Profits flow into environmental protection: Patagonia founder transfers his company to foundations
Founder Yvon Chouinard and his family have transferred all ownership rights in the Patagonia company to the Patagonia Purpose Trust and the Holdfast Collective. This means that from now on, every dollar that is not reinvested will be used to protect the planet.
The Patagonia Purpose Trust now holds all voting shares. As of now, it has the decision-making power and is to protect the company's values. Already since 2018, the company's purpose has read, "We are in business to save our home planet."
Holdfast with a new purpose
The Holdfast Collective owns all non-voting shares. In future, it will be endowed with the profits that are not reinvested in the company or needed as a reserve for unforeseen events (such as the Corona pandemic). Every dollar received will be used to fight the environmental and climate crisis, to protect nature and biodiversity and to support communities active in environmental protection. And to do so as quickly as possible.
No sell-off of values
The no-longer-billionaire also comments on the decision as to why he thinks the foundations route is the right one. The company's value is about three billion US dollars. A sale followed by a donation would have brought a lot of money, but that would have meant giving up the company values: "We could not be sure that a new owner would maintain our values and continue to employ our people around the world," Chouinard writes.
Titelbild: Campbell Brewer
Simple writer and dad of two who likes to be on the move, wading through everyday family life. Juggling several balls, I'll occasionally drop one. It could be a ball, or a remark. Or both.
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