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
News
Body found in search for missing man Craig Foy after police scour Heaton Park
Daisy Jackson
A body has been discovered in the search for missing Bury man Craig Foy.
Greater Manchester Police’s Major Incident Team had been carrying out an extensive search for Craig, 40, after he disappeared on Saturday 26 July.
Those searches had included the Heaton Park area, after CCTV appeared to show the Whitefield man climbing into the park just before midnight.
Officers have now confirmed that a body has been found in connection with the investigation.
While formal identification is yet to take place, it’s believed to be that of Craig.
Craig’s family have been informed and are being supported by specialist officers.
Earlier in the week, GMP said that three men were arrested on suspicion of murder, with one suspect since released on bail and two others facing no further action.
Detective Chief Inspector Jill Billington, from GMP’s Serious Crime Division, said: “The investigation remains ongoing to establish the circumstances leading up to Craig’s death, and to ensure that we can get the answers that his family deserve.
“We appreciate the support of the public in sharing our appeals to locate Craig and ask for his family to be given privacy, space and time to process their loss.”
Police are still appealing for information relating to the investigation – you can contact GMP on 101 quoting log number 917-28/7/25 or via Crimestoppers on 0800 555 111.
New data reveals a third of Brits admit to secretly sneaking off work early on a Friday
Emily Sergeant
Surprising new data has revealed that a third of Brits admits to secretly sneaking off work early on a Friday.
After a long and tiring week, most of us would love the chance to clock off work a little earlier than usual on a Friday, but for a lot of workers, this isn’t always a possibility – and for some, they even have to work longer at the end of the week to make sure everything has been finished off and tied up before the weekend arrives.
But since there has been a noticeable rise in remote working and working from home, a new survey has revealed that working attitudes have changed.
Virgin Media has released new broadband data that reveals a drop in traffic on Friday afternoons during the summer months – with as much as an 8% dip between 3-5pm compared to the winter, as remote workers clock off early.
A third of Brits admit to secretly sneaking off work early on a Friday / Credit: Glenn Carstens-Peters | Robin Worrall (via Unsplash)
The Friday traffic drop-off comes from Virgin Media’s broadband network analysis, which it says is a ‘reliable indicator’ of the connectivity habits of the British public.
Alongside the network data, Virgin Media also asked Brits about their work policies and working habits ij a bid to fully understand the trend.
Nearly a third (30%) of Brits say they have a formal early Friday finish in place during the summer, but despite almost half of UK adults (48%) saying they’re not authorised to finish early on a Friday, 32% have admitted to regularly logging off with or without official permission.
Surprising new data has revealed Brits’ working habits / Credit: Chuttersnap (via Unsplash)
Many Brits have also confessed to working ‘on the move’ on a Friday afternoon too.
15% admitted to having worked from the train station as the weekend creeps nearer, as well as 14% from the park, 10% from the pub, and many as 30% of 18-24-year-olds worked from the car while travelling for the weekend.
“Our network traffic analysis is revealing changing workplace habits in real time as the nation takes advantage of long summer Fridays,” commented Jeanie York, who is the Chief Technology Officer at Virgin Media O2.
“We’re continuing to boost our fixed and mobile networks so whether Brits are working from their local park, or finishing their work at home, we’re ready to keep them connected.”
Emily Sergeant -
15th September 2022 
