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| "maybe so": acrylics, collage & digital. |
2GN2S ...
Patagonia’s founder transfers ownership into two entities to fight the climate crisis
PATAGONIA’S NEXT CHAPTER: EARTH IS NOW OUR ONLY SHAREHOLDER
Kicking off its next 50 years, the company is “going purpose” instead of “going public”
VENTURA, Calif. (September 14, 2022) — Patagonia announced new ownership today, nearly 50 years since founder Yvon Chouinard began his experiment in responsible business. Effective immediately, the Chouinard family has transferred all ownership to two new entities: Patagonia Purpose Trust and the Holdfast Collective. Most significantly, every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet.
Patagonia said in a press release on Wednesday that, effective immediately, Chouinard and his family will transfer their entire ownership stake into two newly created entities. Those entities will ensure that the company’s values will continue to be upheld — and that Patagonia’s profits are used to combat climate change.
“If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have,” Chouinard said in a statement Wednesday. “Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.”
The biggest share of the company — or 98% of Patagonia’s stock — will now be under the Holdfast Collective. This nonprofit will make sure that the company’s annual profits, about $100 million per year, will be used to “protect nature and biodiversity, support thriving communities and fight the environmental crisis.” The rest of the company’s stock will fund the newly created Patagonia Purpose Trust. This trust will create a permanent legal structure so that the company can never deviate from Chouinard’s vision: That a for-profit business can work for the planet.
2GN2S #2
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| Steller's Sea Eagle |
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5 comments:
Fall is in the air here and your piece reminds me of the crisp morning we are now experiencing. Lovely! :-)
Thanks, John! I was dying for some color! ;o)
Love your collage in these warm colors. Here is started to be cold and everybody here is worried about winter hoping we can afford to keep our homes heated. So the warm colors of your collage are simply warming up my mind.
Happy Sunday, Jacki!
Thank you, Elenor and for the beautiful photos of Meran! I will happily share. Have a good Sunday and week ahead.
Elenor's photos are wonderful! It's always amazing to see the creative utilization of land for planting of all kinds. Yay for Patagonia. Not surprising. Did you remember Ventura is my hometown:-)? Beautiful collage yet again. I am ready for fall.
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