<
https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html>
"A half century after founding the outdoor apparel maker Patagonia, Yvon
Chouinard, the eccentric rock climber who became a reluctant billionaire with
his unconventional spin on capitalism, has given the company away.
Rather than selling the company or taking it public, Mr. Chouinard, his wife
and two adult children have transferred their ownership of Patagonia, valued at
about $3 billion, to a specially designed trust and a nonprofit organization.
They were created to preserve the company’s independence and ensure that all of
its profits — some $100 million a year — are used to combat climate change and
protect undeveloped land around the globe.
The unusual move comes at a moment of growing scrutiny for billionaires and
corporations, whose rhetoric about making the world a better place is often
overshadowed by their contributions to the very problems they claim to want to
solve.
At the same time, Mr. Chouinard’s relinquishment of the family fortune is in
keeping with his longstanding disregard for business norms, and his lifelong
love for the environment.
“Hopefully this will influence a new form of capitalism that doesn’t end up
with a few rich people and a bunch of poor people,” Mr. Chouinard, 83, said in
an exclusive interview. “We are going to give away the maximum amount of money
to people who are actively working on saving this planet.”
Patagonia will continue to operate as a private, for-profit corporation based
in Ventura, Calif., selling more than $1 billion worth of jackets, hats and ski
pants each year. But the Chouinards, who controlled Patagonia until last month,
no longer own the company."
Via Susan ****
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
