Patagonia Transfers Ownership to Fight Climate Change

Patagonia Transfers Ownership to Fight Climate Change

Founder Yvon Chouinard announced the change in ownership this week.

This week, clothing company Patagonia announced it is transferring its company to help fight climate change.

According to a letter on Patagonia’s website from founder Yvon Chouinard, the company will be transferred to Holdfast Collective and Patagonia Purpose Trust. Funds leftover from “reinvesting in the business” will be given to Holdfast Collective, a nonprofit, to use for fighting climate change, Patagonia said. Holdfast Collective will hold 98 percent of the company. Patagonia Purpose Trust, which will hold 2 percent of the company and all voting stock, was formed to ensure Patagonia’s mission and purpose remains focused on Earth.

In his letter titled “Earth is Now Our Only Shareholder,” Chouinard writes, “If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.”

 Photo credit: JHVEPhoto / Shutterstock.com

About the Author

Alex Saurman is the Content Editor for Occupational Health & Safety.

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