Patagonia model founder donates his firm to ‘defend the planet’
In settlement together with his spouse and two kids, he determined as a substitute to switch 100% of their shares within the firm to a belief accountable for making certain that its values are revered, and to an affiliation preventing towards the environmental disaster and the safety of nature, to whom the income will likely be donated.
“Earth is now our sole shareholder,” he wrote in a letter posted on Patagonia’s web site.
“I by no means wished to be a businessman. I began as a craftsman, making climbing gear for my pals and myself earlier than shifting on to clothes,” he remembers.
Based almost fifty years in the past, Patagonia rapidly grew to become concerned within the safety of nature, scrupulously selecting its uncooked supplies or donating 1% of its gross sales annually to environmental NGOs.
But it surely was not sufficient, judged its founder.
“One choice was to promote Patagonia and provides away all the cash. However we could not ensure that a brand new proprietor would keep our values or preserve all of our staff.”
And taking Patagonia public would have been “a catastrophe”: “Even listed corporations with good intentions are below an excessive amount of strain to create short-term beneficial properties on the expense of long-term vitality and duty.”
Mr. Chouinard’s household will proceed to “information” the work of the belief and the affiliation.
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