CALIFORNIA (AP) – The founder of outdoor gear company Patagonia, long known for environmental activism, says the company is transferring all of its voting shares into a trust “dedicated to fighting the environmental crisis and defending nature.”
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In a letter posted on the privately-held company’s website on Wednesday night, founder Yvon Chouinard said the 50-year-old company would transfer 100% of the its voting stock to the Patagonia Purpose Trust and and 100% of its nonvoting stock had been given to the Holdfast Collective.
Each year after reinvesting profits back into the company, Chouinard said remaining funds will be distributed as a dividend to the trusts in their ongoing efforts to fight the climate crisis.
Chouinard said the other options for the Ventura, California company to dedicate itself to protecting the planet — selling the company and donating the proceeds; or taking the company public — were not viable for Patagonia’s ultimate goals.
“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,” Chouinard wrote.
Patagonia makes outdoor clothing, gear and accessories for everything from skiing to climbing and camping.
Chouinard said he “never wanted to be a businessman,” and started Patagonia as a craftsman, making climbing gear for himself and his friends.
at least he puts his money where his mouth is.
IF hat scientists are saying is true – that more carbon dioxide in the atmosphere = mere heat from the sun is trapped = greenhouse effect = warmer climate = melting icecaps = raised sea levels worldwide = major problems for coastal cities like New York.
IF what scientist are saying is true then he’s spending his own money to save us all. if its not true then at least he’s spending his it because HE believes it to be true. either way he has good intentions
Chouinard is not a typical company founder. In his youth, he reportedly lived out of his car and ate damaged cans of cat food. Today he can be found in his modest homes in Ventura and Jackson, Wyoming., wearing raggedy old clothes, driving a subaru and using neither a cell phone nor a computer.
Awesome! We have to save the environment, at least until we figure out the gender thing.
The family will be running the foundation any moneys not reinvested will then go into a separate fund also family controlled Guess what no more taxes and they still have control
Only the rich can get away with this
I’m sure his kids are thrilled
maybe they should send more fuel to the sun or it might burn out.
What a fool
What a dope.
A wonderful thing to do.
idiot
Yirmiyahu (with Hashems approval) placed a permanent curse on reshayim that their money should not be a zchus for them.
So when I see Getty leaving his fortune to build an art museum, or what this guy just did, I draw conclusions about who they really are.
As shayna Yidden, who give more to charity than the rest of the world combined, he should be honored. What he chooses to spend his gelt on is his business.
Its amazing how dumb these smart billionares can be ! LOL