In the ultimate gesture of corporate responsibility, multi-millionaire owners of multimillionaires are obligated to take a mic drop gesture of corporate responsibility.billion dollarClothing firm PatagoniaThe company was donated to fight climate change.
Mountaineering Responsible business legend Yvon ChouinardThis week’s announcement That He and his family Have donatedTheir shares Two new entities: Patagonia Purpose Trust and Patagonia Purpose Trust Holdfast Collective. The charitable trust 2 percent of the company. All of its voting rights, will guard the organisation’s mission. The Holdfast CollectiveIn the meantime, here are some suggestions The remaining 98% of the stock should be retained, It is a non-profit organization. It is Dedicated to the preservation and combating of the environment.
EVery dollar Profit Any dividends that are not reinvested back in Patagonia will go to the beneficiaries. These are the new entities then Used to Protect nature and biodiversityThe company stated that they expect to. It expects that You will be charged approximately $100m (£87m) Annual.
“Earth is now our only shareholder,” announced Chouinard, who began the $3bn company by selling hand-made climbing gear while living out of his car.
Chouinard told the New York TimesHis Forbes listing as a billionaire motivated him to take action. “I never wanted to be a businessman,” he said.
“Instead of ‘Going public’ you could say we’re ‘Going to the point’. 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.”