Patagonia's founder, Yvon Chouinard, transferred all of the company's shares to the Patagonia Purpose Trust and a non-profit organisation as he believes that "Earth is now our only shareholder."
Patagonia is a clothing and gear company from America; it was founded in 1973 and has a current market worth of almost $3 billion. The founder of this company is said to be an American rock climber, environmentalist, philanthropist, and also a businessman in the outdoor industry. Rock climbing at the invitation of falcon aeries, and his passion led him to found his own company Patagonia. In 2002 it was the first company to commit to spending 1% of its annual sales on the environment.
Recently, Yvon Chouinard revealed through a letter posted on Patagonia's website that he will be transferring all of the voting to Patagonia Purpose Trust, which was established to guard the principles of the business, and the non-voting shares will all be given to a charitable organisation.
"It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part." Yvon Chouinard siad in the letter posted.
"Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits. But it’s also resilient. We can save our planet if we commit to it" he further said.
The Chouinard family will no longer receive compensation from the business but will continue to serve on the board, manage the trust, and direct the nonprofit's charitable endeavors.
