Patagonia Gives Company to Organizations Fighting the Climate Crisis
Image: OceanProd, Adobe Stock
In an announcement that is creating tidal waves throughout the sustainable business community, Patagonia, a leading outdoor clothing brand, has given away ownership of the company to fund organizations focused on fighting the climate crisis.
In a letter posted on Patagonia’s website, founder and rock climber, Yvon Chouinard addressed the decision “While we’re doing our best to address the environmental crisis, it’s not enough. We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact.”
In his letter, he breaks down where the money will go: 100 percent of the company’s voting stock (Chouinard’s family stock, according to the New York Times) transfers to the Patagonia Purpose Trust, created to protect the company’s values. 100 percent of the nonvoting stock (the other 98 percent of the company’s shares, according to the New York Times) has been given to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature.
Chouinard told the New York Times “Now I could die tomorrow and the company is going to continue doing the right thing for the next 50 years, and I don’t have to be around.”
Chouinard and Patagonia exemplify what it means to be an outdoor athlete dedicated to protecting the planet where we love to play.
