The founder and CEO of outdoor clothing company Patagonia, Yvon Chouinard, has announced that he's giving the entire company away, with all profits going to causes that fight climate change.
Patagonia, which took the prize for sustainability in this year's Advnture Awards, has earned a reputation for sustainable business practices, including auditing all its suppliers, supporting grass roots causes, and offering lifetime guarantees and repairs for its clothing. As the BBC reports, it's particularly well known for its 'don't buy this jacket' campaign, which encourages people to think twice about whether they need to purchase new clothing.
Chouinard, who started out making metal spikes for rock climbing before moving into outdoor clothing, has worked with his family and company lawyers to create a system where Patagonia will continue to operate for profit, but with proceeds going towards environmental causes.
All decision-making authority and 2% of stock has been donated to a trust that will oversee Patagonia's mission and values. The remaining 98% of stock will go to a non-profit organization dedicated to fighting the environmental crisis and protecting nature.
"Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," said Chouinard in an open letter. "But it’s also resilient. We can save our planet if we commit to it."
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