Patagonia founder gives company away to environmental trusts

By MATT OTT and GLENN GAMBOA
Associated Press

The founder of outdoor gear company Patagonia says the company is transferring all of its voting shares into a trust dedicated to fighting the environmental crisis and defending nature. In a letter posted on the privately held company’s website, founder Yvon Chouinard said the 50-year-old company would transfer 100% of the its voting stock to the Patagonia Purpose Trust. All of its nonvoting stock has been given to the Holdfast Collective. And each year after reinvesting profits back into the company, remaining funds will be distributed as a dividend to the trusts in their ongoing efforts to fight the climate crisis.