The founder of outdoor clothing company Patagonia announcement Wednesday that he is giving away the business and transferring it to a purpose-built trust its profits will therefore be used to fight the climate crisis.
“Instead of extracting value from nature and turning it into wealth for investors, we will use the wealth created by Patagonia to protect the source of all wealth,” the statement said. bed.
The trust, named Patagonia Purpose Trust, will hold all of the company’s voting shares. The non-voting shares “will be donated to the Holdfast Collective, a non-profit organization dedicated to addressing the environmental crisis and defending nature,” the statement said.