To save Earth, Yvon Chouinard, instead of selling the company or taking it public, is transferring his family's ownership of the company to a trust and a non-profit organization. Yvon Chouinard became famous for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion.
In an open letter titled ‘Earth is now our only shareholder’ on the company’s website, Yvon Chouinard wrote: “Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis. 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."
He said his company will use the wealth it creates to protect the source of all the wealth.
“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.," he said.
HERE’S HOW IT WORKS
Yvon Chouinard said, “100 per cent of the company’s voting stock transfers to the Patagonia Purpose Trust, created to protect the company’s values; and 100 per cent of the nonvoting stock had been given to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature."
“The funding will come from Patagonia: Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis," he added.
