The Magnum Ice Cream Company has rejected claims from a coalition of investors that its handling of Ben & Jerry’s could put the brand’s long-term value at risk.

A group of US and European investors has written to Magnum chair Jean-François van Boxmeer demanding answers over the ice cream giant’s stewardship of Ben & Jerry’s, warning that any weakening of the brand’s social mission and independent governance structure could damage its commercial strength.

The open letter, sent on 1 May ahead of Magnum’s annual general meeting, raises concerns over Ben & Jerry’s governance, brand stewardship and financial transparency under Magnum’s ownership.

The investor group, led by NorthStar Asset Management and joined by Dutch sustainable investment association VBDO, said Ben & Jerry’s “is not a conventional consumer brand asset” and argued that its value is closely tied to the social mission and independent board structure agreed when Unilever acquired the business in 2000.

However, Magnum has pushed back against the claims.

In a statement, a spokesperson for The Magnum Ice Cream Company said: “While we respectfully disagree with the characterisation presented by NorthStar and other signatories, we are always happy to engage with shareholders and look forward to doing so.

“Ben & Jerry’s has strong leadership in place, led by the CEO who has full financial and operational accountability, and our focus is on supporting them to continue doing a great job delivering Ben & Jerry’s three-part mission.

“We remain wholly committed to doing that, and to moving forward in line with the letter and spirit of the Merger Agreement.

“Recent steps to update Ben & Jerry’s corporate governance and to reaffirm the responsibilities of the Board and eligibility of its members are wholly aligned with the merger agreement and standard corporate governance.”

The letter marks the latest flashpoint in the long-running dispute over Ben & Jerry’s independence, which has intensified since Unilever separated its ice cream division into The Magnum Ice Cream Company.

Investors have called on Magnum to explain how it intends to preserve Ben & Jerry’s board independence and provide more detailed financial information on the brand, including standalone turnover and operating profit.

They are also seeking disclosures on brand health metrics, litigation and contingent liabilities, and the internal KPIs used to assess Ben & Jerry’s performance.

The signatories argue that Ben & Jerry’s premium positioning is closely linked to its reputation for activism and purpose-led branding, warning that undermining its independent governance risks reducing it to a “commodity ice cream label”.

The letter says: “Ben & Jerry’s remains one of the most distinctive and commercially powerful brands in the global ice cream market, but that value is not self-sustaining.”

It adds that the brand’s long-term performance depends on “credibility, consumer trust, and mission-driven identity” built over decades.

The dispute has also been fuelled by the removal of Anuradha Mittal as chair of Ben & Jerry’s independent board in December 2025.

Mittal has since filed a defamation lawsuit against Unilever and Magnum, while Ben & Jerry’s has been involved in a wider legal battle over what it claims are attempts to undermine its autonomy and social mission.

Magnum and Unilever have previously rejected Mittal’s claims as unfounded.

The investor group, which says it collectively represents more than $43bn in assets under management, has also been joined by VBDO, whose members oversee around $10tn in assets.

Its intervention comes as the campaign to “free” Ben & Jerry’s from Magnum ownership continues to gain public attention.

The campaign says more than 100,000 consumers have signed petitions and letters calling for the brand to be released, while Ben & Jerry’s co-founder Ben Cohen has urged Magnum to sell the business to socially aligned investors.

Magnum’s latest filing showed Ben & Jerry’s sales were flat overall in the first quarter of 2026, with low single-digit growth in the Americas offset by declines in Europe, Australia and New Zealand.

The company said its four leading brands Magnum, Ben & Jerry’s, Cornetto and Heartbrand helped drive a 4.5 per cent rise in organic sales growth for the quarter.

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