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Patagonia has lengthy been the usual bearer for accountable capitalism: the jackets and fleece maker has donated 1 p.c of all gross sales — which high $1 billion a 12 months in response to The New York Instances — to environmental teams for the reason that ‘80s, and was one of many first corporations to qualify for B-Corp sustainability certification. In its newest bid to reside out its mission assertion, “founder Yvon Chouinard gave most of Patagonia’s shares over to a non-profit which will probably be tasked with reinvesting its income (projected at some $100 million a 12 months) in preventing the local weather disaster. “Earth is our shareholder now,” Chouinard wrote in an open letter on the corporate’s website
“That is fairly unprecedented. People don’t do that, and it nearly broke the bounds of what folks had imagined enterprise ought to appear like, ” stated BoF chief sustainability correspondent Sarah Kent.
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