On the path to a…

The way we work is something we want to live as holistically as possible.

That’s why internal processes, structures, and cultures need to continuously evolve at every level. In doing so, we inevitably come up against the big, difficult questions around the design of ownership:

Who actually owns TheDive, and who are we working for?
Who participates in the organization’s success, and in what form?
Should the company ever be subject to speculation? Who ultimately decides all of this?

Ownership is one of the most important building blocks of our economic system. If you own something, you hold a strong position—because you can do what you want with it: sell it, destroy it, or give it away. Those are your rights as an owner. At the same time, Article 14 of the German Basic Law states that “property entails obligations.” It should be handled in a way that benefits everyone. In reality, however, this obligation is often not taken quite so seriously—especially when it comes to companies, which are frequently criticized.

Currently, “new” forms of ownership are being discussed at the political level as a way to address the aforementioned misdevelopments. These forms of ownership are based on a kind of “voluntary, but legally binding self-restriction.” In short, owners make a promise not to simply do whatever they want with their property—not to sell it, destroy it, or give it away without restraint. Strictly speaking, this understanding of ownership isn’t truly new, since companies like Carl Zeiss and Bosch have already chosen similar structures decades ago through their specific foundation models.

The central ideas of responsible handling of (corporate) ownership are gaining new momentum today through the movement around so-called “stewardship ownership.” Stewardship ownership is not just an idea—it is a concrete, fully developed alternative to the prevailing, growth-driven model of entrepreneurship. The proposal for a legal form called “Gesellschaft mit gebundenem Vermögen” even made it into the coalition agreement of the federal government.

In short, companies under stewardship ownership make a legally binding promise to remain purpose-driven and independent.

For a company under stewardship ownership, the principles of self-determination and purpose are crucial. These principles are legally anchored in the company’s articles of association.

The principle of self-determination equates entrepreneurial responsibility (§ 14 of the German Civil Code) with ownership. This means that corporate responsibility may only be held by people who are currently working in the company—not by the highest bidders and especially not by outside shareholders.

Important: when we talk about corporate responsibility, we mean voting rights, not profit rights. Profit rights are held in trust for a limited period and are subject to fulfilling the company’s purpose. It is also specified that stewardship ownership is not genetically tied to a family, but can be passed on through what is called a “kinship of skills and values”—meaning to the most capable employees who follow.

The purpose principle is intended to ensure that profits are reserved solely for the development of the company—that is, they cannot be privatized. Profits can be reinvested, set aside for crises, used to cover costs or pay better wages, or even donated. Contrary to some skeptical voices, financial participation by investors is still possible under this ownership model. The difference is that investment risk is assessed appropriately and capped at an upper limit. In the event of the company being dissolved, profits must be donated to public-benefit purposes or transferred to another stewardship-owned company.

For the conversion, we are working closely with the Purpose Foundation, which itself is structured as stewardship ownership. The Purpose Foundation offers a specially developed “legal hack” to implement stewardship ownership within the existing legal framework. In this structure, its sole role is to ensure that the two principles (purpose and self-determination) are upheld. For this, it receives what is known as the “Golden Share” or veto share. With this share, the foundation can block any decision that would endanger the principles of stewardship ownership. At the same time, the foundation advises and supports organizations, because this process needs to be designed individually for each organization and can be intensive.

After drafting a model of what TheDive could look like under stewardship ownership, we are currently preparing the legal and contractual groundwork for buying back the shareholders’ stakes. The plan is for all current shareholders to sell their shares back to the company over the coming years. In the long run, TheDive would no longer belong to the founding shareholders, but to “itself”—meaning the people who are operationally working in the company.

For the shareholders, this involves letting go, and for colleagues it requires a willingness to take on fiduciary responsibility. The process therefore needs to be designed so that everyone’s individual needs and expectations can be expressed and integrated.

For the conversion, we are working closely with the Purpose Foundation, which itself is structured under stewardship ownership. The Purpose Foundation offers a specially developed “legal hack” that makes it possible to implement stewardship ownership within the existing legal framework. In this setup, the foundation’s sole role is to ensure that the two principles (purpose and self-determination) are upheld. To do this, it receives what is known as the “Golden Share” or veto share. With this share, the foundation can block any decision that would jeopardize the principles of stewardship ownership. At the same time, the foundation advises and supports organizations, because this process must be tailored to each organization and can be intensive.

After drafting a model of what TheDive could look like under stewardship ownership, we are currently preparing the legal and contractual groundwork for buying back the shareholders’ stakes. The plan is for all current shareholders to sell their shares back to the company over the coming years. In the long term, TheDive would no longer belong to the founding shareholders, but to “itself”—meaning the people who are operationally working in the company.

For the shareholders, this involves letting go, and for colleagues it requires a willingness to take on fiduciary responsibility. The process therefore needs to be designed so that everyone’s individual needs and expectations can be expressed and integrated.