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.
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“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.”
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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.
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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.”
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
News
Police officer who sexually assaulted a child while on duty sacked
Daisy Jackson
A ‘morally reprehensible’ police officer who sexually assaulted a child while on duty has been sacked and barred from service.
GMP held an accelerated misconduct hearing with PC Dean Dempster, 35, and he has been dismissed without notice.
The disgraced officer admitted ‘sexually touching’ the six-year-old child in December 2023 and is set to be sentenced at a later date.
He was a response officer in Oldham at the time that the offence was reported, and was arrested by a supervisor when he returned to work the next day.
A senior officer has now said that Dempster ‘has no right to be in police uniform or in a position to serve the public’.
Another said it was ‘among the most distressing cases ever presented’ and a ‘despicable betrayal’ of police duties.
Dempster was convicted of sexually assaulting a young girl while responding to an incident on 29 December 2023.
He was convicted at Liverpool Crown Court in February and remained suspended since being charged at the end of last year.
Presiding over today’s hearing, CC Watson found PC Dempster’s conduct amounted to gross misconduct, saying: “This sexual assault occurred whilst the officer was on duty and where the victim was totally trusting and reliant on him performing his duties professionally, compassionately and with her welfare uppermost in his thoughts.
“It is this most egregious breach of trust of an innocent young child that is most upsetting aspect of this case and something that clearly amounts to an aggravating factor.
“I consider this case to be among the most distressing ever presented to me such is the despicable betrayal of all that is inherent in being a decent police officer.
“I have no hesitation whatsoever in dismissing PC Dempster from the service with immediate effect.”
Detective Chief Superintendent Mike Allen, head of GMP’s Professional Standards Directorate, said: “Dean Dempster is not a police officer, he’s a child sex offender who has no right to be in police uniform or in a position to serve the public.
“We have no time for people like Dempster who should not be in GMP and does not represent us.
“This is why we’re increasingly using accelerated misconduct hearings to root out and boot out officers who are unfit to serve in our uniform, and this work will continue while ever they remain.”
Dempster has been added to the College of Policing Barred List by Chief Constable Stephen Watson, who described Dempster’s actions as ‘morally reprehensible’.
GMP used accelerated proceedings as part of its pledge to ‘root and boot’ officers unfit to serve the public.
The force is now writing to the Deputy Mayor of GM to appeal for Dempster to lose his right to a police pension.
Manchester City reveals details around the first Andy’s Man Club sessions at the Etihad Stadium
Danny Jones
Manchester City have released the first details surrounding their inaugural Andy’s Man Club sessions at the Etihad Campus.
One of the most important charities in the UK when it comes to male mental health and suicide prevention, Andy’s Man Club and even its logo alone have become a recognisable force for good over the past few years, and the significance of bringing it to such a big scale as City cannot be overstated.
The football club first announced the partnership back in February and has already been working closely with the non-profit organisation to promote better wellbeing amongst men, getting first-team stars such as defender John Stones to open up about his own experiences with mental health just last month.
With that in mind, the word is now out that Man City will be providing yet another location for groups to meet and crucially talk through Andy’s Man Club sessions, confirming details around their first meeting from next week onwards.
Set to kick off in the East Stand of the Etihad Stadium from 7-9pm on Monday, 13 May, Man City will not only help deliver a vital outlet for men in the East Manchester area but become just the latest in a long line of teams to back the regular support group.
Joining over 180 clubs nationwide – including the likes of Altrincham FC, Ashton United and Bolton Wanderers, just to name a few in the Greater Manchester area – Andy’s Mans Club is currently helping well over 4,000 men open up and combat their struggles through peer-to-peer sessions.
Founded by a group of nine blokes from Halifax back in 2016 to create positive change in men’s mental health, Andy’s Man Club now helps gather men aged 18 and over across the country every week throughout the year.
In alignment with other partnered clubs Andy’s Man Clubs across the country, attendees will be asked to arrive from 18:30 (UK) ahead of the 19:00 start time.
The sessions are free with registration or ID required and, more importantly, there’s no pressure to talk if you don’t want to. The first step is easy: just listen.
Just because it’s being held at City’s ground doesn’t mean you have to be a season ticket holder, have an official Cityzens membership to attend or anything like that, you can simply arrive via the East Stand reception (Door F) and join the session.
Attendees will be greeted on arrival by trained volunteers from Andy’s Man Club who will guide them through the stadium. With the club now on board, group sessions will be running at the same time every week (except bank holiday Mondays) with the first dates scheduled for the following nights this month:
Monday 13 May
Monday 20 May
Monday 3 June
Monday 10 June
Well done to all those involved in bringing Andy’s Man Club to Manchester City and the East Manchester community. We hope the sessions will help those going along as they have done for thousands of others.