Owner of Patagonia Donated All Profits to Save the Planet
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Loading... - Petar Tomic
- 23 Sep 2022
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Currently, Earth is our sole shareholder. ALL profits, forever, will go towards our mission to "save our home planet". This was announced by Patagonia, one of the most successful sportswear brands in the world, on the occasion of its founder Yvon Chouinard’s decision to transfer ownership to a special structure that will distribute funds to non-profit organizations to help fight the environmental crisis.
The structure, the statement said, was designed to avoid a sale of the company or a public offering, which could mean a change in its values.
Chouinard’s family donated 2% of all shares and all decision-making powers to a trust that will oversee the company's mission and values. The remaining 98% of the company's shares will go to a non-profit organization called the Holdfast Collective, which will "use every dollar raised to fight the environmental crisis, protect nature and biodiversity and support thriving communities as quickly as possible," it said in the statement.
Every year, the money Patagonia makes after reinvesting in the business will be distributed to non-profit organizations to help fight the environmental crisis.
Setting a new example in environmental corporate leadership, the billionaire owner of Patagonia is giving his entire company to fight the ravages of Earth's climate, he announced Wednesday.
Chouinard is known for his passion for rock climbing, which he turned into a company valued at $3 billion. He is 83 years old and works with his wife and two children, as well as teams of corporate lawyers, to set a new example in environmental corporate leadership. Read More...
