{"id":1641990,"date":"2022-09-15T14:36:33","date_gmt":"2022-09-15T18:36:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1641990"},"modified":"2022-09-15T14:37:12","modified_gmt":"2022-09-15T18:37:12","slug":"patagonia-founder-gives-away-3-billion-company-will-use-all-profits-to-fight-climate-change-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/patagonia-founder-gives-away-3-billion-company-will-use-all-profits-to-fight-climate-change-2\/","title":{"rendered":"Patagonia Founder Gives Away $3 Billion Company, Will Use All Profits To Fight Climate Change"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpatagonia-founder-gives-away-3-billion-company-will-use-all-profits-to-fight-climate-change-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1641990&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Patagonia founder Yvon Chouinard announced that he has <a href=\"https:\/\/www.dailywire.com\/topic\/woke\" target=\"_blank\" rel=\"noopener\">given<\/a> his company away to fight <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">climate change<\/a>.<\/p>\n<p>The eccentric billionaire rock climber, whose company manufactures outdoor clothing, transferred his $3 billion in shares to a trust and a nonprofit that will ensure that all excess earnings \u2014 roughly $100 million per year \u2014 are leveraged to support climate and land preservation initiatives.<\/p>\n<p>\u201cHopefully this will influence a new form of capitalism that doesn\u2019t end up with a few rich people and a bunch of poor people,\u201d Chouinard said in an <a href=\"https:\/\/www.nytimes.com\/2022\/09\/14\/climate\/patagonia-climate-philanthropy-chouinard.html\">interview<\/a> with The New York Times. \u201cWe are going to give away the maximum amount of money to people who are actively working on saving this planet.\u201d<\/p>\n<p>Chouinard, his wife, and his two children transferred Patagonia\u2019s voting stock \u2014 roughly 2% of all shares \u2014 into the Patagonia Purpose Trust, which will be staffed by family members and advisers to ensure that the company gives away all profits. The Chouinards then donated all common shares \u2014 the other 98% of the company \u2014 to a new 501(c)(4) organization called the Holdfast Collective, which will receive all of Patagonia\u2019s profits. The latter entity will be able to make political donations.<\/p>\n<p>\u201cTwo years ago, the Chouinard family challenged a few of us to develop a new structure with two central goals,\u201d Patagonia CEO Ryan Gellert said in a <a href=\"https:\/\/www.patagoniaworks.com\/press\/2022\/9\/14\/patagonias-next-chapter-earth-is-now-our-only-shareholder\">statement<\/a>. \u201cThey wanted us to both protect the purpose of the business and immediately and perpetually release more funding to fight the environmental crisis. We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first.\u201d<\/p>\n<p>In 2012, Patagonia <a href=\"https:\/\/www.patagonia.com\/b-lab.html\">became<\/a> a \u201cBenefit Corporation\u201d \u2014 a designation granted by nonprofit group B Lab to companies with \u201can explicit social or environmental mission, and a legally binding fiduciary responsibility to take into account the interests of workers, the community and the environment as well as its shareholders.\u201d<\/p>\n<p>\u201cI didn\u2019t know what to do with the company because I didn\u2019t ever want a company,\u201d Chouinard, who is 83 years old, continued. \u201cI didn\u2019t want to be a businessman. Now I could die tomorrow and the company is going to continue doing the right thing for the next 50 years, and I don\u2019t have to be around.\u201d<\/p>\n<p>In an <a href=\"https:\/\/fortune.com\/2022\/09\/14\/patagonia-chair-we-are-turning-capitalism-on-its-head-by-making-the-earth-our-only-shareholder-charles-conn\/\">article<\/a> for Fortune, Patagonia Chairman Charles Conn encouraged other business leaders to orient their firms\u2019 activities around sustainability. \u201cInstead of exploiting natural resources to make shareholder returns, we are turning shareholder capitalism on its head by making the Earth our only shareholder,\u201d he argued. \u201cAs a closely held company, this huge change was easier for us than others. But the point is for companies to make transparent purpose commitments that make sense to their business, and to be held to account by their communities.\u201d<\/p>\n<p>Conn rebutted the notion that his firm is engaging in \u201cwoke\u201d capitalism \u2014 although he added that <a href=\"https:\/\/www.dailywire.com\/news\/how-three-investment-firms-are-turning-companies-like-disney-woke-and-what-you-can-do-to-fight-back\">stakeholder capitalism<\/a> is \u201cthe future of business if we want to build a better world for our children and all other creatures.\u201d<\/p>\n<p>Earlier this year, an <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\">exclusive poll<\/a> from The Daily Wire showed that American investors would prefer that companies commit solely to the pursuit of profits. Although 29% of respondents agreed it is a \u201cgood thing\u201d for companies to leverage their financial power for political or social means supported by executives, 58% said it is a \u201cbad thing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Patagonia founder Yvon Chouinard announced that he has given his company away to fight climate change. The eccentric billionaire rock climber, whose company manufactures outdoor clothing, transferred his $3 billion in shares to a trust and a nonprofit that will ensure that all excess earnings \u2014 roughly $100 million per year \u2014 are leveraged to &#8230;<\/p>\n","protected":false},"author":1,"featured_media":570187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1641990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1641990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1641990"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1641990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/570187"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1641990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1641990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1641990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}