Thank you to Lani Evans (MNZM) (Co-Executive Director) and the team at Generous Ventures for sharing your story. Our aim at the Impact Investing Network is to educate and connect the Impact Investing sector in Aotearoa, so we can channel capital towards innovative organisations like Generous Ventures in order to make a positive impact in Aotearoa and globally.
This is the first time we have done a deep dive on Generous Ventures! We are excited to showcase Generous Ventures and your team to our community.
About Generous Ventures
When and why was Generous Ventures founded? What inspired its focus on steward ownership as a vehicle for long-term mission alignment and values-driven governance?
Generous Ventures was founded in 2023, and exists to promote and champion steward ownership in Aotearoa. Steward ownership prioritises a company’s long-term mission and values over short-term profit maximisation.
Steward ownership is a form of corporate governance and ownership that prioritises a company’s long-term mission and values over short-term profit maximisation.
In this model, companies are owned or governed by stewards (often charitable foundations - in the Thankyou Payroll case, Generous Ventures) committed to upholding the company’s core mission, ensuring ethical and aligned decision-making, and distributing funds for good.
Steward ownership offers founders and shareholders liquidity and legacy – a financial and a social return on their investment, and it offers broader benefits as well, including:
Increasing available philanthropic funds
Keeping ownership, capital and employment local
Supporting leadership to take a long-term or intergenerational approach to thinking and planning
Addressing a gap in exit options, providing a pathway that supports legacy and liquidity in succession/business transition.
Aligning with te ao Māori and a broader societal move towards degrowth and collective versus competitive model.
What have been the key milestones in Generous Ventures’ journey? Are there particular successes or challenges that could offer insights for impact-focused businesses and investors in Aotearoa?
Generous Ventures was founded in 2023. Thankyou Payroll, a SAAS payroll intermediary founded in 2009, successfully transitioned to steward ownership in 2023 by buying back shares from nearly 200 shareholders and transferring ownership to Generous Ventures, marking a pioneering step in community-focused business exits in New Zealand.
The ‘silver tsunami’ of retiring business owners is upon us. We are in a period of significant economic, environmental and social instability, there is growing inequality, and increasing dissatisfaction with extractive corporate ownership models.
We think New Zealand could, and should, be a leader in this space and we’re working to build the resources, networks and knowledge to do it well.
Can you explain how steward ownership works in practice? What are the core principles that differentiate it from traditional ownership models?
There are two models we’re promoting: Golden Share, which safeguards a company's mission or social purpose. This may become especially important as a company grows and is subject to market influences and/or takes on outside investors. Practically, it requires adding a special class of shares (typically 1%) with specific veto powers.
And Perpetual purpose or Foundation ownership, a la Thankyou Payroll
Understanding Steward Ownership & Its Impact
How does steward ownership contribute to economic resilience, social equity, and environmental sustainability? Are there measurable benefits observed locally or internationally that could be relevant to Aotearoa?
International evidence is strong. Denmark has the highest number of steward-owned companies in the world. Research suggests this benefits the economy, employees, companies and community through:
More stable profitability with a stronger capital basis, higher equity ratio and higher reserves
Similar or higher levels of productivity
Increased survival probability: 60% versus 10%
More resilience to financial crises and fluctuations
Significantly higher levels of investment in research and development
Higher average salaries with more stable, long-term employment
4x higher ownership stability, and
40% lower management fluctuation
Locally, we see the benefits of the intergenerational/stewardship lens brought about by iwi ownership. A holistic, long-term approach ensures both economic viability and environmental sustainability.
Trends - gaining traction globally can be challenging. However, we are seeing interest and enthusiasm from more traditional spaces, as well as traditionally growth-oriented vehicles like SXSW in the 2025 panel “The Only Constant is Change: Rethinking Corporate Ownership”
Scaling Steward Ownership in Aotearoa and Future Visions
Can you share a case study that illustrates the impact of steward ownership in action? What are the key learnings so far?
Patagonia is the most well known international example
Toi Foundation/TSB + Fisher Funds is the most well-known local example
Internationally, there are a considerable number of success stories. Two of our favourites are Novo Nordisk, makers of Ozempic (their mission lock on diabetes research) and Firebrand Bread (whose transition included an aligned equity raise)
Our learnings are that steward ownership is industry agnostic - and has more to do with awareness - Generous Ventures is here to help more founders, owners, and investors become familiar with the potential - it reminds us of the quote by William Gibson ‘The future is already here, it's just not very evenly distributed.’
What’s next for Generous Ventures? What should the impact investment community and purpose-driven businesses pay attention to in the steward ownership space?
Establishing ourselves as a golden share owner so we can support people/companies who want to create a mission lock without changing ownership structures or impacting shareholders.
Learning and connecting with the international community so that we can fast-track local learnings/bring best practices and recontextualise for Aotearoa
Bring on board more foundation-owned/perpetual purpose trust organisations, support traditional businesses to transition
Make this an option that people consider when they’re looking to exit their business
It’s simple - there is a pathway for owners and shareholders for Liquidity and Legacy.
We appreciate Lani Evans and the Generous Ventures team for sharing their insights and journey with us. If you found this conversation inspiring, we encourage you to explore more about Generous Ventures and how impact investment can accelerate positive change. Stay connected with the Impact Investing Network for more stories, insights, and opportunities to support purpose-driven initiatives.
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