All of outdoor wear company Patagonia’s voting stock has been transferred to the Patagonia Purpose Trust, whilst all of its non-voting stock goes to non-profits dedicated to fighting for the environment.

Nearly 50 years since founder Yvon Chouinard began the business, the Chouinard family has transferred all ownership to two new entities: Patagonia Purpose Trust and the Holdfast Collective, with all profits not reinvested back into Patagonia distributed as dividends to protect the planet.

Patagonia is projecting roughly $100m a year to be provided to environmental protection through the Holdfast Collective, depending on the health of the business.

The Patagonia Purpose Trust now owns all the voting stock of the company (two per cent of the total stock) and the Holdfast Collective owns all the nonvoting stock (98 per cent).

Yvon Chouinard, Patagonia founder, former owner, and current board member said: “It’s been a half-century since we began our experiment in responsible business. If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have. As the business leader I never wanted to be, I am doing my part. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. We’re making Earth our only shareholder. I am dead serious about saving this planet.”

Patagonia will remain a B Corp and continue to give one per cent of sales each year to grassroots activists.

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