In the News
CSR in Action | Planet Earth Becomes the Only Shareholder in Patagonia.
The owner of leading outdoor clothing and equipment brand Patagonia is giving the entire company to a new organisational trust so that all of Patagonia's profits are reinvested into climate change projects.
The Guardian reports here on this incredible act of philantropy by Patagonia founder and owner Yvon Chouinard.
In a quote that would make John Elkington proud, Chouinard stated that:
"As of now, Earth is our only shareholder,” the company announced. “ALL profits, in perpetuity, will go to our mission to ‘save our home planet’.”
Patagonia will continue to trade as a "for profit" business. This is important as the trust needs profits to reinvest in the planet.
The business is a fascinating one to learn about. It has a highly distinctive organisational culture and an innovative approach to rewarding employees.
For example, it offers extensive benefits for employees, including on-site nurseries and afternoons off on good surf days - which is appropriate since the business is based on the Californian coast.