46.8% of the shares of Hormel Foods Corporation are held by The Hormel Foundation, a nonprofit 501(c)(3) organization established in 1941 by George A. Hormel and his son, Jay C Hormel. The Foundation was created to fulfill three primary responsibilities: preserve the independence of the Hormel Foods Corporation, support the Austin, Minn., community and area, provide for the financial welfare of family heirs for the duration established by family trusts. These responsibilities have been affirmed by the Supreme Court of Minnesota, and they have been fulfilled for over 75 years.