“Every year, the money we make after reinvesting in the company will be distributed as dividends to Help fight the crisisChouinard wrote in a letter posted on the company’s website, adding: “Instead of extracting value from nature and turning it into a benefit for investors, We will use the profit that Patagonia makes to protect the source of all wealth“.
Patagonia will continue to serve as a For-profit private companyBut the Chouinards who had been controlling the company until last month already Do not own the companyAccording to the New York Times, which reported the decision.
The company’s voting shares are transferred to Patagonia Purpose BoxWhile the non-voting papers were handed over to Holdfast group, a non-profit entity dedicated to combating the environmental crisis and defending nature. The trust will be supervised by family members.
While the wealthy often make financial contributions to the causes, the New York Times said the Patagonian founder’s stock structure means he and his family will not get no financial interest In fact, they will assume a tax invoice to donate.