USA: In an effort to further his environmental activism, the founder of outdoor retailer Patagonia announced Wednesday that he has made a donation to his company.

The New York Times estimates that the brand is worth $3 billion, had it been sold or listed on the stock exchange by 83-year-old Yvonne Chouinard.

Instead, he, his wife, and their two children agreed to give them a trust to ensure that the environmental values ​​of the company were upheld by all of Patagonia's voting shares, or stock that the holder would vote for in the company. gives rights.

All of Patagonia's non-voting shares are awarded to a non-profit organization that fights against climate change along with environmental protection and conservation. Additionally, corporate benefits will be given to the non-profit organization.

In a letter published on the Patagonia website, Chouinard declared that "Earth is now our sole shareholder."

“I never wanted to be a businessman,” he said. “I initially made climbing gear for myself and my friends as a craftsman, then I moved on to clothing.”

“As we began to see the extent of global warming and ecological destruction, as well as our own contribution to it, Patagonia committed to using our company to improve how business was done,” he continued.

Patagonia, which was founded nearly 50 years ago, demonstrated its dedication to protecting the environment by carefully selecting its raw materials and giving a percentage of its annual sales to environmental NGOs.

Selling Patagonia and donating the proceeds was an option. "But we could not be sure that a new owner would uphold our values ​​or retain our team of people employed around the world," he wrote in the letter.

He claimed that going public would be a "disaster" because even well-intentioned public companies face too much pressure to prioritize short-term gains over long-term vitality and responsibility.

Patagonia will continue to be a business that values ​​its ability to make and run money with a CEO and board of directors.

The Chouinard family will no longer receive compensation from the business, but will continue to serve on the board, manage the trust, and direct the nonprofit's charitable activities.

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