“The Earth is now our sole shareholder”. His fortune is estimated at $1.2 billion by Forbes and his company is valued at three billion dollars, according to New York Times. Yet at 83, the iconic founder of outdoor apparel brand Patagonia decided to donate his company to defend the planet. In a letter posted on the brand’s website that he created fifty years ago, Yvon Chouinard recalls: “I never wanted to become an entrepreneur. I started out as a craftsman and made climbing equipment for my friends and myself before to get into textiles.”
Strongly committed to the protection of nature, this entrepreneur not quite like the others had already decided to donate 1% of his sales each year to environmental NGOs. This time, the American boss goes even further. In agreement with his wife and two children, the entrepreneur has decided to transfer 100% of the family’s shares in the company to a trust (Patagonia Purpose Trust) which will be responsible for ensuring that its values are respected, as well as to an association for the fight against the environmental crisis and the protection of nature, the Holdfast Collective, to which the profits will be donated, up to 100 million dollars per year, let it be known New York Times.
Going Patagonia on the stock market would have been “a real disaster”
Source: Challenges en temps réel : accueil by www.challenges.fr.
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