Outdoor gear company Patagonia says “the earth is now our only shareholder” after transferring the company’s ownership from founder Yvon Chouinard and his family to two nonprofits established to fight climate change.
In a letter posted on the 50-year-old company’s website Wednesday night, Chouinard said Patagonia would transfer 100% of its voting stock to the Patagonia Purpose Trust, created to uphold the values of the company long known for its environmental activism. All of its nonvoting stock will go to the Holdfast Collective, a nonprofit “dedicated to fighting the environmental crisis and defending nature.”
Read more at the Washington Post.