Patagonia founder donates 100% of his family equity
Yvonne Chunard (83, photo), the founder of the outdoor brand Patagonia, donated all of his and his family’s stake in Patagonia to combat climate change.
The New York Times (NYT) reported on the 14th (local time) that Chenard and his two children decided to donate their entire stake to fight climate change and protect the environment.
According to the report, the Shenard family transferred voting stock equivalent to 2% of the total stock last month to the Patagonia Purforce Trust.
A new trust that will manage Patagonia’s public interest activities in the future. The remaining 98% of the common stock was transferred to the newly established non-profit organization Holdfast Collective. Holdfast Collective will take over all of Patagonia’s annual revenue of 100 million dollars (about 139.5 billion won) and use it to respond to climate change and protect undeveloped nature.
Patagonia is a privately held company, and the value of the stake in Patagonia owned by the Shenard family is estimated to reach $3 billion (about 4.2 trillion won).
“We hope it will help form a new form of capitalism, rather than a capitalism that results in a few rich people and countless poor people,” Schinard told The New York Times. I will give you money,” he said.
Known as the first generation of rock climbing in Yosemite National Park. Chunard founded Patagonia in 1973 to realize the ideal of environmental protection. Patagonia uses only organic and eco-friendly ingredients in its products.
He did not neglect the welfare of the subcontractor’s employees. And even if there was a loss, he has donated 1% of its sales every year. Despite being a billionaire, Chunard is known to lead a frugal life. Wearing old clothes and not using a cell phone.
According to reports, aides told Chunard that selling Patagonia. Or going public would be a way to raise more money, but Chunard refused. He said going public would put profits first, which could undermine Patagonia’s corporate culture of employee welfare and environmental protection. “I feel relieved to be able to put my life in order,” said Schinard. “I found the ideal way,” the New York Times reported.