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Patagonia owner donates entire company to fight climate change
Posted on 9/15/22 at 11:05 am
Posted on 9/15/22 at 11:05 am
warning: ESG Today link
“Earth is now our only shareholder”
Outdoor apparel company Patagonia announced Wednesday that its founder Yvon Chouinard and his family have transferred ownership of the entire company to a climate-focused non-profit and a newly created trust, with all future non-reinvested profits generated by the company dedicated to “protect the planet.”
The Patagonia brand was founded by Chouinard in 1973, and the Ventura, California-based company now owns and operates more than 70 stores globally, with estimated annual sales of approximately $1 billion. The company has been a long-time advocate of responsible business practices, becoming a B-Corp in 2011, and amending its articles of incorporation the following year, adopting a commitment to sustainability and treating workers well, and registering the business as a California Benefit Corporation. In 2018, Patagonia’s purpose was changed to “We’re in business to save our home planet.”
In a statement on the company’s webpage announcing the move entitled “Earth is now our only shareholder,” Chouinard explained that several options were explored in order to find a way to contribute more towards addressing the environmental crisis. Chouinard wrote:
“Truth be told, there were no good options available. So, we created our?own.
“Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.”
Ownership of the company has been transferred to two entities. The Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature, holds a 98% interest, consisting of all of the non-voting stock in the company, with the remaining shares, representing the voting stock, held by Patagonia Purpose Trust, a new entity “created solely to protect our company’s values and mission,” which will approve all key company decisions.
The Chouinard family will guide both the new trust as well as the philanthropic work performed by the Holdfast Collective.
Under the new structure, the company stated that “every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet,” estimating that it will pay out a approximately $100 million per year to this purpose.
The company will also continue its long-standing practice of donating 1% of sales to to grassroots environmental nonprofits.
Chouinard said:
“It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.”
“Earth is now our only shareholder”
Outdoor apparel company Patagonia announced Wednesday that its founder Yvon Chouinard and his family have transferred ownership of the entire company to a climate-focused non-profit and a newly created trust, with all future non-reinvested profits generated by the company dedicated to “protect the planet.”
The Patagonia brand was founded by Chouinard in 1973, and the Ventura, California-based company now owns and operates more than 70 stores globally, with estimated annual sales of approximately $1 billion. The company has been a long-time advocate of responsible business practices, becoming a B-Corp in 2011, and amending its articles of incorporation the following year, adopting a commitment to sustainability and treating workers well, and registering the business as a California Benefit Corporation. In 2018, Patagonia’s purpose was changed to “We’re in business to save our home planet.”
In a statement on the company’s webpage announcing the move entitled “Earth is now our only shareholder,” Chouinard explained that several options were explored in order to find a way to contribute more towards addressing the environmental crisis. Chouinard wrote:
“Truth be told, there were no good options available. So, we created our?own.
“Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.”
Ownership of the company has been transferred to two entities. The Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature, holds a 98% interest, consisting of all of the non-voting stock in the company, with the remaining shares, representing the voting stock, held by Patagonia Purpose Trust, a new entity “created solely to protect our company’s values and mission,” which will approve all key company decisions.
The Chouinard family will guide both the new trust as well as the philanthropic work performed by the Holdfast Collective.
Under the new structure, the company stated that “every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet,” estimating that it will pay out a approximately $100 million per year to this purpose.
The company will also continue its long-standing practice of donating 1% of sales to to grassroots environmental nonprofits.
Chouinard said:
“It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.”
Posted on 9/15/22 at 11:06 am to Rufus T Firefly
Mental illness is very real.
Posted on 9/15/22 at 11:06 am to Rufus T Firefly
I can’t even unpack all the stupid here.
Posted on 9/15/22 at 11:06 am to Rufus T Firefly
Sounds like a tax dodge...
Posted on 9/15/22 at 11:08 am to Rufus T Firefly
I poured one out for da homie.
This post was edited on 9/15/22 at 11:09 am
Posted on 9/15/22 at 11:08 am to Rufus T Firefly
quote:
von Chouinard and his family have transferred ownership of the entire company to a climate-focused non-profit and a newly created trust,
LOL so more virtue signaling. They will still make their money through their new non-profit and trust
Posted on 9/15/22 at 11:10 am to Rufus T Firefly
quote:
“Earth is now our only shareholder,”
Posted on 9/15/22 at 11:11 am to Rufus T Firefly
Patagonia is a raging commie company with TDS. Never bought their stuff and never will.
This post was edited on 9/15/22 at 11:22 am
Posted on 9/15/22 at 11:11 am to Rufus T Firefly
1 what an idiot
2 waited until he was a rich fricker
2 waited until he was a rich fricker
Posted on 9/15/22 at 11:11 am to GeauxTigerTM
Tax dodge?
Thats exactly was he's doing and I'm perfectly fine with it. He is still holding on to his personal wealth tho. Still will not ever buy that overpriced clothing and gear.
Thats exactly was he's doing and I'm perfectly fine with it. He is still holding on to his personal wealth tho. Still will not ever buy that overpriced clothing and gear.
This post was edited on 9/15/22 at 11:12 am
Posted on 9/15/22 at 11:11 am to Rufus T Firefly
Of the 43 factories we currently contract with to make Patagonia products, 13 are in China and nine are in the U.S.
Posted on 9/15/22 at 11:11 am to Rufus T Firefly
Please tell me this is Babylon Bee.
This is Babylon Bee, right?
This is Babylon Bee, right?
Posted on 9/15/22 at 11:12 am to Rufus T Firefly
A scam to pay $0 in taxes akin to billionaires "donating" to their own foundations and charities.
Posted on 9/15/22 at 11:12 am to Rufus T Firefly
Sounds like a scam. Obviously he is profiting off of this somehow and trying to pass it off as good publicity. These people are all full of shite and do not give a shite "climate change".
Posted on 9/15/22 at 11:14 am to Rufus T Firefly
While I think his move is foolish and won’t accomplish anything, I admire his commitment to his cause.
Posted on 9/15/22 at 11:14 am to Rufus T Firefly
So using "non-profits" to pass though profits.
Posted on 9/15/22 at 11:15 am to Rufus T Firefly
If he was really serious, he’d kill himself and his entire family to stop their consumption.
Posted on 9/15/22 at 11:17 am to GeauxTigerTM
quote:
Sounds like a tax dodge...
Donate to nonprofit.
Get massive tax write off.
Make nonprofit buy life insurance.
You die.
Life insurance company pays beneficiaries, your kids.
Kids pay zero taxes on the transfer of wealth.
Profit.
Posted on 9/15/22 at 11:17 am to Rufus T Firefly
Well, under the new ownership, the brand should cease to exist in, what, 5-10 years.
Never a brand that was anywhere on my radar, good riddens!
Never a brand that was anywhere on my radar, good riddens!
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