March 19 (Bloomberg) — Hershey Co., the largest chocolate maker in the U.S., was ordered to face a lawsuit by investors seeking to force it to turn over records about cocoa from African farms that may use illegal child labor.
A Louisiana pension fund raised legitimate questions about Hershey executives' knowledge of how much of the company's cocoa, grown in West Africa, may have been produced by child slaves, Delaware Chancery Court Judge Travis Laster said yesterday. He overruled a master's recommendation that the shareholders' request to see cocoa-supply chain records be denied.
West Africa, including top growers Ghana and Ivory Coast, accounts for about 70 percent of the world's cocoa-bean production. Pressure to manufacture chocolate without harming children may grow as global sales of sweets head toward a record in 2014 and candy makers process more beans, according to data by Euromonitor International Ltd.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.