Hershey Trust Company

Hershey Trust Company is a U.S.-based wealth management and trust company that serves as the trustee of the Milton Hershey School Trust, which funds the Milton Hershey School, a private philanthropic boarding school in Hershey, Pennsylvania. The company also manages the Hershey Entertainment and Resorts Company, which operates a range of entertainment and hospitality properties in Hershey, including Hersheypark, Hershey's Chocolate World, and The Hotel Hershey.

History

The Hershey Trust Company was established in 1905 by Milton S. Hershey, founder of the Hershey Chocolate Company, with the primary purpose of managing the financial assets of the Milton Hershey School, which he and his wife, Catherine, had founded in 1909 for orphaned boys. Over the years, the Trust Company's role expanded to include management of the Hershey Entertainment and Resorts Company, ensuring the economic stability of the Hershey entities and, by extension, the community of Hershey, Pennsylvania.

Operations

The Hershey Trust Company operates primarily as a trustee, managing the Milton Hershey School Trust's assets to ensure the long-term sustainability of the Milton Hershey School. It is responsible for investment decisions, real estate management, and overseeing the operations of the Hershey entities under its control. The company's mission is closely tied to the philanthropic goals set forth by Milton and Catherine Hershey, focusing on providing education and opportunities for disadvantaged children.

Governance

The governance structure of the Hershey Trust Company includes a board of directors responsible for overseeing the company's operations and ensuring that its fiduciary duties are met. The board members are chosen for their expertise in various fields relevant to the trust's operations, including finance, education, and real estate.

Controversies

Over the years, the Hershey Trust Company has faced scrutiny and criticism regarding its governance practices, investment decisions, and the compensation of its board members. These controversies have led to investigations by the Pennsylvania Attorney General's office, resulting in changes to the company's governance practices and board composition.

Impact

The Hershey Trust Company plays a crucial role in the Hershey community, not only through its management of the Milton Hershey School but also through its stewardship of major local economic contributors like the Hershey Entertainment and Resorts Company. Its operations significantly impact the local economy, employment, and the well-being of the children served by the Milton Hershey School.

See Also

• Milton Hershey School
• Hershey Entertainment and Resorts Company
• Milton S. Hershey
• Philanthropy in the United States