The billionaire owner of Patagonia has given the company away to environmental causes in a bid to help fight the climate crisis.
Standing by the morals the sportswear and outdoors fashion brand has always aligned with, and in a move that is no doubt setting the standard when it comes to environmental corporate leadership, Patagonia founder Yvon Chouinard and his family are giving away the entire company valued at $3 billion to a uniquely-structured trust and non-profit.
The move is designed to put all of the company’s profits into saving the planet.
Previously, Patagonia had given away 1% of its sales each year, and 2018, it said it was in “business to save our home planet” – but now, reluctant billionaire Mr Chouinard has said he feels this is “not enough”.
“I never wanted to be a businessman,” Mr Chouinard explained.
“I started as a craftsman, making climbing gear for my friends and myself, then got into apparel [but] as we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia is committed to using our company to change the way business was done.
“If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.”
Patagonia founder gives away $3 billion company to environmental causes fighting climate crisis / Credit: Patagonia
Kicking off the next 50 years, Patagonia says it’s “going purpose” instead of “going public”.
All ownership has been transferred 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.
The Patagonia Purpose Trust now owns all the voting stock of the company, and exists to create a more permanent legal structure to “enshrine Patagonia’s purpose and values”, and will help ensure that there is never deviation from the intent of the founder.
It will facilitate what the company says it continues to do best – “demonstrate as a for-profit business that capitalism can work for the planet.”
Instead of “going public,” you could say we’re “going purpose.” 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.
The Holdfast Collective now owns all the non-voting stock, and will use every dollar received from Patagonia to “protect nature and biodiversity”, support thriving communities, and ultimately, work on tackling and preventing climate change.
Each year, profits that are not reinvested back into the business, will be distributed by Patagonia as a dividend to help fight the climate crisis.
Announcing the transfer of the company, Mr Chouinard: “It’s been a half-century since we began our experiment in responsible business, but 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.
“As the business leader I never wanted to be, I am doing my part.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.
“We’re making Earth our only shareholder – I am dead serious about saving this planet.”
Featured Image – Patagonia
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Greater Manchester Mayors deliver update on Salford Red Devils situation
Danny Jones
Greater Manchester Mayor Andy Burnham revealed details from the minutes of his meeting with the Rugby Football League (RFL) over the August bank holiday, sharing key updates from the crucial sit-down in hopes of securing the future of Salford Red Devils.
The Mayor and his Salford counterpart, Paul Dennett, met with chief executive Tony Sutton and other key RFL figures to discuss the ongoing crisis at Salford Red Devils, who remain on the brink of collapse.
Supporters marched on the streets of 0161’s second city in the immediate aftermath, expressing their dismay at the continuing struggles both behind the scenes and off the pitch, and Burnham was quick to call a meeting with the RFL as a result. The fans have remained in full voice throughout.
Posting a joint statement on social media, the pair wrote: “We would like to take the opportunity to thank the RFL and clubs across the Super League for their ongoing commitment to assist Salford Red Devils in fulfilling all other fixtures and get the club to the end of the season.
“Following that meeting, we have requested a meeting this Friday with the Jacobsen Management Group, the current owners, to discuss our serious concerns over the future of the club.
“The impending HMRC court hearing, the failure to meet tax obligations, the delay in payment of wages, and the lack of financial investment have resulted in a complete loss of confidence in the ownership among fans and the wider Salford and rugby community.”
Stating that “Salford Red Devils [still] face an uncertain future”, leading fan group The 1873 confessed that while it has been seen as a “welcome step”, it nevertheless “felt short of reassurance and commitment we’d hoped for.”
In short, they said: “We will no longer sit back while the club we love is reduced to a shell by those who do not speak to us, do not listen, and do not understand what Salford means.” They also called out the somewhat one foot in, one foot out ownership group and so-called current ‘stewards’ of the club directly.
You can read their response in full down below.
Yesterday’s statement from Andy Burnham & Paul Dennett is a welcome step, but not the one Salford fans wanted.
It felt short of reassurance and commitment we’d hoped for.
The future of the club and community deserves more.
Furthermore, Burnham and Dennett went on to add: “Following discussions between the parties involved, there is clear agreement that Greater Manchester Combined Authority, Salford City Council and the Rugby Football League are resolute in their commitment to safeguard the club.
“We are committed to working together to secure the long-term future of the club, to implement a city-wide rugby strategy, and to honour the generations of players, supporters, and communities who have carried its spirit through more than 150 years of rugby league.”
What about you, Salford Red Devils fans – what did you make of both statements, and how hopeful are you that the storm will clear around the club?
Plans to expand Greater Manchester’s tram network progress after £6m funding boost
Emily Sergeant
Plans for new tram and train connections across Greater Manchester have taken a big step forward after a £6m funding boost.
Last month, Mayor Andy Burnham and local council leaders pledged for 90% of people in Greater Manchester to be within a five-minute walk of a bus or tram that comes at least every 30 minutes by 2030 – and now, plans to deliver this strategy are one step closer to becoming reality thanks to significant investment.
Transport leaders have now confirmed a pipeline of ‘rapid transit’ schemes for the future.
£6 million of funding was signed-off by the Bee Network Committee earlier last week, following plans being discussed by Greater Manchester Combined Authority (GMCA).
The work is all part of a wider plan, known as the Greater Manchester Strategy, to link every borough in Greater Manchester up the Metrolink network – with a long-term plan for major expansion of the Bee Network.
Plans to expand Greater Manchester’s tram network have progressed after a £6m funding boost / Credit: TfGM
Some of the major projects this £6m funding will pay for advancing planning towards include finalising strategies for extending the Metrolink to Stockport from East Didsbury this autumn, with construction to begin in 2030, and beginning strategy work on the completion of the Metrolink Airport Line ‘Western Leg’ – which would serve a number of ‘key growth areas’ at the Airport, Wythenshawe Hospital, and Davenport Green.
Another important project the funding will go towards is the preparation of the Strategic Outline Case for expanding Metrolink connections to Salford Crescent and Salford Quays, and out to the north west of the region – including potential options for links to Leigh, Wigan, and Bolton.
Work will also continue on plans for an Oldham-Rochdale-Heywood-Bury tram-train route too – with Transport for Greater Manchester (TfGM) says its leaders are aiming for construction on the scheme to begin in 2028.
Mayor Andy Burnham says the funding with help connect all 10 boroughs to the Metrolink / Credit: TfGM
“This latest funding means we can develop the case for a pipeline of both tram and tram-train new lines and extensions – and ultimately underground infrastructure in the city centre – to make sure we get a public transport system befitting the global city region we are.”
Emily Sergeant -
15th September 2022 
