Offer your whole company in battle against her changing of the climate Patagonia founder Yvonne Swinard decided. The entrepreneur who founded the outerwear company in 1973 was a billionaire who, in his words, decided to “redesign capitalism.” OUR Patagoniawhose turnover is 1.5 billion dollars a year and according to The newspaper “New York Times valued at $3 billion, will now be owned by a climate change investment fund and a consortium of nonprofits. “Every dollar (of profit) not reinvested in Patagonia will be distributed as a dividend to protect the planet.” Yvonne Chouinard, who had a net worth of $1.2 billion before giving away her company, made the decision with her wife and two adult children. “While we are doing our best to deal with the environmental crisis, it is not enough. One option was to sell Patagonia and donate all the money. But we could not be sure that the new owner would keep our values ​​or continue to hire our team of people around the world,” he explained in the letter.

The shares will now be owned by a climate-focused foundation and a group of nonprofits.

“Another way was for the company to go public. What a disaster that would be. Even well-intentioned listed companies are under undue pressure to generate short-term profits through long-term sustainability and corporate and social responsibility,” he continued. And Mr. Swinard concluded: “To be honest, there were no good options. That’s how we created ours.” The company’s shares will now be held by a climate-focused foundation and a group of nonprofits called the Patagonia Purpose Trust and Holdfast Collective, respectively. All profits that are not needed for the operation of the company will be directed through these organizations to protect the environment. The fund will be overseen by family members and close advisors. Patagonia estimates that it will donate about $100 million a year, depending on how the business goes.