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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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.
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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.”
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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Salford Red Devils granted another adjournment over unpaid debts
Danny Jones
Salford Red Devils have been given one more adjournment and yet another stay of execution, being given another two weeks to find the money to cover their unpaid debts.
The local rugby league side, which has been wrapped in all manner of struggles both on and off-pitch over the past year or so, reportedly needs to pay around £700,000 to HMRC alone and still owes roughly £5 million in total to various creditors.
To no surprise, regular matchgoers, neutrals and even rivals alike have expressed their continued disappointment with the club, mainly at the lack of transparency and clarity from the organisation throughout this long, drawn-out process.
This is coming from a wire fan but no club deserves to be left in the dark even longer than they already have done it’s nothing but a disgrace to the sport of rugby those owners and the court should be ashamed of themselves.
Updating fans on social media, this is all the information they have communicated at this time: “Salford Red Devils can confirm that HMRC have granted the club a two-week adjournment, providing additional time in which to secure the necessary funds.
“We would like to reassure supporters that we are working tirelessly behind the scenes to ensure a positive resolution. Further updates will be shared as soon as possible.”
It’s worth noting that the current owners have reiterated that they inheited around £3m in existing debt before they took over the club, but assurances over their own investments have still come to nothing; meanwhile, with many still waiting on wages, players and staff alike have now left.
Having been propped up by loan players and emergency loans, the team is now closer to a skeleton crew than it is an outfit capable of competing in the premier division.
Either way, the outrage remains and is only growing stronger. One user wrote on X: “A good approach by them if they was legit would be to engage and bring in The 1873 to bridge the communication black hole (they created).
“The problem with that is if they did it would expose them for what they are… Extortionists using the club as a vehicle.”
More alarm bells were raised recently when assistant coach and Krisnan Inu – who was also director of the company set up to take over the business – withdrew himself from a key position behind the scenes.
Speaking of The 1873, the outspoken supporters trust took no time at all in issuing a response of their own, adding: “The judge presiding over today’s case has adjourned by 14 days. This adjournment has dragged the uncertainty on even longer.
“Every delay makes planning for 2026 harder and keeps the club stuck in limbo when it desperately needs clarity and direction.
“The fans, the players and the future all deserve better — The 1873.”
You can see the rest of their statement in full down below, but for now, what do you make of this seemingly neverending saga, Salfordians?
‘Christmas chaos’ on the cards as Manchester tram drivers vote on staging strike action next month
Emily Sergeant
There could be major disruption to festive travel in Greater Manchester next month, as hundreds of tram drivers are currently voting on whether to strike.
Almost 320 tram drivers are being balloted over working conditions and fears around fatigue.
The drivers – who are members of the union, Unite – all work for KeolisAmey Metrolink Limited at the Warwick Road South and Queens Road depots in Manchester – and they operate trams on all routes in Greater Manchester.
As it stands, the drivers’ shift patterns currently mean they have to work 450 hours over a 12-week period, which results in some having to work 50 hours on, followed by just two days off, then back into another 50-hour work pattern.
Drivers also have fewer rest days compared to all other operational departments, and this is said to be causing safety concerns around fatigue.
‘Christmas chaos’ is on the cards as Manchester tram drivers are currently voting on staging strike action next month / Credit: TfGM
Drivers say they concerned about operating heavy vehicles while exhausted and unable to have proper breaks, but after raising the issue with management, Unite has been told there is ‘no funding available’ to support any ‘meaningful’ improvements to working patterns.
Instead, management has asked drivers to start work earlier – which Unite says is only ‘adding insult to injury’.
The ballot is set to close on 11 November, and if drivers vote in favour of industrial action, strikes could then begin in late November, causing widespread cancellations and delays throughout the region during the busy festive shopping period – particularly coinciding with Manchester’s world-famous Christmas Markets, known for attracting millions of visitors to the city each year.
“Any strike action will cause a great deal of disruption but it is entirely the fault of Metrolink, which is not taking the issue of driver fatigue seriously,” commented Unite Regional Officer, Colin Hayden.
Emily Sergeant -
15th September 2022 
