A coalition of US and European investors has written to The Magnum Ice Cream Company demanding answers over its handling of Ben & Jerry’s, warning that the brand’s value could be at risk if its social mission and independent governance structure are undermined.

The open letter, sent to Magnum chair Jean-François van Boxmeer on 1 May, raises concerns over Ben & Jerry’s governance, brand stewardship and financial transparency under Magnum’s ownership.

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

In the letter, the investors argue that Ben & Jerry’s is “not a conventional consumer brand asset”, and that its commercial strength is inseparable from the social mission and independent board structure agreed when Unilever acquired the ice cream business in 2000.

They warn that weakening that structure risks reducing Ben & Jerry’s to a “commodity ice cream label” stripped of the differentiation, loyalty and brand trust that helped justify its premium valuation.

Reuters reported that the letter was sent ahead of Magnum’s 7 May annual general meeting, and that the shareholders have called on the business to explain how it will maintain Ben & Jerry’s board independence and provide standalone sales and profit data for the brand.

The letter claims the independent board agreement has been “consistently and systematically disregarded”, pointing to alleged interference in brand-purpose decisions, previous litigation under Unilever ownership, and changes made after the ice cream division was separated into The Magnum Ice Cream Company.

In December 2025, Magnum removed Anuradha Mittal as chair of Ben & Jerry’s independent board. Mittal has since filed a defamation lawsuit against Unilever and Magnum, while Ben & Jerry’s has also been locked 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 letter also points to Magnum’s own SEC filings, arguing that the company has acknowledged the Ben & Jerry’s governance structure could create material financial, legal and reputational risk.

Magnum’s latest filing shows Ben & Jerry’s was 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 contributed to a 4.5 per cent rise in organic sales growth for the quarter.

The investors are calling for five specific disclosures from Magnum, including a clear explanation of how it intends to honour the independent board agreement, standalone turnover and operating profit for Ben & Jerry’s, brand health metrics such as loyalty and trust, litigation and contingent liabilities, and the strategic KPIs used to assess the brand internally.

Signatories to the letter include NorthStar Asset Management, Domini Impact Investments, Trillium Asset Management, Mercy Investment Services, Adasina Social Capital, Praxis Investment Management and VBDO.

The letter states: “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 value depends on “credibility, consumer trust, and mission-driven identity” built over decades.

The investor intervention marks the latest escalation in the campaign to “free” Ben & Jerry’s from Magnum ownership.

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 publicly urged Magnum to sell the business to socially aligned investors.

In response to Reuters, Magnum said it “respectfully disagrees” with NorthStar’s characterisation, but added that it was happy to engage with shareholders.

The company also said it remained committed to having a board, led by an independent director, to help guide Ben & Jerry’s social mission and brand integrity alongside the chief executive.