THI helps NGO Stewards promote alternative ‘steward-ownership’ structure to ensure ‘profit serves purpose’
The Hellenic Initiative (THI) has helped launch Stewards, a Greek non-profit entity that aids organizations to adopt ground-breaking ‘steward-ownership’ governing structures. By funding the costs associated with launching and operating Stewards, THI helps position Greece at the forefront of global innovation. In February 2024, the NGO Ten Million Hands became incorporated, the first entity to adopt the stewardship model.
Steward-ownership harnesses and expands the power of entrepreneurship while preserving, as an essential goal, the creation of products and services that deliver societal value. The concept addresses a company’s ‘steering wheel’ – control always remains inside the company – and the profits are treated as a means to an end rather than an end itself. The voting rights are always held by the people who work at the company, and with people directly connected to stewarding its operation and mission. Founders and investors are fairly compensated with capped returns/dividends, prioritizing the wealth generated towards the organizations’ purpose.
Stewards aims to build a thriving steward-ownership ecosystem in Greece by raising awareness for the model as a successful alternative to conventional ownership models and shareholder primacy. Stewards also helps attract investment for start-ups to grow or mature businesses to transition from conventional models. Stewards works in partnership with Purpose, the biggest advocate of steward-ownership in the world.
According to Leonardo Valettas, its Founder and Executive Director, “Stewards vision is an economy that serves first and foremost people and society while protecting and preserving the planet. The steward-ownership model is a highly successful company structure and governance model which promotes social innovation and purpose-driven entrepreneurship. Our mission is to assist the adoption of the steward-ownership model in Greece.”
Founded in 2012, THI is a global non-profit organization that brings together Diaspora Greeks and Philhellenes to invest in Greece through programs focused on economic development and crisis relief. Since its founding, THI has invested more than $22 million in Greece and has grown to be the largest Greek Diaspora organization in the world.
George P. Stamas, THI’s Board President, stated, “Over the past 10 years, THI has become very good at identifying both the talent and the ideas needed to drive Greece forward, and Stewards is the latest group we are pleased to support.”
Andrew N. Liveris, THI’s Board Chairman, stated, “THI’s alliance with Stewards epitomizes a bold step towards a Greece where businesses thrive with purpose, and not just for profit.”
