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.”
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.”
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
Police search for man who threw punch at Chris Eubank Jr vs Liam Smith boxing match
Police are searching for man who threw his own punch at the AO Arena after Chris Eubank Jr vs Liam Smith boxing match.
The man in question is believed to have vaulted over a barrier inside the arena just as the match itself came to an end.
He then punched a man sat behind him in the face, before making off on foot.
He left two women and a man he was with behind.
Police are now appealing to witnesses of the assault on Saturday 21 January 2023 to come forward with any information.
CCTV images of the suspect have been released by GMP.
They said in a statement: “Police are appealing for witnesses to an assault at the AO Arena on Saturday 21 January 2023 after the Chris Eubank Jr vs Liam Smith boxing match.
“It is reported that then man (pictured) vaulted over a barrier inside the arena just as the boxing match finished, and struck a man sat behind him in the face.
“The offender then made off on foot, leaving two women and a man he was with, behind.
“Officers believe that the suspect is possibly from the Merseyside area. If you know the man or have any information relating to the crime, please contact GMP on 101, quoting reference number INC/0075491/23.
“Alternatively, information can be passed anonymously to the independent charity – Crimestoppers – on 0800 555 111.”
Featured image: GMP
Salford police officer sacked for ‘depraved’ relationship with vulnerable woman
A police officer has been sacked after carrying out an ‘improper relationship’ with a crime victim.
Paul Banks, who worked as a PC in Salford, has been dismissed and barred after a Gross Misconduct Hearing on 24 and 25 January 2023.
In the hearing, a panel heard how Banks had advised a vulnerable woman to create an email account – which he then accessed to view images and videos, some of which were explicit, that she had uploaded.
He viewed the content more than 200 times and never reported them to his manager or the force’s Professional Standards Branch.
In the end, his own colleagues sensed that something was amiss and raised the alarm.
GMP has now slammed Banks’s ‘depraved behaviour’ and stressed that ‘there will never be a place in GMP for anybody who behaves like him’.
A statement also said that he ‘abused his position of trust’.
Detective Chief Superintendent Michael Allen, head of GMP’s Professional Standards Branch, said: “Banks knew full well that his conduct was egregiously wrong.
“By cultivating an improper relationship with a vulnerable member of the public who he met in the course of his policing duties, the officer has been deservedly sacked from GMP.
“Not only has he disgraced himself, but his depraved behaviour dishonours policing and undermines the principled endeavours of his colleagues, who everyday do a valiant job catching criminals and protecting our communities.
“Indeed, it was Banks’ own colleagues who sensed something was amiss and triggered the first step in a process that rooted him out.
“The prudence of his colleagues is to be commended and I am grateful to the IOPC for conducting an investigation that left no stone unturned.
“No decent member of the police service wants to work with the likes of Banks and there will never be a place in GMP for anybody who behaves like him.
“He abused his position of trust and for that the Office of Constable has been rightly stripped from him.
“GMP is a better force without Banks and we will recruit a new officer into his post who will discharge their duties with honour and espouse the professional and compassionate values of the GMP workforce.”
Banks, who had been on restricted since the investigation began in December 2020, was dismissed without notice.