is applicable across a wide range of sectors, from technology to fashion, and from manufacturing to services.
Why it also appeals to entrepreneurs here
In Belgium, interest is growing, particularly among family businesses, start-ups and companies with a societal mission. Steward-ownership can offer an alternative to two classic dilemmas: selling the company to an investor who may change its direction, or family succession, which is not always straightforward.
According to Steward-owned BE, this model represents a “third way” between a purely financial exit and traditional family succession: the company remains independent, while its continuity is secured because the mission is embedded in the structure itself.
Legal developments and European legislation
The European Union is currently exploring a legal framework — the so-called 28th Regime — to facilitate steward-ownership as a recognised legal form across all Member States. This would make the model legally simpler and more attractive to investors (European Commission, 2025).
Points of attention for entrepreneurs
Steward-ownership can be appealing, but it requires careful consideration. It is less suitable for companies seeking rapid capital growth or planning a near-term exit. Investors often have to accept limited profit distribution or no decision-making power. From a legal perspective, the model requires tailor-made solutions: the involvement of a specialised notary or lawyer is essential to ensure the articles of association are structured correctly.
That said, studies show that companies with this structure often achieve more stable growth and attract more loyal employees (Advocatie, 2024).
Checklist: is steward-ownership right for your company?
- Do you want your company’s mission to remain legally anchored, even after an acquisition or succession?
- Are you willing to see profit not as an end in itself, but as a means?
- Do you value engaged employees who also share decision-making power?
- Does this fit with your current legal structure and growth plan?
- Are you prepared to work with investors who prioritise impact over return?
If you answer “yes” to several of these questions, it may be worth exploring the model further through organisations such as Steward-owned BE.
The essence
Steward-ownership is not about idealism, but about future-oriented ownership. It is a way of doing business with a mission, without the pressure of maximising short-term profit. For entrepreneurs thinking about the next generation, sustainable growth or the identity of their company, it can be an inspiring path.
As Patagonia founder Yvon Chouinard put it: “We chose the Earth as our only shareholder.” Perhaps that is ultimately the most important question to answer — not how much your company is worth, but what it stands for.
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The idea behind steward-ownership is simple, but the legal and strategic implementation makes all the difference. In the FAQ below, we delve into the details: how does it differ from employee share ownership? What does the European context look like? And how can you safeguard your company’s mission for the long term? ▼
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Some useful additions
Which difference between steward-ownership and employee ownership?
1. The starting point
Steward-ownership is driven by the company’s mission. Ownership is a tool to protect that mission, rather than a means to maximise profit.
The "stewards" (those in control) can be employees, but they could also be founders or a dedicated foundation.The goal is the continuity of values, not personal enrichment.
Employee Ownership (often referred to as employee share ownership) is driven by profit-sharing. Employees receive shares to give them a stake in the company’s performance. The goal is financial: to motivate, retain, and reward staff.
Employees become (co-)owners in an economic sense, but they do not necessarily hold the power to safeguard the mission.
2. Control and governance
In steward-owned companies, control lies with "stewards" who make decisions based on the mission. They typically hold more voting rights than investors or other shareholders. Those entitled to profits (e.g., investors) have limited or no influence over strategic decisions.
A foundation often acts as a permanent guardian of this structure.
In employee ownership, each employee usually has one vote per share, just like an external investor. There is typically no specific legal protection for the company mission. If employees sell their shares later, they can transfer them to anyone—including parties solely interested in profit.
3. Use of profit
Steward-ownership: profits are reinvested into the company or donated to social causes; dividend payouts are limited or strictly regulated by the articles of association.
Employee Ownership: profits are distributed as dividends; employees receive a financial return, just like any other shareholder.
4. Duration and transferability
Steward-ownership: shares (or voting rights) are not freely tradable. Often, an "asset lock" is in place, meaning the company cannot simply be sold or privatised.
Employee Ownership: shares are generally transferable; employees can usually sell them when they leave the company or after a certain period.
What is the "28th Regime"?
The European Commission is exploring the possibility of a so-called "28th Regime". The core idea is to provide a uniform, optional framework for company law, insolvency, labour, and taxation, allowing companies to operate seamlessly across the entire EU. The aim is to make starting and running a business easier through streamlined, digital procedures.
The system is often compared to a "28th Member State" that sits above existing national systems, giving companies an EU-wide choice. However, as of late 2025, no concrete legislative proposal has been tabled, and it remains uncertain if or when this will become a reality.
What is the difference between dual-class shares and an asset lock?
Dual-class shares explained
Think of it as having two types of shares in a company. One type carries significantly more voting power than the other, even if their financial value is the same.
Imagine that you, as a founder, hold ten times the voting rights of a regular shareholder with the same percentage of equity. This means you can make the big decisions, even if you own fewer shares. This is exactly what dual-class shares do: they separate ownership from control. It allows you or a steward to maintain the helm as the company grows, even when external investors bring in capital but might otherwise threaten to pivot the mission.
Asset locks explained
An asset lock is like an invisible wall around the company’s capital. It ensures that the company’s value and assets cannot simply be stripped or sold to the highest bidder. Profits don't leak out to external shareholders; instead, they are reinvested or used for the company’s social purpose.
This lock prevents companies from being bought out by those looking for a "quick win" or a fast exit. It ensures your company continues to function in line with its original mission, long after the founders have moved on.
Who to contact for more information in Belgium?
Under the wings of Steward-owned BE, several Belgian start-ups and family businesses are currently implementing steward-ownership. They achieve this through mechanisms like dual-class shares, asset locks, or foundation-led structures. These companies are often featured as case studies during events and workshops hosted by Steward-owned BE in cities such as Ghent, Brussels, and Antwerp.