![]() Patagonia’s new direction is designed to set an example that disproves the old shareholder capitalism axiom that corporate goals other than profit will just confuse investors, wrote Patagonia’s board chair, Charles Conn, in an opinion piece in Fortune magazine on Wednesday. “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.” ![]() ![]() “Instead of ‘going public’, you could say we’re ‘going purpose’,” said Chouinard. The structure, the statement said, was designed to avoid selling the company or taking it public, which could have meant a change in its values. The other 98% of the company’s stock will go to a non-profit called the Holdfast Collective, which “will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible”, according to the statement.Įach year, the money Patagonia makes after reinvesting in the business will be distributed to the non-profit to help fight the environmental crisis. Photograph: Victoria Sayer Pearson/APĬhouinard’s family donated 2% of all stock and all decision-making authority to a trust, which will oversee the company’s mission and values. ‘I was in Forbes magazine listed as a billionaire, which really, really pissed me off,’ said Chouinard.
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